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Author Topic: If BitInstant is down, what is the best way to get Bitcoin in USA?  (Read 3026 times)
Ipsum
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August 19, 2013, 07:05:43 PM
 #21

It's anyone's guess about how much longer a channel such as this will remain open.  I'm damn sure going to pay my taxes, and do keep accurate records for this purpose since I suspect that tax evasion would be the attack mode against people who are not doing money laundering or other illegal activities.


Very key to do. Keeping track of your cost basis for your bitcoin is important, and something of a pain in the ass. When you sell, are you opting to FILO (first in last out) or LILO (last in first out), for instance, when you're doing multiple sales from a single address that you used when you bought bitcoin multiple times. There are going to be a lot of bitcoin folks being hit hard by the I.R.S. for failing to pay the capital gains tax they owe on cashout.
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colinistheman
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August 19, 2013, 07:29:03 PM
 #22

Very key to do. Keeping track of your cost basis for your bitcoin is important, and something of a pain in the ass. When you sell, are you opting to FILO (first in last out) or LILO (last in first out), for instance, when you're doing multiple sales from a single address that you used when you bought bitcoin multiple times. There are going to be a lot of bitcoin folks being hit hard by the I.R.S. for failing to pay the capital gains tax they owe on cashout.

I was wondering about the tax implications myself. If I were to keep bitcoin as bitcoin and never convert it to US Dollars, would I have to pay taxes on it? And if so, how would I go about determining what I owe?

Or are taxes due only on "cashing out" to fiat?
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August 19, 2013, 11:15:00 PM
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I've used www.Bitcoin-Brokers.org a few times. Pretty good service.

https://bitcointalk.org/index.php?topic=237164.0

Easily see your cgminer status with my cgminerLCDStats app:  http://cardcomm.github.io/cgminerLCDStats/
Did my post help you or make you laugh? Let me know with Bitcoins at: 1CQfpMHQ5zVuZ5i9uxSHSSx4J8ZhehSjn3  Smiley
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October 29, 2013, 05:12:28 AM
 #24

I had been using campbx with dwolla to fund it.

Now that Dwolla is no longer an option, what do we do in USA to buy btc cheaply and easily?
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October 29, 2013, 05:18:11 AM
 #25

I had been using campbx with dwolla to fund it.

Now that Dwolla is no longer an option, what do we do in USA to buy btc cheaply and easily?
Coinbase or LocalBitcoins.
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October 29, 2013, 05:23:27 AM
 #26

I had been using campbx with dwolla to fund it.

Now that Dwolla is no longer an option, what do we do in USA to buy btc cheaply and easily?
Coinbase or LocalBitcoins.
Thanks. It's too bad that coinbase's price is about $13 higher than campbx :\
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October 29, 2013, 05:29:33 AM
 #27

Thanks. It's too bad that coinbase's price is about $13 higher than campbx :\
At current prices, $13 is about 6%.

Historically Bitcoin increases in price at a little over 6% per week on average, so buying from Coinbase instead of CampBX means you're buying at next week's prices instead of today's prices.

However you can't actually buy at today's prices from CampBX, because now the only way to get dollars into the exchange is to mail a personal check or money order.

How long does it take from the time you mail the check/MO until it becomes available in your trading account?

Approximately a week (depending on what day of the week you start from).

Funny how that works out, isn't it?

Remember that Coinbase locks in the exchange rate when you initiate the order, but with CampBX you can't do that until the funds clear.

tl;dr: If the price is trending generally up, just buy from Coinbase and don't worry about the spread because it's going to be a wash anyway. If the price is trending generally down, mail a money order to CampBX so that you buy at a lower future price instead of today's higher price.
colinistheman
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October 29, 2013, 05:31:33 AM
 #28

hmm, yes kind of ironic. i guess if coinbase is the best way right now, i'll use it. How do you get money into their service? bankwire?
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October 29, 2013, 05:33:31 AM
 #29

How do you get money into their service?
ACH withdrawal from a checking account.

They are not actually a trading platform - they are a Bitcoin distributor. You order a given amount of bitcoins from them, they pull the funds from your checking account, and release the bitcoins you've purchased as soon as the ACH transaction clears.
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October 29, 2013, 05:35:21 AM
 #30

How do you get money into their service?
ACH withdrawal from a checking account.

They are not actually a trading platform - they are a Bitcoin distributor. You order a given amount of bitcoins from them, they pull the funds from your checking account, and release the bitcoins you've purchased as soon as the ACH transaction clears.
Oh i see. Thanks. I'll give them a shot if they are the best option
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February 03, 2014, 03:27:55 AM
 #31

This is exactly why you should not use exchanges like BitInstant, CoinBase, CaVirtex or MtGox!

Charlie Shrem is going to provide all financial records of his customers to the FBI and IRS.  Goodbye Bitcoin, Hello IRS.  Did you buy significant amount of bitcoin through BitInstant? Expect a knock on the door. Good luck.

Instead of using these government-compromised exchanges, try the anonymous exchange https://CoinChimp.com and the anonymous Bitcoin debit card https://BitPlastic.com

We do NOT store client information! 


Nova!
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February 03, 2014, 03:48:32 PM
 #32

This is exactly why you should not use exchanges like BitInstant, CoinBase, CaVirtex or MtGox!

Charlie Shrem is going to provide all financial records of his customers to the FBI and IRS.  Goodbye Bitcoin, Hello IRS.  Did you buy significant amount of bitcoin through BitInstant? Expect a knock on the door. Good luck.

Instead of using these government-compromised exchanges, try the anonymous exchange https://CoinChimp.com and the anonymous Bitcoin debit card https://BitPlastic.com

We do NOT store client information! 



You should make sure to retain an attorney before you launch this. 
What you are talking about is the literal definition of money laundering.
KYC isn't a US requirement.  It's a world wide thing.  If you aren't collecting and retaining enough info to identify your customers to the feds (or tax authority of any country), then you will end up just like Liberty Reserve who had a very similar thing going on.  http://en.wikipedia.org/wiki/Liberty_Reserve
They weren't even in the USA and I don't think that even slowed the feds down.

Best to try and be legit.  No one should be using crypto's to try and dodge taxes there are plenty of loop holes in the US Tax code that no one needs to pay very much in taxes if they structure things correctly.  Plus it's above board, clean and legal.

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February 03, 2014, 03:58:02 PM
 #33

To answer the OP, the best way to get it is to start a local club and evangelize the currency.
Linux had a similar problem in adoption when it first started and the answer were LUGs (Linux User Groups).

Start with localbitcoins.com and do some face to face trades. Get to know the people you're trading with, meet up for pizza and presentations.
Maybe we should have a term for that (BUGs) Bitcoin User Groups.  (*disclaimer, this might exist already an I just haven't seen it*)

Bitcoin currently has two problems it needs to over come before it can become a true currency (as in medium of exchange, not a speculative investment).
Those are, exchanging fiat into bitcoin and exchanging bitcoin into fiat.

The more people who accept and utilize it as an actual currency the less need there is for these 2 services and these problems eventually all but go away.
In the end we will probably end up with a couple of major exchanges than exchange into fiat and those are only used so people can pay government bills like taxes.

I would not be surprised to see governments move to adopt cryptos in the future.  However they will never give up central control of the money supply, so while they might be cryptographically secure and use the same algorithms, they will still be central issue.  Nevertheless once that step is taken, BTC and all it's babies will finally be able to be used as a full on real currency.


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February 03, 2014, 04:11:18 PM
 #34

Come to think of it, that idea is so good I'm going to try and find one in Colorado Springs or make one if it doesn't exist.
Anyone else game?

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February 06, 2014, 12:53:32 AM
 #35

localbitcoins.com is a good source when you either want to do a low volume purchase to get your feet wet in bitcoins (while you wait to be approved at Coinbase/Bitstamp/etc) or you need coins in a hurry. The prices are higher of course, but the service is safe & fast with trusted sellers, like me Smiley.

I specialize in small volume sales, at the price of bitstamp +4-8% (depending on market volatility) and as I buy at bitstamp price, that is certainly a reasonable spread for the risk. I also have a 100% reputation rating. You can see my offers in my sig.

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February 17, 2014, 02:13:15 AM
 #36

I want to buy some bitcoin with US dollars. I used to use BitInstant but they are down. What should I use instead?

localbitcoins.com are the best option
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