Cryptocurrency beats having faits at every point

[Obari]

I like it when I see newbies making some nice research and I also like reading my post with tone of mood the op or writer might be and from your writings, I could feel the joy you already have for holding btc and I hope the joy stays and last forever.
I was wondering how you also manage cope with the transaction fees when doing DCA?
personally,  one of the major reasons I enjoy cryptocurrency, bitcoin precisely is the ease of buying and also selling it and also the fact that it aids international transactions in the shortest possible time.

[Smartvirus]

"I don't really get why you'd store your money in cryptocurrencies," a friend asked me just a day ago, expressing skepticism about Bitcoin.

I personally enjoy the fact that I'm in charge of storing and managing my crypto assets without anyone doing it for me.

Aside from the fact that fiat is government backed, I don’t see any reason why people will always prefer to save in fiat currency on some local bank account and not have there savings in bitcoin rather. The doubt has always come in when it comes to the government perspective of them but, that’s how shallow or little they know of the currency.
If they knew any better, they would have found reasons to take advantage of this time that volatility is very much playing out on your hodlings over time.

Ever since I learned about the dollar-cost averaging (DCA) strategy on this forum  I've been committed to acquiring at least 1 BTC. It doesn't feel impossible anymore.

That’s the point, that’s why uou don’t have to procrastinate on buying bitcoin. You don’t have to look down on the little you start your investment with or continue to build a portfolio on. You have to understand that, it gets easier as you go and so long as you keep topping your portfolio, your goal of 1BTC is just at the corner.

[fuguebtc]

I don't understand why people are always coming up with the crypto is anti-fiat comparison. At best cryptocurrencies is anti-capitalism, but never did anyone specify that crypto is against the use of fiat.

Come to think of it, outside of El Salvador and any other country on the planet that uses bitcoin/crypto for payments and transactions you could never find any place that doesn't require you to pay with fiat for goods and services, try giving them bitcoin and see how sour their faces turn into once you say that to them lol. Crypto is your leverage, it's what you use to make sure your fiat's never losing its value against inflation, with the added bonus of turning a profit at the end of it. Fiat is what you use to transact and remain alive in this planet. If you single out crypto cause it's great and you can use it for transactions what you'd only end up with is yet another fiat in the making. It's time to stop comparing crypto and fiat cause these two work hand-in-hand, not against each other.

What's even more interesting is that they constantly compare bitcoin with fiat, they are ready to talk bad about fiat  everywhere and praise the beauty of bitcoin. But then their real lives still use fiat money every day, including banks, they wouldn't even be able to survive if their lives didn't have fiat. It's confusing that we want to badmouth it everywhere but eventually we will convert our bitcoins to fiat and use fiat.
I agree with you, we should stop comparing those 2 with each other because we have different tasks and use cases.

[Kakmakr]

Well, if you think you are "free from taxes" then you are wrong.... because the government will eventually figure out what you are doing and they will throw you in jail or give you a hefty fine.

The fact that Crypto currencies are banned in your country, makes this even worse for you, because you are not just breaking one law... but also the law that prohibit Bitcoin ownership. 

[AprilioMP]

Well, who wouldn't appreciate a digital asset that grows on its own, free from the worries of taxation or government regulations on how much you can have?

I personally enjoy the fact that I'm in charge of storing and managing my crypto assets without anyone doing it for me.

I would say that 10 years of bitcoin provided an answer to everyone who had doubts about owning it in its entirety. Designed as a modern financial system and a transaction tool to make it easier for anyone and anywhere to do it.
Bitcoin was not designed with the intention of defying government regulations by avoiding taxes or other regulations.

Bitcoin only offers a solution to the financial system that is very easy and fast without the need for a third party. If the government wants to use the bitcoin network, of course it is allowed. But unfortunately, bitcoin is considered too negative which can have a bad impact on people.

Bitcoin users are fully responsible for their bitcoin ownership. My keys, my coins.

[romero121]

Whether it is cryptocurrency or fiat, it always have its importance and the advantage over the other. When we make use of it, we should make use of the good part than the bad which in reality is a difficult thing. It is really impossible to end the usage of fiat all around the world. The fiat system serves to be the backing, whereas cryptocurrency is developed as an alternate to fulfill what is being missed by the fiat system.

Different people have got different reasons for holding cryptocurrency. Tax evasion shouldn't be considered a reason. In the past people benefitted out of it, but things have changed over time. This is one of the reason why governments fear of legalizing cryptocurrency. Surely technical progress will be made by government to tax on cryptocurrency profit. As mentioned having control over own funds can be considered the best, along with the limited supply that assure with the growth on the investment.

[Gallar]

"I don't really get why you'd store your money in cryptocurrencies," a friend asked me just a day ago, expressing skepticism about Bitcoin.

Currently, most people's view of cryptocurrencies such as bitcoin is that they still consider them to be foreign and unclear assets. So it's natural for your friends to ask you this. Because maybe your friend only knows about cryptocurrency, but doesn't know what system runs in it.

Well, who wouldn't appreciate a digital asset that grows on its own, free from the worries of taxation or government regulations on how much you can have?

Maybe in your country cryptocurrency is free from tax money. Because as you wrote, cryptocurrency is still illegal in your country, so you can be sure there will be no taxes for crypto investors. But in the country where I live, cryptocurrencies have been legalized as commodity assets, or rather they can be used freely as investment assets and are therefore taxed. Even though it still cannot be used as a means of payment, what is called tax money has been applied. So basically if you think that cryptocurrencies are completely tax free, I think that is an inaccurate opinion. So it is clear that government regulations regarding cryptocurrencies in several countries, including my country, have always existed.

~Snip
As for my favorite reason for choosing Bitcoin over fiat currency, it's the sense of control and potential for growth that it offers. Plus, I'm in good company here, so feel free to share your thoughts too! 😊

Yes, this is a common reason for investors in the crypto space, especially for bitcoin investors. Because of the freedom in managing assets and its very promising potential, public interest in Bitcoin is increasing every year. So it's not strange for me to see why you like Bitcoin. Because I personally and maybe other investors also have almost the same reasons as you.

[UchihaSarada]

I was wondering how you also manage cope with the transaction fees when doing DCA?

When you buy or sell, you have to pay trading fee to exchange but trading fee is not painful because it is not too expensive. The more and most expensive fee is withdrawal fee from your online account to your non custodial wallet.

Because exchange does not charge you too high trading fee but about withdrawal fee, they charge it not in percent of your withdrawal value but with a fixed withdrawal fee. The smaller your withdrawal value is, the more expensive cost you will feel with each small withdrawal.

personally,  one of the major reasons I enjoy cryptocurrency, bitcoin precisely is the ease of buying and also selling it and also the fact that it aids international transactions in the shortest possible time.

You can complete your trade with Bitcoin on centralized exchanges very quickly and easily because Bitcoin has very high trading volume.

But your writing is inaccurate, if it is about transaction time, confirmation time, Bitcoin blockchain is not designed to give you confirmation after a few second or one minute. Sometimes, if you are lucky, you will have quick confirmation but the average block time is 10 minutes.

[kingvirtus09]

I think a lot of people are doing that now, but in my situation, I'm not doing DCA with Bitcoin because, even if I want to do DCA with Bitcoin, I won't be able to save Bitcoin that will reach 0.1 btc until the next year of halving.

Because only small capital can do it right now, it's better for me to shift to other crypto assets that I will hold for the long term, and there is still the same risk with Bitcoin or crypto. So I decided to take a risk on other cryptos like Matic, Ada, Shiba Inu, Bonk, Arb, and Pepe Coin. Others may not agree with me here, but it's okay because this is the choice, and I studied and researched it.

[karabiber]

Ever since I learned about the dollar-cost averaging (DCA) strategy on this forum  I've been committed to acquiring at least 1 BTC. It doesn't feel impossible anymore.

With the DCA method, you will minimize your risks and get the best performance even when the market is experiencing huge fluctuations. It will also protect you from the risk of buying assets at the wrong time. Since it doesn't require a lot of capital and advanced knowledge, it is one of the most preferred methods for beginners and small investors.

One of the biggest advantages of DCA is that it allows me to balance my investments and i am no longer under pressure in the market. It is not impossible to have 1 BTC with the DCA method and the more i see the contributions that the forum has created, the more I am connected to the forum. It is very good that DCA inspires you.

[yazher]

Those who don't understand the advantage of storing your bitcoins waiting for the price to rise or just merely saving it with the means of totally securing it by yourself are ignorance of how the banks work and how it always remains at the top to take their money in the name of securing it. there has been no good chance such as bitcoins and now that we have it right now, we should take advantage of having at least a small amount of it in order to have our own personal wallet. so that when the time comes that we decide to convert most of our assets to bitcoins, we no longer have a hard time doing it and we already know how to protect it.

[KiaKia]

Unfortunately for you OP, you can't evade tax with crypto, and I read that you said that crypto is ban in your country. I hope you know what you are doing, do not go online and start telling people about crypto, people like you needs to pretend as if you have never heard about crypto before, when others are buoyant to say a word about Bitcoin you should pretend like you know nothing.

If I were you, as you are this passionate about Bitcoin, I will leave that country and move to another, if your whole life is built on a crypto way of living it's better to leave, for your own sake, unless you are an expert at covering your every involvement with crypto.

Is your friend also from your country, which crypto is been banned? If yes that's even more dangerous, this could even be the reason why he is advising you to keep your money off crypto, people like them don't know that trading using P2P is still possible and it keeps all record of crypto involvement clean.

Do be careful out there.

[Blitzboy]

I disagree with your point of view, especially when it comes to your claim that Bitcoin is "free from the worries of taxation or government regulations."

Although you find yourself in a region where Bitcoin is banned, let's not forget that cryptocurrencies are increasingly coming under the scrutiny of tax bodies and regulators worldwide. Ignoring these facts, in the long run, can lead to some unpleasant surprises. Also, storing and managing your assets personally could mean that you alone bear the responsibility of potential losses due to hacks, poor management, or volatility.

[xSkylarx]

Crypto or Bitcoin is not a tool to evade tax. You will need to pay the tax on it no matter what but it is not our practice because the tax department won't know that you own it unless you've declared it to them. Since crypto got famous in our country our tax department keeps announcing that we should go to their office and declare our crypto holdings so that they can calculate how much tax we are paying. But people don't declare instead they keep quiet. But that doesn't mean that you'll use crypto just to evade tax.
 

[Texac]

I disagree with your point of view, especially when it comes to your claim that Bitcoin is "free from the worries of taxation or government regulations."

Although you find yourself in a region where Bitcoin is banned, let's not forget that cryptocurrencies are increasingly coming under the scrutiny of tax bodies and regulators worldwide. Ignoring these facts, in the long run, can lead to some unpleasant surprises. Also, storing and managing your assets personally could mean that you alone bear the responsibility of potential losses due to hacks, poor management, or volatility.

What I thought of when reading this is that it sounds like the OP is trying to use bitcoin to avoid taxes and get around the law . 

I also just replied in another thread, in the future, I believe governments will lift the ban and bitcoin adoption is inevitable.  but with it will come a raft of regulations and taxes, things they will never spare us.  I believe that taxes are also one of the many reasons why governments accept bitcoin because they do not want to lose the huge tax source from the cryptocurrency market.

[jossiel]

A skeptic will remain as a skeptic for a long time but it doesn't mean that they won't change for the better. That friend of yours could have been skeptic to you even long time ago but soon he'll get to see how successful you are.
 
But that's not the point of it. 
 
With his curiosity, everything is going to change when that matter ticks on his mind and it's becoming a more interesting question to him why you've been firm and keeps on doing what you've started as a bitcoin investor that does DCA.

You are right about firmness. because doing DCA is not an easy task. It needs consistency, and dedication to accumulate BTC The OP seems to be so optimistic that he thinks accumulating 1 BTC is not impossible, and indeed it is not impossible, and one can really accumulate 1 BTC easily, but the journey is so hard for one to follow.
 
And it might take some time to get some good results to prove your skeptical friend wrong. But the point should not be that, as you mentioned. The point should be. To accumulate as much BTC as one can. Either by doing DCA, lump sum, or buying at dips. Whatever the method is, after accumulation, they go through the phase of holding it for an extended period of time to make a profit out of it.
 
Dear OP I hope you will reach the goal of 1 BTC soon and god will help you.

As we look at these goals, sometimes we're already giving up if we're looking at the price and think that it's impossible to collect and acquire 1 bitcoin in the long run.

But that's the keyword, and that's how long we're going to stay in here. That's why as we stay for long, we're firm to our decisions and no one can change that because we've experienced how this market is so bad during the bear markets but it's also giving the best days of our lives.

[GreatArkansas]

Even though BTC is banned in my region, I've found a community of crypto enthusiasts on this forum, sharing and gathering information. I strongly believe that crypto will someday be accepted worldwide.

Can you please try to elaborate when you say Bitcoin is banned in your region? It is not allowed to own Bitcoin or not allowed to buy it locally from your region?

Crypto or Bitcoin is not a tool to evade tax. You will need to pay the tax on it no matter what but it is not our practice because the tax department won't know that you own it unless you've declared it to them. Since crypto got famous in our country our tax department keeps announcing that we should go to their office and declare our crypto holdings so that they can calculate how much tax we are paying. But people don't declare instead they keep quiet. But that doesn't mean that you'll use crypto just to evade tax.

I agree with this especially since you are from the U.S. even if you own Bitcoin and sell for fiat, you really need to pay taxes for it. For me, there's nothing wrong about it because it is also another way to for scammers or hackers to avoid using Bitcoin for any illegal things because they could abuse it especially if there's no tax at all on it.

[Afnan_faizah]

those people who sceptic about btc can have their opinion and decide what they doing but at the end those people only see many other people who own btc become rich and they didn't get anything from btc. no one force people to buy btc unlike government who force me to use national currency in my country, but I am okay to use my national currency because of the current economic system.

[kro55]

Crypto or Bitcoin is not a tool to evade tax. You will need to pay the tax on it no matter what but it is not our practice because the tax department won't know that you own it unless you've declared it to them. Since crypto got famous in our country our tax department keeps announcing that we should go to their office and declare our crypto holdings so that they can calculate how much tax we are paying. But people don't declare instead they keep quiet. But that doesn't mean that you'll use crypto just to evade tax.
 

Bitcoin was created not for the purpose of tax evasion, but because it is related to our privacy, I think many people will not declare and pay full taxes to the government. People aren't evading taxes, they're just trying to protect their privacy. Are you paying taxes to your government? As for me, I really don't want to let them know I'm involved in cryptocurrency, I'm not afraid of paying taxes because that's how we contribute to the economic development of the country. Furthermore, I don't know what will happen if one day the government issues a cryptocurrency ban and imposes prison sentences on cryptocurrency owners. So I will continue to choose silence.

[michellee]

those people who sceptic about btc can have their opinion and decide what they doing but at the end those people only see many other people who own btc become rich and they didn't get anything from btc. no one force people to buy btc unlike government who force me to use national currency in my country, but I am okay to use my national currency because of the current economic system.

If those people only want to see many who own Bitcoin become rich, they will be disappointed and ask themselves why they did not follow their steps. But at that time, they did not decide to invest in Bitcoin instead just laughed when someone came and told them about Bitcoin. They do not search for more information about Bitcoin or ask that person what it is and why they should invest in it.

They will regret it when they see the Bitcoin price increase to a higher price. And if @OP can continue accumulating more Bitcoin, especially now, I am sure he will have a chance to have at least 1 BTC. If he can make a big profit, he can come to his friend and show what he already got from Bitcoin. But that does not guarantee his friend will follow his way because investing in Bitcoin is an option for everyone.

We can not force them if they do not want to invest in Bitcoin and leave them alone. Let them see what we can achieve with Bitcoin.