Bitcoin is a Ponzi
- Thread starter lib123
- Start date
The exchange keeps track usually of what you sell and give you tax forms at the Eoy come tax time, coinbase gave me tax forms this year cause i had to declare what i had
I have said it many times, but yeah. Over 400k (after taxes), we used it to buy our house, pay off our student loans and buy cars (that were new at the time, heh) that we still have. But I was extremely early. We made that money selling back in 2016-2017'ish. And I haven't held many crypto positions of note since then. At one point I did have 40-50 ETH but I dumped that back in like 2020ish.
In any case that come up didn't make us rich or anything, but it was instrumental in laying the foundation for our financial security. The thing about it is that while I felt at that time that I was extremely early.... Anyone buying in 2016 when I was selling would have still came up BIG time had they sold in the 2021 bull run. In hindsight we were waaaay too impatient to sell when we did.
These days, doing your taxes for your crypto gains is so much easier than back then too. I think if it continues to run, a lot of people will regret not taking their shot. It most likely won't make you rich enough to retire, but it can help you a lot.
MasterOfAllHeSurveyz
All Star
Yes. I even have debit cards (Coinbase & Voyager) from my crypto brokerage accounts. Coinbase has 4% cashback if you choose XLM and I get 4.5% APR staking my ETH (Ethereum) with Voyager. Binance doesn't have a card yet, but it's a couple of keypresses in the app to pay/move crypto. If I do a fiat withdrawal before 11PM, it'll be in my bank account by 8AM.
I use trading bots and take half of my weekly earnings to buy BTC, ETH and other altcoins and a quarter I use to add to my SEP IRA.
SadimirPutin
Superstar
Salute.....I always ask because what happens a lot on the net is people advocating for things they dont really have any skin in the game in.
400K after taxes is quite a great return and you didn't fall into the HODL trap
SadimirPutin
Superstar
*fist bump*
Lv99 Slacker
Pro
Not 50k and it wasn't bitcoin, but I did make almost $30k off of crypto (Solana and a Solana based meme coin called SolApe) last year. I live in a city (Austin TX) where they're are a lot of crypto heads/bitcoiners, so I could probably pay some people in bitcoin for various goods and services, but I haven't tried it out yet.
There's a website I recently learned of from youtuber, BTC Sessions that lets you buy gift cards using bitcoin. So, instead of cashing out of an exchange, I think I could use this site to cover essentials aside from bills: Bitrefill
Yeah and buying Bitcoin 10 years ago was like buying a lottery ticket. There was no tangible analytical evidence that it would rise to its current level.
NO ONE.
the bossman
Superstar
nikkas who had vision and conviction held. They're the whales of today.
Same type who envisioned Amazon becoming more than just a bookstore
nikkas like you lack vision which is why you still don't get it while shyt is becoming adopted all over the world
My issue is how do I explain that I only moved coins from the exchange to a wallet. I didn't sell for a gain or loss. It's not a taxable event to move coins. How do you communicate that?The exchange keeps track usually of what you sell and give you tax forms at the Eoy come tax time, coinbase gave me tax forms this year cause i had to declare what i had
murksiderock
Superstar
You can still buy today if you have vision, too. Alot of newcomers get of the mindset that they missed the boat to really make some money...
I didn't start my crypto journey until March 2020, and as a total novice, I lost money on a variety of coins, pulled money out too early, etc, as I charted my path. You learn more the longer you stick with it though, and I'm not looking for immediate life-changing money. There's a long game with me and I tell anyone who asks (two dudes at work lol) figure out what your goal is first, what do you want from it...
I may have "missed" the first couple boats but there are more to come!
I didn't start my crypto journey until March 2020, and as a total novice, I lost money on a variety of coins, pulled money out too early, etc, as I charted my path. You learn more the longer you stick with it though, and I'm not looking for immediate life-changing money. There's a long game with me and I tell anyone who asks (two dudes at work lol) figure out what your goal is first, what do you want from it...
I may have "missed" the first couple boats but there are more to come!
In your tax prep, you would just make sure its not listed as a purchase or otherwise. You do still have to report your buys however (This is the part that's very important and often forgotten), even if you have not sold them yet. Thats what was very difficult back in the day, because old old bitcoin accumulated back before and during the mt. gox era wasn't so diligently tracked by traders. But now, you should be able to track your fiat onramps with printable reports from major exchanges. Just look over everything and make sure you see your buys, and no selling transactions.
As long as you report those buys you are fine. Remember that if you are staking, every staking reward payout you get is a taxable event too though... and has to be reported as income.
MasterOfAllHeSurveyz
All Star
It's not a taxable event.