Why would anyone ever use Bitcoin?

Izissant

Izissant

Guest
Joined
Oct 21, 2015
Total posts
31
I have been thinking about using bitcoin to fund an account. Until, lol, I read where every time you buy a bitcoin, you get taxed on the value of it (???)....That simply can't be true, can it? Then, if you win and convert back to cash, you pay capital gains taxes on that? What's the point if you get taxed en you buy, then taxed when you sell?

Can anyone tell me where I am going wrong with bitcoin?

Thanks:)
 
ScooperNova

ScooperNova

Legend
Loyaler
Joined
Sep 25, 2012
Total posts
2,219
Awards
2
I think you heard some misinformation.
 
BigCountryGB

BigCountryGB

Rock Star
Joined
Apr 1, 2015
Total posts
174
That may have been the case in the EU previously, but as smallfrie pointed out it is now tax free to buy/sell bitcoin bc it's considered a currency.

I live in the U.S. And have never read about or been asked to pay taxes on bitcoins I've bought or sold.
 
D

dontquit

Rock Star
Joined
Apr 9, 2008
Total posts
270
I would love to learn more about bitcoin. Please enlighten those that are bitcoin deficient.
 
BigCountryGB

BigCountryGB

Rock Star
Joined
Apr 1, 2015
Total posts
174
Bitcoin is not anonymous, you can't just freely buy illegal stuff.

Silk Road would beg to differ. Well, at least for a number of years before the FBI came crashing in :)

Bitcoin is anonymous within itself, but once you go and convert it into your local currency you're going to lose anonymity.
 
L

LizardDan

Enthusiast
Joined
Oct 20, 2015
Total posts
56
Bitcoin is very anonymous, it records all transactions through the block chain but people who use it for illegal activity utilize "tumblers" that make it near impossible to track (with today's computers, at least - a quantum computer could handle it). Further, the Silk Road was only accessible through the TOR network, which used a nodal type of proxy system.

The real reason not to use bitcoin is how unstable it is and the fluctuations in value. It's an extremely volatile currency. Not enough establishments use bitcoin to make this worthwhile.

It's definitely cool, though.
 
Izissant

Izissant

Guest
Joined
Oct 21, 2015
Total posts
31
I think you heard some misinformation.

Why do you think so? Can you explain why? I think a lot of people with the same point of viewxand I`m interested in finding information from the other focus to operate it correctly in further..
 
L

LizardDan

Enthusiast
Joined
Oct 20, 2015
Total posts
56
Why do you think so? Can you explain why? I think a lot of people with the same point of viewxand I`m interested in finding information from the other focus to operate it correctly in further..

It is very easy to Google this. Not trying to be rude, but there's a world of information at your fingertips.
 
BigCountryGB

BigCountryGB

Rock Star
Joined
Apr 1, 2015
Total posts
174
Why do you think so? Can you explain why?

Because those are the facts. The first response to your post explains why you don't have to pay taxes in Europe and a quick internet search will confirm the only taxes you need to pay in the U.S. are on any profits you make from selling bitcoins.
 
ScooperNova

ScooperNova

Legend
Loyaler
Joined
Sep 25, 2012
Total posts
2,219
Awards
2
I have been thinking about using bitcoin to fund an account. Until, lol, I read where every time you buy a bitcoin, you get taxed on the value of it (???)....That simply can't be true, can it? Then, if you win and convert back to cash, you pay capital gains taxes on that? What's the point if you get taxed en you buy, then taxed when you sell?

Can anyone tell me where I am going wrong with bitcoin?

Thanks:)

I do not know how it works in your country. I would think only your winnings are taxed if you are one of the fortunate few who have that. I dont think you have to pay taxes to transfer that I know of only small "miners" fees. I would think normal gambling tax laws would apply, but maybe it is different in germany. Good luck!
 
pocketelf0

pocketelf0

Rock Star
Joined
Dec 17, 2015
Total posts
175
bitcoins can be used as anonymous online currency to buy values goods on the internet and could also be exchanged for cash through meet ups and via paypal.
 
Omar Kassas

Omar Kassas

Enthusiast
Joined
Nov 21, 2015
Total posts
45
bitcoin is not official money value its a virtual value via transfering data information by a machine thats needs only electrics and internet the bitcoin gainer bases on what kind of machine u buy i think they can make exchanged via paypal
 
Top