"How to buy Bitcoin"

[MichiganWagon]

But then does the person who traced it back to you have any access to the private key portion (password)?

Your Private Key is your's unless you let it slip (ex: you emailed it to yourself and then your email account gets broken into).

And to answer the original question, if Coinbase links your IRL ID to your bitcoin wallet, they (or anyone with that info) can search your transactions and link it back to your name. (disclosure: I don't use Coinbase and don't know how secure their servers are. But assume that they will eventually get hacked or get lawyer'd).

 

[Fervent Champion]

I hate to Necro this thread but it seems like the best place to ask: What exchange is best to buy cryto from? I've want to get in for years but I don't want my bank account stolen by Coinbase or some other company.

If it helps I doubt I'd ever do more than $200 worth of trading a month.

 

[mulliganfarmer]

This is the first time I've set foot in this part of the forum because I only have the vaguest notion of what cryptocurrency is. A well-meaning relative sent me this article:

Jim Davidson Reveals How He Bounced Back After The Bankruptcy - He claims anyone can do it & shows 'Good Morning Britain' How! | Parrotrelease

Appearing on 'Good Morning Britain' show, Jim Davidson, a man who has recovered from Bankruptcy thanks to an automated Bitcoin trading platform, called Bitcoin Revolution. The idea was simple: allow t

parrotrelease.com

I'm assuming this is a scam that's got Jim Davidson suckered in and he's stupid enough to promote it to more idiots who know even less than I do about bitcoin?

 

[Give Her The D]

Localbitcoins has a bunch of pajeet sellers, and my only advice is to not use shit like Zelle with them. Bank suspended my access to Zelle because of these shitlords.

 

[No Exit]

Is there a good site for Canadians to buy coin and not have to upload photo ID and shit. I'm trying to get this shit figured out but for some reason most places only allow US citizens to sign up?
It's a lot of fucking around just to turn real money into fake money.

 

[Orange Rhymer]

Reminder: crypto is worthless and you'll lose all your money. Other reminder: if you make money trading cryptocurrencies, you have to report it on your taxes as capital gains.

Wrong on both. But I'm sure your intent was good.

1) Value is subjective. Baseball cards are worthless, 'collectors items' are worthless. Buy low, sell high. At some point all currencies and stocks fail. Don't be left holding the bag.
2) Crypto is valued as a COMMODITY (iirc, im not an accountant) in the US, not as capital. Styxhexanhammer666 had a GREAT interview with a tax accountant that specializes in crypto reporting to the IRS. Youtube has plenty of vids too. Take advice ONLY from a licensed tax accountant in YOUR COUNTRY/STATE. Call a professional before you self-report.

Other items:
I have used Localbitcoins.com and it worked for me. I traded Amazon cards for BTC, me fees came out to @ 25% including escrow. The transactions went through completely anonymously, and I didn't get fucked. YMMV. BE FUCKING CAREFUL ON THAT SITE. Always use escrow.

Tumble your coins to remain anonymous.

Mining is fun, but will wreck your hardware (esp graphics cards) after a while. Also, there are cheaper ways to heat your house, electricity ain't free.

 

[moseph.jartelli]

I cant flex bitcoins on Instagram. Fuck that gay shit

 

[Ghostse]

I don't get why the OP was longer than "Don't".

2) Crypto is valued as a COMMODITY (iirc, im not an accountant) in the US, not as capital.

I came here just to shit post, You are dangerously wrong on that, your info is out of date. IRS changed the rules, and ALL Bitcoin/crypto transactions are taxable now, subject to capital gains taxes.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

Fairly decent summary: https://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp

tl;dr Bitcoin is treated now like a stock. If you transfer bitcoin (or fractional coins), you incur the same tax liability as if you transferred stock (or fractional shares of stock) .

Of course unlike stock, unless you are using an exchange there is no central authority reporting your transactions to the IRS for easy auditing.
While that didn't save Al Capone, the IRS isn't raiding the local Hooters because the waitresses are under reporting tips neither.

 

[Orange Rhymer]

I don't get why the OP was longer than "Don't".



I came here just to shit post, You are dangerously wrong on that, your info is out of date. IRS changed the rules, and ALL Bitcoin/crypto transactions are taxable now, subject to capital gains taxes.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

Fairly decent summary: https://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp

tl;dr Bitcoin is treated now like a stock. If you transfer bitcoin (or fractional coins), you incur the same tax liability as if you transferred stock (or fractional shares of stock) .

Of course unlike stock, unless you are using an exchange there is no central authority reporting your transactions to the IRS for easy auditing.
While that didn't save Al Capone, the IRS isn't raiding the local Hooters because the waitresses are under reporting tips neither.

The IRS is SUPER powerful. If you are a BTC trader or investor, I beg you to use a tax accountant licensed in your country and state, and is familiar with BTC. These tax laws are literally changing by the month. The 2018 tax laws were a big change, and going forward the IRS will be structuring BTC transactions differently.

Under Obama, the IRS vowed to make all BTC transactions illegal. That didn't work, so now they are taxing BTC.

Again, use a tax accounting professional.

Remember: Unless you have taken precautions (and you understand 100% how to do this), your transactions are recorded and reported to the IRS.

 

[Ghostse]

The IRS is SUPER powerful. If you are a BTC trader or investor, I beg you to use a tax accountant licensed in your country and state, and is familiar with BTC. These tax laws are literally changing by the month. The 2018 tax laws were a big change, and going forward the IRS will be structuring BTC transactions differently.

Under Obama, the IRS vowed to make all BTC transactions illegal. That didn't work, so now they are taxing BTC.

Again, use a tax accounting professional.

Remember: Unless you have taken precautions (and you understand 100% how to do this), your transactions are recorded and reported to the IRS.

Agreed with tax professionals.

I was mainly taking issue with your disagreement with @Joan Nyan about taxes. They were completely spot on, as the linked IRS publication shows, 2018 was simply a clarification and enforcement of previously published rules.

 

[Orange Rhymer]

Agreed with tax professionals.

I was mainly taking issue with your disagreement with @Joan Nyan about taxes. They were completely spot on, as the linked IRS publication shows, 2018 was simply a clarification and enforcement of previously published rules.

Like I said, I'm not an accountant. This accountant said on Styzhexanhammer666, that it is not traded like a currency. I dunno what that means, but I do know that it seems like I need to consult with a pro. Maybe this asshole was being confusing on purpose to drum up biz. Maybe he was referencing Vermont state law, and not federal law.

No fucking clue. Simple taxes I can do. Trying to figure out values of commodities and other shit, no idea.

kudos to Joan if you were right. For me: I will keep it under the table as long as possible.

 

[Ghostse]

Like I said, I'm not an accountant. This accountant said on Styzhexanhammer666, that it is not traded like a currency. I dunno what that means, but I do know that it seems like I need to consult with a pro. Maybe this asshole was being confusing on purpose to drum up biz. Maybe he was referencing Vermont state law, and not federal law.

No fucking clue. Simple taxes I can do. Trying to figure out values of commodities and other shit, no idea.

kudos to Joan if you were right. For me: I will keep it under the table as long as possible.

That accountant is right, its not viewed as a currency. And that doesn't contradict Joan's post about crypto being subject to capital gains in the slightest.

Per the IRS, Bitcoin is treated like an asset - a stock or a collectible.
Whenever you divest yourself of that asset, according to the IRS, you must pay tax on any profit (That is, ammount received minus costs) from the transaction. That includes if you use BTC to buy any alt-coins, which I've seen people get into trouble with.

That is, if I bought 1 BTC for $1000, and later exchange it for $3000 worth of other things (goods, services, cash, other crypto) since the value of the BTC went up $2000, I am obligated to pay capital gains taxes on that $2000 profit. ($3000 - $1000). This is how stocks are treated. It also means if you lose money on a crypto sale, you will have a capital loss that you can use to offset any capital gains.

Joan said you must pay capital gains taxes on cryptocoins. This is true. This was technically always true, but there was a grey area because the IRS previously hadn't specified exactly what constituted a sale and under what conditions. This grey area was removed in 2014 when the IRS spelled out in previously linked publication what constituted a transaction, but not everyone got the memo. 2018 was essentially just the IRS actually enforcing this rule (mainly because there was now money to be made in enforcing it)

So, please stop repeating verifiably incorrect information.

Also, stop prodding my autism by saying Commodity. Per the IRS, crypto (or any other exchangable virtual currency) is Asset not a Commodity; a commodity is a type of asset and may be subject to special commodity rules. Commodities need to be tangible items, which the IRS has ruled crypto is not. Anyone who told you its a commodity is wrong or at least misusing the word ( at least as far as the IRS is concerned)

 

[Give Her The D]

So, what are some places I can buy crypto where banks won't freak the fuck out because of a transaction coming from there? Localbitcoins removed the cash option, and my bank apparently really doesn't like transactions coming from crypto sites.

I had been using the Cash App to buy Bitcoin, since it's a P2P money transfer app that has Bitcoin trading as an option, but I want to explore some other cryptos.

Also @Null, LocalBitcoins suspended in-person trade functionality back in June to US customers, so perhaps update the OP that US customers can't use it for that?

LocalBitcoins Suspends In-Person Cash Trades by US Customers

LocalBitcoins, a popular global bitcoin trading service that matches individual buyers and sellers, has removed in-person cash trades from its list of available payment options. The change appears to have been applied across the platform, though some Canadian sellers are still advertising a 'cash in

www.crowdfundinsider.com

 

[Particle Bored]

So, what are some places I can buy crypto where banks won't freak the fuck out because of a transaction coming from there? Localbitcoins removed the cash option, and my bank apparently really doesn't like transactions coming from crypto sites.

I had been using the Cash App to buy Bitcoin, since it's a P2P money transfer app that has Bitcoin trading as an option, but I want to explore some other cryptos.

Also @Null, LocalBitcoins suspended in-person trade functionality back in June to US customers, so perhaps update the OP that US customers can't use it for that?

LocalBitcoins Suspends In-Person Cash Trades by US Customers

LocalBitcoins, a popular global bitcoin trading service that matches individual buyers and sellers, has removed in-person cash trades from its list of available payment options. The change appears to have been applied across the platform, though some Canadian sellers are still advertising a 'cash in

www.crowdfundinsider.com

My major mainstream bank has never said anything about my Coinbase use.

If youve already got a venue for BTC, why do you need another venue for fiat-to-alts? Just send some BTC to an exchange and buy alts with BTC.

 

[Give Her The D]

My major mainstream bank has never said anything about my Coinbase use.

If youve already got a venue for BTC, why do you need another venue for fiat-to-alts? Just send some BTC to an exchange and buy alts with BTC.

BMO Harris marked my old account for fraud twice for using Coinbase, and apparently a lot of mainstream US banks do as well.

Also, Cash App will only let you withdraw if you have a specific amount of coin.

 

[Orange Rhymer]

BMO Harris marked my old account for fraud twice for using Coinbase, and apparently a lot of mainstream US banks do as well.

Also, Cash App will only let you withdraw if you have a specific amount of coin.

I've heard that all major BTC apps require registration and report your holdings to the IRS.
C/D ?
I would NEVER use a BTC service that requires irl credentials - but that's just me...

 

[Give Her The D]

I've heard that all major BTC apps require registration and report your holdings to the IRS.
C/D ?
I would NEVER use a BTC service that requires irl credentials - but that's just me...

It's unavoidable in the US, if they want to avoid violating the law.

 

[Particle Bored]

If you use CoinBase and have a bank account linked to your CB account, instead of buying BTC directly and paying the fee and margin premium, you can buy their stablecoin USDC for no fee and no premium, 1-for-1, and then immediately use the USDC to buy BTC at spot on CoinBase Pro. Kinda sucks for me to only just figure this out today.

ETA some clarity: for this to work, you must have a bank account linked to your CB account; if you buy USDC via debit card, they will hit you with a fee. You must then move the USDC over to the Coinbase.Pro exchange, and trade it for BTC on the exchange. If you try to "convert" USDC to BTC on the basic CoinBase site, they will hit you with a fee.

 

[twozero]

A few options without any KYC would be Bisq (peer to peer, decentralized), and the option of gift-card sites like coin-cola (rates are pretty shitty as would be expected).

+avoid apps which don't let you move your coins (e.g. Revolut?). If you don't have access to your keys then you're only buying exposure to the market price of BTC, rather than actually owning any.

 

[Lord of the Large Pants]

Not sure what's the best place to ask, but here goes. I'm looking at using one of those Bitcoin ATMs. First, is this a good idea? Second, it looks like they require a phone number and a real name for small transactions, but no ID. Assuming I had a burner phone, is there anything to stop me from just lying about my real name? Is it it illegal? I mean, if it is, I won't do it, but that's why I'm asking. And for some reason Google won't answer this question for me.