You don't buy individual coins. You can buy as little as $1 worth up to as much as you want.
Bitcoin Q & A thread
- Thread starter MadJack
- Start date
You don't buy individual coins. You can buy as little as $1 worth up to as much as you want.
In any of your reading- did you see how the IRS deals with bitcoin profit?? Ie- I have a checking account I only use for online books. Say I send 1k to a book via BC and then cash out via BC and end up with 3k in the account. I wonder how the IRS will account for this profit and my obligation to show where it came from....other than maybe the bitcoin sale?? By owning a small business I will be audited at some point in time.
No worries I googled it. Taxed at capital gains like a stock.
Starting the process at circle now, really excited to have an easy way to get money into the books this season :0074:0074
Ok Guys........I have been playing with this for a few weeks now.....
Made 5 deposits and 6 withdrawals..........works smooth as silk after you get the kinks worked out and a little practice.
I had a problem with a pre-paid visa card I tried to use.......Circle would not accept it......no big deal......I tried another one and it has worked every time.......
I have had this card for a few years now and circle takes it.........Google Control Card.......open an account.......get your card in the mail and you are good to go........
My money shows up on my control card the next day.......no fees nothing.......
Don't be intimidated to try this and screw the Bitcoin exchange rate........it is nothing to even worry about.........unless you are a finance engineer or money market guru moving millions........or investing in Bitcoin.
Made 5 deposits and 6 withdrawals..........works smooth as silk after you get the kinks worked out and a little practice.
I had a problem with a pre-paid visa card I tried to use.......Circle would not accept it......no big deal......I tried another one and it has worked every time.......
I have had this card for a few years now and circle takes it.........Google Control Card.......open an account.......get your card in the mail and you are good to go........
My money shows up on my control card the next day.......no fees nothing.......
Don't be intimidated to try this and screw the Bitcoin exchange rate........it is nothing to even worry about.........unless you are a finance engineer or money market guru moving millions........or investing in Bitcoin.
Heres the deal in the US. If you are transferring funds the company providing the service has to have MTL or money transmission license. They also have to know their customer as in KYC or CIP due to Patriot Act.
Nothing is anonymous with exchanges. If you want complete atonoumy then use localbitcoin.com and buy with caution.
Now this is a generic guide and is not specific to any activity but bitcoin in general.
Go to mytrezor.com and buy an offline physical storage device. Its all fun and games until your account gets frozen. 99 bucks but its not your money unless its in your control. Make no mistake, bitcoin wallet is a horrible choose as its bloated, unsecure and frowned upon by the bitckin community. Trezor takes your coins off into cold storage. Sleep better at night knowing nobody can freeze your account.
Go to coinbase.com and register.
Dont buy bitcoin but deposit an ACH of a grand. Two reasons, money transfers move quicker and it takes 6 days for coins to land in your wallet. You pay 1000 for bitcoin and it tanks day 3 on a 6 day wait... now youve lost 200 bucks and had a shitty experience.
Go to shift payments and register for a prepaid card. Shift is tied directly to your coinbase account. You need 200 inmediately? ATM. You want to spend 500 on an unforeseen bill, youre in luck as you have 1000 daily spend limit.
Now, your ACH deposit has hit. And youre ready to buy your first bitcoin. Well almost ready.
Log in to GDAX.com which is the Coinbase exchange. Go to deposit and pull your funds from you USD wallet to the exchange... congrats, youre now officially a day trader.
Click limit, buy, scroll to the green to see current active price. Click price and put total amount to purchase.
Wait for it to fill with ZERO fees. Withdraw your btc back to coinbase. Use your shift card as needed to make purchases in USD...
Shits never been so easy.
I vouch because I know them personally. If you gamble, never ever send straight from circle or coinbase. Always to your trezor and then where you want. Back to your trezor back to your coinbase.
Theres a reason, gambling is illegal in US.
Trezor keeps you clean from auditing by a bank... always use a device like trezor.
Oh but I forgot....
Puttsburgh completes your 8 team parlay and youre withdrawing from an Madjacksports recommended book. You send to your Trezor and then to your coinbase account. Its Tuesday, and youre sitting on 2500. Hell yeah, nice weeks profit... but... Thursday is China futures contract settlement and you know some whale is pumping the price (or holding it down, look at the last couple days trends).... so you wait until Thursday night to sell on GDAX at a 10% increase. Youre 2500 just became 2750 because you were patient.... and you can leave cash in GDAX and set an alarm to buy at certain prices... or leave it in bitcoin and enjoy a non feed IRA of youre own making... just know you could lose your ass if notl stop limits put into play.
Hope this helps...
Puttsburgh completes your 8 team parlay and youre withdrawing from an Madjacksports recommended book. You send to your Trezor and then to your coinbase account. Its Tuesday, and youre sitting on 2500. Hell yeah, nice weeks profit... but... Thursday is China futures contract settlement and you know some whale is pumping the price (or holding it down, look at the last couple days trends).... so you wait until Thursday night to sell on GDAX at a 10% increase. Youre 2500 just became 2750 because you were patient.... and you can leave cash in GDAX and set an alarm to buy at certain prices... or leave it in bitcoin and enjoy a non feed IRA of youre own making... just know you could lose your ass if notl stop limits put into play.
Hope this helps...
coinbase come august 1st will no longer service Canadians (only us)...pretty sure.
can you recommend any reputable Canadian sites?
can you recommend any reputable Canadian sites?
Bryan- what is the downside of doing it the way Jack recommended vs. your method, if the bitcoin itself isn't going to be kept as a currency and only as a means of a temporary transfer over 5 mins?
Yeah, it's getting complicated Woody's way. I don't care to invest in bitcoin, I'm not holding bitcoin for a day or two or even over night. I'm just using it to move money. I didn't own bitcoins for more than 10 minutes when I made a deposit at Intertops.
Totally agree. Ive always invested so I see it differently. For your purposes there isnt an easier way than what youve outlined.
Didnt mean to confuse anyone. Eventually all of it will be seemless to the customer funding experience. Youre in the early adoption phase... similar to aol with the internet....
Good luck!
Thanks for the response. I will probably also look at getting into playing around with the bitcoin side of things. I'm assuming you still have the same email as a few years back? I will reach out to you at some point if that's cool.
You guys all just need to play around with a few $100 dollars.........YOU WILL BE PLEASANTLY SURPRISED HOW SMOOTH IT IS AFTER SOME TRIAL AND ERROR.......
DO IT BEFORE FOOTBALL SO YOU KNOW THE INS AND OUTS........FORGET THE INVESTING STUFF........IF YOU WANT TO INVEST IN IT........JUST DO IT ON THE SIDE.........i HAVE DONE ABOUT 4 DEPOSITS AND WITHDRAWALS AND IT WORKS SMOOTH AS SILK......
NOW I HAVE ACCESS TO MANY BOOK FROM MY SAME BITCOIN ACCOUNT.......:00hour
DO IT BEFORE FOOTBALL SO YOU KNOW THE INS AND OUTS........FORGET THE INVESTING STUFF........IF YOU WANT TO INVEST IN IT........JUST DO IT ON THE SIDE.........i HAVE DONE ABOUT 4 DEPOSITS AND WITHDRAWALS AND IT WORKS SMOOTH AS SILK......
NOW I HAVE ACCESS TO MANY BOOK FROM MY SAME BITCOIN ACCOUNT.......:00hour
