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Been buying Bitcoin, Tripled my Money

ShivaFan

ShivaFan

Satyameva Jayate
Premium Member
A couple of months ago I started buying Bitcoin, Ethereum and now Litecoin in a Coinbase account and have tripled my money - not for the faint of heart, however, for example one Bitcoin dropped in value $552 dollars to $2,021 dollars per Bitcoin since yesterday and these digital currencies can fluctuate wildly.

But nevertheless, I buy on low swings and now have tripled my money overall in a short period of time.

Now I have no idea what you do with Bitcoin or the others, yes I understand you can buy "stuff" and been told outfits accept Bitcoin to buy bulk items like steel.

But I have never seen anyone accepting these currencies even though I know they exist.

But I do know that I can exchange these digital currencies back into dollars routed into my checking account via accounts such as Coinbase, though I haven't done that yet either.

All I know is, looking at my account, it's value is triple what I paid for it though we are in a bit of downside right now. So I am going to watch this pony for now and see where this race takes me. I know folks like McAfee are into it, and many others.

The only part I don't get is how taxes work with Bitcoin and the others.

Suppose I trade my Bitcoin back into dollars and it equates to a $42,000 profit? Do I add this as income in the 1040? I heard 90% of Bitcoin traders never report anything of it on their taxes. Wonder if the government even has a clue about it?

Has anyone else been buying Bitcoin, Ethereum (so called "ether AUM"), Litecoin and the others?

Think it will implode? It is totally wild how these fluctuate in value. But my gut is, their use is on the rise.
 
ShivaFan

ShivaFan

Satyameva Jayate
Premium Member
Update: Bitcoin now down "only" $400 since yesterday - not $500 - as I typed this post. This goes on 24x7 unike the NYSE.

This is one wild merry-go-round.
 
N

Nietzsche

The Last Prussian
Premium Member
ShivaFan said:
Now I have no idea what you do with Bitcoin or the others, yes I understand you can buy "stuff" and been told outfits accept Bitcoin to buy bulk items like steel.
Click to expand...
It's an impossible to track currency. I'll let your imagination fill in the blanks of what sort of things you'd be interested in buying online with that.
 
Valjean

Valjean

Veteran Member
Premium Member
So how do you turn these bitcoins into something you could pay the rent or buy a loaf of bread with?
 
Notanumber

Notanumber

A Free Man
As Kenny Rogers used to say –

You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done.

If your country is anything like Britain, they will take a keen interest in anything that looks like Money Laundering.
 
Mister Emu

Mister Emu

Emu Extraordinaire
Staff member
Premium Member
Father Heathen said:
I've been curious about digital currency, but have no clue how it actually works, especially "mining".
Click to expand...
"Mining" is the compilation of transactions into blocks(the block chain tracks every transaction so all bitcoins can be accounted for and fraud is made more difficult) and the solving of a problem by a computer. Whoever finishes a block and question first gets a reward and new bitcoin is "minted".

Valjean said:
So how do you turn these bitcoins into something you could pay the rent or buy a loaf of bread with?
Click to expand...
There are internet gift card websites that will, on your mobile, on the fly make transactions from bitcoin to a gift card for the store you are in.
 
Brent W

Brent W

Resident Tech Guy
ShivaFan said:
A couple of months ago I started buying Bitcoin, Ethereum and now Litecoin in a Coinbase account and have tripled my money - not for the faint of heart, however, for example one Bitcoin dropped in value $552 dollars to $2,021 dollars per Bitcoin since yesterday and these digital currencies can fluctuate wildly.

But nevertheless, I buy on low swings and now have tripled my money overall in a short period of time.

Now I have no idea what you do with Bitcoin or the others, yes I understand you can buy "stuff" and been told outfits accept Bitcoin to buy bulk items like steel.

But I have never seen anyone accepting these currencies even though I know they exist.

But I do know that I can exchange these digital currencies back into dollars routed into my checking account via accounts such as Coinbase, though I haven't done that yet either.

All I know is, looking at my account, it's value is triple what I paid for it though we are in a bit of downside right now. So I am going to watch this pony for now and see where this race takes me. I know folks like McAfee are into it, and many others.

The only part I don't get is how taxes work with Bitcoin and the others.

Suppose I trade my Bitcoin back into dollars and it equates to a $42,000 profit? Do I add this as income in the 1040? I heard 90% of Bitcoin traders never report anything of it on their taxes. Wonder if the government even has a clue about it?

Has anyone else been buying Bitcoin, Ethereum (so called "ether AUM"), Litecoin and the others?

Think it will implode? It is totally wild how these fluctuate in value. But my gut is, their use is on the rise.
Click to expand...

We just opened a new forum for Litecoin, as I am starting to invest in it. You can check it out here: Litecoin Forums

I also have just over .5 Ether but I am going to sit back and wait a bit before piling on more. Too much swings right now.
 
Father Heathen

Father Heathen

Veteran Member
My brother has made some nice profit investing in bitcoin, especially with the latest boom. I'm considering investing a little, myself.
 
robocop (actually)

robocop (actually)

Well-Known Member
Premium Member
I am certain that by the next generation crypto-currencies will take over, but at this point I don't know which one to practice-invest in.

Last year I practiced and got up to 13% but wasn't paying attention in the end and went back down to 9%.
 
S

suncowiam

Well-Known Member
ShivaFan said:
A couple of months ago I started buying Bitcoin, Ethereum and now Litecoin in a Coinbase account and have tripled my money - not for the faint of heart, however, for example one Bitcoin dropped in value $552 dollars to $2,021 dollars per Bitcoin since yesterday and these digital currencies can fluctuate wildly.

But nevertheless, I buy on low swings and now have tripled my money overall in a short period of time.

Now I have no idea what you do with Bitcoin or the others, yes I understand you can buy "stuff" and been told outfits accept Bitcoin to buy bulk items like steel.

But I have never seen anyone accepting these currencies even though I know they exist.

But I do know that I can exchange these digital currencies back into dollars routed into my checking account via accounts such as Coinbase, though I haven't done that yet either.

All I know is, looking at my account, it's value is triple what I paid for it though we are in a bit of downside right now. So I am going to watch this pony for now and see where this race takes me. I know folks like McAfee are into it, and many others.

The only part I don't get is how taxes work with Bitcoin and the others.

Suppose I trade my Bitcoin back into dollars and it equates to a $42,000 profit? Do I add this as income in the 1040? I heard 90% of Bitcoin traders never report anything of it on their taxes. Wonder if the government even has a clue about it?

Has anyone else been buying Bitcoin, Ethereum (so called "ether AUM"), Litecoin and the others?

Think it will implode? It is totally wild how these fluctuate in value. But my gut is, their use is on the rise.
Click to expand...


You can use bitcoin as a negotiation when one of your loved ones get kidnapped.
 
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