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Been buying Bitcoin, Tripled my Money

Twilight Hue

Twilight Hue

Twilight, not bright nor dark, good nor bad.
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...

I've had a passing interest in Virtual currency, but things like Bitcoin is such is so freaking confusing I would say almost takes an economics degree to figure it out.

I know you need to be registered on some sort of network in order to mine Bitcoin and receive funds.

I know a lot of people get way out of bounds with these mining rigs that they have, undoubtedly their very expensive and they use tons of electricity. I've seen complete rooms just choc full of computers with cords running all over the floor which seems to be you have to make quite a hefty investment in order to make your money back on this Hardware with mining virtual currency.

I'm sure people make success but it still seems like a high-risk high-reward kind of a deal.
 
Revoltingest

Revoltingest

Pragmatic Libertarian
Premium Member
There's a useful thing about crypto-currency....
Government cannot seize it without your password.
 
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