Topic: Cryptocurrency beats having faits at every point (Read 281 times)

Well, there are some people who don't appreciate digital assets, maybe for reasons best known to them, or perhaps not everyone is very educated about the advantages of investing in bitcoin. Everyone knows what they want and where they wish to make their investment. Some people like stocks more than crypto currency; it's just a choice, but there's a saying about never carrying all your eggs in one basket. Perhaps, depending on the level of your income, you can still invest in Bitcoin and have something else you are also investing in. Yes, like you have mentioned, bitcoin has some advantages, like having your asset in your full custody without your identity being revealed unless you personally want to do so.

Surprisingly, not paying taxes has become a norm for some people, even though its against the law. Significant socioeconomic gaps may result from this. The community as a whole suffers when taxes are not paid because vital public services may not receive enough funding. Although Bitcoin and other cryptocurrencies provide some privacy, using them is not an excuse to break the law.

Recall that just because tax evasion has become commonplace in a given country, it still doesnt make it acceptable. Despite their decentralized character, cryptocurrencies like Bitcoin shouldnt be employed as a means of facilitating this avoidance. Although its encouraging to hear favorable opinions about Bitcoin, everyone should behave sensibly and within the law.

Another possibility for those that want to avoid the heavy taxation is to move to a country with friendly regulations which does not tax your earnings, as this market gets bigger and more influential I am sure that tax havens will be very interested on doing this as this will increase their profits even further, and in that case those with enough bitcoin on hand could move there and be able to profit from this market without having to pay any tax and do so legally.

Well most of the points are definitely true however it’s getting worst (sadly) with the time considering many countries are imposing heavy tax toll on our bitcoin. Though it doesn’t mean we are out of race, there are many loopholes to avoid this with p2p system but yeah things are weird. However, we will always have an upper hand whatsoever.

P2p is what we need to stress more and practice more. Meanwhile, fiat is already having lot of backend issues such as our money isn’t ours and you have to explain every bit of dime and it’s existence to the government. So definitely Bitcoin surpasses the test.

Depending on where you live, the worries over taxation can be different. In some places, you are expected to pay taxes on your cryptos, and not paying them can feel like a significant crime that a person would rather avoid committing. On the other hand, there are countries like mine where taxation in general is so lax that nobody cares about it, even with fiat money, because there's a mutual understanding in society that not paying income taxes is something so many people do that it's normalized, even though it's technically illegal.
But yeah, Bitcoin is a good currency, so I'm happy the op is giving it a shot, but it's important to be careful if cryptos are actually illegal and one can get in trouble for owning them.

Investing in bitcoin is a good option for every individual many people who invest in bitcoin panic and sell when the price goes down, then they take more risk because they feel depressed when the price goes up. For this reason you need to use a good wallet to hold bitcoins and wait patiently. Crypto is risky for many reasons but the biggest reason it is a safe investment is that it can have huge price swings in the blink of an eye. There is no such great opportunity to invest in bitcoin. Nothing will affect bitcoin the government does not control and cannot operate the banks.

If those people only want to see many who own Bitcoin become rich, they will be disappointed and ask themselves why they did not follow their steps. But at that time, they did not decide to invest in Bitcoin instead just laughed when someone came and told them about Bitcoin. They do not search for more information about Bitcoin or ask that person what it is and why they should invest in it.

They will regret it when they see the Bitcoin price increase to a higher price. And if @OP can continue accumulating more Bitcoin, especially now, I am sure he will have a chance to have at least 1 BTC. If he can make a big profit, he can come to his friend and show what he already got from Bitcoin. But that does not guarantee his friend will follow his way because investing in Bitcoin is an option for everyone.

We can not force them if they do not want to invest in Bitcoin and leave them alone. Let them see what we can achieve with Bitcoin.

Bitcoin was created not for the purpose of tax evasion, but because it is related to our privacy, I think many people will not declare and pay full taxes to the government. People aren't evading taxes, they're just trying to protect their privacy. Are you paying taxes to your government? As for me, I really don't want to let them know I'm involved in cryptocurrency, I'm not afraid of paying taxes because that's how we contribute to the economic development of the country. Furthermore, I don't know what will happen if one day the government issues a cryptocurrency ban and imposes prison sentences on cryptocurrency owners. So I will continue to choose silence.

those people who sceptic about btc can have their opinion and decide what they doing but at the end those people only see many other people who own btc become rich and they didn't get anything from btc. no one force people to buy btc unlike government who force me to use national currency in my country, but I am okay to use my national currency because of the current economic system.

Can you please try to elaborate when you say Bitcoin is banned in your region? It is not allowed to own Bitcoin or not allowed to buy it locally from your region?

I agree with this especially since you are from the U.S. even if you own Bitcoin and sell for fiat, you really need to pay taxes for it. For me, there's nothing wrong about it because it is also another way to for scammers or hackers to avoid using Bitcoin for any illegal things because they could abuse it especially if there's no tax at all on it.

As we look at these goals, sometimes we're already giving up if we're looking at the price and think that it's impossible to collect and acquire 1 bitcoin in the long run.

But that's the keyword, and that's how long we're going to stay in here. That's why as we stay for long, we're firm to our decisions and no one can change that because we've experienced how this market is so bad during the bear markets but it's also giving the best days of our lives.

What I thought of when reading this is that it sounds like the OP is trying to use bitcoin to avoid taxes and get around the law . 

I also just replied in another thread, in the future, I believe governments will lift the ban and bitcoin adoption is inevitable.  but with it will come a raft of regulations and taxes, things they will never spare us.  I believe that taxes are also one of the many reasons why governments accept bitcoin because they do not want to lose the huge tax source from the cryptocurrency market.

Crypto or Bitcoin is not a tool to evade tax. You will need to pay the tax on it no matter what but it is not our practice because the tax department won't know that you own it unless you've declared it to them. Since crypto got famous in our country our tax department keeps announcing that we should go to their office and declare our crypto holdings so that they can calculate how much tax we are paying. But people don't declare instead they keep quiet. But that doesn't mean that you'll use crypto just to evade tax.
 

I disagree with your point of view, especially when it comes to your claim that Bitcoin is "free from the worries of taxation or government regulations."

Although you find yourself in a region where Bitcoin is banned, let's not forget that cryptocurrencies are increasingly coming under the scrutiny of tax bodies and regulators worldwide. Ignoring these facts, in the long run, can lead to some unpleasant surprises. Also, storing and managing your assets personally could mean that you alone bear the responsibility of potential losses due to hacks, poor management, or volatility.

Unfortunately for you OP, you can't evade tax with crypto, and I read that you said that crypto is ban in your country. I hope you know what you are doing, do not go online and start telling people about crypto, people like you needs to pretend as if you have never heard about crypto before, when others are buoyant to say a word about Bitcoin you should pretend like you know nothing.

If I were you, as you are this passionate about Bitcoin, I will leave that country and move to another, if your whole life is built on a crypto way of living it's better to leave, for your own sake, unless you are an expert at covering your every involvement with crypto.

Is your friend also from your country, which crypto is been banned? If yes that's even more dangerous, this could even be the reason why he is advising you to keep your money off crypto, people like them don't know that trading using P2P is still possible and it keeps all record of crypto involvement clean.

Do be careful out there.

Those who don't understand the advantage of storing your bitcoins waiting for the price to rise or just merely saving it with the means of totally securing it by yourself are ignorance of how the banks work and how it always remains at the top to take their money in the name of securing it. there has been no good chance such as bitcoins and now that we have it right now, we should take advantage of having at least a small amount of it in order to have our own personal wallet. so that when the time comes that we decide to convert most of our assets to bitcoins, we no longer have a hard time doing it and we already know how to protect it.

With the DCA method, you will minimize your risks and get the best performance even when the market is experiencing huge fluctuations. It will also protect you from the risk of buying assets at the wrong time. Since it doesn't require a lot of capital and advanced knowledge, it is one of the most preferred methods for beginners and small investors.

One of the biggest advantages of DCA is that it allows me to balance my investments and i am no longer under pressure in the market. It is not impossible to have 1 BTC with the DCA method and the more i see the contributions that the forum has created, the more I am connected to the forum. It is very good that DCA inspires you.

I think a lot of people are doing that now, but in my situation, I'm not doing DCA with Bitcoin because, even if I want to do DCA with Bitcoin, I won't be able to save Bitcoin that will reach 0.1 btc until the next year of halving.

Because only small capital can do it right now, it's better for me to shift to other crypto assets that I will hold for the long term, and there is still the same risk with Bitcoin or crypto. So I decided to take a risk on other cryptos like Matic, Ada, Shiba Inu, Bonk, Arb, and Pepe Coin. Others may not agree with me here, but it's okay because this is the choice, and I studied and researched it.

When you buy or sell, you have to pay trading fee to exchange but trading fee is not painful because it is not too expensive. The more and most expensive fee is withdrawal fee from your online account to your non custodial wallet.

Because exchange does not charge you too high trading fee but about withdrawal fee, they charge it not in percent of your withdrawal value but with a fixed withdrawal fee. The smaller your withdrawal value is, the more expensive cost you will feel with each small withdrawal.

You can complete your trade with Bitcoin on centralized exchanges very quickly and easily because Bitcoin has very high trading volume.

But your writing is inaccurate, if it is about transaction time, confirmation time, Bitcoin blockchain is not designed to give you confirmation after a few second or one minute. Sometimes, if you are lucky, you will have quick confirmation but the average block time is 10 minutes.

Currently, most people's view of cryptocurrencies such as bitcoin is that they still consider them to be foreign and unclear assets. So it's natural for your friends to ask you this. Because maybe your friend only knows about cryptocurrency, but doesn't know what system runs in it.

Maybe in your country cryptocurrency is free from tax money. Because as you wrote, cryptocurrency is still illegal in your country, so you can be sure there will be no taxes for crypto investors. But in the country where I live, cryptocurrencies have been legalized as commodity assets, or rather they can be used freely as investment assets and are therefore taxed. Even though it still cannot be used as a means of payment, what is called tax money has been applied. So basically if you think that cryptocurrencies are completely tax free, I think that is an inaccurate opinion. So it is clear that government regulations regarding cryptocurrencies in several countries, including my country, have always existed.

Yes, this is a common reason for investors in the crypto space, especially for bitcoin investors. Because of the freedom in managing assets and its very promising potential, public interest in Bitcoin is increasing every year. So it's not strange for me to see why you like Bitcoin. Because I personally and maybe other investors also have almost the same reasons as you.