Topic: Fear with US based online wallet - page 2. (Read 2673 times)
You should never keep your BTC on private keys you don't exclusively control. You're economically suicidal to use ANY online wallet based in ANY country.
I'm also curious on the tax aspect as far as Coinbase goes. Do they report purchase/sales etc?
The more I think about it the more I worry.
At least I didn't buy and sell all too much with them.
I'm also curious on the tax aspect as far as Coinbase goes. Do they report purchase/sales etc?
This concern is with US taxes. Do I have anything to worry about? I can't report this as property (according to the IRS it is property).
I am rather new to BTC and choose Coinbase to be my online wallet. Coinbase has all my bitcoins. Now I fear that wasn't the best move as they are within the United States and report to various government agencies. Should I be fearful about this?
Thank you for reading and I look forward to your responses.
Thank you for reading and I look forward to your responses.
>report to various government agencies
Certainly true, but that's not really a good reason to worry at this point. More important is the risk that CB can lock you out of your coins at any time at their discretion. This has happened with me due to a technical error, and it took a week to get it fixed.
I recommend Trezor / Electrum / Breadwallet in that order of security, and only use CB to buy and then immediately transfer BTC.
I use Coinbase. I haven't seen any significant reason to be distrustful of them. Even if they "report to government authorities" why is that a problem unless (1) you are doing something illegal and (2) it somehow involves bitcoin?
I would encourage you to look at cold storage and offline wallet solutions, but you'll find yourself needing to use online exchanges like Coinbase from time to time anyway. The time may come when the government utilizes their influence over corporations to oppress bitcoin users, but there's little point in short-changing yourself today based on what _might_ happen in the future. Just keep your eyes and ears open and have a plan in mind for if things do start to head south.
I would encourage you to look at cold storage and offline wallet solutions, but you'll find yourself needing to use online exchanges like Coinbase from time to time anyway. The time may come when the government utilizes their influence over corporations to oppress bitcoin users, but there's little point in short-changing yourself today based on what _might_ happen in the future. Just keep your eyes and ears open and have a plan in mind for if things do start to head south.
I am rather new to BTC and choose Coinbase to be my online wallet. Coinbase has all my bitcoins. Now I fear that wasn't the best move as they are within the United States and report to various government agencies. Should I be fearful about this?
Thank you for reading and I look forward to your responses.
Thank you for reading and I look forward to your responses.
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