Okay so first of all you buy bitcoin through places like coinbase and cex.io and so on, and they usually have a higher price for bitcoin then the market price, so you get screwed there. Then there is a huge fee to actually purchase the bitcoins. Then there is a transfer fee to the exchanges. Then there are trading fees. Then you send it back to coinbase or wherever for fees. Then you try withdrawing to cash out...and there is fees. Then year end you have to do tax, which is the biggest fee.
These "profits" are reduced by like 60% by the time you cash out.
Are people doing something different or am I not understanding this? Because there are WAY too many fees and then you gotta do taxes? Like damn.
What's everyone elses method?
These "profits" are reduced by like 60% by the time you cash out.
Are people doing something different or am I not understanding this? Because there are WAY too many fees and then you gotta do taxes? Like damn.
What's everyone elses method?
I know right, that is insane, so man fees that we need to pay. That's why i never buy or sell bitcoin on coinbase and cex.io, the fee is so big and it's like we only receive 70-80% of the total amount because that all fees. I usually buy and sell bitcoins with a person, that person is like an exchanger here in my country. So i don't need to pay more fees, which is feels good man lol.
