Is trading crypto independently considered a business?

Dread Pirate Roberts

sr. member

Activity: 1512

Merit: 326

Quote from: Karmakid on September 30, 2019, 09:04:36 PM

In my opinion, a business is where you can make money by your skills so I think that cryptocurrency trading is a business. It doesn't matter on what you are doing to make money, as long as you are making money then that is a business whether it is an illegal business or legal business, people will not mind because all that matters is how successful you can get from doing your business.

But the thing based of selling and buying assets is also a business. it is indeed compilated. but I myself consider bitcoin trading as a means of high risk investment. not as a business. because the business goal is for definite profit. but investment chance for losing asset stil exist . so Bitcoin its high risk investment

Karmakid

sr. member

Activity: 742

Merit: 397

In my opinion, a business is where you can make money by your skills so I think that cryptocurrency trading is a business. It doesn't matter on what you are doing to make money, as long as you are making money then that is a business whether it is an illegal business or legal business, people will not mind because all that matters is how successful you can get from doing your business.

gabbie2010

sr. member

Activity: 2842

Merit: 326

Vave.com - Crypto Casino

There are professional crypto traders who trade cryptos as a full job thus trading it independently as a business having resigned from their daily job they took to trading as a full time trader having acquired a lot of skills with a huge investment portfolio while risking maximum of 5% per trade invariably trading with a strategy which has a high risk to reward ratio while reasonable amount of profits is made monthly which the trader withdraws to pay bills, buy stuffs etc.

panganib999

hero member

Activity: 1750

Merit: 589

No, because you can lose money in trading and you can even hit rock bottom when you are going to trade, but if you win large you should enjoy it and take all the profit.
Business is providing of service or having a customer. Trading is a personal earned money and should not be considered as a Business, and also in trading the business part there is the trading website, but the traders will be called as a customer.

Oasisman

hero member

Activity: 2716

Merit: 552

Quote from: nydiacaskey01 on September 30, 2019, 06:46:39 PM

Quote from: Pipdips on September 23, 2019, 07:59:57 PM

Is trading crypto on your own with no employees and no storefront categorized as a real business?

If you profit $300 per year from this stuff, is that considered a business?

How about profiting $3,000 per year?

Or profiting $30,000 per year?

Where does trading online take on all of the aspects of being a legitimate and identifiable business?

I don't think you can consider that as a business unless you have it registered as an investment company then you have a business.

This answers everything.
Theres a legal difference between "business" and some personal activities that generates income. Regardless, of the effort and the features that resembles to a real business, its still not considered as business if it wasnt registered to legally operate. Another thing, business is taxable.

nydiacaskey01

legendary

Activity: 1834

Merit: 1036

Quote from: Pipdips on September 23, 2019, 07:59:57 PM

Is trading crypto on your own with no employees and no storefront categorized as a real business?

If you profit $300 per year from this stuff, is that considered a business?

How about profiting $3,000 per year?

Or profiting $30,000 per year?

Where does trading online take on all of the aspects of being a legitimate and identifiable business?

No its not, because you don't have a product to sell or exchange. You can't add personal profits and make sell it. You don't have the power to control the price. Even if you take investments from others, create a pool and trade yourself, I don't think you can consider that as a business unless you have it registered as an investment company then you have a business.

KnightElite

sr. member

Activity: 924

Merit: 275

Quote from: Pipdips on September 23, 2019, 07:59:57 PM

Is trading crypto on your own with no employees and no storefront categorized as a real business?

If you profit $300 per year from this stuff, is that considered a business?

How about profiting $3,000 per year?

Or profiting $30,000 per year?

Where does trading online take on all of the aspects of being a legitimate and identifiable business?

You can't consider it as a business. Your perception is wrong, just because you can earn profit from trading it is not mean that it is a business. There is a high risk that you may face in trading of cryptocurrencies.

nelson4lov

hero member

Activity: 2212

Merit: 805

Top Crypto Casino

Quote from: BlackFor3st on September 30, 2019, 02:08:28 AM

It cannot considered a business even if you are earning more than 30,000$ per year.

It will be considered as business only if in case you will hire some employees to manage your trading and you will process a legal papers like business permit and etc. but if you are doing it by yourself then it cannot be considered as business.

In my opinion, That's wrong. We are well aware that forex trading, Stock trading etc are regarded as businesses. So why not Crypto trading? If you're serious about taking your crypto trading to the next level, You can turn it to a Full Fledged business. It's possible. It'll shock you to know that there are folks that take their trading as a business. Don't forget taxes are charged in some countries on capital gains. So to get past this, You need to start thinking of crypto trading as a business.

Quote

Business is the activity of making one's living or making money. – Simply put, it is "any activity or enterprise entered into for profit

Spaffin

full member

Activity: 1316

Merit: 108

Quote from: shield132 on September 30, 2019, 11:40:24 AM

I guess it depends on country, yeah? What if you are trading through bank? (Yeah, some banks offer bitcoin exchange services). So I guess this action is pretty similar of national currency / usd exchange, do you pay fees for that? Personally in my country there are no fees on it from buyer. So I think you don't have to pay anything when you trade with crypto but still, maybe it depends on country and rules will be different in your one.
Don't know exactly what happens when you use international exchanges but still consider that in some countries, you pay zero fee for profit from foreign country.

Recently, news appeared in the media that bankers are demanding to tax activities on the cryptocurrency market. In turn, the governments of certain countries expressed their opinion that cryptocurrency users can only be taxed if the cryptocurrency is converted into fiat currencies. But if we are talking about those countries where cryptocurrency is prohibited, then the user can use international exchanges using VPN to bypass the restrictions of his state. But in this case, there should not be any connections of the cryptocurrency market with its bank accounts.

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

I guess it depends on country, yeah? What if you are trading through bank? (Yeah, some banks offer bitcoin exchange services). So I guess this action is pretty similar of national currency / usd exchange, do you pay fees for that? Personally in my country there are no fees on it from buyer. So I think you don't have to pay anything when you trade with crypto but still, maybe it depends on country and rules will be different in your one.
Don't know exactly what happens when you use international exchanges but still consider that in some countries, you pay zero fee for profit from foreign country.

bitcoin31

hero member

Activity: 1834

Merit: 523

I don't think we considered trading as a business because it is kind of investment that's I think. The good with that while you are doing a trading you do also a business but time management is really need for that. Even a trader earn more money in trading it is not good to consider it as business. But both of this two need hard work , plan and of course the good capital to buy coin for trading and to buy goods for the business.

Anonylz

hero member

Activity: 2562

Merit: 577

It could be for some, especially when you take it as a full time job or quit your job doing it, trading as we know is not easy, it takes those who have the TA knowledge to do it successfully and profit from it,
anyone who takes trading as a business is definitely a professional and have the full understanding of market trend, if you are good at trading or can consider yourself as a pro, i don't see why not take it as a business or full time job, you will have the comfort of working from where ever pleases you, plus you are answerable to yourself,
and if what you generate from your trade is higher than your monthly salary, why wasting time, just concentrate on what profit you most.

Dread Pirate Roberts

sr. member

Activity: 1512

Merit: 326

Quote from: Pipdips on September 23, 2019, 07:59:57 PM

Is trading crypto on your own with no employees and no storefront categorized as a real business?
Where does trading online take on all of the aspects of being a legitimate and identifiable business?

For professional traders. trading can be the main source for their life I am talking about for trading on the stock market. but for trading on the crypto market. Hard to predict market charts and price movements are not always as expected and based on a certain news or reason. even with no reason at all price can moving up or down unpredicatable. for me consider trading in bitcoin just as alternative income.

AicecreaME

sr. member

Activity: 2436

Merit: 455

Quote from: Farma on September 28, 2019, 05:56:12 AM

in my opinion, cryptocurrency trading is not a real business, it is a digital business.

Real business, digital business or whatever business you want to call it, business is business, as long as you are earning money it is business, as long as it is your occupation it is business, or even your profession, it is still business.

Quote from: Farma on September 28, 2019, 05:56:12 AM

I categorize real businesses like buying and selling physical goods, such as vehicles, food, medical devices, and others. that's the real business.

Maybe not, the only difference is that you only buy and sell tokens just like physical goods that you have mentioned, I don't why you use the term "real", it is like you are saying that Trading is a "fake" business or you are playing by Trading. I will consider Trading as a real business because it is more complex and the earnings in Trading is much bigger than what you have mentioned physical goods.

Quote from: Farma on September 28, 2019, 05:56:12 AM

besides, business people don't always get profits. some business people also suffer losses in a year.

Just like in Trading. Traders doesn't always gain profits because like "real business" traders are also people that is not perfect and made mistakes, that is why they are losing profits sometimes.

FanEagle

legendary

Activity: 2884

Merit: 1117

Quote from: Dart18 on September 28, 2019, 12:07:33 AM

Not entirely.

A business is where you have products and with trading I dont think it is a product but more of just money circulating and decision making.
With business you let it flow and you can do marketing strategies to make it sell to the public.

I dont think that is the same with trading. You are on your own and it is more like gambling your money. It is too far for a comparison.

In my country, we have this kind of business where you can approach someone that has cash to give you cash using their that travelling far to an ATM locator to use ATM, but you could see such person very close to your street with POS, they will debit your money and then give you the cash equivalent while you pay them their fixed service charge.

These people have product also, and their product is their money, they are selling their money to make profit and that I think is how trading is also, you out in your capital which serves as a product that you sell, and then buy again, and sell. Provided what you are into has to do with buying and selling, I think that this is the strictly going to be called business, so for me, trading full time should be regarded to as business also.

BlackFor3st

hero member

Activity: 1932

Merit: 506

Betking.io - Best Bitcoin Casino

It cannot considered a business even if you are earning more than 30,000$ per year.

It will be considered as business only if in case you will hire some employees to manage your trading and you will process a legal papers like business permit and etc. but if you are doing it by yourself then it cannot be considered as business.

The Cryptologist

full member

Activity: 546

Merit: 100

Quote from: HarmonyA on September 29, 2019, 05:00:57 PM

Trading crypto on your own, with no employees and no storefront, is categorized as a real business. Because the primary aim of every crypto trader is to make a profit. Business is a commercial or industrial enterprise and the people who constitute it, with the sole aim of transacting for profit of all parties. But the priority of individuals to make a gain. Therefore, trading is considered a business

I completely disagree. Because if that is true then what about gambling? People there are betting and profiting without even paying nothing back the government if they won the jackpot. At least in some local exchanges, you pay your taxes when you convert your coins to cash. Just categorizing crypto trading as a business is so weird because we are not buying and selling products but only currencies.

HarmonyA

full member

Activity: 602

Merit: 100

Trading crypto on your own, with no employees and no storefront, is categorized as a real business. Because the primary aim of every crypto trader is to make a profit. Business is a commercial or industrial enterprise and the people who constitute it, with the sole aim of transacting for profit of all parties. But the priority of individuals to make a gain. Therefore, trading is considered a business

Willitivity

sr. member

Activity: 1190

Merit: 256

Quote from: ?? on ??

Quote from: Pipdips on September 23, 2019, 07:59:57 PM

Is trading crypto on your own with no employees and no storefront categorized as a real business?

If you profit $300 per year from this stuff, is that considered a business?

How about profiting $3,000 per year?

Or profiting $30,000 per year?

Where does trading online take on all of the aspects of being a legitimate and identifiable business?

No
Trading is not a considered as a business for me its a kind of strategic gamble that if you have a good skill you can take advantage in some stage but its still a gamble there is a chance that you will win or you will lose all your investment in one time.

In as much as you don't want to refer trading crypto as a business, but from your analysis above still applies to every form of business in one way or the other. Every business requires a skill set to be able to carry it out properly in order to make progress. Crypto trading has its own skill requirements too for the progress of the business.

doomistake

hero member

Activity: 1400

Merit: 571

Quote from: Pipdips on September 23, 2019, 07:59:57 PM

Is trading crypto on your own with no employees and no storefront categorized as a real business?

If you profit $300 per year from this stuff, is that considered a business?

How about profiting $3,000 per year?

Or profiting $30,000 per year?

Where does trading online take on all of the aspects of being a legitimate and identifiable business?

Yes, it is a real business, anything that we do as our profession and we are earning money, we can call that a business, it doesn't matter how much you earn, money is still money. The only I like when you are a freelancer is that you don't have any boss that will shout at you when you showed up late in your work, you control your time when you are working, there is no due dates on submitting your paper works and other things that are related to your work, and so on.

Being a freelancer is like a bird that you can go wherever you want, whenever you want, you don't have to wrote a letter for vacation leave, and it is not tiring compare to a real job that is stressful because of too much work load.

Topic: Is trading crypto independently considered a business? (Read 541 times)