Is trading crypto independently considered a business? - page 3.

audaciousbeing

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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?

It actually depends on what the law in the location you are defines as a business but from the look of it in my opinion, it is not. Earning an income does not mean owning a business. Just like employees that works in a company, they are earning money in form of wages and salaries but does not mean they own a business. However, if that employee sets up a business by registering with the body responsible for such, and then invoices to be paid in that regard, then he is running a business which I believe is applicable to other jurisdictions as well.

The difference here is that no matter how much an individual profits from its activities, he is subjected to tax as an individual if he income accrued to him directly rather than indirectly if he had set up a business for that purpose.

bering

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I think all of it depend on people own definitions to see whether trading as business or not but in my own personal view i consider people who run business should be sell things or they have particular products to offered and there are costumers involved too but trading is different although there was sell and buy activities but basically there is no product so i think trading could not be categorized as business and more likely can recognized as a job

MI6

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Anything that can give us profit is business. Or maybe can be considered as a job. About profit, how much is it is no matter because at least we get an income. Although not all people can do it, but some people can get their daily needs only with get profit in trading activity.

Oilacris

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According to this link https://www.investopedia.com/terms/b/business.asp

Quote

What Is a Business?
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause.

On general means trading isn't a business but for our own personal views we can consider to be one.

Theb

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Have you registered anything about establishing your own business with your government for you to trade? If the answer is no then you already know the answer you are looking for. In trading the most they can ask for you is KYC while if you want to put up a business then the process would entirely be different which will require you to have licenses and permits depending on what type your business you are building up. In trading even on stocks or foreign exchange what you earn is not income the gains you will receive or profit from it are capital gains which has a different tax compared to income. If you still insist of making it into a "business" then I don't see any benefit from it since income taxes are considerably higher compared to capital gains tax.

davinchi

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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?

Trading generally has been a recognized business for ages, before cryptocurrency was invented, people including government has been trading Forex and stock and making money from it, and I don’t think that bitcoin trading too is different from this, even right now, china recognizes it as commodity asset, it is the currency feature of it they are not okay with even the US, but when it comes to trading with it, I think it is well recognized even if it has not been documented yet.

I respect anyone that is able to trade cryptocurrency very well than those trading stock and Forex, because the volatility of cryptocurrency is that which is really not so easy to manage or control. It has so much risk more than the other ones that I mentioned and which is even still the best of all for now.

semobo

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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?

If you consider forex and stocks as business then crypto trading is also a business.

When we are making profits or loss while doing something then its supposed to be business.

EdenHazard

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Quote from: maxreish on September 25, 2019, 12:37:15 AM

You can think of that way-a business! You can threat it as your business where you get your daily/ monthly income. You take care of it, sorting out problems, writing up a plan to become successful, no boss and you can manage your time.

But for me, rather than business, I consider it as a job because we all know that business needs consumers while trading is a different thing.

No as long as you are work for yourself and not involving anybody also have no benefit to other person ... i think it's just a self employment ... it is money that make you on the job.

your earnings are not considered to be earned income at some point you don't have to pay any tax.

Unless if you are a broker who managing other people money ... then it's a business.

mamahdedeh

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I think it is a business. fortunately regardless of size, it's still a business. with a large capital means a chance to get a bigger profit as well. even in a loss condition it is still a business. A business is a business based on a strategy prepared earlier, and trading is an opportunity

maxreish

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You can think of that way-a business! You can threat it as your business where you get your daily/ monthly income. You take care of it, sorting out problems, writing up a plan to become successful, no boss and you can manage your time.

But for me, rather than business, I consider it as a job because we all know that business needs consumers while trading is a different thing.

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I think there are some people who think that way, they have a lot of money capital and make trading as a main job because maybe he does not want to work leaving his family so trading at home can be a very pleasant job for people who can use it.

Polar91

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As long as you don't have any employer and you're making profit on it, it's considered as a business already. Business isn't about having an employee, paying different expenses, and etc. Also, you can be a broker in crypto trading, meaning you're handling other peson's money thus both of you can benefit from each other (considered as business already). Wether it's small time or big time, there's no problem on that.

michellee

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I think trading crypto is included in the personal business owner. We work for searching for money like what other people's did. We don't have an office, and we don't have an employee who works with us. But we run the trading by ourselves. The world has been changed, the traditional work has transformed into digital work. So what we do in the online life will be considered as work as in real life. But many people out there cannot imagine how we can make money from what we did, and that is why they cannot accept that we can make money like them.

jaocoincrypto18

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It is not because commercial businesses will need permits to operate like licence and some legal documents from the government in which there is none for Crypto trading but they have the same tax obligations if Crypto is declared legal in the country.

L19

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yeah... and if it really is, then what type of?!

samcrypto

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It will depend on how you see trading because for me its a business and that's why I have to protect my capital and do my best to grow my portfolio. Business is something you do to create profit and that its our main goal in trading on any market. Crypto trading is the same with the legal businesses, we do this to have profit and we do this for us to achieve our goals in life in the future.

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business has a lot of meaning, and it depends on who understands and interprets it,
trading on crptocurrency can be a business or a job if we believe that, whether we have employees or not,
but unfortunately many traders do not want to recognize the business, they like to call it a trader, not a businessman. and this, including me, is better known to be unemployed with more money or traders than businesspeople.

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Quote from: negancoin on September 24, 2019, 06:07:56 PM

Are you asking if trading is a business in state's eye or in general?. since you are not working for someone else, it can't be called a job. So in your scenario I would say it's home business or self-employment. Having that said, I would recommend you to use some of your income in creating a real business beside trading.

Trading for me is somehow like a business too because you can generate a good income here and there are also bad times that you will lose your capital. But the more you are familar with how the market moves will give you more chances to earn more in trading. Just like if you cannot determine the movement of the coins in the market, you will surely lose your own capital.

negancoin

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Are you asking if trading is a business in state's eye or in general?. since you are not working for someone else, it can't be called a job. So in your scenario I would say it's home business or self-employment. Having that said, I would recommend you to use some of your income in creating a real business beside trading.

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Anything that can be exchanged for money is considered to be a business in which crypto trading will not be exceptional. If it is done well with solid background and exposure to fundamental and technical analysis, then it becomes a huge business with good return as long the know-how is there

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