Noob questions.. | Bitcointalksearch.org

dkbit98

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Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

How safe is it to transfer BTC from someone's account to my Trezor wallet?

This depends if you generated and copied receiving address correctly, and if you are keeping your hardware wallet safe and additional protection using passphrase.
Someone cold gain access to your Trezor wallet and install some malicious software or use some phishing website to steal your seed words, and in case you lose your seed words you can lose all your coins.

Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

I haven't received any BTC from a private account.. only from Coinbase.
If I have them send it to my Coinbase account, then there would be a fee from transferring from Coinbase to my Trezor right?

There is a network fee for transactions and I think that Coinbase charges additional withdrawal fee.

Quote from: Dr.Ona on May 09, 2021, 12:55:17 PM

No way around this?
Can a person buy Bitcoin with cash?

You can buy Bitcoin with cash using something like Bisq exchange or using some P2P websites like localcryptos.com, and for both of them you don't need to pass any kyc.
If you meet with anyone for trading face to face make sure you choose some public place with people and maybe come with some friend and not alone.

jahepahit

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there is always a transaction fee anytime you are sending bitcoin from one wallet to another irrespective of where you are sending from. the tax you will depends on your country if crypto investments are being taxed then you will have to pay based on the laws.

Dr.Ona

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Thanks again everyone!
Very helpful!

o_e_l_e_o

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Quote from: Dr.Ona on May 09, 2021, 12:55:17 PM

Can a person buy Bitcoin with cash?

Sure, but not via Coinbase.

You would need to use a decentralized, peer to peer exchange. The best is Bisq, but other possibilities are LocalCryptos or Hodl Hodl. Set up an account, look for a bitcoin seller in your area who accepts cash and has plenty of good feedback, and accept their offer. They will put the bitcoin in escrow, and then you arrange to meet up to hand over the cash. Alternatively, if there are no offers you like the look of, then simply create your own. If trading face to face, there are a number of security precautions you should follow: https://bisq.wiki/Face-to-face_(payment_method)

Note that as a brand new trader you will struggle to find someone willing to accept $20,000 in cash. You'll likely have to do several smaller deals over time.

qory

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Quote from: seoincorporation on May 09, 2021, 01:41:14 PM

Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

Hey All,
If someone transfers some BTC from their account into my Trezor wallet, is there a fee involved for anyone?
Is it tracible for tax purposes?
Example..
I sell someone a $10,000 car for BTC.. they send it to my Trezor wallet.. there's no tax implication until I some day cash out that transaction?

How safe is it to transfer BTC from someone's account to my Trezor wallet?
I haven't received any BTC from a private account.. only from Coinbase.
If I have them send it to my Coinbase account, then there would be a fee from transferring from Coinbase to my Trezor right?

Thanks for any input!

If someone transfers BTC to your trezor wallet the one who sends the coins will have to pay a fee for the transaction, that fee is based on the transaction size and not on the bitcoin amount. If the transaction has a lot of inputs and outputs then the fee will be high.

You need to have clear about how the transactions work, when you receive BTC you get them on an address, not on a wallet, you can have that address in different wallets at the same time.

If you want to cashout you will have to pay tax based on the profit amount. but it depends on the country you are living, if you are in a country without regulation on the cryptos then you doesn't have to pay tax.

Everything has been said by others and I also think the same as them, but I just wanna emphasize what is said by this gentleman that situation may change and depend based on the country you are in right now and where you will do what have been said.

seoincorporation

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Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

Hey All,
If someone transfers some BTC from their account into my Trezor wallet, is there a fee involved for anyone?
Is it tracible for tax purposes?
Example..
I sell someone a $10,000 car for BTC.. they send it to my Trezor wallet.. there's no tax implication until I some day cash out that transaction?

How safe is it to transfer BTC from someone's account to my Trezor wallet?
I haven't received any BTC from a private account.. only from Coinbase.
If I have them send it to my Coinbase account, then there would be a fee from transferring from Coinbase to my Trezor right?

Thanks for any input!

If someone transfers BTC to your trezor wallet the one who sends the coins will have to pay a fee for the transaction, that fee is based on the transaction size and not on the bitcoin amount. If the transaction has a lot of inputs and outputs then the fee will be high.

You need to have clear about how the transactions work, when you receive BTC you get them on an address, not on a wallet, you can have that address in different wallets at the same time.

If you want to cashout you will have to pay tax based on the profit amount. but it depends on the country you are living, if you are in a country without regulation on the cryptos then you doesn't have to pay tax.

Dr.Ona

jr. member

Activity: 58

Merit: 13

Thank you again everyone!
Let me throw a make believe scenario at you..

Someone bought $10,000 worth of Gold 15 years ago for cash.
That Gold has now doubled and is worth $20,000.
Person sells Gold for cash. So far no paper trail.
Person now has $20,000 that has to be deposited into a bank account that is linked to Coinbase in order to buy Bitcoin.

No way around this?
Can a person buy Bitcoin with cash?

pawanjain

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Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

Hey All,
If someone transfers some BTC from their account into my Trezor wallet, is there a fee involved for anyone?

BTC transaction fees will be applicable to the sender no matter from what platform he is sending the bitcoins to your Trezor wallet.

Quote

Is it tracible for tax purposes?
Example..
I sell someone a $10,000 car for BTC.. they send it to my Trezor wallet.. there's no tax implication until I some day cash out that transaction?

The bitcoins you receive in your Trezor wallet won't be taxible "yet". Yes, it might be taxable when you cash out and depending on how you cash out.

Quote

How safe is it to transfer BTC from someone's account to my Trezor wallet?

Again, it depends. If the person is a genuine person not involved with any illicit activities then it's absolutely safe to receive the bitcoins in your Trezor wallet.
Also the coins which he sends should not be used for any illegal activities either but yeah it's difficult to track such coins because of bitcoin's pseudonymous nature.
So in a way we can consider it safe and sound.

Quote

I haven't received any BTC from a private account.. only from Coinbase.
If I have them send it to my Coinbase account, then there would be a fee from transferring from Coinbase to my Trezor right?

Yes. Coinbase will charge you the withdrawal fees for the transaction. Also, it becomes easier for FBI and the cops to trace the identity if the coins are linked or transacted on an exchange.

o_e_l_e_o

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Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

Is it tracible for tax purposes?

Well, this depends.

Let's say you have previously sent coins from this address to your Coinbase account which is fully KYCed. We know Coinbase employ blockchain analysis firms and share data with the US government and the IRS. It is entirely possible Coinbase then link this address to your real name, tell the IRS, who see you have received $10,000 in bitcoin and will wonder where it came from.

Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

I sell someone a $10,000 car for BTC.. they send it to my Trezor wallet.. there's no tax implication until I some day cash out that transaction?

If you sold the car at a profit then you owe capital gains tax on the car. You owe no tax on the bitcoin received until you sell or trade it.

franky1

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swapping car registration details will flag up something

even is someone trades a car for $1. the IRS can still chase after you and ask for proof of trade.
where you will have to validate that it was transfered for just $1 or 10 moon rocks or BTC

trading any goods for any form of value. IRS still wants a conversion into a fiat value of that trade.
EG trading it for euros. will exchange rate that for dollar
same if traded for gold.

you cant escape the fiat tax laws that easily.
bitcoin is no more evasive as using euro or gold instead of dollar.

Dr.Ona

jr. member

Activity: 58

Merit: 13

Quote from: Lucius on May 09, 2021, 10:18:38 AM

Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

If someone transfers some BTC from their account into my Trezor wallet, is there a fee involved for anyone?

Of course there is a fee, it is paid by whoever sends Bitcoin - and the fee is what we pay the miners to verify our transactions.

Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

Is it tracible for tax purposes?
Example..
I sell someone a $10,000 car for BTC.. they send it to my Trezor wallet.. there's no tax implication until I some day cash out that transaction?

In this particular case, if you sell a car directly for Bitcoin, it is very likely that you have to pay tax on that transaction - and if you are in the US, then I am pretty sure that it is a taxable transaction. On the other hand, if you and your customer agree that the transaction will remain confidential between the two of you, you don't have to pay the tax at all - you just have to make sure the IRS doesn't find out Wink

Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

How safe is it to transfer BTC from someone's account to my Trezor wallet?
I haven't received any BTC from a private account.. only from Coinbase.
If I have them send it to my Coinbase account, then there would be a fee from transferring from Coinbase to my Trezor right?

It is completely secure, and it doesn't matter if the transaction comes from a private person or a crypto exchange. The Trezor has no restrictions on this issue - the only important thing is to check that your receiving address is 100% identical in the user interface and on the screen of the device.

From Coinbase to Trezor there is a fee, although I think Coinbase Pro has a 0% withdraw fee (I'm not 100% sure).

Thank you for this info!
I forgot about miner's fee..

Lucius

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Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

If someone transfers some BTC from their account into my Trezor wallet, is there a fee involved for anyone?

Of course there is a fee, it is paid by whoever sends Bitcoin - and the fee is what we pay the miners to verify our transactions.

Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

Is it tracible for tax purposes?
Example..
I sell someone a $10,000 car for BTC.. they send it to my Trezor wallet.. there's no tax implication until I some day cash out that transaction?

In this particular case, if you sell a car directly for Bitcoin, it is very likely that you have to pay tax on that transaction - and if you are in the US, then I am pretty sure that it is a taxable transaction. On the other hand, if you and your customer agree that the transaction will remain confidential between the two of you, you don't have to pay the tax at all - you just have to make sure the IRS doesn't find out Wink

Quote from: Dr.Ona on May 09, 2021, 10:04:27 AM

How safe is it to transfer BTC from someone's account to my Trezor wallet?
I haven't received any BTC from a private account.. only from Coinbase.
If I have them send it to my Coinbase account, then there would be a fee from transferring from Coinbase to my Trezor right?

It is completely secure, and it doesn't matter if the transaction comes from a private person or a crypto exchange. The Trezor has no restrictions on this issue - the only important thing is to check that your receiving address is 100% identical in the user interface and on the screen of the device.

From Coinbase to Trezor there is a fee, although I think Coinbase Pro has a 0% withdraw fee (I'm not 100% sure).

Dr.Ona

jr. member

Activity: 58

Merit: 13

Hey All,
If someone transfers some BTC from their account into my Trezor wallet, is there a fee involved for anyone?
Is it tracible for tax purposes?
Example..
I sell someone a $10,000 car for BTC.. they send it to my Trezor wallet.. there's no tax implication until I some day cash out that transaction?

How safe is it to transfer BTC from someone's account to my Trezor wallet?
I haven't received any BTC from a private account.. only from Coinbase.
If I have them send it to my Coinbase account, then there would be a fee from transferring from Coinbase to my Trezor right?

Thanks for any input!

Topic: Noob questions.. (Read 197 times)