What wallet do you use for your Bitcoin? - page 4.

Aemon

sr. member

Activity: 308

Merit: 250

Quote from: keithers on September 02, 2014, 01:31:56 PM

That depends on where you live...I wouldn't suggest trying to evade taxes if you are talking about a lot of money. I believe the IRS is notified of any deposits greater then $5,000 into your bank at any time...

Based on the current guidelines, it is up to you whether to claim the short or long term capital gains...

As much as I wish it was 5,000, it is very small amounts and probably wouldn't be taxed a lot anyway. I just don't like the IRS getting involved in Bitcoins if they don't accept it as payment.

moriartybitcoin

hero member

Activity: 560

Merit: 500

★777Coin.com★ Fun BTC Casino!

I use https://BitArmored.com .. safest Bitcoin cold storage wallet

WhatTheGox

legendary

Activity: 812

Merit: 1000

bitcoin QT

zdaz14

newbie

Activity: 42

Merit: 0

Quote from: keithers on September 02, 2014, 01:31:56 PM

Quote from: Aemon on September 02, 2014, 01:28:56 PM

Quote from: keithers on September 02, 2014, 12:52:59 PM

If you are selling coins, then you can always just send them back to your coinbase wallet when you want to sell them... that is easy.

If you are just looking for an online wallet, I would suggest using Blockchain.info. This wallet allows you to control your private keys. It all comes down to how often you will be spending coins... If you are just holding them long term, then you may want to look into cold storage..

If I wanted to sell them I don't want to get charged for tax purposes.....Any way around that?

That depends on where you live...I wouldn't suggest trying to evade taxes if you are talking about a lot of money. I believe the IRS is notified of any deposits greater then $5,000 into your bank at any time...

Based on the current guidelines, it is up to you whether to claim the short or long term capital gains...

I believe you are only reported if it's greater than 10,000. If its suspicious a bank CAN report you for amounts greater than 3,000. But these are generally cash deposits/withdrawals. not sure how BTC transfers would work.

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: Aemon on September 02, 2014, 01:28:56 PM

Quote from: keithers on September 02, 2014, 12:52:59 PM

If you are selling coins, then you can always just send them back to your coinbase wallet when you want to sell them... that is easy.

If you are just looking for an online wallet, I would suggest using Blockchain.info. This wallet allows you to control your private keys. It all comes down to how often you will be spending coins... If you are just holding them long term, then you may want to look into cold storage..

If I wanted to sell them I don't want to get charged for tax purposes.....Any way around that?

That depends on where you live...I wouldn't suggest trying to evade taxes if you are talking about a lot of money. I believe the IRS is notified of any deposits greater then $5,000 into your bank at any time...

Based on the current guidelines, it is up to you whether to claim the short or long term capital gains...

Aemon

sr. member

Activity: 308

Merit: 250

Quote from: keithers on September 02, 2014, 12:52:59 PM

If you are selling coins, then you can always just send them back to your coinbase wallet when you want to sell them... that is easy.

If you are just looking for an online wallet, I would suggest using Blockchain.info. This wallet allows you to control your private keys. It all comes down to how often you will be spending coins... If you are just holding them long term, then you may want to look into cold storage..

If I wanted to sell them I don't want to get charged for tax purposes.....Any way around that?

zdaz14

newbie

Activity: 42

Merit: 0

Quote from: keithers on September 02, 2014, 02:48:30 AM

Quote from: suryc on September 02, 2014, 02:46:37 AM

Is there any halfway decent app for iPhone? Or anything in the works?
I either use my android tablet or the blockchain website, but both are cumbersome...

Hive got released recently for ios. I think it supports both BTC and LTC (not sure). I have been wanting to try it but my phone's ios is too old

Does Hive let you create an account to save your wallets to? I'm worried that my wallet will be lost if my phone is reset/broken for any reason.

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: Aemon on September 02, 2014, 12:39:09 PM

Quote from: keithers on September 02, 2014, 12:29:07 PM

It is a decent option, but the bottom line is that you DO NOT hold control of the private keys. This means that if something happens to Coinbase (as a company), or if the government or something comes through and tells them to freeze your account (for any reason), then you cannot access your coins.

By using Coinbase as your wallet, you are trusting them to hold onto all of your funds, and there is no guarantee that if something happens that you will get your coins back.

I use them to purchase BTC, and I keep a very small amount there, but I would not leave the majority of my holdings there.

Also, (and this is my opinion), because of how much they are into compliance and things like that, I could see them being the very first company to start issuing 1099s to their users around tax time...

Well, that is a very good reason not to use them then, I am going to have to think about other ways to do this. I guess my problem is selling the coins if I want to sell them, they are so easy to do but I definitely don't want to get taxed on that.

So if I have a flash drive I can create a cold storage correct? Then when I connect it to a computer, I just want to make sure it is not on the internet?

I am new on this so sorry about the questions!

If you are selling coins, then you can always just send them back to your coinbase wallet when you want to sell them... that is easy.

If you are just looking for an online wallet, I would suggest using Blockchain.info. This wallet allows you to control your private keys. It all comes down to how often you will be spending coins... If you are just holding them long term, then you may want to look into cold storage..

tinof

full member

Activity: 343

Merit: 100

Quote from: Skrillex on September 02, 2014, 12:36:51 PM

Bitcoin QT as of right now, considering Electrum due bloat.

Using exchange wallet for now.

The exchange have the policy of keeping 95% of customer fund in cold wallet. And they have pass 3rd party audit before.

Aemon

sr. member

Activity: 308

Merit: 250

Quote from: keithers on September 02, 2014, 12:29:07 PM

It is a decent option, but the bottom line is that you DO NOT hold control of the private keys. This means that if something happens to Coinbase (as a company), or if the government or something comes through and tells them to freeze your account (for any reason), then you cannot access your coins.

By using Coinbase as your wallet, you are trusting them to hold onto all of your funds, and there is no guarantee that if something happens that you will get your coins back.

I use them to purchase BTC, and I keep a very small amount there, but I would not leave the majority of my holdings there.

Also, (and this is my opinion), because of how much they are into compliance and things like that, I could see them being the very first company to start issuing 1099s to their users around tax time...

Well, that is a very good reason not to use them then, I am going to have to think about other ways to do this. I guess my problem is selling the coins if I want to sell them, they are so easy to do but I definitely don't want to get taxed on that.

So if I have a flash drive I can create a cold storage correct? Then when I connect it to a computer, I just want to make sure it is not on the internet?

I am new on this so sorry about the questions!

Skrillex

member

Activity: 84

Merit: 10

Bitcoin QT as of right now, considering Electrum due bloat.

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: Aemon on September 02, 2014, 12:18:37 PM

Anyone have any advice on why Coinbase Vault is not a good option???

It is a decent option, but the bottom line is that you DO NOT hold control of the private keys. This means that if something happens to Coinbase (as a company), or if the government or something comes through and tells them to freeze your account (for any reason), then you cannot access your coins.

By using Coinbase as your wallet, you are trusting them to hold onto all of your funds, and there is no guarantee that if something happens that you will get your coins back.

I use them to purchase BTC, and I keep a very small amount there, but I would not leave the majority of my holdings there.

Also, (and this is my opinion), because of how much they are into compliance and things like that, I could see them being the very first company to start issuing 1099s to their users around tax time...

Aemon

sr. member

Activity: 308

Merit: 250

Anyone have any advice on why Coinbase Vault is not a good option???

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: suryc on September 02, 2014, 02:51:52 AM

Quote from: keithers on September 02, 2014, 02:48:30 AM

Quote from: suryc on September 02, 2014, 02:46:37 AM

Is there any halfway decent app for iPhone? Or anything in the works?
I either use my android tablet or the blockchain website, but both are cumbersome...

Hive got released recently for ios. I think it supports both BTC and LTC (not sure). I have been wanting to try it but my phone's ios is too old

Thanks, You're right. I'll give it a shot.

No problem, after you try it, report back here and let us know how you like it... I would try it myself, but I have a jailbroken iphone and the ios is so old that itunes won't even recognize it to allow me to update to 7.x. I was super stoked to hear that it was going to support both BTC and LTC, since I use both...

gadsdengraphics

member

Activity: 88

Merit: 10

My "working wallet" is GreenAddress.it. I keep less than 2BTC there - enough to buy something substantial if a deal arises, or to sell some Bitcoin face-to-face to someone who is interested in getting involved.

All of my savings are in long-term cold storage. I have custom 3d printed objects with my protected public and private keys and corresponding QR codes. Those are BIP 32 HD wallets, so I never deposit to the same address. The physical keys are BIP 38, so you'd need both the root private key and the passphrase to matter.

Finally, I may or may not have multiple passphrases used for the same private key. If the time ever came where I was forced to reveal my passphrase, an attacker could not be sure that he'd gotten all or even most of my reserves.

SuperBitcoinUser

newbie

Activity: 9

Merit: 0

Multibit all the way. I love the layout, sync times, etc.

InwardContour

sr. member

Activity: 644

Merit: 260

Electrum is one of the easiest wallets and the fact that it adds a new receiving address after you have used one, it's a plus, I really like it.

Kickstart4

member

Activity: 67

Merit: 10

I use blockchain.info and it works well for me. Using it since a lot of time.

izanagi narukami

legendary

Activity: 2030

Merit: 1028

i use only one wallet
Blockchain

Maybe i should try other wallet....
i need simple as blockchain, of course

Divinespark

hero member

Activity: 938

Merit: 501

I use blockchain for small amounts
And electrum

Topic: What wallet do you use for your Bitcoin? - page 4. (Read 5989 times)