Who is buying Bitcoin? Why do they buy it? - page 2.

PRCman

newbie

Activity: 42

Merit: 0

Quote from: darthjee on May 26, 2011, 09:18:59 AM

Well, i see some reasons:

1) people expect it to achieve greater value in the future
2) you might want to make it circulate so that it makes bitCoin an important coin, making it last forever
3) you might be from some other country and might want to by something from accross the sea ... instead of buyin dollars, you can buy bit coins (that's what i am gonna do)
~~~~~~~~~~~~~~~~~~In that case when I sell them Bitcoin, I got their money, I will have to transfer to USD my self?

4) this might be your business, to buy bitcoins to sell them to other people who need/want them (for any reason)

Chucksta

full member

Activity: 168

Merit: 100

Buying and selling Bitcoin is definitely the best way to make money here, although still a gamble. I wish I had put my mining investment into that from the very start. I've got one more week to go before the hardware is paid for (price per BTC being $7), and that counts the 70% difficulty increase forecast for tonight.

Re taxes: if you sell the BTC and withdraw the money made, you have to declare that as income. Well, you do in the UK.

acamus

newbie

Activity: 28

Merit: 0

I just wonder what happens when all these coins go up in value and the IRS sees someone made 50% ROI without showing it on taxes Cheesy

darthjee

newbie

Activity: 3

Merit: 0

Well, i see some reasons:

1) people expect it to achieve greater value in the future
2) you might want to make it circulate so that it makes bitCoin an important coin, making it last forever
3) you might be from some other country and might want to by something from accross the sea ... instead of buyin dollars, you can buy bit coins (that's what i am gonna do)
4) this might be your business, to buy bitcoins to sell them to other people who need/want them (for any reason)

Grinder

legendary

Activity: 1284

Merit: 1001

They buy it for the same reason people bought tulip bulbs - they expect others to value them even higher in the future.

PRCman

newbie

Activity: 42

Merit: 0

I don't know why they are buying Bitcoin, What for? 99.99% services need Bitcoin to pay have other services for replacement which need USD to pay.

And why services provider accepting Bitcoin instead of USD?

I just don't know why.

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