Will you quit your day job to go full time on bitcoin? - page 340.

malphite

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Quote from: jones techbit on August 10, 2015, 10:04:06 PM

I would like to think that I will make bitcoin my fulltime job, so that I would have no need to quit my daytime job in order to pursue a bitcoin-related job

thats everyone honestly..

but to achieve this, i think personally you have to achieve something that pays you already well in fiat form that scales. like being a famous youtuber, etc. outside from owning your own business that does well.

jones techbit

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I would like to think that I will make bitcoin my fulltime job, so that I would have no need to quit my daytime job in order to pursue a bitcoin-related job

techgeek

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Quote from: tommorisonwebdesign on August 10, 2015, 02:13:36 PM

Quote from: VirosaGITS on August 09, 2015, 05:31:29 PM

Quote from: jambola2 on August 09, 2015, 05:08:02 PM

Quote from: VirosaGITS on August 09, 2015, 03:49:38 PM

*snip*
Canada has an amazing policy on this currently. So i am very content with this.

Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.

Is it that big of an issue?

Would probably depend on how sizable your salary is.
If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion.

Ah well, that's at least partially true, if you gain marketable value in Canada you're suppose to declare it as other - trading value gain. But BTC itself has no legal value. So basically you'd have to declare the value of the BMW you'd be buying as a capital gain, yeah. Tongue

In my case, it would not be that big a deal. I am just beginning to earn a stable stream of bitcoins now so it's not like it would be taxed anyway.

Well technically everyone is making earnings from bitcoin and trading for cash is not taxed lol.

Its being off the radar and most people would like to avoid tax which most are by not linking to their checkings account.

mrhelpful

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Quote from: jambola2 on August 09, 2015, 05:08:02 PM

Quote from: VirosaGITS on August 09, 2015, 03:49:38 PM

*snip*
Canada has an amazing policy on this currently. So i am very content with this.

Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.

Is it that big of an issue?

Would probably depend on how sizable your salary is.
If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion.

Isnt it holding bitcoin itself is tax evasion since you can just use it as a off-shore practice.

This also follows on you can mix the coins as well to make even harder, outside from using multiple address.

tommorisonwebdesign

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Quote from: VirosaGITS on August 09, 2015, 05:31:29 PM

Quote from: jambola2 on August 09, 2015, 05:08:02 PM

Quote from: VirosaGITS on August 09, 2015, 03:49:38 PM

*snip*
Canada has an amazing policy on this currently. So i am very content with this.

Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.

Is it that big of an issue?

Would probably depend on how sizable your salary is.
If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion.

Ah well, that's at least partially true, if you gain marketable value in Canada you're suppose to declare it as other - trading value gain. But BTC itself has no legal value. So basically you'd have to declare the value of the BMW you'd be buying as a capital gain, yeah. Tongue

In my case, it would not be that big a deal. I am just beginning to earn a stable stream of bitcoins now so it's not like it would be taxed anyway.

dollarneed

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Quote from: mskryxz on August 10, 2015, 11:51:18 AM

Quit my job and started working full-time for 100% pay in bitcoin starting in 2014. Best decision ever.

wooow super nice decision,you've quitted from your job and now its almost 1 year right?
how was it? anyway may i know?
what kind of job that you have before? and how its compare with your job right now?

mskryxz

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Quit my job and started working full-time for 100% pay in bitcoin starting in 2014. Best decision ever.

thejaytiesto

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Quote from: jambola2 on August 09, 2015, 05:08:02 PM

Quote from: VirosaGITS on August 09, 2015, 03:49:38 PM

*snip*
Canada has an amazing policy on this currently. So i am very content with this.

Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.

Is it that big of an issue?

Would probably depend on how sizable your salary is.
If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion.

If he works as a freelancer programmer and gets paid directly on his address and doesn't attach his name to his address publicly, uses different addresses per client.. then it's pretty much impossible for the gov to know you own any Bitcoins. If he buys stuff directly with Bitcoin that isn't real state based as in a terrain, house or vehicle, and he sticks to buying just "stuff" like a phone, videogames, whatever, I don't think the gov is going to ask for the shop about it. Has this ever happen? it seems very farfetched.
Audit would start if he constantly converts big amounts of BTC into fiat.

VirosaGITS

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Quote from: BitcoinRichman on August 10, 2015, 08:47:21 AM

Quote from: richardsNY on August 09, 2015, 06:06:03 PM

Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.

you can sell your bitcoin to $ in 1 day or you can y\sell your bitcoin before price go up Tongue

Mhm, i've told that to my friends who were evaluating their possible interest in Bitcoin. The "I dont want to hold BTC when it can drop to crap from a day to the next." is hella common.

I tell them if you're that afraid, then just hold the currency in USD on the exchange, then switch it back to BTC when you are ready to use it. But then "its too complicated". =/

BitcoinRichman

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Quote from: richardsNY on August 09, 2015, 06:06:03 PM

Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.

you can sell your bitcoin to $ in 1 day or you can y\sell your bitcoin before price go up Tongue

Abiky

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www.Crypto.Games: Multiple coins, multiple games

Quote from: QuintLeo on August 10, 2015, 08:40:00 AM

Fiat currencies aren't pegged to anything, they've been floating against each other for decades now.
Why would you try to peg bitcoin to ONE of them, that makes ZERO sense.

Hint - fiat currencies aren't "stable" either, they do vary over time and often vary a LOT against each other even in a short timeframe.

I think that pegging Bitcoin to the value of Gold would be a great idea. Roll Eyes

QuintLeo

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Fiat currencies aren't pegged to anything, they've been floating against each other for decades now.
Why would you try to peg bitcoin to ONE of them, that makes ZERO sense.

Hint - fiat currencies aren't "stable" either, they do vary over time and often vary a LOT against each other even in a short timeframe.

VirosaGITS

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Quote from: Abiky on August 09, 2015, 06:53:50 PM

Quote from: richardsNY on August 09, 2015, 06:06:03 PM

Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.

It makes me wonder if it's a good thing to make Bitcoin's price pegged to the value of fiat currencies...I don't know if it could be a bad thing but it would be interesting now that 1 Bitcoin would be equal to 1 USD. Just my opinion, although I like the current value of Bitcoin. It is much higher than fiat Cool

So, i have 500$ worth of BTC, you want me to now have 500 BTC? What happen if the US drop? I lose in BTC? The whole idea is for a decentralized system. Beside the fact what you suggest is not possible, I don't see the point or the advantage.

BTC isint a USA thing, so ... =/

Abiky

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www.Crypto.Games: Multiple coins, multiple games

Quote from: richardsNY on August 09, 2015, 06:06:03 PM

Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.

It makes me wonder if it's a good thing to make Bitcoin's price pegged to the value of fiat currencies...I don't know if it could be a bad thing but it would be interesting now that 1 Bitcoin would be equal to 1 USD. Just my opinion, although I like the current value of Bitcoin. It is much higher than fiat Cool

richardsNY

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Definitely not. Bitcoin needs to find stability first. Don't want to see my income goes 10% down in value a day after.

VirosaGITS

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Quote from: jambola2 on August 09, 2015, 05:08:02 PM

Quote from: VirosaGITS on August 09, 2015, 03:49:38 PM

*snip*
Canada has an amazing policy on this currently. So i am very content with this.

Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.

Is it that big of an issue?

Would probably depend on how sizable your salary is.
If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion.

Ah well, that's at least partially true, if you gain marketable value in Canada you're suppose to declare it as other - trading value gain. But BTC itself has no legal value. So basically you'd have to declare the value of the BMW you'd be buying as a capital gain, yeah. Tongue

jambola2

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Quote from: VirosaGITS on August 09, 2015, 03:49:38 PM

*snip*
Canada has an amazing policy on this currently. So i am very content with this.

Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.

Is it that big of an issue?

Would probably depend on how sizable your salary is.
If you earn a lot yearly (100k+) in the form of Bitcoin, and spend it on a lot, you might be audited and get into trouble for tax evasion.

JanaBB

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Quote from: jeffthebaker on July 23, 2015, 08:18:26 PM

Going all in on Bitcoin is just too risky an investment at this stage in the game. Don't get me wrong, Bitcoin has made great strides over the years, but it's still a young concept. If someone is 100% set on working within the Bitcoin community full time, the safest way to achieve this is as an entrepeneur within the community part time, and quitting your day job if/when you get a successful business model in place.

i agree, it is still risky but if you have your own company, including bitcoin to your payment system is innovative and can be profitable:)

VirosaGITS

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Quote from: futureofbitcoin on August 09, 2015, 03:42:56 PM

Quote from: tommorisonwebdesign on August 09, 2015, 03:39:34 PM

I'm beginning to change my mind on this one. If I get paid as a programmer in cheque, I am subject to taxes, which isn't good for me since I'm on disability. If I get paid in bitcoin it would not be taxable income. Considering bitcoin is the way of the future, now is the time to get in.

actually bitcoin is taxable income in most places.

Canada has an amazing policy on this currently. So i am very content with this.

Then again, it's really hard for any government to crack down on you if you have BTC and bought something online with it, sooo.

Is it that big of an issue?

futureofbitcoin

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Quote from: tommorisonwebdesign on August 09, 2015, 03:39:34 PM

I'm beginning to change my mind on this one. If I get paid as a programmer in cheque, I am subject to taxes, which isn't good for me since I'm on disability. If I get paid in bitcoin it would not be taxable income. Considering bitcoin is the way of the future, now is the time to get in.

actually bitcoin is taxable income in most places.

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