Why would anyone ever use Bitcoin?

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I have been thinking about using bitcoin to fund an account. Until, lol, I read where every time you buy a bitcoin, you get taxed on the value of it (???)....That simply can't be true, can it? Then, if you win and convert back to cash, you pay capital gains taxes on that? What's the point if you get taxed en you buy, then taxed when you sell?

Can anyone tell me where I am going wrong with bitcoin?

Thanks
 

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Please not i'm not from the USA so i'm mostly ignorant on your legislation.
First thing i'd do would be to call your accountant/ Lawyer/ qulified person and ask him what he knows about buying bitcoins. It seems surprising to me that you get taxed on the value of your purchase. Make sure you get information from a reliable source. Most sources on bitcoins are not very well informed. I wouldn't trust Fox News for anything either but i digress.
The biggest forum i know about bitcoin is bitcointalk.org
Then if it's only to consider funding an account, i wouldn't encourage you either as i've yet to see decent exchange rate offered.
You may wanna try the few Bitcoin only bookies. I can't give you any names but you'll find easily enough on Bitcoitalk.

Good Luck with your quest for informaation on bitcoin.
 

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try it as a deposit and withdraw option, you will be surprised how easy it is
 

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http://realmoney.thestreet.com/articles/01/21/2016/bitcoin-dead-long-live-blockchain

Bitcoin Is Dead, Long Live the Blockchain

ByRoger Arnold

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| Jan 21, 2016 | 2:00 PM EST |




A revolution is at hand in finance, economics, markets and the way human beings interact with each other. And if you are not actively engaged in understanding it now, you risk having your investment capital obliterated as it slams into all of these systems and changes the way they work.
This is not hyperbole, so you had best take note.
About a year and a half ago, I introduced what was, at the time, a conceptual framework for a blockchain system that would operate on an open-mesh networking platform, in the column, Ethereum Is a True Game-Changer.
Built by nonprofit Ethereum, this blockchain platform has since gone from idea to practical application, and was tested recently by 11 major banks as a platform for trading.
But this is just the beginning of its application. I expect that the adoption of this technology will grow fast, and it will cause enormous disruption to every aspect of commerce, in the process.
Any company not making the investment in adopting this technology will cease to exist, and even adopting it is no guarantee that they'll survive.
The companies most actively engaged in building the supporting hardware and software associated with the implementation of the Ethereum platform are still Microsoft (MSFT) and Cisco Systems (CSCO), although every other technology company will have to, if only for survival's sake.
The companies most actively engaged in the implementation of Ethereum for real commerce are in the financial sector now -- principally banks and consumer revolving-credit providers.
These include all of the world's largest banks and credit card companies. The credit card companies to watch are MasterCard (MA) and Visa (V). This is a risky proposition for them, as their businesses will be radically altered by this development -- and they may not survive, even as they are on the cutting edge of bringing Ethereum to practical application.
I addressed that issue in the December column, There's a Problem in the Credit Card Space.
Do not confuse Ethereum with Bitcoin. Bitcoin was never a viable blockchain platform for commerce. Ethereum is. I'll not address here why Bitcoin is not viable, but if you want me to write a column explaining it send me a note to rogerarnold@gmail.com, and if I get enough responses requesting it, I will do so.
You can also read this recent commentary from former Bitcoin proponent, Mike Hearn, on the subject, but there is much more that he's not addressed.
Ethereum is a disruptive technology far greater than the Internet, itself. It will bring the dark web into the light and provide a platform for disintermediation that is almost unfathomable, today.
The disruption in commerce afforded by the introduction of the Internet as a viable, and ultimately preferable, alternative to traditional bricks and mortar retailers has been the downfall of those not making the transition properly.
The easiest examples of this are Amazon (AMZN) versus Sears Holdings (SHLD).
What Amazon did to Sears is what the Ethereum platform may do to Amazon, as producers start to use the Ethereum blockchain to bypass intermediaries in order to deal directly with end consumers.
The Internet provided a different means of intermediating between producers and consumers, albeit one that has proven to provide financial efficiencies for all parties.
Ethereum allows for real and substantive disintermediation, affording producers globally the opportunity to interact directly with customers and bypassing banks, credit companies, Fed wire and clearing services, and, perhaps most importantly, the companies that have become the giants of advertising to consumers, namely Facebook (FB) and Alphabet (GOOG).
The process of Ethereum adoption will represent a surge far greater than what has preceded it in how technology is reorienting commerce.
Even as many are still disoriented by how quickly the Internet allowed for the creative destruction of previous ways human beings interacted, the Ethereum will magnify that further.
I addressed this issue and the ramifications for investors last October in the column, Investors Slow to Deal With Rapid Change. I'm not advocating taking any particular investment position on this matter as yet, but that is something I will address in future columns.
Right now, however, it behooves investors to be aware of this disruptive technological breakthrough, and monitor it.
 

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Obviously, the guy that thought this thread was "pure lol" is either broke now or just realizing that using bitcoin is doubly foolish. Again, as I stated at the outset, I wasn't certain at the time given my naivete on the certain aspects of the subject. But now, as we see, not only does the IRS get a bite, but your cost certainty is not certain at all.
 

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I have 2 issues with bitcoin: 1 is the fluctuation ,you never know when it will collapses and and be worthless 2 is the hacking of your bitcoin wallet and there is no way you can trace it, so the security issue is in my opinion the scariest part
 

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As far as the article above goes, there is a new one every year that claims BitCoin is dead. I guess you have to determine which year it is going to be true. I say, why wouldn't you use bitcoin. I like the idea of cashing out funds back to bitcoin when the market is low and then holding on until it rises again then cashing it out for a larger profit. Buy, sell, wager, win, buy, sell, rinse and repeat. Your money is no more safer in Costa Rica or wherever your book resides so I find it comical that the discussion of safe or any other issues are discussed about Bitcoin by guys who send money to faceless people to gamble. Lets get some perspective.
 

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As far as taxes go, no you don't get taxed when you buy bitcoins. As far as cashing out or trading bitcoins over time and making money on that you would be "expected" to pay capital gains, as any other investment would have you pay. None of this is taken during the transaction but would be handled when you file your personal taxes. You choose to claim whatever you want. If you make $500 in bitcoin profit and don't claim it, I can't expect any one is going to knock down your door. If you make $50k in bitcoin profits, you might revisit whether you should maybe pay the capital gains tax and not risk paying a fine and fees if someone does knock at your door.

Now you might say, "if I use Moneygram I don't have to worry with any of this" and you would be correct. Bitcoin is more of an easy vehicle to move money around and it also is a possible additional investment if you choose to use it that way. I don't think I would be getting spun up on "taxes" while using it unless your personal tax return is loaded with capital gains taxes from other investments and someone might be digging or you are doing HUGE amounts of bitcoin transactions.
 

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coinbase.png

*man, to many restrictions on images around here. Geez.
 
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When you can explain how you can pay your taxes with bitcoin, you might be on to something.
 

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As far as an investment goes... I wouldnt think of bitcoin but as it comes to gambling, it makes total sense. I'm an affiliate for several online gambling sites and what I've notice is most people hold on to their bitcoins and cash them in as needed. We have bitcoin ATM's around and its fairly easy to convert your bitcoins to cash or use them straight to pay for products and services online. I even heard of a guy buying a Tesla car with bitcoin. I've never heard of anyone getting taxed on bitcoin... unless you claim your earnings... but no one would know you have bitcoin if you don't tell anyone.
 

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In thinking of trying bitcoin for fun. Just to see how it is? Anyone still use it?
 

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Fairlay Exchange is a nice betting exchange and has really good odds - the best by far - better than even 5Dimes' Reduced Juice odds. http://www.fairlay.com/?signup=2095
It's an exchange, so the layout is different, but you'll get the hang of it. It defaults to Decimal Odds, but you can change to American odds if you like. You will save a significant amount of money over the course of your wagering due to the much better odds.


Nitrogen Sports is also a good, reliable Bitcoin Sportsbook. https://nitrogensports.eu/r/19312
They have very good odds (not quite as good as Fairlay), a nice site and very good customer support. Very reliable. They've been around longer than most.


CloudBet https://www.cloudbet.com/en/?af_token=72d1c69241eb3b054a0106205b5194d4
They do not have the best odds and withdrawals take a bit longer, but they have a very nice looking and fast site and their Live Betting is very good and has better odds. So if you bet sports at CloudBet, you will get better odds by waiting to bet after the game has started!


If you are totally unfamiliar with BitCoin, here is a short video.
http://www.outgear.com/bitcoin101.html


And it's easy to buy Bitcoin at Coinbase.
https://www.coinbase.com/join/5359305abc5b841219000017
They are very reliable and you just have to set up an ACH from your checking account.


GL!
 

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