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Anyone Invested in crypto?
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Possible, but very risky. Despite the FUD, Bitcoin is not anonymous. It is pseudo-anonymous. The transactions are available for anyone to see. It is just that identities are not included on the blockchain, just digital keys (like account numbers). These transactions are actually considerably less private than cash.
There are a lot of ways those transactions can be tracked back to individuals and the IRS has invested in exactly that capability. You are supposed to pay capital gains on cryptos, but only a minority have so far. When you buy Bitcoin from an establishment money exchange (Coinbase is the best known), they are required to get identifying information from you so the transaction will not be secret. Some people are going to have very bad days as things move forward and they are contacted about sales that they never reported.
There are ways to be secretive with Bitcoin, but they are far more involved than most people will follow. There are other coins- Dash, Monero, ZCash, etc. that have much stronger privacy features built in.
BTW. If you handed $10,000,000 of Bitcoin to your next of kin before you died, there is nothing to keep them from spending it before you died. At that point, it isn't an inheritance, it is a gift with all of the associated tax consequences. That brings up another interesting item: How do you handle inheritance with Bitcoin or other crypto funds? Depending on how you set things up, it is actually very easy for no one to be able to access them and they are effectively locked up forever.
This is still the early days for cryptos. There are a lot of things to figure out and a lot of technology/direction to be established. I don't recommend cryptos for the bulk of anyone's investing at this point, but they have become established enough that I wouldn't hesitate to recommend some as a speculative investment. Interesting times.
There are a lot of ways those transactions can be tracked back to individuals and the IRS has invested in exactly that capability. You are supposed to pay capital gains on cryptos, but only a minority have so far. When you buy Bitcoin from an establishment money exchange (Coinbase is the best known), they are required to get identifying information from you so the transaction will not be secret. Some people are going to have very bad days as things move forward and they are contacted about sales that they never reported.
There are ways to be secretive with Bitcoin, but they are far more involved than most people will follow. There are other coins- Dash, Monero, ZCash, etc. that have much stronger privacy features built in.
BTW. If you handed $10,000,000 of Bitcoin to your next of kin before you died, there is nothing to keep them from spending it before you died. At that point, it isn't an inheritance, it is a gift with all of the associated tax consequences. That brings up another interesting item: How do you handle inheritance with Bitcoin or other crypto funds? Depending on how you set things up, it is actually very easy for no one to be able to access them and they are effectively locked up forever.
This is still the early days for cryptos. There are a lot of things to figure out and a lot of technology/direction to be established. I don't recommend cryptos for the bulk of anyone's investing at this point, but they have become established enough that I wouldn't hesitate to recommend some as a speculative investment. Interesting times.
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Phase2 pretty much summed it up. You're only paying on what you cash out. But in theory, you could beat the system with a transfer if that person cashed out at another more anonymous exchange. Nobody, really, but US exchanges care about who you are, as long as you have BTC to sell. I personally, am not going to try. and trick the tax man. He'll find a way to get his money, and I don't want to be on the hook for tens of thousands of dollars.
Not something you want to touch. They are only used for drugs and other criminal activity.
Seriously, there are considerable risks and even in the best case, cryptos are very volatile. If you aren't interested and aren't willing to do some research, please don't buy any. Assuming they continue to develop successfully, they will still be available down the line for you to use. Early adopters accept the risk and potential reward.
Seriously, there are considerable risks and even in the best case, cryptos are very volatile. If you aren't interested and aren't willing to do some research, please don't buy any. Assuming they continue to develop successfully, they will still be available down the line for you to use. Early adopters accept the risk and potential reward.
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Continuing the "interesting times"... Bitcoin over $11,500.
Whenever a correction comes, it will be a shock for the latecomers and an "I told you so moment" for the detractors, even if it is at a much higher valuation than currently.
For those moderately versed in both computer-technical and trading-technical fields, the following is a very interesting take on valuing cryptos: Valuing Bitcoin Using Metcalfe's Law | Zero Hedge
Whenever a correction comes, it will be a shock for the latecomers and an "I told you so moment" for the detractors, even if it is at a much higher valuation than currently.
For those moderately versed in both computer-technical and trading-technical fields, the following is a very interesting take on valuing cryptos: Valuing Bitcoin Using Metcalfe's Law | Zero Hedge
hoosierdoc
Freed prisoner
And... back to $9800
can it be purchased in smaller units?
can it be purchased in smaller units?
An expected pullback.... as on the time of this posting $10800. Yes, it can be purchased in whatever amount you're willing to spend. Bitcoin could be $1M per, in the next 10 years, or it could be $0 tomorrow. Risk only what you're willing to lose. If you want to get your feet wet try some of the cryptos that aren't nearly as expensive for a single coin, and simply watch your returns grow. My suggestion is Litecoin, a "friendly" fork from the bitcoin code. which is probably the most stable of all of them, and actually uses better technology. It's about $90 per coin. My mother bought in at about $40, doubled her money, and cashed out.
And back to $9300.......
For those interested here is a list https://coinmarketcap.com/all/views/all/
For those interested here is a list https://coinmarketcap.com/all/views/all/
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Most all cryptos can be used/purchased in decimal increments to facilitate actual retail use. For example, Bitcoin can actually be used in small units called satoshis (one hundred millionth of a single bitcoin). Such a small unit isn't useful right now, but it was designed into the system on the off chance Bitcoin became successful and eventually became worth $1M or some other crazy amount.
Kind of like some of the design decisions that seemed ridiculously overbuilt in the original Internet protocols that have allowed it to expand and support an amazing infrastructure decades later.
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Those have been around the space for a while, call that a buying opportunity. I took $2000 off the table around $11K, and bought back into the same position at $9.7k. It may pull back more, wouldn't be surprised at all.
I decided to try it out and see what happens. Invested $100 while bitcoin was $9300. I've been watching and trying to fully understand this, which i still don't fully. I've seen Amazon may begin accepting it come February and i figure if there's gonna be another big spike, that would be it. Along for the ride at $100. See what happens i guess.
You've probably heard all the "decentralized crypto currency based on a blockchain, peer to peer, blah, blah blah." Right? Look at it from an application standpoint. Let's say you travel to another country, you can convert your BTC into the fiat of the local economy with no hassle. Or, lets say you needed to send a relative some money in Vegas. You could send that money, at any time, in any amount in minutes, at basically no cost. Further, it's essentially inflation proof. If you buy in at a certain amount, the value will be maintained, regardless of what happens to the fiat you originally purchased it in. I'll give you an example, if you buy $1 in BTC today (purchasing power), and tomorrow that $1 (fiat) has a purchasing power of 10 cents, that wouldn't effect you. You would still have the full purchasing power of that original dollar.
The original code can be designed to create a number of different things (through forks)... faster transactions, lower fees, smart contracts... it's just amazing.
And for the libertarian minded....ALL without govt intervention to manipulate markets. If anything is going to stop the technology, govt will have to get back on track with creating many that actually has a legitimate backing (i.e. gold standard).
BTW, VERY conservatively, I think you will double your money by the end of next year.
Im hoping to at least double my money, but i guess its more of an experiment for me. Like i said i really don't understand fully, but i figured what the heck, worse thing that can happen is im out $100. No worse than going to the boats, which i don't do. Not much of a gambler, but I'm thinking this might be a decent bet
Time will tell.
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