Questions tagged [bitcoin]

Bitcoin is a decentralized digital currency first developed in 2009. Most Bitcoin-related questions should be asked at the Bitcoin Stack Exchange.

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177
votes
6answers
40k views

Found a heap of BTC but have no documentation. What do I do?

Many years ago, I bought around 400 BTC for a few hundred dollars (?) and stored them in a hard drive. Shortly after that, I lost this hard drive, wrote it off as an "Oh well" and didn't think ...
101
votes
10answers
31k views

How is Bitcoin useful as a currency if so few services accept it?

I've done research on bitcoin and I know what it is and how it works, kinda. I've even built a small block chain app. What I don't understand, and I haven't been able to find the answer to, is if ...
81
votes
12answers
40k views

A friend asks me all the time to pick up money for her (Western Union, Moneygram)

A friend of mine trades Bitcoin and often asks me to pick up money for her, i.e., someone sends money to me (on my name) and I just pick it up and give it to my friend. The amounts are usually around $...
80
votes
7answers
33k views

Is this work legal? Someone promises payment for converting money transfers to Bitcoin

An online company hired my friend as an account assistant. They told him they are a business consulting firm, and that they need an account assistant in every area. His job is the following: Some ...
78
votes
6answers
14k views

Why has bitcoin gained so much in the past year?

Over the past year, the value of bitcoin has gone from 1030.82 USD on 3 Jan 2017 to 10755.89 USD today. That's a price increase of 1000%. I'm only an amateur investor, but in my mind that increase is ...
60
votes
6answers
19k views

Is it legal to photograph and test ATMs?

Some online company asked me do a job like this We have a special task for you! Our analyst department collects information regarding Bitcoin ATMs across different states and cities. In most ...
47
votes
9answers
15k views

I believe this to be fraud — hired, then asked to cash check and send cash as Bitcoin

I have been "hired" by Nissan Motor as a key account specialist. My first assignment is to cash two checks that I have received. Both were written by a customer who has already received the engines. ...
42
votes
3answers
8k views

Tax implications of BTC for Rent

So I'm considering doing a trial run with my tenants and letting them pay some or all of their rent in BTC. My motivations: BTC isn't considered a currency so it's taxed as an asset under capital ...
17
votes
2answers
6k views

Bringing bitcoin into US, what taxes should I expect?

My friend owns roughly $1M USD worth of Bitcoin. These coins are sitting on a (backed up and encrypted) hard drive in Brasil. He bought these coins legitimately, and has the paper trail to prove it. ...
11
votes
3answers
2k views

When and how should I pay taxes on ForEx trades?

I am an Israeli citizen. I've bought BitCoin (let us agree for the sake of discussion it is a currency) using US dollars. Let's also assume I never convert the bitcoins to any other currency (but ...
11
votes
2answers
1k views

How To Report Cryptocurrency Earnings?

I invested in a decentralized bitcoin business and earned about BTC 0.4 this year in interest from it, but there is no official business - it's purely autonomous (very hard to explain). I also "mined"...
10
votes
2answers
715 views

Where to categorize crypto-currencies

In Germany, crypto-currencies like Bitcoin are all over the news lately, making me aware of the fact I don't know much about them. A journalistic TV program I was watching yesterday even claimed ...
9
votes
4answers
2k views

Is there any way to reduce the taxes on my capital gains

I made ~100k investing in Bitcoin learned afterward that I needed to pay capital gains taxes on it in the amount of ~23k (via https://bitcoin.tax/). What are my options in terms of not paying so much ...
9
votes
3answers
2k views

Will a BitCoin purchase be affected by GBP->EUR pre-exchange

I live in the UK, and am trying to find a site that allows purchase of BitCoin using GBP; our local currency. Of all the sites I've tried so far, even though they provide flashing banners saying 1 ...
8
votes
1answer
263 views

When a stock is replaced in an index, does the ETF incur a net loss?

Suppose I have invested in ETF VOO. This Vanguard ETF tracks the S&P 500. If a stock such as Goodyear (GT) that is contained in the S&P500 gets removed and replaced with another stock such ...
7
votes
3answers
926 views

The proper term for a third party economy [closed]

A friend of mine asked me whether something odd was going on, including the following picture: Basically, the companies listed (Bitcoin, Uber, Facebook, Alibaba and Airbnb) sell a service in a market ...
7
votes
1answer
458 views

Assuming 1031 Doesn't Apply To Cryptocurrency Trading

See this relevant link for a brief synopsis of what 1031 is in relation to cryptocurrencies. For the sake of this question, let's assume that 1031 does not apply at all, meaning that every trade from ...
7
votes
2answers
185 views

Taxation from variations in currency

Assuming: I am a UK tax payer I live in the UK Assume I sell a good online, for $100. One payment method I accept is Bitcoins. Bitcoins at the moment are extremely volatile, it wouldn't surprise ...
6
votes
3answers
1k views

Is Bitcoin investing wise? [closed]

Is Bitcoin or any other crytocurrency a wise investment? I have invested a little Bitcoin and Bitcoin Cash. They go up then down and back up. Is another crypto currency better or is this too risky for ...
6
votes
1answer
2k views

Bike to Nigeria

I have listed my bike on sale on Polish site (so expected audience are Poles only). One guy contacted me that he wants to buy bike and I should send it to Nigeria. At this point, I have instantly ...
6
votes
1answer
353 views

What's the proper way to calculate ROI per year given the ROI for a period of time?

I'm trying to figure out what would be my yearly ROI if I know my ROI for a given period of time. On May 1st, I started invested 8.82 BTC in loans on BitLendingClub and now (August 6th) I have 9.33 ...
5
votes
2answers
1k views

Are there multiple Bitcoin markets?

I have the (possibly wrong) suspect that Bitcoin questions are not received too well here, so I kindly ask you to go easy on me :-) According to this question we should categorize Bitcoin as a ...
5
votes
2answers
21k views

How to get money from bangladesh

The situation Recently we sold some property in Bangladesh. It gained a nice sum of money, but now we are a bit stuck on how to get it out. We can be flexible but prefer to transfer it to a west ...
4
votes
2answers
618 views

Why do Ethereum and Bitcoin have very similar charts?

I have noticed today that Bitcoin (BTC) and Ethereum (ETH) charts look almost the same. Why are they so correlated?
4
votes
1answer
1k views

Tax consequences of a gift returned to sender?

Transaction 1: On 2014-12-27, I sent a holiday gift of 0.1 BTC (which according to Coinbase was worth about 31.47 USD at the time) from my Coinbase account to an email address. Transaction 2: On 2015-...
4
votes
1answer
756 views

Taxes on Bitcoin sale in Spain

I have some bitcoins that I bought back in 2012. I am now thinking about buying a house and I'd like to cash in those bitcoins to make the downpayment of the mortgage. I understand I should pay taxes ...
4
votes
1answer
2k views

Is avoiding fees commonly found with CFD trading possible?

I'd like to push my trading experience a bit. I've been looking into opening an account with a broker that offers automated trading (I'm a programmer and would like to use my own trading algorithms). ...
4
votes
3answers
499 views

Do I need to report to FInCEN if I had greater than $10,000 worth of bitcoin in a foreign bitcoin exchange?

I have heard that FinCEN requires people in the U.S. to report foreign financial accounts with greater than $10,000 in them. This is the FBAR if I'm not mistaken. Do I need to report to FInCEN if I ...
4
votes
1answer
601 views

What cost basis accounting methods are applicable to virtual currencies?

This year I began doing some small investments in cryptocurrencies (Bitcoin, etc), and turning small profits. I've been tracking my gains under each of the different cost basis accounting methods (...
3
votes
1answer
915 views

Rebalancing a portfolio

Quick question on rebalancing a portfolio. Let's say that 10% of my portfolio is in something really speculative such as bitcoin (speculative for me at least)...now I've said to myself that I'm only ...
3
votes
1answer
726 views

Sugar daddy bitcoin scam? [duplicate]

I met a sugar daddy online who claims he cannot use cashapp or paypal to compensate me and can only use bitcoins. I made a coinbase account and now he is asking for my coinbase login so he can "load ...
3
votes
2answers
1k views

Do UK tax rules allow you to hold Bitcoin in a SIPP?

Do United Kingdom tax rules allow you to hold Bitcoin in a self-invested pension plan?
3
votes
3answers
3k views

Methods for forecasting price?

I've been having a really fun time building a site about pricing in my spare time. Here are a few example pages: http://www.settingprice.com/services/14/price-of-electricity/ http://www.settingprice....
3
votes
3answers
488 views

Several questions on Bitcoin futures

I have been reading news on crypto-currencies. As a developer, I understand well how Bitcoin works. I also have a basic understanding of finance in general and stocks in particular. I understand how ...
3
votes
1answer
4k views

Where can I find Bitcoin Misery Index?

There has been a lot written about Bitcoin Misery Index: The index is called the Bitcoin Misery Index (BMI) and was designed as a trading tool for investors to take advantage of volatility in BTC ...
3
votes
2answers
766 views

For bitcoin, can I use specific lots instead of FIFO for IRS capital gains tax calculation?

I would like to start using specific lots, rather than FIFO, for my capital gains tax calculation as it relates to bitcoin holdings. If I sent coins to a specific wallet setup for the express ...
3
votes
2answers
408 views

Bitcoin Cost Basis Purchases

Suppose that a client purchases 10 BTC over a price range of $180 to $290 and transacts twice with his BTC for a total purchase of 2.7BTC. Two questions: Based on this, the IRS taxes bitcoin like ...
3
votes
1answer
153 views

Should I be reporting bitcoin losses if I did not receive 1099 for it?

I did not receive a 1099K from Coinbase. Should I report capital losses?
3
votes
1answer
244 views

What paperwork is needed when receiving salary through the cryptocurrencies?

Supposedly I got a short-term software engineering remote contract which was agreed to be paid by the cryptocurrencies or tokens on the task-basis (e.g. receiving a certain amount of EOS tokens for ...
3
votes
1answer
314 views

Buying cryptocurrency for a friend at exchange

Registering and buying currency (bitcoin) at an exchange is not a smooth experience for most. If I am registered at an exchange, can I buy for people (friends and family)? I think it might involve ...
3
votes
1answer
116 views

How are the earnings of a Crypto Interest Account taxed?

I have some bitcoin in an interest saving account. I am not sure if I have to consider the interest earned as Tax on Savings Interests (which does not mention anything related to crypto) or ...
3
votes
1answer
3k views

Is buying and selling Bitcoin (and other cryptocurrency) legal for a student on F-1 Visa doing OPT in USA?

I know that trading stocks is allowed for F-1 students in the US as long as income/losses are reported when taxes are done. (Is Stock Trading legal for a student on F-1 Visa in USA?) How about buying ...
3
votes
2answers
689 views

how to withdraw Paypal USD in the United States when I'm on holiday

I've some US dollars in my Irish Paypal account that I want to withdraw when I visit New York on a tourist visa in a month. Is there anyway I can do it direct from Paypal to dollars over there and ...
3
votes
1answer
162 views

Yahoo Finance's cryptocurrency volume

What is the definition of "volume" in Yahoo Finance's data on BTC-USD and ETH-USD?
3
votes
1answer
212 views

Is filling 1040NR sufficient for Crypto gains for an F-1 student?

On F-1 status since last 16 months. I have gains of less than $100 on Crypto. Transactions were made on Coinbase.com portal in the US. Other income sources include an Internship on my CPT. Is filing ...
3
votes
1answer
943 views

How to account for digital currencies in a double ledger book

I put my personal finance records in GnuCash and I would like to understand how to best account for digital currency transactions. My book is for tracking EUR transactions. Scenario 1: I hold 1 BTC ...
3
votes
2answers
123 views

Capital Gains Puzzle

Assume there are two like-kind capital assets: A and B. Neither A nor B have ever been traded for dollars or any other currency prior to Day 1, and hence have no established market value. ...
3
votes
0answers
62 views

Are there minimum level of service requirement for stocks trading platforms in the USA?

I'm trying to determine the major differences between how a typical bitcoin trading platform operates and how a traditional stocks trading platform operates. Of biggest concern right now is some ...
2
votes
1answer
266 views

GBTC stock went way down but no signs of huge decrease?

GBTC was at about 1400 when I purchased it, and now it's at about 15$. It never showed that it decreased or a huge decrease, and no history of it at being at 1400, ever. I'm so confused, I still have ...
2
votes
2answers
1k views

Tax On Unsold Mined Bitcoin

US Tax Question Suppose that John Doe mines 100 bitcoin at $0.11 each ($11) and doesn't sell them, but keeps them in a wallet. Does he pay taxes the year he mined them at the price he mined them for,...