Questions tagged [cryptocurrency]
A cryptocurrency is a digital or virtual currency that uses cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
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How to anonymously send money to a seller (without using crypto)? [closed]
I want to send money to a seller without giving them my info (name, address etc). However, they don't accept crypto. Paypal is an easy option but I heard my personal details get sent to them along ...
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What would be the best cryptocurrency Trading website [closed]
Can anyone direct me to the best cryptocurrency/bitcoin trading website. I need to make some money very quickly. I was scammed previously and I want to be able to get back on my feet again. I ...
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Using two stop limit orders instead of one OCO order
On KuCoin, I want to protect my positions with Stoploss/Take profit, but as we know sl/tp is only supported with Futures trading and not Spot.
So, I decided to go with OCO (One Cancels the Other) ...
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Why the chart on Binance differs from that of TradingView?
I started to study trading just a couple of weeks ago and am currently practicing with binance mock trading (futures perpetual). The problem is that on binance futures website it shows, for instance, ...
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Bitcoin scam: how screwed am I? [duplicate]
I was sent contact information from an agency for a job. After a ton of emails, the person seemed legitimate, and they then sent me a check for the work and supposedly to book flights and such for ...
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What happens if I place a stop limit sell order with a $1 limit?
Let's say I am looking to sell a Bitcoin on Coinbase if the price drops to a certain level. This sounds like a perfect use case for a stop limit order. So I set my stop price at the level that I want ...
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Where can I report a cryptocurrency fraud?
I am positive that I have been taken in a wild chase to get my money back in a cryptocurrency advanced fee scam, and I have reported this to google, WhatsApp, ic3, Coinbase, etc., and I am not getting ...
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Why does the value of my EURX fluctuates so much?
I invest part of my money in crypto. One of the platforms I use, converts automatically each € you put in your account, into EURX .
In the last few days of "bull market" I noticed a roughly ...
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Can a store offer crypto gift card? How does it affect taxes?
Can a store offer to load a gift card with crypto? How does it affect taxes?
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I donated cryptocurrency to a charity, but the receipt is in dollars. How is it taxed?
In 2022 I made a donation of $100 to a tax-exempt charity, which I paid using cryptocurrency (let's say 123.456 units of currency XYZ). The tax receipt I got from the charity acknowledges a donation ...
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UK crypto capital gains tax - report total start/end value instead of individual trades
I am trying to work out capital gains for cryptocurrency transactions. All of the advice I have seen says that I have to calculate everything based on individual transactions, using the market value ...
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Can I save capital gains taxes by purchasing stock/crypto as part of LLC?
Suppose I register an LLC in the US and purchase stock or crypto as part of the LLC. When I sell the stock or crypto later on, I would like to use the money to buy real estate. In that case, does the ...
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Questions regarding large expenses in the first year of LLC
Apologies for the long post. I have contacted multiple accountants and tax experts with diverging views on my business developments. Around 5 people were contacted, 4 considered my case ordinary and ...
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What's the difference between a commission fee and an artificially inflated spread when executing a trade?
I read on https://www.kitco.com/news/2022-11-29/Fidelity-Crypto-is-a-go-4-5-trillion-firm-launches-retail-crypto-trading.html:
The platform promises “commission free” crypto trades, but the company ...
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What are the upsides of storing one's assets in a cryptocurrency exchange? [closed]
In the wake of the ongoing FTX debacle, I wonder the following: what are the upsides of storing one's assets in a cryptocurrency exchange?
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GnuCash: How to transfer crypto (stock) to checking account after selling?
I have an account for cryptocurrency (USDT) which is set up as a stock account, and sometimes I pay with USDT for different goods. The expense accounts have USD currency. How do I record in GnuCash ...
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How can a retail investor check whether a cryptocurrency exchange is safe to use?
In the wake of the ongoing FTX debacle, I wonder the following: How can a retail investor check whether a cryptocurrency exchange is safe to use, at least minimize the risk?
By safe, I mean no losing ...
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Why do some cryptocurrency trading platforms require users to use the platform's native crypto token to access the platform?
I read on CNBC:
FTT, the native crypto token that gives users access to the FTX trading platform.
Why do some cryptocurrency trading platforms require users to use the platform's native crypto token ...
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How to reorganize crypto centric portfolio to more balanced approach?
I need advice on reorganizing my portfolio to sustain myself and my dependents until their demise.
I live in India. I am in my mid-20s and have 3-4 dependents. I have my own house (no mortgage), a few ...
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Why less leverage is allowed for cryptocurrency Spot trading?
I realized brokers and exchanges allow high leverage for Futures, Options and Forex listings but not so much for spot listings.
For example in Kraken Futures you can get 50x leverage for BTC-Perpetual,...
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A fee of 1000$ is requested to get refunded from Blockchain
Good Morning all,
I hope to get an answer to this question.
I have been scammed from cryptocurrency platform. I have received many calls of people who wants to help me recover my money.
Recently, I ...
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Why don't unbanked people use cryptocurrency?
I hear a lot about Western Union and associated costs in the context of remittances. Also there are exchange rates anyway, between one currency and another. Also there is inflation and bank fees.
Why ...
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Stablecoin USDT taxation in UK
If somebody buys USDT in an online platform and for example gets 100,000 USDT profit as total, is there a tax to be paid? That person stays in UK.
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How much money does it take to pump a stock/crypto currency?
Like for example, if a stock is worth $0.10, how much would it take to actually have an effect on the price, even if it only goes up $0.01 cent, how much would it take to change the price? Same for a ...
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How to calculate cost basis for list of incongruent batches of buy and sell transactions (forex trading)
How can I calculate the cost basis for my forex portfolio at any given time?
I'm trying to build a spreadsheet to track forex trading of cryptocurrency pairs. Specifically I'm looking at XMR-BTC
...
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GNU Cash Stocks - Using smaller than 0.01 in "Buy" and "Sell" transaction column
How can I set the value in the "Buy" or "Sell" columns to less than 0.01 in GNU Cash?
I'm trying to see if GNU Cash can be used to track forex trading of cryptocurrency pairs. ...
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Are my trades business income or capital gain?
I am a Canadian and I spend a lot of money on cryptocurrencies and I want to know if my gains/losses are considered business income/loss or capital gain/loss. My primary source of income is from the ...
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Does calculating Crypto taxes need previous year numbers?
During 2020, I did 100 crypto trades: buying/selling many type of crypto currencies. I used an online service (Bitcoin.tax) to calculate my tax liability for 2020 tax year. It processed all my trades ...
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How to send money into someone's paypal anonymously ? Read further
I am an Indian and i want to send a Japanese friend some money. The friend uses Paypal and is not familiar about Crypto.
I want to do it anonymously as i can't let anyone know about it. Here in India, ...
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Do I need to declare capital gain when buying BTC to trade for another coin?
In 2017, I wanted to by XRP. There was no way to buy XRP with fiat, only with BTC.
So I first bought 1 BTC for $20,000
I immediately sent that 1 BTC to an exchange so I can trade it for XRP. The ...
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Are smart contracts meant to be "updateable"? Is it up to the creator to secure whatever terminal or codes are necessary to update the contract? [closed]
I'm looking into creating a smart contract on Ethereum or Solana, just for fun for now. I know in practice how to create a smart contract, but at this point I have a dilemma:
In the one hand, it ...
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How do I calculate capital gain when I bought at different prices?
I bought 2 BTC in 2019 for $4,000 each
I bought another 2 BTC in 2020 for $10,000 each
In total, I bought 4 BTC for $28,000
I sold 1 BTC in 2021 for $40,000
How do I calculate the capital gain for the ...
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How to know increasing open interest indicates new short contracts or longs contracts?
I trade on crypto market and recently I have learned that there is a tool or something named open interest which tells you the amount of long and short open contracts at any time.
It is really helpful ...
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How does tax on stocks/crypto work? How are they calculated?
I am wondering how tax is calculated on stocks or cryptos esp if you buy them in batches or sell them in batches. Here is my example
Jan - I spend 3000$ to buy CRO coin for 0.6$ each (buying 5000 ...
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Can one earn only converting assets with different spread?
Can one earn only converting assets with different spread?
Example:
buy asset Y with asset X (i.e. BUSD/BTC)
buy asset Z with asset Y (i.e. BTC/BNB)
buy asset Y with asset Z (i.e. BNB/BUSD)
and get ...
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Company is asking me to send my personal info so they can send Bitcoin to my personal account in order to pay customers using my personal account [duplicate]
I added a screenshot of an email that a company I applied for this week. They are asking for my Name, Number and Bank name so they can send Bitcoin currency to my personal account in order to “buy ...
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Do I have to pay short-term capital gains tax on crypto currency if I only withdraw the principal and not the profits?
Say that I bought $5000 USD worth of Bitcoin, and a month later its value grows to $6000 USD. Now, if I were to withdraw only my $5000 USD principal worth of bitcoin, while keeping $1000 USD worth of ...
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What is crypto deleveraging?
This excerpt says:
Multiple crypto company failures shouldn’t be surprising given huge price declines among tokens, and entities that used higher leverage in the past are the most vulnerable, ...
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52 week price range for USDC
I am looking at the 52 week price range for USD Coin and it shows
52 Week Range: 0.9874 - 2.3496
Since it is pegged 1:1 to USD, how did it go all the way to $2.3496?
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NFT's may be a new money laundering horizon [closed]
I made some experiments with the creation of NFTs on various platform like open sea and mintable.
No one reacted on the NFTs and it's not strange because they clearly suck!
But i saw some ridiculous ...
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What are the use cases for cryptocurrencies? [closed]
I am trying to make sure that I have all the use cases for cryptocurrency. Whether or not a cryptocurrency is optimal in any sense is a different issue from this question. Also, whether or not a ...
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Cryptocurrency: What happens to coin value when it's transfered from one blockchain network to other?
I am very new to cryptos and trying to understand how transferring of a coin from one blockchain network to another works.
For example, let's say that:
The Bitcoin blockchain has X coins in ...
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Why would anyone invest in a stablecoin (e.g. TerraUSD)?
Some stablecoins (a type of cryptocurrency) try to tie their value to another currency. For example, the TerraUSD stablecoin was pegged to the U.S. dollar, at least it was before it collapsed last ...
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How do I determine the division of cost basis for multiple NFTs minted in a single transaction?
I understand (I think) how to assign cost basis (for income tax) to ordinary minted NFTs: Convert the minting price (including gas, fees, etc.) in cryptocurrency to dollars using the market rate at ...
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Using Sharpe ratio to compare bitcoin investments?
I want to compare investment strategies in bitcoin.
So far I was using the money weighted rate of return and was comparing it between two different investors. The investor that has the biggest rate of ...
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Cryptocurrency mining/transfer fees as a taxable exchange for a service?
There's an FAQ for virtual currency on the IRS website. There's a question, Q38, indicating that transfers between your own wallets or accounts are not taxable:
Q38. Will I have to recognize income, ...
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Does asset custodian matter when determining which capital gains lot you sold? (USA)
Say you bought N shares of some company at broker X on Jan 1, 2021. You bought N more shares of the same company at broker Y on Feb 1, 2021. Then on March 1, 2021, you sell N shares with broker Y. For ...
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Where should I put my take profit in this crypto trade?
Let's say we want to buy BTC at price 45000.00 USDT (and we have $15 to buy BTC). The commission is 0.1%. Since we will pay for a commission, so What will be our break-even point for that trade?
I ...
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How to submit self-competed 8949 form with TaxAct?
my wife and I are using TaxAct to file our US tax return for 2021. I have a handful of crypto transactions that I made last year - there are about 8 transcactions and the total volume is ~$600. I have ...
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Crypto Wash Sale rule
There are various sources indicating that in the United States, the Wash Sale rule does not apply to Cryptocurrencies as they are considered property rather than securities.
Does that mean that it is ...
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