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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1answer
207 views

Buffett believes Bitcoin has no value and no future. Isn't it the same with stocks? [duplicate]

Just listened to Warren Buffett's thoughts on Bitcoin and he claims that Bitcoin is a non-producing asset which has no value. Buffet also points out that it is just the hope that others will be ...
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3answers
227 views

Trader I met online is asking for more money as a transaction fee to process withdrawal of my gains

I met a trader on telegram and after discussion I was convinced to invest $300 and then after 24 hours I got a message to increase the investment to $500 otherwise trading will not be done. After 2 ...
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0answers
47 views

Switching from manual cryptocurrency tax calculations to cryptocurrency tax software [closed]

I've been doing my crypto taxes manually via spreadsheets etc then entering the transaction with their cost basis in TurboTax. I trade on three exchanges (Coinbase Pro + Kraken + Robinhood) and ...
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2answers
183 views

Crypto Transfers of Large Sums Overseas for Beginners

Total newbie here, with near-zero level of knowledge about cryptocurrencies. I'm seeking to transfer large sums from US bank account to European account for a home purchase and would like to avoid ...
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0answers
138 views

Are amounts of less than a cent legally valid amounts in currencies like EUR or USD?

The following can be applied to any currency but let's consider EUR/USD for simplicity. In the context of cryptocurrency exchanges, one can hold assets for the value of thousandths of a dollar or even ...
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0answers
54 views

Cryptocurrency exchange for US citizen living abroad

I am a US citizen born and living in Germany. I have never lived in the states. My father had been living in the state of New York before he moved to Germany (this seems to be important for ...
42
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4answers
15k views

How does this WhatsApp scam work?

I am trying to work out how this attempted scam on me could possibly work financially for the scammers as it just seems like the time and effort involved as well as the low potential for payoff isn't ...
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0answers
51 views

Tax liability when selling crypto received as a gift

I am a US citizen currently living in the US and my father who isn’t a US citizen and lives abroad plans to send me crypto as a gift. We are exploring stable coins such as USDT and USDC. From my ...
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1answer
85 views

Clarification of income tax rules for farm staking rewards (UK)

In the UK we have to pay Income Tax on crypto farm staking rewards. I'm unsure as to at which point I'm legally obliged to pay income tax on staking rewards. Is it: As the rewards clock up on my DeFi ...
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1answer
73 views

Does a resident alien need to pay taxes for cashing out crypto gained before moving to the US?

Let's assume that an alien who's never been to the US before moves there and becomes a resident alien for that financial year due to fulfilling their substantial presence. The alien owns crypto funds ...
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2answers
200 views

Handing multiple people pooling money into a crypto that compounds

This might be an odd one, but I’m looking for some advice. I have a few people wanting to pool money together into a crypto that compounds. I’m looking for a good way to record the percentage that ...
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0answers
90 views

Money sent to suspended cryptocurrency account at an exchange

I have a cryptocurrency account at Binance account. However, as Binance no longer supports SEPA transfers, I recently opened another cryptocurrency account at advcash. Before opening the account with ...
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2answers
199 views

How do cold wallets know how much money you have so quickly?

From my understanding, you have to recheck most of the blockchain just to see if people have sent money to you. Outgoing transactions would just be remembered on device right? So how can wallets like ...
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1answer
394 views

I bought crypto for a friend and now want to cash out for her

My friend and I live in Canada, Quebec. In 2018, she gave me $3000 to buy the same coins/tokens I am invested in. I bought these coins/tokens from Kucoin exchange. She is not tech saavy like I am, so ...
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2answers
515 views

Someone asked me to log in into their bank account

For almost two months, I have been talking online to a guy who allegedly owns a mining company in Australia but works in NYC for his current job, gem dealer! Allegedly, currently, he is on a cruise ...
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1answer
55 views

Where can I find the stocks online/offline data? [closed]

I have 3 questions: 1- Where can I find the historical data of stocks and cryptocurrencies, etc. as .CSV file for free? 2- Where can I get online data of stocks/cryptocurrencies for free? I mean a ...
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1answer
490 views

Sugar daddy requested that I verify my bitcoin on Cash App — is it a scam? [duplicate]

A "sugar daddy" requested that I send him my Cash App tag (username) so that he could put me on his payroll. He told me that I would then need to verify my bitcoin and pay a small fee of $70 ...
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1answer
88 views

Can someone explain to me how does the AirTm work?

Can anyone explain to me how does the AirTm work? I understand the basics of it, but the entire process doesn't appear "smooth"..Basically just wanted to check can I get the money the ...
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2answers
183 views

Why crypto price increases when market cap increases?

I'm trying to fully understand how market capitalization works and it's still a bit confusing. I know that market capitalization basically is how much money is currently spent on an asset. For example:...
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0answers
49 views

Binance future executed volume is too low compare to % increase in price

I closed a ETHUSDT long position with leverage 1x. It gives below result. Executed:2013.65 USDT Trading total:2016.79 USDT Total PNL:16.54 USDT Total Fee:0.00164205 BNB I calculated the % increase in ...
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1answer
135 views

Is the Gold precious metal undervalued (towards the end of 2021)? [closed]

At the moment, money is being printed on a massive scale. The money is flowing into the stock markets and the younger generation is investing it in Crypto. Am I correct in assuming that Gold is ...
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1answer
48 views

what does Yahoo Finance Open/Close price of bitcoin mean?

I have a question regarding the open and close price of historical bitcoin data. Do they make sense? The bitcoin market is 24/7 do we really have a close or open price. When does yahoo finance record ...
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1answer
146 views

What will be net profit/loss of all people if all people sell a given cryptocurrecy?

In crypto currency is another man loss is someone else gain and does sum of profit/loss of all person will be zero if every person decide to sell the crypto and no one hold any crypto currency (...
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1answer
199 views

Will IRS reimburse tax on interest earned from altcoin that loses its value?

Scenario: I have 100 of altcoins on Bl0ckFi. Every month, Bl0ckFi credits 1 additional altcoin in the form of interest. After a year I have 112 altcoins. Then the tax season comes. I pay dollars to ...
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1answer
150 views

Is it safe to share my id and a picture of my id with this website? [closed]

A website is asking me to take a picture with my id card and my id card to buy Bitcoin with it. Is it safe to do so? Not in the US.
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1answer
157 views

Tax loss-harvesting with Crypto

There are headlines floating around about enforcing wash sale rules for crypto capital gains and losses, this prompted me to look into tax loss-harvesting, and it turns out I don't understand it at ...
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1answer
237 views

Do I pay taxes on BAT (basic attention token) when using brave wallet?

Basically the title. I'm using Brave Browser because I heard it pays you to view ads, and it does. I have 30USD worth of BAT right now. I just went through all the verification stuff in GEMINI, now it ...
2
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0answers
39 views

Stepped-up Basis with a Revocable Living Trust

Scenario is this: son was trustee and invested extra savings in cryptocurrencies while father was alive and not able to make his own decisions. A few additional cryptocurrencies were purchased after ...
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1answer
171 views

When I take a position in a perpetual future (e.g. 3x long), must there be someone holding the opposite position (3x short)?

When I take a position in a perpetual future (e.g. 3x long), must there be someone holding the opposite position (3x short)? If so, suppose I entered a long 3x position on an asset at $100 and you ...
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3answers
384 views

Is my sugar daddy a scam [duplicate]

I recently started talking to this guy few weeks ago and then he asked if I’m interested in being his sugar baby and then he wants my account number and routing so he can send me direct deposit then I ...
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0answers
32 views

How trading fee is calculated in exchanger?

I don't know whether it is the perfect place to ask questions or not, But my question is in DEX or CEX, from where the trading fee is deducted ? from the base or the quote currency ? if trading fee is ...
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7answers
11k views

How can I fairly give the option to be paid in Bitcoin?

I'm a freelancer who bills per hour and invoices my clients at the end of the month. The total amount is represented in my local currency. I also give the option for my clients to pay in Bitcoin at a ...
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2answers
185 views

What are the legal and tax implications of crypto lending?

With high interest rates for crypto loans, I'm currently thinking of lending out my cryptocurrency on a crypto lending platform like Celsius Network. However, I'm not too sure about the implications ...
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5answers
6k views

Can secret Bitcoin transfers cause the reported values to be completely off?

Is it possible to buy and sell bitcoin without any of the exchanges knowing about it? Since the price of bitcoin is determined by people buying and selling, could these secret exchanges cause the ...
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3answers
1k views

UK capital gains tax when I give asset to partner

I'm in the UK. My partner and I aren't married, and we live in separate houses. I'm in the higher tax bracket and he's in the normal bracket. I have a bunch of cryptocurrency, and I'd like to use it ...
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2answers
137 views

For this one case, would my Bitcoin-to-fiat conversion be tax free?

The situation: I currently have 1 BTC left. I originally had many more. Over the years, I have spent a total of $14,648 USD to buy Bitcoin every now and then. According to Swedish tax rules, I have to ...
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3answers
8k views

If my account only sells crypto, will I get taxed?

Will I get taxed if I do this? Purchase $1000 USDT on Binance Transfer to a crypto exchange outside the U.S., or transfer to a wallet address and use decentralized exchange. Buy bitcoin, earned $1000,...
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2answers
88 views

Calculating Liquidation levels with Margin

When using margin on an exchange, is there a function that one can run ( hopefully using python ) that can calculate the Liquidation Price Level when entering How much to spend and the Margin level ...
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1answer
335 views

Is this a Sugar daddy Bitcoin scam or not? [duplicate]

I’ve been talking to this acclaimed “sugar daddy” and I’m trying to figure out if it’s a scam. He hasn’t asked for any bank info or any other private information. He told me that my fee for receiving ...
41
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10answers
6k views

Why do NFTs have value?

I've seen dozens of articles on NFTs, and not comprehended a single one. So when someone made an NFT of the first Twitter posting, I didn't understand how that would be a means to generate any sort ...
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1answer
200 views

Why would a company buy and hold cryptocurrency as part of its strategy to accept payment in same?

News reports about companies buying and holding vast fortunes of a cryptocurrency because they will or might accept payments in the future in that cryptocurrency. I'm trying to understand why a ...
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2answers
263 views

How does the Robinhood app or any website know the price of Bitcoin at any given time?

How do they know the actual price if it's always changing every second? Is there an algorithm they use to calculate it, or is there an authoritative source that they all go to that tells them what it ...
0
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1answer
252 views

Open Interest vs Notional Value of Open Interest, what's the difference?

so in binance trading data, I came across with this where the open interest is falling but the notional value of OI is being steady. my understanding is that Open Interests represents the number of ...
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2answers
7k views

How do I avoid paying tax on a cryptocurrency gain that I have already lost?

I'm not sure if this question belongs here, but I'm super confused about how cryptocurrencies get taxed. I invested $10,000 at the end of 2020. I made about 30 or so short-term trades in 2021 and sold ...
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0answers
76 views

Calculations for my Portfolio

First excuse my maths and limited finance knowledge. I am testing investing in crypto and trying to calculate my ROIs, Profit/Loss etc and getting stuck a bit and was wondering if anyone can help! ...
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1answer
7k views

What is MNEB Token?

I've loaded up my Metamask wallet today and was surprised to see it's value at over $50,000. Almost all of that value was a token that I'd never heard of before and certainly didn't buy. There's a new ...
4
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2answers
955 views

Anyone hear of Aionbtc? How does this scam work?

I got this message below. I signed up for a lot of giveaways without thinking, but I don't remember this one specifically. Is it a scam? Their site looks pretty cool: [link redacted to minimise the ...
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2answers
384 views

Online Sugar Daddy and Bitcoin [duplicate]

I met a guy through Snapchat and he says he’s a sugar daddy. He claims he’ll pay me an allowance weekly through Cash App. But before he starts giving me an allowance he wants me to download and create ...
7
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4answers
396 views

What is the technological problem that cryptocurrency solves? How does overcoming that technological problem help in the real world?

I have read a lot about cryptocurrency and am yet to find a good explanation of why the technology does or even might someday provide an improvement over the current monetary system. So, what is the ...
26
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4answers
10k views

How do I report a gain in bitcoin that I received as reimbursement for buying a waffle iron?

In 2016 I was visiting a friend in another country and he asked me to bring him a waffle maker (~$35). He paid me back for the waffle maker in Bitcoin. I sold that Bitcoin in 2020 for ~$740. I believe ...

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