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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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-1 votes
2 answers
72 views

Tax implications re: execution of stop-loss orders and buying back into the same asset

I am curious about tax implications and any law/rule regarding the execution of a stop-loss order (realizing a gain), and then deciding to buy back into that same asset in a short period. For instance,...
19 votes
7 answers
7k views

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 ...
-1 votes
1 answer
149 views

Understanding transaction of these bitcoin buyers

I'm almost positive this is a dumb question, but here goes. I want to buy bitcoin with an ebay gift card, so I start looking at buyers and notice these two. From my understanding, the buyer on the ...
-4 votes
1 answer
274 views

I accidentally sold all of my Bitcoin with a limit order because I had never done one before

I decided to try a limit order to sell all of my Bitcoin if it dropped to a low level. This was my first time trying a limit order. I didn't understand that it would sell at my low asking price, which ...
1 vote
1 answer
287 views

Sending money from USA to Cuba or Russia via bitcoin

Suppose you an in a country (such as Cuba or Russia) where US credit cards and wire transfers don't work. You run out of cash and need money. Is it possible to transfer some money from a US bank or ...
-2 votes
1 answer
315 views

Is it scam when this sugar daddy ask me to pay like called "international fees" to receive the money? [duplicate]

So this sugar daddy dm me and says he wants to be my sugar daddy. we've been talking for a days and then he asked me about my paypal account. Now he's sending me the money but he said i need to pay ...
-3 votes
1 answer
314 views

USDT Staking on Binance - the offer too good to be true? What could go wrong?

Binance is currently offering around 24-26% interest when staking USDT with daily payout. The offer looks extremely good to me, but I wonder if I am not seeing or underestimating the corresponding ...
0 votes
0 answers
29 views

Tax Calculation for Liquidity Pool Transactions: Cost Basis Method and Procedures

I've been encountering difficulties in calculating taxes on transactions related to liquidity pools. Despite using Coinledger, I've found it doesn't support multiple transactions within a liquidity ...
-5 votes
2 answers
201 views

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 ...
0 votes
2 answers
213 views

Isolated Margin

This question about leverage mentions "Isolated Margin". A bit of googling leads me to think it is some crypto idea. The explanations I can find just states that the risk can be limited to ...
6 votes
1 answer
346 views

Can I claim a tax loss for Crypto blockchain shutdown?

Short version is that I bought crypto by way of trading BTC/ETH into the coin of discussion and the blockchain of that coin was shutdown. I can't access the balance in my wallet (and never will). Can ...
8 votes
5 answers
3k views

Can a contractor convert a cryptocurrency payment into money? [closed]

Suppose that an overseas customer tells a contractor that she or he cannot pay for the job via common overseas payment options — such as an online payment, money order, payment card, bank transfer — ...
2 votes
6 answers
6k views

I was approached to invest in short-term Blockchain node transactions. Is this scam?

Full story: That person contacted me with these details : --edited Before the cryptocurrency discussions initiated by the scammer, our initial conversation took place within the context of online ...
1 vote
0 answers
658 views

New job turned out to be scam to use received money to buy then sell bitcoin-how do i fix when money is gone?

I accepted a remote secretary position recently, gave my bank information for direct deposit paychecks. It went from he's supposed to mail secretary office supplies to me to asking me to buy bitcoin ...
-5 votes
1 answer
184 views

How to start with cryptocurrency? [duplicate]

Understanding Forex and crypto trading: Currency Pairs: Forex involves trading currency pairs, such as EUR/USD (Euro/US Dollar) or GBP/JPY (British Pound/Japanese Yen). The first currency in the pair ...
-6 votes
1 answer
359 views

What's app crypto romantic scam?

didn't have...and then I could tell he was frustrated because it seemed like he just dripped the conversation. I tried to contact him a few times, I can see that he saw the message, but there was no ...
1 vote
1 answer
95 views

How to handle US financial accounts after leaving?

I moved out of USA in Oct 2023 after living there for 8 years as a temporary worker. I am not working in USA anymore (physically or remotely). I have the following accounts: Robinhood brokerage: ...
9 votes
3 answers
4k views

Someone on Instagram is offering to buy art I posted as NFTs. What is my risk?

I have an Instagram account where I post some content from time to time. Recently, I've been posting some images I created via AI, which I indicate in every post. Today, I received a message where ...
0 votes
1 answer
392 views

Advanced bitcoin/check scam?

So someone is offering me bi-weekly $1,500 checks for services. I know the typical scam is: send check, check clears, they request money back, and after a couple weeks the check is found fraudulent ...
0 votes
1 answer
216 views

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 ...
0 votes
1 answer
277 views

Is Bitcoin taxable?

A few months age the SEC has regulated bitcoin as a commodity. Quick googling tells me than commodity wages are exempt from taxes and it looks like if a company can fully operate in bitcoin ...
1 vote
3 answers
385 views

How to anonymously donate cryptocurrency to charities which only support traditional online payments platform?

A lot of charities that I want to help support only traditional online payments system, such as GoFundMe, GoGetFunding, JustGiving, Patreon, Paypal, Payroll Giving, Stripe, ... Is there a way to ...
2 votes
1 answer
267 views

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 ...
16 votes
1 answer
6k views

10 Trading.com - Fake or not?

I invested small amount of money 5 years ago and then panicked and withdrew it all, 10Trading was the company and I believe they were closed down, however periodically I receive emails suggesting I ...
1 vote
2 answers
477 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 ...
4 votes
0 answers
2k views

I know it's a scam, but what is it?

From time to time I receive a message on Twitter like the following: tavis Login URL...eth0033.c o m login name...Adam1986 password...1986Adam assets≈41BTC Help me transfer 0.7btc to your brother ...
45 votes
5 answers
39k 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 ...
1 vote
0 answers
261 views

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 ...
-6 votes
1 answer
211 views

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 ...
18 votes
4 answers
7k views

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 ...
1 vote
1 answer
163 views

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 ...
0 votes
1 answer
338 views

Trading Crypto With My Bank Account

I want to be a crypto trader and trade cryptocurrencies with my bank account. How it works is the seller would put his coins into an escrow account, the buyer will transfer him the money, and then the ...
11 votes
4 answers
4k views

How do you best explain cryptocurrency to an 8 year old

Background I have a family friend with two kids. When the kids were 1 I bought them shares of stock that were transferred into a UTMA for them, figuring they had enough toys and wouldn't remember ...
0 votes
2 answers
139 views

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 ...
18 votes
1 answer
6k views

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 ...
26 votes
4 answers
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 ...
-2 votes
1 answer
180 views

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?
5 votes
2 answers
801 views

Tax implications of receiving Bitcoin as a gift from abroad

What kind of taxes I would need to pay for receiving bitcoin gift (>100k USD) from foreign relative (Russia -> USA)? As I understand, I would not need to pay any tax at the receiving date, as ...
-1 votes
1 answer
137 views

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 ...
0 votes
1 answer
88 views

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 ...
0 votes
1 answer
91 views

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 ...
-5 votes
4 answers
250 views

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?
0 votes
1 answer
347 views

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 ...
1 vote
1 answer
162 views

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. ...
0 votes
1 answer
119 views

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 ...
-2 votes
2 answers
624 views

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 ...
3 votes
0 answers
73 views

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,...
3 votes
5 answers
5k views

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 ...
0 votes
2 answers
68 views

Remittance from Europe to India EUR - INR

Alright the problem is not as simple as it sounds. Let me explain. I closed my German bank account after moving to India. The bank said they wouldn't do the international transfer to my Indian account ...
1 vote
1 answer
439 views

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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