What is Bitcoin and its benefits

WalletInvestor

Active member
127 35
Bitcoin is very volatile though and you need to have a plan for your investment. You need either a long term or short term idea and then you need to stick to it.
What you say about needing a plan pertains to all kinds of trading/investing. But of course it is important to consider the volatility.
 

HeavLeighGill

Active member
155 33
So I typically have Bitcoin sent to me monthly and then I convert it to USD and send it to my bank account in order to pay bills or buy groceries. Those located in the US probably know that our president is currently proposing to spy on the bank accounts of all Americans and anyone that has at least $600 deposited in one year will be reported to the IRS so that the money can be taxed. This is going to destroy many people that have started their own businesses. This is where cryptocurrency comes in, as the privacy will allow us to bypass the invasion of our privacy and to avoid having our hard earned money taxed even further from the government. They take $300 out of my husbands check per week yet still trying to take more from middle class people. I’m hoping that it doesn’t pass but super thankful for the privacy aspect that is offered by Bitcoin because of this.
 

sebking1986

Well-known member
284 87
So I typically have Bitcoin sent to me monthly and then I convert it to USD and send it to my bank account in order to pay bills or buy groceries. Those located in the US probably know that our president is currently proposing to spy on the bank accounts of all Americans and anyone that has at least $600 deposited in one year will be reported to the IRS so that the money can be taxed. This is going to destroy many people that have started their own businesses. This is where cryptocurrency comes in, as the privacy will allow us to bypass the invasion of our privacy and to avoid having our hard earned money taxed even further from the government. They take $300 out of my husbands check per week yet still trying to take more from middle class people. I’m hoping that it doesn’t pass but super thankful for the privacy aspect that is offered by Bitcoin because of this.
Terrifying that this is a possibility in the States. Fortunately in the UK we aren't there YET but who's to say we won't eventually. With so much money spent in the pandemic on furlough I wouldn't be surprised that they implement something similar to ensure every last penny of tax is paid.
 

Jungletrader

Member
83 14
That it's seperate from the current economic structures that's appealing in itself and free from inflation as per its limited Supply
 

Egads

Junior member
27 4
@Catchpole Yes Bitcoins have a very strong blockchain technology which protects us from fraudsters. But we still need to be aware of scams that are happening. These hackers either try to get the access of the wallet credentials or crypto wallet private keys.
 
 
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