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Bitcoin
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PLO NW MN
Posted 3/6/2024 08:40 (#10653782 - in reply to #10653294)
Subject: RE: Bitcoin



NW MN
Jusolson - 3/5/2024 20:20

humblefarmer - 3/5/2024 13:58

So if you buy in and say make $5,000. How do you get that $5,000 out and into my hands?


Its quite easy, you would have used an exchange company to first buy the bitcoin. Coinbase is a popular one. After depositing dollars into the account you are free to buy any crypto you want. If, after making your 5k, you simply sell the crypto back, converting it back to dollars and transferring back into your bank account.

Think of it like getting money out of the commodity futures markets. Same thing really.


Lost in all of this is the tax implications. If bought $5,000 of crypto and it gains value to $25,000 and I spend $15,000 in crypto without going back to a fiat currency(USD or whatever) how and when does that gain get taxed? Not that much crypto is actually being spent as currency without getting first converted to fiat.

I believe there were bills being put forward to tax unrealized gains in stocks or other investments that don’t get sold. I don’t see that happening.
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