I'm sure a lot of people will be shaken out as bitcoin goes down in price during this Bitcoin and cryptos bear market I held through 2 bear market cycles in bitcoin (and cryptos) I was unprepared during those times and lost all profits on the first bear market (-85% peak to trough bitcoin price) Lost 90% of crypto portfolio value and net worth on the second bear market This time around, I'd like to think I'm ready for this bear market no matter how low bitcoin price goes to or if this bear market lasts 5 years ------------
@johnarb How can I get my BTC into USD for my PayPal account and then I can pay on the internet like a normal person instead of a drug dealer ? Is this already possible ? It is 2022 they should be able to do it ? Why are they blocking something trivial like that ? Ever thought about that ????
It's a PayPal issue PayPal has not enabled cryptos withdrawal to outside wallets, yet. Robinhood may have already enabled it Anyway, PayPal is great if you link it to a Coinbase account. You can transfer up to $15K instantly anytime or day One time I was at a casino around midnight, transferred $ from Coinbase to PayPal and within 1 second of hitting send, it was in my PayPal account and used my PayPal ATM card to withdraw $ from the ATM
As rudimentary as this might sound, I see a problem when you buy something with a Crypto. It would be like buying with a foreign currency. Even though the value of both USD and BTC fluctuate on a daily basis, I don't have to worry about using USD at a place where the product is marked in USD. For example, if I go to McDonalds, I would pay $5 for a burger today, tomorrow, and the next day until McDonalds raises the price. This would not be so for Crypto. It could be $5 today, $7 tomorrow, and who knows what the next day. So why should I be paying for things in my own town as if I were a foreigner? That's too much trouble.
uh, and how about the tax implications of SELLING your BTC when you pay for something with it ? No one mention this ? IRS is your friend
I guess you did not like my answer so you replied to someone else Being able to spend bitcoin is an option and not forced on anyone I realize this is something that is not available with your other investments, i.e. if you own 1000 AMZN shares and wanted to impulse buy a Tag Heuer watch using 4.3 AMZN shares But you have the choice if you own 0.31 btc to spend on the same watch A correction, normal daily fluctuation of btc is 5% up/down, so the price difference of that $5 burger is a measly 25 cents, let's not exaggerate ---------- There's a few services that you'd want to use bitcoin as payment to preserve privacy i.e. VPN, VPS and prepaid cell phone (that's why I can't be hacked sim-swapped been on prepaid unlimited data and minutes for over 10 years with a fake name) Also, something you'll never know until you use bitcoin as payment is the idea of instant settlement Using a credit card drives my OCD to a high level, having to wait for the charge to show up and having to pay the balance several times a month so it's $0 balance for a few days unitl another charge shows up --------- So just to say it again, Bitcoin is an investment asset that has many features. Look up my reply post to you If you just want to buy Bitcoin low and sell Bitcoin high like other boring investments, i.e. AMZN shares, you can do that too
Pay your taxes, Jack. Don't get caught doing bad stuff, you're too old to go to jail https://www.softwaretestinghelp.com/best-crypto-tax-software/
All these adoptions are good for holding an investment asset with many features, Pekelo It makes BTC much more valuable, but I'm sure you already know that Especially the killer app for Bitcoin as collateral Imagine getting $100K in your bank to spend while waiting for the bull market without having to sell or spend your Bitcoins Imagine being able to buy a house 100% backed by your Bitcoins on the next bull market when btc is worth $200K each without having to sell your Bitcoins
When I buy something its with good old fiat, already taxed to death. When you buy something with bitcon, you pay twice as much for it as your cost basis is only $100, you were early right . And you never bought any con after the first 50,000 block .