The AchieVer Posted December 29, 2018 Share Posted December 29, 2018 Bitcoin investors in the United States are selling off their crypto to pay off capital gain tax. First-time investors in Bitcoin are faced with large capital gain taxes from the profit they made in 2017. Reports show that they are now selling off quickly before they file their April taxes. You’ll recall that the IRS made an announcement in 2014 that cryptocurrencies are defined as property and not currency. The CEO of ARK Invest said in a quote: “Those who have never paid taxes before are shocked. Many people gained a lot from cryptocurrency last year but currently, do not have enough cryptocurrency to pay taxes for their last year’s gains.” Also, the founder of OnlineTaxman.com, Vincenzo Villamena said that people have realized that they are stuck with large tax bills. They are either preparing to pay or selling off the cryptocurrency. How Does Selling Off Cryptocurrency Help People Avoid Paying Huge Taxes? If an individual buy and sells Bitcoin within the same year, the person will be taxed on short-term capital gains which can be as high as 39% depending on the tax bracket. Airdrops and Bitcoin mining are also being taxed. However, they are taxed as ordinary income, and so the rate depends on the Individual’s tax bracket. However, when a person holds on to Bitcoin for more than a year before selling, it will only be liable for what the IRS refers to as long-term capital gains. The rate for this kind of tax is significantly lower from about 15 to. 23.8%. At the same time, Google announced banning all cryptocurrency related ads pushing Bitcoin prices to an all month low. The volatile cryptocurrency fell by $500 within a six-hour space. This isn’t a surprise since cryptocurrencies are highly susceptible to troughs in values and spikes. source Link to comment Share on other sites More sharing options...
dMog Posted December 29, 2018 Share Posted December 29, 2018 no the real reason is over evaluation and manipulation for profit by the biggest players in cryptocurrencies...almost every single financial advisor in the world that an honest broker advised people to stay away from cryptocurrencies as for this reason and that any investors were putting their TOTAL cryptocurrency investment into something the bottom WAS GOING TO not maybe going to but WAS going to drop out and therefor become a devastating loss for them...and yea...that happened... this was not a sell off to pay taxes owed as this was a world wide issue and not just usa residents who pay taxes there..people and companies all over the world lot almost everything...some were dumb enough to have so much invested they were ruined Link to comment Share on other sites More sharing options...
straycat19 Posted December 29, 2018 Share Posted December 29, 2018 Cryptocurrency has created many new jobs in both the government and private sector. My daughter went from working in the treasury department to bank secrecy investigations, tracking bitcoin transactions and other possible illegal use of banking channels. Link to comment Share on other sites More sharing options...
dMog Posted December 29, 2018 Share Posted December 29, 2018 https://www.independent.co.uk/life-style/gadgets-and-tech/news/why-bitcoin-crash-cryptocurrency-price-spike-study-market-manipulation-tether-a8397051.html Link to comment Share on other sites More sharing options...
franco46 Posted December 29, 2018 Share Posted December 29, 2018 I don't think bitcoin can be regared as currency. It is only a commodity and the value is decided by speculation. Once, no one wants it. It will surely be worthless. Link to comment Share on other sites More sharing options...
AronKuiz Posted December 29, 2018 Share Posted December 29, 2018 5 hours ago, straycat19 said: Cryptocurrency has created many new jobs in both the government and private sector. My daughter went from working in the treasury department to bank secrecy investigations, tracking bitcoin transactions and other possible illegal use of banking channels. Yup, this one biggest impact a lot of money laundering money go through Bitcoin transaction in here now government hire many people to specialize to learn about it Link to comment Share on other sites More sharing options...
Suresh PK Posted December 30, 2018 Share Posted December 30, 2018 @The AchieVer Dude, You can't make the Bitcoin price higher because these kind of words. I think you are holding bitcoin and looking only to go upside. Never ever believe like that. Those who holding BTC and looking for more upside they will get pain. even all the world markets will get pain sooner. Link to comment Share on other sites More sharing options...
The AchieVer Posted December 30, 2018 Author Share Posted December 30, 2018 6 minutes ago, suresh.hacker said: @The AchieVer Dude, You can't make the Bitcoin price higher because these kind of words. The words of the above posted article are of the author . I read it and posted here for everyone to read. However, you are free to post your comments with the author. Regards Link to comment Share on other sites More sharing options...
Suresh PK Posted December 30, 2018 Share Posted December 30, 2018 11 minutes ago, The AchieVer said: The words of the above posted article are of the author . I read it and posted here for everyone to read. However, you are free to post your comments with author. Regards OK. Why I said like that because Here (in India) people made some extreme commitment based on BTC. they made some MLM based BTC earnings and tradings. Even most of the cryptocurrency based MLM business going (Not only in India all over the world I'm seeing, "Invest this much and earn this much BTC's"). So If any products goes in that kind that'll surely will get affected more severe. I'm seeing near ground level of BTC or any other Cryptocurrencies in the future after that it'll get make some gains. but we have to wait. the year 2019 will be extremely painful for all Cryptocurrencies and other markets. Link to comment Share on other sites More sharing options...
The AchieVer Posted December 30, 2018 Author Share Posted December 30, 2018 5 minutes ago, suresh.hacker said: "Invest this much and earn this much BTC's"). This is not trading but perhaps, mere speculation and digital gambling . Well , everyone has their appetite for risks and subsequently the gains or if i may say THE PAINS. Link to comment Share on other sites More sharing options...
Suresh PK Posted December 30, 2018 Share Posted December 30, 2018 @The AchieVer Yeah Dude, No doubt Link to comment Share on other sites More sharing options...
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