I jumped in recently too with a VERY small amount. My friend has been nagging me for several years to do it and I finally gave in. Very easy to purchase through Venmo. I am doing a set small amount each week. Just gambling money!
GBTC and ETHE (Bitcoin & Ethereum)close end funds are available in my iras at Td Ameritrade.
Currently at a discount and maybe an easy way for others to get crypto exposure through their existing brokerage.
I bought some Bitcoin early the year via the Cash app. It's been pretty volatile but currently up about 20%.
What is the "Cash App"?
It may be a Patriot Act requirement but still not something I would do to buy crypto, not that I would buy crypto anyway.
My thinking is that it is an interesting topic. At this stage we don't need another account with another asset to track. But I think your course is prudent. Why not try something to see what all the noise is about?
I bought a small amount of crypto ($1K) through PayPal in late 2020, split between their 4 offerings. I’ve since recovered my initial investment and am waiting to see the 1099-Bs that PayPal will send. I won’t sell any more until the tax at LTCG rates kicks in.
After that, I’ll treat it like cash back rewards, just occasional sales if/when it rises.
It’s been interesting to follow the price swings.
Ok...Found it with Google search.
Can anyone familiar with this process describe the steps?
My fear with buying direct is that a hacker will access the transaction and gain access to my BTC.
I would think there would be a certain amount you can sell and not have to pay taxes on.
List like working at a job. There is a certain amount you can earn without having to pay taxes.
Not very much though.
What is the "Cash App"?
Cash App is a peer-to-peer money transfer service developed by Square Inc. that allows users to send and receive money. This service can help you send your share of utilities to your roommates, pay friends back for coffee, split the cost of a trip or any other money-sending task you want to accomplish with other Cash App users. Cash App also functions similarly to a bank account, giving users a debit card — called a “Cash Card” — that allows them to make purchases using the funds in their Cash App account. The app also allows users to invest their money in stocks and buy and sell bitcoin.
I bought some Crypto through Coinbase. I subscribe to a crypto newsletter for guidance since there are too many cryptos to choose from! It’s wise to know which crypto’s are scams and which are legit. I like Coinbase because one can earn free crypto just by learning about it and taking a few quizzes. Also Coinbase has a built in digital wallet so one doesn’t have to jump through hoops installing a digital wallet on a separate platform. It’s best to store your cryptos in a digital wallet/vault as hackers can steal cryptos if they are not stored in a vault. I have a small position and have so far have doubled my investment since I started 6 months ago. But it’s wise to adhere to the advise of not investing more than you are willing to lose! Good luck!Bought $500 in crypto (split between BTC & ETH) today as a starting point and will continue to allocate 1% of gross earnings per month. My gut tells me it has reached a point where I can no longer ignore it. Where are you in your thinking or already established journey with crypto? Curious to hear from others on this topic!
If they require DL info, do they at least have a secure message service. Putting it in an email seems risky but I think I have provided DL # on various web forms for established, well known recipients.
Couldn’t someone at vanguard or fidelity take your money too?
This forum sounds like what folks were discussing when the stock market was invented.
Just look at the historical returns of Bitcoin the last 10 years.
Would spending it on something be the same for tax purposes as selling it? Not sure if crypto is considered a currency or just another asset class like a stock.
Bought $500 in crypto (split between BTC & ETH) today as a starting point and will continue to allocate 1% of gross earnings per month. My gut tells me it has reached a point where I can no longer ignore it. Where are you in your thinking or already established journey with crypto? Curious to hear from others on this topic!
Out goes the window one of the crypto tenets - anonymity.
Crypto is considered ‘property’ same as gold so technically any transaction is a taxable event today
Just look at the historical returns of Bitcoin the last 10 years.