Bitcoin help.

[Ripp]

My fellow Meso members,
I see more and more businesses are using Bitcoin. I am totally new to this type of paying process. My question is, can I use a prepaid credit card (such as greendot) to purchase bitcoin? And also who would you recommend using as an exchange? Any information would be helpful.

 

[Girpy]

https://thinksteroids.com/community/threads/how-to-bitcoin-videos.134359924/#post-1145466

I am not sure on the answer, but pumpingiron22 made a great post with all the information you could need. I would spend some time watching these, personally I use circle.com and just link it directly to a bank account that is always empty and I just move the money I want to buy bitcoin with into it. I found this to be a very easy way.

 

[Ripp]

Thanks Girpy, that's one hell of a link. I wonder why that didn't pop up when I performed a search? Anyway, thanks for the info.

 

[Gearline]

New laws taking into affect so will require you to link your personal information to bitcoin because they want to start taxes on bitcoin.. Not sure how this affects people who use bitcoin for transactions anyone know I'm curious as well...

 

[Big Mike]

I know I just watched all those videos and Im still confused!


Big Mike

 

[Ripp]

Me too Big Mike, wtf? Seems to be a hundred different ways to use it.

 

[Big Mike]

It just ain't for me bro, Money Gram all the way!

 

[Y2JVD]

This bitcoin shit is too complicated. I actually prefer reloadit packs like green dot or vanilla reload it because theres more anonymity with a prepaid pack, but given a choice btw bitcoin and WU/MG, I'd take WU/MG any day

 

[iintensity]

New laws taking into affect so will require you to link your personal information to bitcoin because they want to start taxes on bitcoin.. Not sure how this affects people who use bitcoin for transactions anyone know I'm curious as well...

Taxes on bitcoin? Doesn't that defeat the entire purpose?...

 

[Gearline]

Yes I think it's a way to control bitcoin without regulations

 

[redrum720]

Wait taxes on bit coins oh shit we going down

 

[Millard]

New laws taking into affect so will require you to link your personal information to bitcoin because they want to start taxes on bitcoin.. Not sure how this affects people who use bitcoin for transactions anyone know I'm curious as well...

Taxes on bitcoin? Doesn't that defeat the entire purpose?...

Yes I think it's a way to control bitcoin without regulations

The IRS has already issued guidance on Bitcoin taxation early this year. Bitcoin will be treated as property and taxed as capital gains (losses). It's an accounting nightmare for heavy bitcoin users. Fortunately, there are some apps that may help for those who want to pay taxes:

http://www.forbes.com/sites/kashmir...p-wants-to-help-crypto-investors-pay-the-irs/

http://www.libratax.com/

 

[iintensity]

The IRS has already issued guidance on Bitcoin taxation early this year. Bitcoin will be treated as property and taxed as capital gains (losses). It's an accounting nightmare for heavy bitcoin users. Fortunately, there are some apps that may help for those who want to pay taxes:

http://www.forbes.com/sites/kashmir...p-wants-to-help-crypto-investors-pay-the-irs/

http://www.libratax.com/

Since it is subject for capital gains it should be "protected" in a sense. So if someone like Mt.Gox (whatever it was called) runs away with your bitcoins you can sue them for their value at the time?

 

[Millard]

Since it is subject for capital gains it should be "protected" in a sense. So if someone like Mt.Gox (whatever it was called) runs away with your bitcoins you can sue them for their value at the time?

It could be some nice losses to offset any capital gains they may have.

 

[jymis]

Now if you maintain complete anonymity on the net and the coins are not tied to any of your personal information there will be no tax liability correct? So this would only affect normal users who don't take the steps that dark net users would?

 

[iintensity]

Now if you maintain complete anonymity on the net and the coins are not tied to any of your personal information there will be no tax liability correct? So this would only affect normal users who don't take the steps that dark net users would?

No matter what their still going to have a really tough time proving anything. It seems to be based entirely on the honor system.

 

[Millard]

Now if you maintain complete anonymity on the net and the coins are not tied to any of your personal information there will be no tax liability correct? So this would only affect normal users who don't take the steps that dark net users would?

No doubt bitcoin and other altcoins will be used to hide/store/launder money. Of course, the IRS (and several for-profit startups) will certainly be looking for ways to monitor and link it to personal identities especially when one cashes out to fiat.

 

[iintensity]

No doubt bitcoin and other altcoins will be used to hide/store/launder money. Of course, the IRS (and several for-profit startups) will certainly be looking for ways to monitor and link it to personal identities especially when one cashes out to fiat.

Hey millard, do you use bitcoin for anything? When I say anything I mean nothing illegal such as aas. I see some trade stocks and buy various items such as laptops, tv's etc.

 

[ThatLittleMonster]

Circle makes it way easier to buy bitcoins, but it does need to be tied to a real credit card or bank account in your name. This makes purchasing bitcoins way easier and quicker (once the accts are actually linked, at least) and since they don't exist for you until your purchase them no one can steal them on you. They should definitely be tumbled before they're sent somewhere sketchy, because the tumbling is what obscures the bitcoins from the source to the destination. If Dark Wallet ever gets beyond testing this could solve the anonymous wallets and tumbling problems well, but who knows if or when that will happen at this point. The good news is that the hardest part of using BTC before was just getting the coins, and now that's super easy. The bad news is it still requires some know-how to make it as secure as possible for anyone looking to do something in the gray area.