Bitcoin help.

Discussion in 'Bitcoin and Cryptocurrency' started by Ripp, Nov 17, 2014.

  1. Ripp

    Ripp Member

    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.
     
    Big Mike likes this.
  2. Girpy

    Girpy Member

    StrongerFaster, jymis and Ripp like this.
  3. Ripp

    Ripp Member

    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.
     
  4. Gearline

    Gearline Member

    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...
     
  5. Big Mike

    Big Mike Member

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


    Big Mike
     
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  6. Ripp

    Ripp Member

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

    Big Mike Member

    It just ain't for me bro, Money Gram all the way!
     
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  8. Y2JVD

    Y2JVD Member

    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
     
    Big Mike likes this.
  9. iintensity

    iintensity Member

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

    Gearline Member

    Yes I think it's a way to control bitcoin without regulations
     
  11. redrum720

    redrum720 Member AnabolicLab.com Supporter

    Wait taxes on bit coins oh shit we going down
     
  12. Millard Baker

    Millard Baker Member

    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/

     
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  13. iintensity

    iintensity Member

    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?
     
  14. Millard Baker

    Millard Baker Member

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

    jymis Member

    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?
     
  16. iintensity

    iintensity Member

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

    Millard Baker Member

    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.
     
  18. iintensity

    iintensity Member

    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.
     
  19. ThatLittleMonster

    ThatLittleMonster Junior Member

    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.
     
    Ripp likes this.