Bitcoin Taxes

[Lucky Dragon]

Interesting video. Opinions and gathering

information are important.

[Synopsis]

Well, OK, the person in the video was NOT wearing the hoodie with CANNABIS printed on the front this time.

 

The rant starts at about 7:45 and the little investors are called "peons" at about 9:45.

 

Good food for thought here.

 

My particular interest regarding crypto "currencies" or "assets" is in anonymity and security in moving potentially significant sums of money. The transaction fees are significant and something to consider in the crypto "currency" or "asset" in and/or out transactions. Apparently, the "whales" and "miners" are the ones benefiting from the in/and or out transactions.

 

A possibly significant beneficial strategy is to "short" the crypto "currencies" or "assets" considering the transaction fees but follow the appropriate taxation guidelines. Tax avoidance is prudent. Tax evasion is criminal. Appropriate jurisdictional tax advise is likely in order to avoid being sentenced to the Big House and having to pay fines that depreciated crypto "currencies" or "assets" can not cover.

 

Ultimately, I really think crypto "currencies" or "assets" are a significant monetary or asset transfer system with money to be had. Care and due diligence, in my opinion, must be exercised here regardless of the "lotto" type gains to be had here. Prudent lotto winners succeed. Typical lotto winners do not succeed.

 

Taxing authorities, like any taxing authority from any country, will want their finger in the potential tax revenues to be had. My opinion is to consider crypto "currency" or "asset" wallets or "coins" originating from a country different from the country that a person is taxed from as their home country for multiple tax jurisdiction implications.

 

I know for a fact that if a person transacts stock from a different country, the IRS in the US wants to have that shown on the annual taxes. For me, the implications have been so small in these instances that no attention could be warranted. However, for significant transactions with crypto "currencies" or "assets" impacting multiple tax jurisdiction authorities, appropriate and relevant advice may need to be sought so that the appropriate taxation practices are exercised to avoid any future legal implications from whatever tax jurisdiction.

 

Just food for thought and my  for potential relevant crypto "currency" or "asset" consideration and impacts.

 

Go Moola Nova!