Coinbase Referral Link: (Purchase $100 or more in Bitcoins, get $10 free bitcoin, I get $10 also)
How’s it going everybody doesn’t beat the bush today i’m going to talk a little bit more about crypto currencies such as bitcoin and etherium now previously as an investor i recommend that you can go on coinbase comm to buy anything from bitcoins aetherium or light coins in that video i recommended to buy a little bit of it but not too much because the price
Fluctuates so much that if it goes up a little bit too much or goes down a little bit too much it’s going to affect your emotion so the way i would go about investing in this it’s just really to put in cash that you don’t really need or care about and you can just let it sit and you know just check back in a year or something this is in terms of long-term investing
Rather than just look at it every single day and go oh my gosh it went up like 10 20 % like it just recently did for a bitcoin people are going to get really excited people are just going to pile in because they think that it’s going to go up some more but the thing is for me i have no idea where it’s going to go and this is the original intention that i think people
Should look at invest in it in terms of a moonshot because you’re going to put a little bit in it hopefully one of these cryptocurrencies are going to hit it big i know bitcoin has gone really high recently so it’s more important to kind of dollar average into it just invest it a little bit at a time and hopefully it’s going to go you know to 3x for bitcoin and
For a syria maybe it can do just as well as bitcoin in the future maybe like in 3 5 years it might be like 10x i really don’t know and i don’t really care actually because i’m kind of investing in it in terms of long term and it’s a moonshot i know i might lose it all or i might gain a lot so this is why i call it a moonshot now if you’re interested in investing
In cryptocurrency yourself a really easy way of course is to go to coin base i have a referral link down below where if you buy $100 worth of bitcoin you get another $10 added on there for you so this is 10 $3 the important thing to know here is that the irs does not treat the increases as capital gains rather they want you to look at this as a property value
Increase so what you can do is whatever amount that increase from whatever you paid when you sell it that’s when you realize the gains for example any amount that you get as a result of buying something which is that $10 i get is actually not taxed any kind of appreciation from the cost basis which is what you paid for this bitcoin cryptocurrency or aetherium or
Whatnot by the time you sell it whatever gains you made on this amount that you bought you have to treat it like property and you have to report this to the irs now let’s talk about legalities here coin base is a really large exchange and yes they would have some information that would be said to the federal government so therefore if you do any kind of buying
And selling a lot this information you can just assume the government has it and therefore whatever activity that you do but this is not like black market or anything you do have to report any kind of gains that you made on chlorine base another thing that happened recently is that bitcoin split into two different cryptocurrency recently bitcoin and bitcoin cash
Originally congress said that they will not support bitcoin cashel therefore if you have bitcoins along with coinbase you’re not going to get some extra bitcoin cash as a split off of that event preview soon after to split they announced to everybody that yes you will get both bitcoin and bitcoin cash for every single unit of bitcoin that you had from before the
Split so i’m glad i didn’t try to pour over my bitcoins or anything i’m just too lazy to do that i’m just like you know i just want to invest and just wait a really long time so i’m really glad that you get to keep both options because you don’t want any money to look be left on the table even if it’s like $1 for bitcoin cash per unit of bitcoin right now is like
3,200 dollars every single bitcoin and even if the bitcoin cash is like $1 $10 or even i rather have it then not have it so like i said if you want to get started with cryptocurrencies coinbase is a really easy way to do it they have a nice web interface you just go on log on you got to connect the checking account to it now in order to fund your account and your
First buy will take quite a while when i bought it it would took maybe like five days before i actually saw the unit of aetherium in my account so you got a be sure to hit you know you gotta wait a little while before all of that processing takes place i hope you enjoyed this refresher on crypto currency and be sure that whatever you invest in it don’t invest too
Much because it’s just going to take away from your sleeping time and make sure this is money that’s over beyond your emergency savings and money that you can just do without it won’t actually affect what you need in order to live from day to day or even once a month or year to year even you need to be way beyond that and basically money that you’re prepared to
Lose completely or gain you know 10x or something whenever there’s an opportunity to invest something you might see that there’s 2 x k and 100 x game you might start to get this greedy feeling i know i personally myself get this whenever i look at something i think about like oh my gosh if i put like 10 times more in it i would have made ten times more there’s
Always this going on and you really have to kind of put the lid on it yourself and really really control yourself from trying to go oh i’m just going to put everything in because you think it’s such a short thing that you you know you put your whole life savings in and you think oh yeah i’m going to multiply my wealth by 10x this is not the way that you should do
It it should be money over and beyond your 1 year worth of the emergency savings and even then you should not put 100% of that in maybe like at most 5% of that portfolio that’s over beyond or less i hope you enjoyed this way of thinking about cryptocurrencies i know it’s a moonshot don’t forget to give me a like on this video comment down below let me know if you’re
Investing in this kind of like a moonshot deal if you’re interested in supporting my channel don’t forget to check out my audible link down in the video description below or you can get a free audiobook and if you don’t like it or the service you can cancel it before the trial period ends you did not have to pay a thing in this whole ordeal and yet you can still
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Transcribed from video
Are Bitcoins and Cryptos Taxable? By BeatTheBush
