Bitcoins - digital currency
Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:
- Bitcoins can be sent easily through the Internet, without having to trust middlemen.
- Transactions are designed to be computationally prohibitive to reverse.
- Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.
Total size 5,811,700 BTC
or 4,585,431 USD
or 3,545,137 EUR
or 133,094,323 RUB
or 3,849 ounces of gold
Any value to this idea or will it never work?
Gg
I put all the new ETFs on my watchlist to see how well they track the BTC price and each other and it makes no sense, right now:
ARKB +2.94%
FBTC +2.94%
HODL +3.05%
BTCW +2.23%
BRRR -15.32%
IBIT -14.03%
I don’t know where you’re getting your data but I see since inception:
ARKB -14.84%
FBTC -13.78%
HODL -14.61%
BTCW -14.68%
BRRR -14.96%
IBIT -13.55%
They are actively managed which can lead to variation and ETF’s can still trade at small premiums or discounts to NAV.
I didn't post 'since inception' numbers, but daily numbers. Is this discrepancy a result of differing settlement times?
I have a friend who has btc on Celsius. Do they need to do anything other than keep their contact info up to date?
I have a friend who has btc on Celsius. Do they need to do anything other than keep their contact info up to date?
I only had $200 left on there so I don't pay attention but they've sent 20 e-mails in 2023 about what's going on, maybe have your friend read some. Also they tweet updates at @CelsiusNetwork.
I never used FTX and had no money on there, but I had an account so got all their liquidation and bankruptcy emails. Agree, tell your friend to read. Also tell him not to get scammed with fake emails from 'them'
Great thanks everyone.
Finally got out of the GBTC I was holding in my Roth since March 2020. Will look to roll it back into FBTC in 1-2 months or a 30-32k price level whichever comes first.
Feels very grimy (and riskier) sitting in a MMF right now than Bitcoin but Barry/Grayscale can get bent with their 1.50% management fee.
Finally got out of the GBTC I was holding in my Roth since March 2020. Will look to roll it back into FBTC in 1-2 months or a 30-32k price level whichever comes first.
Feels very grimy (and riskier) sitting in a MMF right now than Bitcoin but Barry/Grayscale can get bent with their 1.50% management fee.
I'll be curious to see what your re-entry point it. I sold all my GBTC a few days ago, price went up like $200 shortly after, and that's all it took for me to put the entire thing back into BITB. That's why I don't trade, just buy and hold,.
Had a bit of a personal revelation yesterday. Over the last few years there have been numerous times where I have wanted to gift people(direct family) bitcoin, but I can never get them to the next step (obviously.) Like 0-5 on attempts. Also not really feeling the coinkite open dime option, just feel it is something else to throw in a drawer and never see again.
Then it dawned on me that there is a very simple solution, and now that is what I am going to do: Since we're still so early, I am simply going to gift them $XXX in bitcoin and hold it for them until they are ready to take control of it.
A question I have for here is what would be the best way to go about that without creating a legally taxable event in the future?
A question I have for here is what would be the best way to go about that without creating a legally taxable event in the future?
Taxable event for who?
Give it to 'them'
They receive it at the price it was when they received it. So if it's today, their acquisition price is $43,000.
If they sell it in 2 years at $143,000, they need to pay cap gains on 100k.
I'm not sure how their receipt of the gift itself is taxed, nor your giving of the gift.
I mean if I give them the gift, but then hold/custody it for them for years, when I give it to them later *physically/digitally* doesn't that create a taxable event? Maybe(probably) I'm just being dumb, but want to avoid what seems completely avoidable.
Edit: Take $500 for example. If I buy it for them and it is then at 5K when I give it to them, I could just give them 5K tax-free as a gift. But what if it goes over the 18k tax-free gift limit? Ideally, I would also rather give them the actual bitcoin in the end. Fire up a Coldcard and send when the time is right.
What does "give it to them" mean? How are you holding it for them?
Are you just making a note to yourself that X amount of your BTC belongs to them, or are you going to make a separate address for them and give them access to the address somehow?
I mean if I give them the gift, but then hold/custody it for them for years, when I give it to them later *physically/digitally* doesn't that create a taxable event? Maybe(probably) I'm just being dumb, but want to avoid what seems completely avoidable.
Edit: Take $500 for example. If I buy it for them and it is then at 5K when I give it to them, I could just give them 5K tax-free as a gift. But what if it goes over the 18k tax-free gift limit? Ideally, I would also rather give them the actual bi
I think if you give it to them now, and record the public address they own it at, although you have the private key, it's legally theirs.
What does "give it to them" mean? How are you holding it for them?
Are you just making a note to yourself that X amount of your BTC belongs to them, or are you going to make a separate address for them and give them access to the address somehow?
I'm essentially giving a note to them that I have given them $500 in bitcoin and they can have it whenever they want/are ready.
I think if you give it to them now, and record the public address they own it at, although you have the private key, it's legally theirs.
Here is where I am now. My bitcoin is KYC. I would ideally like for them to have their own bitcoin that I buy for them now and give to them later.
I am starting to think I can just fire them up a coldcard now and send to that and be done with it. I even have 3 Nano S's sitting in boxes I never opened that I could use(though I know why I will never be using them personally)(maybe shouldn't subject family to them either)
I don't think the nano s has enough memory for the recovery feature fwiw. Need X or S+
Ooh is that a feature not a bug? That would be swell. I was considering them bricks.
How is it done in El Salvador? Maybe a similar process in the US?
I mean if I give them the gift, but then hold/custody it for them for years, when I give it to them later *physically/digitally* doesn't that create a taxable event? Maybe(probably) I'm just being dumb, but want to avoid what seems completely avoidable.
Edit: Take $500 for example. If I buy it for them and it is then at 5K when I give it to them, I could just give them 5K tax-free as a gift. But what if it goes over the 18k tax-free gift limit? Ideally, I would also rather give them the actual bi
The $18k gifting limit is irrelevant for actual out-of-pocket tax purposes. If you cross that limit, it triggers a filing requirement, but unless you exceed the current lifetime exemption of $13.6 mil to the individual, you won't owe any tax. This filing simply tracks total gift purposes towards the lifetime exemption.
It's also an annual limit. You could theoretically gift someone $18k on 12/31/24 and $18k on 1/1/25 and not trigger a filing requirement for either tax year.
I'm not sure if you're married, but if you are, that basically doubles your annual gifting limits without triggering the gift tax return filing requirement. I.e., you could gift an individual $18k and then your wife could gift that same individual $18k. In that situation, neither of you would have to file a gift tax return, as the IRS evaluates it on a by taxpayer basis so a married couple is considered two taxpayers for that purpose.
^ the lifetime limit is for *all gifts to all individuals* in aggregate.
27offsuit would be best off sending Bitcoin to individual wallets now so that if the price rises substantially in the future he can say he transferred it at today’s valuation, reducing his “lifetime gift” total compared to if they don’t formally take possession until BTC is $250k or something.
If someone is getting free money/Bitcoin, paying 15% long-term capital gains (up to $500k profit) is the least of their concern.
Yeah, that’s my bad. Thanks for the correction.
Seems like his main concern is the people not giving a **** to keep up with their wallet info. But I guess if he sets up a wallet in their name then keeps control, he can accomplish the same thing. Although, it could be argued the gift hasn’t been given until the receiver has control.
Another caveat is the current lifetime gifting exemption is set to expire at the end of 2025. Prior to the 2018 tax law changes, the lifetime exemption was around $5.5 mil. The 2024 presidential election will decide where tax law goes from here, but it’s possible the current lifetime gifting limits are cut substantially.
Also, the 15% bracket isn’t up until $500k long-term capital gain profit. That threshold ($583k MFJ for 2024) is based on total taxable income for the year. There is also a 0% long-term bracket up to $94k taxable (MFJ). There is also a 3.8% net investment tax over $250k AGI (MFJ). + state tax where applicable.
And those are current annual thresholds, so could also spread it out, if price movement allows.
tyty both. I think the 3 unused Nano S's I have will be perfect for this.
