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Mini data sheet on tax implications for cryptocurrency trading in the United States
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<blockquote data-quote="JayJuanGee" data-source="post: 1108109" data-attributes="member: 5330"><p>For direct transactions, there is also bitcoin meetups, and those will vary from city to city, or creating a local bitcoin's account, which will also vary from city to city.</p><p></p><p>I have been actively using local bitcoin's for nearly 2 years, and I am a bit strict about following the terms of my advert - in part, because I am trying to get customers who are compliant, and I feel that is more likely to weed out scammers.</p><p></p><p>I also have a policy/practice that I mostly follow with my local bitcoins's connections, and that is to conduct the very first transaction through local bitcoins, and thereafter, if I am comfortable with the person, to conduct subsequent transactions directly. </p><p></p><p>I understand that markets can be different depending on where you are at; however, it seems that a overwhelming number of my local bitcoins' connections want to deal directly, rather than through local bitcoins' - even on the first transaction and even though the person who places the advert has to pay the 1% fee. Since I place the advert, I have to pay the 1% fee, but I think that in my area there are so many of the Bitcoin sellers on local bitcoins that only use the local bitcoin service to connect with buyers and they actually convert to direct transactions in order to avoid the 1% fee. I don't have any problem with folks avoiding the 1% fee - and I am kind of the same way, except that I think that it is worth the 1% fee on the first transaction, just to attempt some kinds of screening of possible scammers.</p><p></p><p>Probably about 30% of my local bitcoin transactions resulted in subsequent direct transactions, and maybe about 10% became repeat and regular customers of mine to perform direct transactions on a fairly regular basis. Certainly, results are going to vary, but sometimes when you have a few regular people, it is not always easy to service everyone because they tend to communicate in spurts - rather than a method that would be more spread out and preferred.</p></blockquote><p></p>
[QUOTE="JayJuanGee, post: 1108109, member: 5330"] For direct transactions, there is also bitcoin meetups, and those will vary from city to city, or creating a local bitcoin's account, which will also vary from city to city. I have been actively using local bitcoin's for nearly 2 years, and I am a bit strict about following the terms of my advert - in part, because I am trying to get customers who are compliant, and I feel that is more likely to weed out scammers. I also have a policy/practice that I mostly follow with my local bitcoins's connections, and that is to conduct the very first transaction through local bitcoins, and thereafter, if I am comfortable with the person, to conduct subsequent transactions directly. I understand that markets can be different depending on where you are at; however, it seems that a overwhelming number of my local bitcoins' connections want to deal directly, rather than through local bitcoins' - even on the first transaction and even though the person who places the advert has to pay the 1% fee. Since I place the advert, I have to pay the 1% fee, but I think that in my area there are so many of the Bitcoin sellers on local bitcoins that only use the local bitcoin service to connect with buyers and they actually convert to direct transactions in order to avoid the 1% fee. I don't have any problem with folks avoiding the 1% fee - and I am kind of the same way, except that I think that it is worth the 1% fee on the first transaction, just to attempt some kinds of screening of possible scammers. Probably about 30% of my local bitcoin transactions resulted in subsequent direct transactions, and maybe about 10% became repeat and regular customers of mine to perform direct transactions on a fairly regular basis. Certainly, results are going to vary, but sometimes when you have a few regular people, it is not always easy to service everyone because they tend to communicate in spurts - rather than a method that would be more spread out and preferred. [/QUOTE]
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