Bitcoin; Reached Gold Parity @ $1183. ~ Page 10 - Then a $200 drop in 1 Hour, Page 11. Hmmm...

If you got paid in BTC, should you report it to the IRS? Can they tell it was paid to you if you plan on holding long term?

It's a commodity according to the CFTC. Therefore, you only report the capital gains when you sell.

Of course, you could lose it all in a canoe accident, or electrical brownout...

That would apply if you bought it yourself. If you received it as income, wouldn't that need to be declared? Could that be tracked to the individual?

If you received it as income - the IRS would most likely want taxes based upon the fiat value of the coin at the time you received it and then again at the time you sell as either a gain (if BTC increases - or [good for you a loss] if BTC decreases).

However there is no way to associate income of BTC to an individual until it is actually sold as fiat.

I've had discussions with countless Accountants over the past 2 years. Most of them knew nothing about Bitcoin until I divulged. Every single one of them told me that it should only be reported as gain or loss like commodity.

No, no, no! You don't actually hold the bitcoins on YOUR computer. The bitcoins are held on the blockchain, and there are thousands of copies of the blockchain all over the world.. Your private key paired with your public key is how you prove ownership of bitcoin. Your house can burn down, someone can steal your bitcoin and you still can get them back as long as you know, or have recorded in a safe place, your private key.

You can even put your private key in a special wallet that can rebuild itself from scratch using a 12 word seed key.

All you people posting on here with your bad information are really pointing people in the wrong direction with Fear, Uncertainty, and Doubt. Quit FUDding around. Don't trust what you read on these forums, do your own due diligence.
Buy bitcoin and be happy in the future. You'll see.

Can anyone tell me what the price of 1btc would be if all the US currency in circulation now was btc?

I have friends that have Hundreds of thousands of dollars in BTC.

It is incredibly difficult to sell. Tiny market, lots of scammers, banks cracking down on money laundering regulations.

Do not buy because you think it will raise in value and you can sell it all off to be rich.

Really only invest in it as a back up.

According to the Federal Reserve ( [link to fred.stlouisfed.org (secure)] the current M1 Money Supply is approximately $3.3 trillion. This includes cash and checking accounts.

The hard limit on the number of Bitcoin that can exist is 21 million (you can still have like 0.03 BTC if you want, there's almost no limit to how small you can subdivide it).

So, if the total value of all Bitcoin were $3.3 trillion, and we divided that by the 21 million BTC, that would give us:

3,300,000,000,000 / 21,000,000 = $157,142.85

So there's your answer! If BTC magically replaced the US dollar, then it's value would be at least $150,000. In fact, it would be more because I didn't include the M2 or M3 money supply (which count things like money market accounts and treasury bonds).

Thank you!!

Here's a Joe Schmoe blue collar man near his retirement talking Bitcoin and how it's protected his wealth-- he's survived a divorce and lots of greedy vultures. Learn from this guy, you don't survive to old age by being a dummy!

An interview with Vention - [link to www.youtube.com (secure)]
Him talking about BTC - [link to www.youtube.com (secure)]

Thank you!
2% Of that is around $3000.....

Bitcoin is at ALL TIME HIGH - currently $1168 on coinbase.

It's subsequently just $5 USD short of an ounce of gold per BTC.

Bitcoin gonna flop cause transaction take too much time.
Transaction should be like 10s max.

LOL, perhaps if you want to make it a currency as opposed to a value storage that it currently is. The first submission of transaction is near instantaneous however, it does take at least 1 block for network submission. The greater usage the longer it may take depending on the fee you submit for miner inclusion of your transaction. This is a current debate in the BTC arena. Increase block size to allow for more and faster transactions or leave as is with the fee structure to in essence create a bidding war to have a transaction included in a block. As the coin matures and reward for block finding decreases fees were designed to increase so that mining incentives would continue.

Reciept on Purchase of Currency ? ! !

true dat. $1188 now, using the Chinese Exchanges USD value. US Exchanges still have yet to catch up - about $25 bucks behind.. Arbitrage opportunities.

You don't.. you either trade for goods or sell bitcoin to some other retard and keep the system afloat.

Bitcoin is ingenious.

You hand over your money and instead of getting anything tangible you get the most limited form of matter contained at the quantum level.

The Chinese are milking everyone hard on this one.

I told you shitcoin was a scam.

It crashed over 200 points.

Actually closer to a $300 dollar drop in less that 24 hours.