Can Bitcoin be taxed…?

Bitcoin be taxed?

A big question we often get here at is “can Bitcoin be taxed?”

A simple answer is YES and if you try and hide from the IRS or your local taxing authority you are going to get caught. So to simply put it, don’t try. As many people are still under the mis-conception that Bitcoin is anonymous and cannot be tracked, which could NOT be further from the truth.

True, the Bitcoin transactions do not display your name but it doesn’t take one long to trace back your steps and find out where the Bitcoin(s) came from and whose name is on it or who has been holding the coins and what locality there are located in. (A lot of this can be that can be traced with your IP address).

Now if you want some anonymity you could install a Blockstream satellite and then, even your Internet service provider (ISP) will not know you are trading/holding Bitcoins. This is a new service that was recently launched by Blockstream. (Note: However it is extremely technical to set this satellite up). So now even if the internet goes down you can still trade move your Bitcoins without the need for the internet.

However, it should be noted that the internet today, runs so many things, that IF it were to go down; it would disrupt a lot more that just your Bitcoin transactions.

We get many questions on whether Bitcoin is legal or illegal to own and to purchase. So rather than answer this question here we will encourage you to watch this 2 part video.

In the middle of December 2019, everyone was asking us if Bitcoin was dead? At which point we suspect you probably should have been looking to buy rather than asking if it was dead. As the price had not been this low since the middle of May 2019. While we cannot offer any trading advice, it appears this may have been one of the lowest trading points in the past year to buy.

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