Risks & Basics of Cryptocurrency (Bitcoin, Litecoin & Ethereum)



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34 Comments

  1. U.S. citizens: every bitcoin sale is liable for capital gains taxation. This includes making a purchase with Bitcoin — a purchase is considered by the IRS as first a sale of Bitcoin to USD which is liable for capital gains taxation. Therefore, Bitcoin will never be a viable currency for U.S. citizens.

  2. I'm from Canada too (Calgary). Getting into it seems pretty straightforward, but how do cash out? If I can't sell in Canada, then how do I get around that? Will any profits you gain be counted as taxable income? Thanks!

  3. Glad to see you've updated your believe system on crypto, Rich. I was a little disappointed by one of your previous videos that shit on it, though truth be told, when I looked at the datestamp on that video, I get it. Quick tip though: for Canadians, purchasing bitcoin via Quadriga might actually be cheaper than Coinbase given the higher exchange price and the higher fees. Take a look at the price breakdown before you pump more money into it, you might save a few bucks.

  4. This is the for community of red pill brothers, buy Dogecoin and Ether right now cause both are going to the Moon!! Not sure about how safe keeping it in a Nano is because the company spits out the seed words for you which I find weird because we should be able to do that ourselves and heard of people actually losing their coins from that hard wallet..

  5. If you look at software developer job listings, EVERY bank in the world is hiring developers/mathematitians/computer scientists for internal block chain projects. they are literally out of talent. those projects are huge. block chain is here to stay. but obviously these vampires are trying to push a monopoly in block chain and gain power over cryptos. ridiculous. 😀

  6. It's insane. I made 7% in a single day this week with Bitcoin.

    Not something to put your life savings in but if you have a few spare pennies lying around it's a good punt….with lots of growth potential.

    I would like to see some "baskets" of these currencies in a regulated fund structure (or something at least set up like one) to spread the risk around. Still early days for many finance professionals though and not everyone even really understands how it works.

    Blockchain in one form or another is going to become standard in the future – it's cheaper, faster and low in cost than current methods – and more secure. Crypto currencies are another matter though. They are hard to control for governments and banks so they will usually be against it or will want to have their own say/set up their own.

  7. So glad you put this topic. Big thumbs up!!👍👍👍 Have been in this for 2 months. My god, what a wonderful ride with BTC and recently LTC🚀🚀🚀 😄😄😄

  8. been so afraid to put my bank and ss# and basically my life to sign up with coinbase, even though thousands have done so already, I have used Virwox and paxful some, can anybody rest my fears???

  9. It's a bit confusing, for sure.
    You have Ethereum and Ethereum Classic, Bitcoin and Bitcoin Cash and Bitcoin Gold. While my understanding is that they are not the same currency, they are probably related?
    Can anyone help me understand?

  10. I can understand the fever. You put in a low amount of money & millions coming back. Like the lottery. But who's paying for that? How is it NOT a Ponzi scheme? People say it isn't, but the few things I've looked into say it isn't a Ponzi, even though it still very much looks like a Ponzi.

    And what does that say about our society? If you have a few bucks & you can turn that into millions, why would you work? Who's going to pick up the trash or do law enforcement if we're all out buying McMansions & Lambos via these Pennies from Heaven?

    Remember what happened with books & music? It went digital & then the paper versions got very expensive! If it all moves into the digital version, suddenly your millions may only be hundreds of thousands, or even less! So everyone can walk around saying they're a millionaire or have tens of millions in the ethersphere, but if standard currency is gone there's nobody paying you & you have to pull from your cryptocurrency reserve, probably suffer some really shitty exchange rights.

    There are no solutions. Everyone that complains about a problem & offers up a solution, just finds they've traded one set of problems for another. I'm single & lonely. Let me get married & have kids. Windows sucks, I'll switch to Linux. And on & on.
    Each of these has their shit-ton of awful issues & do not equal the land of milk & honey when going for "the solution".

    I'm not convinced that this cryptocurrency is replacing anything for long. For one, the banks, according to a Japanese news report I read, states that cryptocurrencies account for 1% of the quadrillion in world captial. What's to keep JP Morgan and other banks from making their own that also has insurance & the backing of banking industry & govt behind it? If people are just hunting for the bottom dollar value (as you can see now that people are thinking bitcoin is too high, so the other alt coins are inflating).

    So far it looks like everyone will have millions & it'll cost you half a million for a cup of coffee. Somehow that money is going to look high & have that illusion behind it, but it's not going to be high. It is now, if you're cashing out, but I don't think it'll last. Because it doesn't make any sense: you still have Joe Schmoe putting in a few hundred bucks & pulling out millions, which still doesn't make any sense at all.

    My own FOMO is pretty high, so I'm going to be dabbling in all of this as well, but I've made nothing yet & I'm not taking out a second mortgage to buy bitcoin with. Someone has to be losing at this game, but no one knows who it is yet. Easy money & get rich quick schemes are always perilous…otherwise, why wouldn't we have more multimillionaire Joe Schmoes in the world?

  11. like you got to stop and think, if your going to say fiat blah blah then the best type of real money is gold and silver, but thats not in a massive bubble, strippers arent buying it because they are so smart. what is a bitcoin? you actually own nothing but it keeps going up so people cant resist it, its called greed. you might get rich in the short term but this will end in tears, i have never heard something this stupid since what people were saying in the dotcom bubble, but this time it must be different……

  12. this is going to be the biggest loss of wealth for people buying into this crap, people are not buying it for reasons of fear of govt or central banks, they are buying it because its going up. your going to lose your hat over this, but you have let greed take over rational. "updated my belief system" more like "i saw it going up and couldn't help myself"

  13. Also this video makes me think of the stock market and how values of something can have volatility and the more attention something gets, the more it drives up in price. So…… you must ask yourself, in the world of money making; is it better to "be rich" on paper as in having bitcoins that are worth X amount, OR… becoming a broker for crypto? I've seen a number of cryptocurrency brokers popping up… and damn, gotta say.. might be a nice side hustle during this boom. 
    deep thoughts

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