wotzgoingon wrote: » Sorry for the N00b question but near the start of this thread someone said do not leave coins on exchanges which is what I have been doing. Where do I store them so?
Dohnjoe wrote: » Don't put in more than you can afford to conceivably lose Don't leave coins on exchanges Don't move very large amounts in one go Do make a plan before you buy and stick to it (rational buying over impulsive buying) Do research the coin you will buy Do print out and save records of your purchases (if you are going to pay tax on it down the line)
LoLth wrote: » A thread for users to post their advice / observations. How should a newcomer to the topic choose a cryptocurrency to invest in? How would an investor even start a risk assessment? What hardware should a miner look at sourcing to start? Prebuilt or custom/self build? etc Please post your opinions here to help the community. those wishing to discuss a particular aspect should create a new thread and post a link to it from here (this way the advice stays in one place and easy to read while the side discussions can take place freely without any restrictions of staying on the topic of basic/beginner information)
DO take profits
Any information should be checked, so as not to lose your money because of your own credibility.
Thanks
Has anyone here sent their crypto gains about 5-6 digits to their bank account?
How did you prepare it with regards to the bank? Did you have to hire an accountant re tax implications?
Send the cash or crypto to me first and I'll check it out for you.
All serious I think it's up to you to file the tax and if you don't the bank may look into why you had a large figure moved in account from a crypto exchange and may rat you out and you will be in worse trouble then.
It cost me .0005 BTC to move .0091 BTC from binance to trezor Model 1.
So about $30 to move $600.
Are those fees normal?
That sounds way too high. Should cost you no more than $5 BTC network fees currently. Does it tell you what portion of that is Binance or Trezor fees?
Yep agreed. Best thing to do would be file the tax and simply be honest here. I would contact my bank prior to transferring large amounts in 5-6 figure range, let them know what you intend to do. Banks are required by law to report large transactions (I think over €20000) as per anti fraud/corruption legislation.
Don't trade your BTC
FIAT->BTC👍️
BTC->ALT 👎️
ALT->BTC👍️
BTC->FIAT 👍️
ALT->FIAT👍️
It look liked it was all binance fees
Fees vary wildly depending on the coin. I have transferred a lot of Tron coins to my ledger wallet from Binance for cents but the ETH fees mean that it’s not economical to move those coins at present. I only have a couple of hundred Euro and the fees were mental.
I have not yet withdrawn this amount of bitcoins, but I plan to. Did you hire an accountant after all?
Never ever reveal your backup phrases. It seems that people shares that and losses a lot lately. Don't fall for such scams when you receive an email.
That was fun reading.
thanks for the tips
would there be more such posts thoughts to share will be intretsed to read.
Best ask the questions and I'm sure someone will know the answers.
It depends on the license and what it’s for. For example to launch an app on a chain you can need a valid license or stake in that chain but again it depends on the chain and how they work.
How should a newcomer to the topic choose a cryptocurrency to invest in?
I personally have started investing in BTC first, it's a classic. Then I moved to alts, but very very attentively. First, buying something more known like SOL, Tether etc. And now that I have quite a good portfolio, I've decided to move to research new coins on the market. For example, the recent once has been WEI from WEIcrypto, I'm looking into them right now.
What I would definitely recommend is DOING YOUR RESEARCH. Please, join telegram chats and discords of the coins that interest you AND ASK QUESTIONS!!!!!!!! If the team is helpful, then it's a great start, but ASK AS MANY QUESTIONS AS YOU CAN 🙏 Not all altcoins are scam, you just need to research them thoroughly.
Thanks for the information; it's really appreciated.
I think it is good to invest in to cryptocurrency E.g. BTC. For example you can buy The Greedy Machines from GMT Token project and receive BTC as a daily rewards
CryptoSexist you say?
