Crypto 360°: Reddit BTC

Showing posts with label Reddit BTC. Show all posts

Wednesday, 24 May 2023

Using an offline computer plus a coldcard to make bitcoin transactions

Some people offered using a completely offline computer to people who were frustrated with their ledgers and presented solutions like this https://electrum.readthedocs.io/en/latest/coldstorage.html But I was wondering if it would work well to use an offline computer AND a signing device like the coldcard. I know this is pretty much like two of the same things, but then this way I do not have to put as much faith into my coldcard and I do not have to put as much faith in my abilities to set up a perfect offline computer solution. I also have seen it recommended to use a different computer for bitcoin only anyways even if you are connect it to the internet so that it doesn't likely have malware from everyday use. https://bitcoinmagazine.com/technical/why-use-a-computer-meant-for-bitcoin

submitted by /u/SuccessfulPlenty942
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How do I Resolve BTC Gifts with the IRS?

Trying to understand tax implications (if any) for BTC gifts or "anonymised" wallets.

Let's say I received 1 BTC from someone who bought using an exchange at 40K USD. Do I pay taxes on that BTC as a gift of 40K?

Further down the line after running it through mixers and such, I decide to sell it at 30K from an exchange, and I assume the exchange reports this transaction to the IRS. This taxable event is triggered but how does the IRS know it's considered a loss? And moreover, if I didn't have the knowledge of what the gift was valued at, how would I know to report it as realized gains/losses?

Thanks for any and all info.

submitted by /u/praulpagel
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BLOCKCHAIN PIZZA 22 MAYO 2023 Lima

Un día hace más de 13 años (2010) 22 de Mayo Laszlo Hanyecs compro 2 Pizzas de Papa Jhon's a 10000 bitcoins Que al cambio eran 40US$ , cada bitcoin tenia el valor de 0.004 centavos de Dólar. Ahora esos 0.004 valen hoy 108 dólares y 10000 mil bitcoins son US$ 270 MILLONES de Dólares.... con los que puedes comprar 18 millones de 🍕 🍕 🍕 🍕 🍕 🍕 🍕 🍕 🍕 🍕 🍕

submitted by /u/pelaochain
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Biggest Bitcoin Ballers: Jack Mallers, Adam Back & Matt Odell

submitted by /u/Bitcoin_Maximalist
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Tuesday, 23 May 2023

A lot of people here get downvoted for pointing out that USA Democrats are enemies of Bitcoin, as if Republicans are an equally large threat. Let me make something clear...

When a Republican comes out supporting Bitcoin, they're always faking or groveling for votes. When a Democrat comes out supporting Bitcoin, they're always 'waking up' or 'coming around'. Broken clocks may be right twice a day, but if the USA's Congress if filled with broken clocks then it certainly seems Republican broken clocks are syncing more often than Democrat broken clocks. Why is that?

Texas is to Republicans as New York is to Democrats. New York partially banned Bitcoin mining, and environmental activists in the state are hungry for more. Texas has loudly invited more. Wyoming, another Republican state, is clamoring to the same.
The energy FUD expressly targets voters who give a damn about environmentalism in the first place. If you're outside the USA then you may be forgiven for not knowing, but Republicans are not well known for their environmentalism. To the extent that Republicans do claim to care about the environment, it's always cast as some flavor of fakery. (Note that particular framing is from NYT - hint hint.) In other words: Energy FUD is almost exclusively pandering to Democrats.
It's been said numerous times that CBDCs represent the "final boss" for Bitcoin. This does not mean it's a mortal threat to Bitcoin, but merely ideologically opposed. Bitcoin is freedom money. CBDC is slave money. Florida is largely Republican and has recently passed explicitly anti-CBDC legislation. Minnesota, another Republican state, is doing the same. Texas is considering it too. Others will almost certainly follow. Where are the Democratic states doing, or even contemplating this?

submitted by /u/proph3tsix
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this is such a beautiful piece!! better than i imagined😊

submitted by /u/Charmingtsw
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🇺🇸 US Presidential Candidate Robert Kennedy Jr: #Bitcoin is “the currency of peace, trust, and freedom. Fiat currency is the opposite.”

submitted by /u/CryptoShubh
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NFA: I stopped contributing to my 401K and decided to DCA into BTC.

Header pretty much sums it up. I didn’t do this on a whim. It took a lot of time and thought, and it isn’t permanent so I can adjust it at anytime, but I’m going to ride the wave and see how it goes. Might post updates here and there if people are interested, but this is me going “all in” pretty much. I’d like to know if anyone else has done this and how they’re doing. I’ve been doing this for about 2 months now.

submitted by /u/H_Wilkins_
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Monday, 22 May 2023

Strike expands globally 🌍, RFK Jr turns to BTC ⚡, Ledger shoots itself 🤦‍♀️

submitted by /u/GeeWow
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Before Bitcoin we had rai stones as a form of hard money!

A rai stone, or fei stone, is one of many large artifacts that were manufactured and treasured by the native inhabitants of the Yap islands in Micronesia

submitted by /u/Crypto-hercules
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UK banks making cash withdrawals extremely difficult, treating their customers as if they are suspects in a potential crime. BE YOUR OWN BANK.

submitted by /u/chrisxinghua
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Safely storing BTC

Let's say someone wants to store BTC but doesn't want to use Ledger or Trezor.

More like going into the store and buying a brand new pc/laptop then using that one only as a crypto storage. Which Wallet seems to be the best choice in this scenario (Electrum, Atomic Wallet, etc.)?

submitted by /u/Wolf-of-CFD
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Is it true that to send Bitcoin it doesn't require KYC?

I was told that "Sending btc doesn't require KYC once you have it."

Well I have £30 of Bitcoin in a wallet which I purchased without KYC on an exchange called Paxful. I am trying to send it to a website but it tells me 'UK customers needs to verify their Paxful accounts to send BTC.'

So which statement is correct?

submitted by /u/JavedCensored
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Sunday, 21 May 2023

Indonesian Governor Ridwan Kamil and Samson Mow describe the future of bitcoin in Indonesia

submitted by /u/cranialnervous
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Is rolling your own dice when generating a coldcard seed more secure than their default seed generation method?

I randomly rolled 5 standard dice that I have from an old poker chip set 32 times and wrote down the numbers for a total of 160 random dice rolls. I also read the dice in the same general fashion each time (aka left to right). Is there anyway I could have jeopardized my randomness / security using this method when generating my seed? I did this because I wanted to try this method out of curiosity/learn how to use more features on my coldcard. Now that I have gone through this process, I am considering using this seed plus a passphrase instead of the default method plus a passphrase. Thanks.

submitted by /u/wayEyeseeit
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