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submitted by /u/sunkist5 [link] [comments] |
Sunday, 13 December 2020
Anyone else scared about the end of legal self hosted bitcoin wallets? Every wallet you own will needs a KYC check?
I live in France and the French finance minister asked to reveal the identity of all crypto owners to curb terror financing, this will also include self hosted wallets.
The same thing is happening in the Netherlands. The plan is to enforce it in the coming years. There are also talks that this will be introduced in the USA.
Of course you can choose to comply with the law, but I don't want to do anything illegal.
This would also mean I can't send my bitcoin to a exchange anymore. They would only accept regulated custodial bitcoin wallets.
What I think will happen in Europe and the USA is a grey bitcoin world with self hosted wallets and a clean legal bitcoin world with KYC custodial wallets.
This is not a far away scenario but it is happening now.. look at the "The Swiss Rule"
Anyone else worried about this?
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Is it worth buying a tiny amount of bitcoin?
I'm looking to purchase a small amount of Bitcoin. But I'm pretty damned poor at the moment, having had my hours cut thanks to Covid. So, I ask, is it worth actually purchasing around $30 worth? In the sense of, will the value go up much if I left it for 10 years?
Just to say, I understand the idea of buying each month, as I've looked into that, but it simply isn't feasible for me.
Also, please don't judge me. Not everybody has money. Manners, however, are free.
Thanks! I appreciate the advice! 😊
EDIT. I know this post is about crypto advice, but if you're spending your time typing out quick, passive-aggressive comments and replies, honestly think about what you're doing. It's easy to just do it. Maybe you get a little kick, or a high, hoping to come back and see if people agree with your attitude. But you're speaking to another human being, not a faceless account on reddit. They're all different, to you, and to me, but lead lives that are just as complex. And those complexities vary on an impossibly large scale. Bitterness only causes more bitterness. Finally, what you consider pocket change, others may consider a lot of money.
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Shout out to that miner who had me sell low so he could buy low on abc coins.
If you wish to make money, look elsewhere. I should've known by now.
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source https://www.reddit.com/r/btc/comments/kc4hzy/shout_out_to_that_miner_who_had_me_sell_low_so_he/
I wish someone explained it to me like this years ago...
“Investing” in bitcoin isn’t the correct way to think about it, in my humble opinion. What you would actually be doing is “saving”. Instead of saving your value/monetary purchasing power in inflationary dollars (or whatever other fiat relevant to your locality), you have the option to save your value with disinflationary btc. It’s simply a better monetary vehicle to hold and/or increase your purchasing power in for long term savings. Just dollar cost average with small amounts of cash that you do not need to spend and want to save. Slowly watch your stack of btc grow in both units and in value over time.
If it helps understanding, I do not consider owning gold investing either… Gold is simply a harder monetary instrument over dollars. And further, btc is a harder monetary instrument over gold.
The term “investing” makes sense in the context of putting money into a business, stocks, or some mechanism for cash flow, etc... not in savings via various monetary instruments.
The main psychological hurdle to overcome is fully switching your personal unit of account to bitcoin as the monetary unit that is the goal post to increase the number of. Not USD or whatever other inflationary fiat.
Everything in the normal economy is denominated in fiat, especially taxes. That’s fine. Earn your fiat as income and spend your fiat for all your expenses. Pay your taxes in fiat.
Every time you sell bitcoin, you are activating a capital gains tax event, which is not ideal and only hurting yourself in the long term. Don’t give the government more money than you have to.
In other words, earn as much money as you can, live below your means, make responsible investments to increase your cashflow, pay whatever taxes you are legally responsible for… And then, for all the extra money you earned that is pure savings, it’s better to store it in bitcoin for long term savings.
Then one day far in the future you may have to sell/spend some small portion of your bitcoin, just as anyone decides to spend from their savings...and that’s ok, because in the future the value of your savings will have appreciated greatly. And for all the bitcoin you have been holding for over a year, the gains have lower taxes because of long term capital gains vs short term.
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