WWYD if Your Spouse Wanted to Buy Bitcoin?

[Captain Save]

I've never bought or sold crypto currency, but I wonder how careful folks have been keeping track of the basis. At least now a days your brokerage account has to keep track of your basis on trades. I wonder if it is/was a requirement for the trading platforms that folks used for crypto --whatever that might have been....since one of the attributes for cypto was it was anonymous.

I don't believe that the exchanges do that but there are softwares that you can use to plug into your exchange or export a spreadsheet to .. they will calculate and print out the result.. and suggest how to take losses for tax purposes as well

[scfr]

An update: He never bought bitcoin. And he only bought 1 individual stock. Most of the "fun investing money" has been sitting in the settlement account. Now he's talking about putting it all in an index fund, stating that he's realized he's not an individual stock picker.

This has turned out to be a painless experiment. At least he got to have his fun doing "research" and talking to his buddies about it.

[btctony]

I've never bought or sold crypto currency, but I wonder how careful folks have been keeping track of the basis. At least now a days your brokerage account has to keep track of your basis on trades. I wonder if it is/was a requirement for the trading platforms that folks used for crypto --whatever that might have been....since one of the attributes for cypto was it was anonymous.

I think in the early days when there wasn't good software out there to track everything, it was much more difficult. Since 2017, I've been using software that tracked all of my trades, mined crypto (since that is taxed as income), and then generated a report that can be imported into Turbo Tax. A lot of them also have api's that allow you to directly connect them to your exchange accounts and wallets.

I do think more crypto exchange regulation in the USA is coming though. In the beginning, a lot of them didn't even require kyc. A peer to peer transaction between personal wallet addresses may be anonymous in the mind of some, but if you're using a blockchain with a public ledger like Bitcoin, and you've used on/off ramps that required kyc at signup, the anonymity is gone. It can most certainly be connected to your identity.

[VirginiaBlack]

I think that now investing in cryptocurrency is the best decision that a business person can make. After all, now there are more and more prices for bitcoin and other cryptocurrencies. One person told me in secret that to better pay off in the future, you need to invest in cheap cryptocurrencies that will grow in price. Yes, it takes time, about five years for sure, but buying now on the cheap, you will be able to enjoy a considerable amount of money in the future. I recently discovered for myself Vaffa Token, I'm thinking about starting to invest my money in this cryptocurrency, but I have a few more options.

[Petunia 100]

I think that now is the time to buy cryptocurrency because now it is an investment in the future. I am sure that cryptocurrency will only grow in price.

Then buy some.