• Breaking News

    Thursday, September 30, 2021

    Home Unlabelled Bitcoin ⚡ Lightning Thursday! September 30, 2021: Explore the Lightning Network!⚡

    Bitcoin ⚡ Lightning Thursday! September 30, 2021: Explore the Lightning Network!⚡

    September 30, 2021

    Bitcoin ⚡ Lightning Thursday! September 30, 2021: Explore the Lightning Network!⚡

    ⚡ Lightning Thursday! September 30, 2021: Explore the Lightning Network!⚡

    Posted: 29 Sep 2021 11:10 PM PDT

    The lightning network is a second-layer solution on top of the Bitcoin blockchain that enables quick, cheap and scalable Bitcoin payments.

    Here is the place to discuss and learn more about lightning!

    Ask your questions about lightning

    Provide reviews, feedback, comparisons of LN apps, services, websites etc

    Learn about new LN features, development, apps

    Link to good quality resources (articles, wikis etc)

    Resources:

    submitted by /u/rBitcoinMod
    [link] [comments]

    Daily Discussion, September 30, 2021

    Posted: 29 Sep 2021 10:04 PM PDT

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
    [link] [comments]

    Crypto tax bill is in it.

    Posted: 29 Sep 2021 01:28 PM PDT

    China ban journey

    Posted: 29 Sep 2021 10:58 PM PDT

    Gasoline price in El Salvador will now be $0.20 cheaper if bought with Bitcoin

    Posted: 29 Sep 2021 08:31 PM PDT

    A beginner's guide to explain Crypto to friends and family

    Posted: 29 Sep 2021 04:48 AM PDT

    those who thought btc was going to 10k be like:

    Posted: 29 Sep 2021 07:49 PM PDT

    US Treasury Secretary Janet Yellen was slammed by Senator Cynthia Lummis for her support of a the new requirement to report every transaction over $600 to the IRS.

    Posted: 29 Sep 2021 09:59 PM PDT

    "Banks do not work for the IRS. Wyoming's people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything, but because they are not willing to share everything," she said.

    https://www.dailymail.co.uk/news/article-10041521/Cynthia-Lummis-launches-tears-Biden-proposal-report-transaction-600-IRS.html

    submitted by /u/simplelifestyle
    [link] [comments]

    Congress is about to turn Bitcoin taxes into a tremendous clusterfuck

    Posted: 29 Sep 2021 08:29 AM PDT

    Tomorrow, the House of Representatives is voting on the infrastructure bill. I know you've probably read a thousand posts about this already but it seems like there's one thing that's been relatively under-discussed: the fact that 1099 reporting is going to turn reporting Bitcoin taxes into a total clusterfuck for the average investor.

    What is 1099 reporting?

    1099 reporting has existed within the traditional finance space for a long time. It's meant to help the IRS understand your non-employment-related income (like the income you get from stock trading). Brokers like Robinhood and eToro are required to send this info to the IRS to help identify people committing tax fraud.

    The infrastructure bill would require major crypto exchanges to report the same information.

    What's the big deal? My stock broker is already sending my 1099 information to the IRS anyway.

    Remember, Bitcoin is fundamentally different from stocks.

    Bitcoin is meant to be transferable, peer-to-peer, and operate without the need for a third-party. That means that trying to force all of these traditional finance rules onto it is going to lead to disaster.

    Here's an example that might help make this more clear:

    Jimmy buys 1 Bitcoin for $30,000 on Kraken.

    Jimmy transfers his Bitcoin to Coinbase.

    Jimmy sells his Bitcoin for $50,000.

    Since Jimmy gained $20,000, he SHOULD incur $20,000 of capital gains.

    However, Coinbase has NO IDEA what Jimmy's cost basis for acquiring his Bitcoin was. Did he acquire it for $1000? $100? $60,000? Since the transaction took place on a different exchange, Coinbase doesn't know.

    Coinbase is also under NO OBLIGATION to provide that information to the IRS… so they're not going to bother trying to figure it out.

    They'll give the IRS the information they do have: Jimmy sold his Bitcoin for $50,000. If Jimmy can't prove that he actually bought it for $30,000, he's on the hook for the full $50,000.

    And look, most people feel overwhelmed when it comes to navigating their taxes. There's a good possibility that Jimmy MAY NOT EVEN REALIZE that he's paying too much in taxes until it's too late.

    Jimmy can go to an accountant. But most accountants aren't crypto-friendly and may not be able to provide much help.

    "Whatever, we don't know if the infrastructure bill is going to pass anyway."

    Unfortunately, it looks 1099-B reporting is coming no matter what. Even the "crypto-friendly" amendment to the infrastructure bill that was being pushed by Senators Wyden, Toomey, and Lummis would have required centralized exchanges to provide 1099-B reporting information to the IRS.

    So what does this mean for you? It's going to become WAY more important for you to track your Bitcoin transactions.

    Remember, to avoid paying more in taxes than you actually owe, you'll need to keep a record of all of your Bitcoin transactions.

    You can do this via a spreadsheet or use a crypto tax platform. You'll need to track the amount of Bitcoin you sold, the time the transaction took place, and the price of Bitcoin at the time of the transaction. (I was using a spreadsheet to track my Bitcoin transactions for a while, but it got too complicated so I said fuck it and got started with CryptoTrader.Tax)

    I hate the fact that this is an issue in the first place. Bitcoin is supposed to be about the little guy standing up to the established financial system. While already-rich whales are going to come out okay, filing taxes is going to be harder than ever for retail investors.

    TL;DR: Crypto exchanges often have no idea what your cost basis is. Requiring exchanges to send 1099 information to the IRS may cause the average crypto investor to pay WAY more in taxes than they actually owe.

    submitted by /u/theboyderoi
    [link] [comments]

    China Outlawing Crypto Transactions is Backfiring: Chinese People turn to Decentralized Exchanges and Underground Projects with no Control of the CCP

    Posted: 29 Sep 2021 10:32 PM PDT

    Missouri Mayor Jayson Stewart plans to give every household in Cool Valley 1000 worth of Bitcoin. Cool Valley, Missouri, a small town in the St. Louis County area, has about 1,500 residents.

    Posted: 29 Sep 2021 08:31 PM PDT

    Silk Road was proof that Bitcoin works perfectly well as a transactional currency.

    Posted: 29 Sep 2021 02:01 PM PDT

    Elon Musk: Bitcoin Is Indestructible, US Government Should Keep Hands Off

    Posted: 29 Sep 2021 06:27 AM PDT

    I support Bitcoin, not crypto.

    Posted: 29 Sep 2021 12:55 PM PDT

    I'm here because I love Bitcoin, not because I want number to go up. I support the values that Satoshi programmed into Bitcoin. Not just the values programmed in code, but how Satoshi walked away and choose not to monetize the project. Satoshi had the same ideals of George Washington ideals of freedoms and a decentralized balance of powers so there could be no king.

    Crypto outside of Bitcoin is all just a giant malicious scheme to redistribute wealth from dumb retail investors to VCs, devs and insiders. When there is no product, you become the product. Create a premined coin, pay influencers and media to hype up your coin then slowly dump your bags on the public. Easiest get rich scheme in the world.

    I don't support crypto in general. I actually find much of crypto to be abhorrent. CBDCs are frightening to human rights as it gives governments extreme control over their citizens. Centralised projects are not that different from CBDCs when you think about it, it's just Vitalik who is the head of the central bank instead of China.

    submitted by /u/ShotBot
    [link] [comments]

    Bitcoin mining stocks have outperformed BTC itself in 2021

    Posted: 30 Sep 2021 01:47 AM PDT

    A scammers early Christmas - A short story

    Posted: 29 Sep 2021 09:02 AM PDT

    Bitcoin Lightning Network capacity reaches all-time high

    Posted: 29 Sep 2021 05:03 PM PDT

    Patrick Byrne: "Bitcoin Gives Us A Version Of Truth Authoritarians Cannot Distort."

    Posted: 29 Sep 2021 11:48 PM PDT

    Ukraine Is Building A Digital Future With Bitcoin. New legislation will help determine how Ukraine will regulate the cryptocurrency market in the future, as well as officially allow Bitcoin businesses to operate within the country.

    Posted: 29 Sep 2021 08:37 PM PDT

    If you have an ATM

    Posted: 29 Sep 2021 12:33 PM PDT

    If you have a bitcoin ATM at your work you should always ask anyone using the machine if they need help. If they are on a phone ask them if they have a wallet.

    In the last 6 months I was stopped 3 people from being scammed. 2 seniors and on 20 year old who came in with her 4 year old daughter. She claimed the police wanted to verify her money because she had 4 warrants for her arrest. Last week a senior came in twice to use the machine and i kept telling him he was being scammed. He left without using it. Today he came in again and handed me a $200 gift card for a restaurant because I stopped him from being scammed.

    As a community we need to do what ever we can to stop people from being scammed.

    submitted by /u/Manic157
    [link] [comments]

    Don't be fooled by the CCP, they are

    Posted: 29 Sep 2021 09:27 AM PDT

    So, as it turns out, China's government is the second biggest Bitcoin whale, only second to Grayscale.

    The whole "governments will ban Bitcoin" is bullshit. They just want your bitcoin for themselves. China has over 8.1 billion in BTC (at $42k) it seized from "illegal" mining operations and trades. They didn't sell it, they didn't auction it. They kept it, then they cracked down on it.

    You think they wouldn't have cashed out 8.1 billion if they really thought about banning it "forever"?

    They want your coins, and they know they can't take them. Which is why they will try to make you believe anything and make you panic to force you to give it to them willingly.

    Don't.

    submitted by /u/TheCryptoAdvocate
    [link] [comments]

    Despite the recent Bitcoin ban in China, there are still 142 nodes enforcing, validating, and running the network in the country. No matter what, nobody can ban Bitcoin.

    Posted: 29 Sep 2021 06:27 AM PDT

    When Bitcoin hits 45K next it will not go under 42K until it reaches over 65K (the bull run is back on baby). If I’m wrong the first person to call me out in this post gets 100AU/sats. FACT

    Posted: 30 Sep 2021 02:48 AM PDT

    Thoma Bravo co-founder Orlando Bravo said he owns Bitcoin and is “very bullish” on the cryptocurrency.

    Posted: 29 Sep 2021 08:09 PM PDT

    Bravo said he likes Bitcoin's finite supply and that he sees more people using it in the future. Institutions are just beginning to embrace digital currencies, and once that happens it will be positive for demand.

    https://www.bloomberg.com/news/articles/2021-09-29/billionaire-orlando-bravo-says-he-s-very-bullish-on-bitcoin?srnd=premium

    submitted by /u/maniparusu
    [link] [comments]

    Bangladesh is now speaking positively about Bitcoin and hinting State Sponsored Mining.

    Posted: 29 Sep 2021 12:33 PM PDT

    Minister of State for Information and Communication Technology of Bangladesh, Zunaid Ahmed Palak, has spoken in favor of Bitcoin today.

    Interview: https://www.youtube.com/watch?v=oZogIfJBz7M

    Translating the news from Bengali to English, below are highlights (Source)

    We should be updated with technology in money evolution. Because first we use products for products then paper money then bank then plastic card as visa or master card, then mobile wallet then we can't accept digital payment system as a digital currency.

    If we buy any illegal products with legal fiat currency then can we blame fiat currency? The answer is no, obviously not. So if bitcoin uses for any illegal work then we can't blame bitcoin.

    We should discussed about it so that in Crypto race we don't get last position. So we should discuss about it and teach our people about bitcoin. That is why Our ICT MINISTER suggest the Department to make a report about bitcoin and send it to Bangladesh bank then we will discussed together about it approval.

    Zunaid Ahmed Palak: https://en.wikipedia.org/wiki/Zunaid_Ahmed_Palak

    News Source 1: https://www.thedailystar.net/business/news/bb-needs-give-virtual-currency-thought-palak-1929549

    News Source 2: https://www.daily-sun.com/printversion/details/579554/Don%E2%80%99t-ban-bitcoin-out-of-ignorance

    submitted by /u/ChanakyaZ
    [link] [comments]

    Building an army to fight the bears!

    Posted: 29 Sep 2021 09:03 AM PDT
    Read more
    at

    No comments:

    Post a Comment