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uaYoungFamous
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22 October 2015 - 7:14am

Why would anyone ever use Bitcoin?

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I have been thinking about using bitcoin to fund an account. Until, lol, I read where every time you buy a bitcoin, you get taxed on the value of it (I don't know)....That simply can't be true, can it? Then, if you win and convert back to cash, you pay capital gains taxes on that? What's the point if you get taxed en you buy, then taxed when you sell?

Can anyone tell me where I am going wrong with bitcoin?

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usbarbadosslim93
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22 October 2015 - 1:23pm
#1

I've never been taxed using Bitcoin, and find that for online gambling it is pretty useful in terms of providing anonymous and instant transfers to and from casinos. I have never waited more than 3 minutes to see my money paid out from a Bitcoin casino, which is really really fast for an American player.

There are downsides to Bitcoin such as wild fluctuations in value and it being harder to start using than traditional bank cards, but I haven't ever heard of the taxes on it.

auCL-Ed
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23 October 2015 - 5:40am
#2

Yes there are many pitfalls that come with using Bitcoin, but taxes are not one of them. Not yet anyway. But sure as day if it becomes popular enough governments will look to tax it.

I think you are possibly confusing transaction fees that go to Bitcoin miners with taxation. You usually pay a transaction fee when transferring bitcoin but it can depends on the size of your transaction and its priority, and it is possible to not pay anything. The rules are fairly complex but this page here has a good explanation:
http://bitzuma.com/posts/making-sense-of-bitcoin-transaction-fees/

Probably the biggest mistake people make is assuming that everything that they do with it is anonymous. It is in fact the complete opposite. Every single transaction is recorded in what is called the blockchain which is basically a ledger or record of every transaction made. This is distributed to everyone participating in the network so once its out there it is there forever. Given enough time and effort, every single transaction can be traced back to its originating wallet address and if that address (or the receiving address) can be traced to you somehow then everything you ever did with bitcoin can be discovered. This has been done in several high profile cases such as the mt.gox crash and the undercover cops who were busted stealing from the Silk Road accounts. There are things you can do to make this more difficult (using what is known as a Tumbler) but nothing you do is impossible to reverse engineer.

I actually have a special report that we commissioned on Bitcoin and its use for online gambling that I have had on my desk for a while now. I need to edit it and get it published but it is quite lengthy.

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uaYoungFamous
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23 October 2015 - 8:19am
#3
barbadosslim93 wrote:

I've never been taxed using Bitcoin, and find that for online gambling it is pretty useful in terms of providing anonymous and instant transfers to and from casinos. I have never waited more than 3 minutes to see my money paid out from a Bitcoin casino, which is really really fast for an American player.

There are downsides to Bitcoin such as wild fluctuations in value and it being harder to start using than traditional bank cards, but I haven't ever heard of the taxes on it.

So if bitcoins are using for provide the anonymous, so how do yout hink, can I use them in country where gambling is outlaw kind of activity? Will there be any problems with registration of account?
Or in the end when I decide to withdraw money they don`t not for whom thr onlibe purse belongs..

And a question to admin ...Thanks for usefull information. Did you work in bitcoin banks or something like this?? Its very interesting about your special report.. Is it legal to promulgate it?

usbarbadosslim93
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23 October 2015 - 4:34pm
#4
YoungFamous wrote:

So if bitcoins are using for provide the anonymous, so how do yout hink, can I use them in country where gambling is outlaw kind of activity? Will there be any problems with registration of account?
Or in the end when I decide to withdraw money they don`t not for whom thr onlibe purse belongs..

And a question to admin ...Thanks for usefull information. Did you work in bitcoin banks or something like this?? Its very interesting about your special report.. Is it legal to promulgate it?

Well for the most part I think it depends on what the type of gambling you want to do is. I'm in the USA where online gambling isn't illegal, but many software developers won't offer their games and casinos won't offer action to. Some of the Bitcoin casinos I have played at allow me to play games from developers that accept US players, but restrict me from games that are used in other parts of the world. Of course, I have gone and used a VPN to hide my location and been able to play, win, and withdraw money with those restricted games, which is something I think would be much harder at a regular online casino.

So to answer your question: Bitcoin casinos generally only need a bit of information and I think you would be okay registering and playing there, and as someone who has played at these casinos I can tell you that they are more lax than traditional internet casinos in terms of information and payouts of winnings. Of course I wouldn't recommend you do anything against the law in your country, so make sure you aren't going to go to jail or pay a big fine if you're caught. Smile

auCL-Ed
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24 October 2015 - 4:08am
#5

I've done a lot of reading about Bitcoin. I almost bought some when they cost less than $3... lol

I can't tell you whether it is legal or not in the Ukraine. You would have to ask someone who knows the law there better than I do!

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uaYoungFamous
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26 October 2015 - 8:57am
#6
CL-Ed wrote:

I've done a lot of reading about Bitcoin. I almost bought some when they cost less than $3... lol

I can't tell you whether it is legal or not in the Ukraine. You would have to ask someone who knows the law there better than I do!

My mother lives in New York, so fI frequently visit her. My pass is American regardless I lived in Ukraine for years.. Sowhat about playing for bitcoins in USA? Tell us if you would play for bitcoins?

auCL-Ed
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28 October 2015 - 11:18pm
#7

I just want to publicly point out here that YoungFamous is part of a spamming operation that is obviously going to great lengths to try to establish themselves as legitimate posters before laying on the spam for the sites that they are paid by.

The things is, link spammers are fundamentally stupid. I don't care how many legitimate posts you make, but when you then go on a binge of posting several times a day with links to the same site on numerous unrelated threads it is pretty obvious.

For anyone interested, try Googling this phrase from the original post in this thread (include the double quote marks in the search):

Quote:

"Until, lol, I read where every time you buy a bitcoin, you get taxed on the value of it"

Underneath the results, click "repeat the search with the omitted results included" and you will see that these muppets have posted the exact same thread at every gambling related forum they could find under many different aliases...

YoungFamous / miuannatol / Izissant / Chuck Booms / Xilenciso / Hyaneam / Zioliern / Henynst / Enah / Lltyldide / Thuyssch

... I could go on but you get the point. YoungFamous or whoever you are you're busted, your accounts are banned here, and playing dumb and pretending that you don't know why you have been banned won't get you anywhere.

Always play it safe! Consult our list of rogue casinos and warnings before depositing.
Every comment you make in our forum earns you CLchips which can be used to buy real prizes in our CLchips shop!

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