Even though crypto is relatively new to us, beyond the horizon, in the European and US part, it has seen many moons.
While we are still struggling to make a living out of it many crypto gods on American soil are preparing themselves to pay million in taxes.
Yes, the US is imposing taxes on the crypto similar to the mainstream fiscal matters.
Some weeks ago, at the voice meeting in the BD community, I came to know about the news. It was surprising to me, still, gave me a clear perception of how crypto is advancing despite odds.
However, I forgot the taxation issue completely only to be reminded again while attending the last day's voice meeting.
And honestly speaking, I regret not being present in the meetings although, after all the routine work throughout the week, I consider Friday as an ideal time for relaxation.
Fortunately, the time has changed.
Now I enjoy your day off on Sunday and like other days, Friday is a routine workday for me and I have designated the weekly voice meeting days as a must-join event.
And in just 3 weeks it paid off. Even though there were no opportunities to speak before the users, listening always helps.
So, I was talking about the taxation on crypto. But, for now, forget it.
Let's see the trading behavior of the US people (it's not a research post, just some stray thoughts). How they are making profits from the currency apart from multiplying it on the fluctuations.
Man, something huge is going on! You got to trust that.
They are not only using the balance for powering up and Binance trading. Instead, they have taken it to a new level— offline, to be specific.
In some cases, it has been designated as a successful alternative to the cash of the mainstream banking system. And to make it double, many are investing in real estate—which is quite lucrative. Independently, real estate is the first choice for wannabe millionaires. And involving it with the trend of crypto is making it more sensuous.
For example, in Miami, a penthouse has been sold using the crypto — costing around $22.5 million. It was back in June. The same property was listed again and sold for $28 million. Here, the benefits were made in two ways.
First, the payment was made in Bitcoin. So, an initial fluctuation made a fortune for the dealers. It's not certain if that was a fortune of the lifetime, still, something ought to come out of it. Then, the property itself made a whopping 5.5 million in just a few months.
Solid profits, well-done business.
You see, there wasn't real money involved here during the transaction.
Well, you may oppose. Bitcoin is a form of real money now. So, distinguishing between Bitcoin and other sources of cryptocurrencies and bank notes is just nonsense.
The money is real, no doubt.
The thing is, there are countless opportunities we may leverage from trading this form of currency. Many of us are making fortunes, and many of them have made them already.
So, instead of just withdrawing whenever there is some in the wallet, let's keep it for the bigger bounty.
And never stop dreaming.
Hi @r-nyn! This is @chrysanthemum,
a fellow writer from @bdcommunity.
I'm gladly want to inform you that I've liked your post.
Your post has got the chance to get featured.
Thank me latter and keep up the good work.
That's inspiring. Thank you so much.
Wow! Nice thought, full of insights, having future purpose of your Bitcoin is good as It will make you reach your desire at all cost.
Bitcoin or any sort of cryptocurrencies are meant to be planned for the future. And if you take care of the present, it will bear fruits in the coming days without fail.
You are right about this, you rock 👍
I like the insight into how crypto is being used in the US Real Estate market. The biggest risk is the fluctuation in crypto value. If the seller accepts crypto, and the market dives like it did this week, that could be a huge loss. Of course, the loss only occurs if the seller liquidates the crypto. For the average real estate investor, taking crypto is a huge risk. Most investors use the profits of each sale to fund the next deal. As they move up the ladder, the wealth builds. But if the potential profit is tied up in market fluctuations, then the real estate investor cannot use the profit to invest in the next deal. Of course, in the sample you gave, the seller is very rich and can hold the crypto until the market improves. I am not sure he will avoid taxes, but he might delay them depending on if he used some sort of asset exchange. I found your post very insightful. Real Estate Investors has reblogged your post.
Yeah, fluctuation is the concern here, like you said, this week's dip. But, as always, the table turns at the end. And those, who are patient, enjoy the fruits.
Thank you man for breaking it down so nicely.