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Originally Posted by onwebcam
The only ecurrency I've ever bought I bought because my son kept hounding me to buy it. He had it stored on his phone and like many teens the phone was destroyed not long after. End result is there's 10's of thousands of coins floating around in digital space that can never be recovered. Just like the guy who spent a lot of time digging through the dump trying to find the hard drive where he had shitloads of bitcoin on and many like him.
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take the time to learn best practices for storing each cryptocurrency you acquire, put those into practice, and keep them safe.
Quote:
Originally Posted by onwebcam
I own a b&m and have also been doing business on the internet for around 20 years now. There's nothing of any real value that I would accept any digital currency for here. The people I buy from won't accept it. If I sold something a week ago for a bitcoin and charged tax to my customer I can't tell the tax collectors "Sorry your tax money has been reduced because bitcoin lost $1200 since that sale." I also can't take $1200 + eating tax hits either.
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bitcoin payment processors like Bitpay give you the option to instantly convert your bitcoin sales to fiat when the user purchases. this solves your tax issue. if you want to roll the dice and keep some in bitcoin, like overstock.com has recently stated they do, the IRS issued guidance on taxing bitcoin years ago.