You store them on the “exchange” which is coin spot or the like then if you wish for extra protection you can move them to a hard wallet later but this isn’t necessary.
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Or……
The various(read five eye) feds are coming down on russians laundering money through bitcoin.
Who i assume own a fair few given their current predicament.
I keep everything (mostly Solana based coins) on a Phantom Wallet, it’s an app you can have on your phone and as a Google Chrome extension. When you want to trade coins, your wallet can link to coin exchanges to make trading easy.
What a crazy day it was today, BTC dropped like $6k over 15 minutes, but the alts seem to be holding strong which is good to see.
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What do you guys do for the tax on the transactions?
My understanding is you can’t keep transacting constantly without getting stung (unless you’re a proper trader)
I doubt it, they are all using it too.
For example, the FBI are a very large holder of Bitcoin. They reportedly have 144,000 bitcoins just from the silk road bust alone. (That’s like, $14b)
I’d say it’s pretty likely that most ‘black ops’ or off the books operations now are funded through crypto. By a lot more govts than just Russia.
Do you mean fees, or tax?
The tax just boils down to a capital gains issue.
But the fees per transaction can really sting you unless you are a high-volume trader.
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Mist countries dont need too. Its only places like Russia or maybe Iran,
You havent been following the news with all the money laundering they have caught out of the UK?
The nets closing so whoever hasnt been stung are buying up coins whilst they still can.
I meant tax, but it sounds like that’s the lesser problem.
You pay CGT if you have held for less than 12 months. So if lucky, your sell point is 12 months plus, otherwise, yep, ATO enjoying some of your gains. A win is still a win, thats how i see it, and some good wins to be had for sure
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You pay FULL CGT if less than 12 months.
You get a 50% discount, not 100%, after that.
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Now Ether and Atom are having a little run.
That’s nice.
Ah yes, correct, thanks
Anyone out there holding DENT?
No I haven’t, but is this the whole story? $25 million?
That’s like two standard crypto day trades coming out of Russia.
They seized 25 million.
The racket runs into the billions.
They have also recently found an australian connection, people using crypto atms here in Oz.
Austrac are all over it.
Would not surprise me if crypto rallies are starting to align with major world money laundering efforts (and subsequent declines).
Theres also obvious confidence in the crypto market with Trump in power as well of course
I know Bitcoin has the blockchain technology, but all the others…are they anything but vapourware?
People starting up new coins…surely they’re absolutely worthless.
If someone is willing to pay for it, it has it’s worth.
That’s all that really matters.
I’m sure a lot of these coins have great intentions and serve some kind of purpose, but it really doesn’t mean anything.
Meme coins are created out of thin air and meme absolutely nothing.
But still have a worth.
Beyond what Blummers said, there’s spec and established.
Like anything.
There was a crypto ATM at Chaddy not so long ago.
There’s also one at Moonee Ponds Central (down in the basement near Aldi).
But I think it’ll only handle certain coins.
And I’m not sure how to use it, nor why I’d want to use it.
The exchange I trade off offers a credit card, but again, I have no interest using it for that. Not even sure what the fees are. exchange rate or whether it works at ATMs here.
They are all “vapour” but so is money.
To be crypto currency it needs to be stored on the blockchain(as in the public ledger as to who has what ), thats the only way you can tell who(wallets) owns a particular coin at any time afaik.
If you dont have that then how on earth could it work?