Devin Johnston Posted May 15, 2014 Share Posted May 15, 2014 I'm curious to find out if anyone here is accepting Bitcoin as payment for work? I've been watching it for about a year now, while the price seems to fluctuate it does seem to have settled down. I'm tempted to get into it but I don't know anyone using it and I don't want to be the first. I love the idea of a currency that isn't owned by any government and can't be manipulated but I worry that it won't become widely accepted. I'd just like to hear what people have to say about it and if anyone's had any experience with it. Link to comment Share on other sites More sharing options...
Scott Schroeder Posted May 15, 2014 Share Posted May 15, 2014 Bitcoin reminds me of when Homer Simpson buys a ton of Itchy and Scratchy cash at Itchy and Scratchy land only to find this. The IRS has declared that bitcoin for tax purposes at least, it will be treated as property and changes in value subject to the capital gains tax. So from my meager (and probably wrong) understanding is that if you get paid say $500 worth in bitcoin and when you file taxes your original bitcoins are now worth $1000, you'll be taxed at $1000 worth. Then there are the security issues that arose from the big heist in March. I'll stick to good ole greenbacks for now. Link to comment Share on other sites More sharing options...
John Dollus Posted May 15, 2014 Share Posted May 15, 2014 I love the idea of a currency that isn't owned by any government and can't be manipulated Any currency can be manipulated. Link to comment Share on other sites More sharing options...
RyderSK Posted May 15, 2014 Share Posted May 15, 2014 I only take currency with Doge on it. Link to comment Share on other sites More sharing options...
Devin Johnston Posted May 15, 2014 Author Share Posted May 15, 2014 The IRS has declared that bitcoin for tax purposes at least, it will be treated as property and changes in value subject to the capital gains tax. So from my meager (and probably wrong) understanding is that if you get paid say $500 worth in bitcoin and when you file taxes your original bitcoins are now worth $1000, you'll be taxed at $1000 worth. Yes that's a problem, can you claim a year over year loss if it drops by 50%? Any currency can be manipulated. Ok well I guess I should have said it more difficult to manipulate than fiat currency. Link to comment Share on other sites More sharing options...
Zdravko Barisic Posted May 15, 2014 Share Posted May 15, 2014 Its better to stay away from it, just my 2 bitcoin cents! Link to comment Share on other sites More sharing options...
Francisco Penaloza Posted May 16, 2014 Share Posted May 16, 2014 Why you want to do that, if it is too good to be true... Green my brother just get the green and forget of problems that you don't need to worry. Link to comment Share on other sites More sharing options...
notamondayfan Posted May 16, 2014 Share Posted May 16, 2014 Then there are the security issues that arose from the big heist in March. I'll stick to good ole greenbacks for now. Bitcoin is pretty safe really, so long as you don't store it on hackable servers. Put in on a pen drive, or print it out. Link to comment Share on other sites More sharing options...
Scott Schroeder Posted May 16, 2014 Share Posted May 16, 2014 Bitcoin is pretty safe really, so long as you don't store it on hackable servers. Put in on a pen drive, or print it out. Now, where did I put that pen drive with my last 6 months of work payment on it? Printing it out is the same is real money, where do you store it? In a jar buried in the yard. Link to comment Share on other sites More sharing options...
Devin Johnston Posted May 16, 2014 Author Share Posted May 16, 2014 You have the same problems storing bitcoin as you do with storing any money, I suggest a good fire safe. Link to comment Share on other sites More sharing options...
Tommy L Posted May 16, 2014 Share Posted May 16, 2014 This guy accidentaly threw $9m away on an old hard drive. Doh! http://money.cnn.com/2013/11/29/news/bitcoin-haul-landfill/ Link to comment Share on other sites More sharing options...
Krisztian Gulyas Posted May 17, 2014 Share Posted May 17, 2014 I think most of the people don't even know what's bitcoin. They probably heard about it, but they have no idea how to get it/pay with it. Personally I think a paypal account is safer than a bitcoin wallet, and my opinion is that people would rather give you real money (like dollars) than bitcoin. Link to comment Share on other sites More sharing options...
aristocratic3d Posted May 18, 2014 Share Posted May 18, 2014 Great thread. learned something new. Link to comment Share on other sites More sharing options...
Devin Johnston Posted May 19, 2014 Author Share Posted May 19, 2014 This guy accidentaly threw $9m away on an old hard drive. Doh! http://money.cnn.com/2013/11/29/news/bitcoin-haul-landfill/ Maybe that guy feels a little better today since it's only work about 3.5 million now. Link to comment Share on other sites More sharing options...
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