[QUOTE=JLMounce;6478519]In small quantities you can use exchanges to cash out. Or you can borrow against the value of the coin like you can do with stocks. That’s why Bitcoin is inelegant when viewed alongside the dollar.
Let’s say you’re transacting on digital wallets with your customers. Just like taking cash to your bank, you can deposit the coin from your wallet onto an exchange or an intermediary. Many people use what is known as a stable coin for this. Stable coins are pegged to a specific currency. The most popular is USDTether. You trade your Bitcoin for USDC then sell those for dollars. You book the cash in your accounting software as if the transactions were made via cash/card.
You’re not hiding the payment from the government and you’re still paying taxes on it. But you bypassed your payment processor that may not like you. Possibly saving money on transaction fees at the same time. "end quote"
Now there you go making things complicated again. Seems to me, you have to know a lot about monetary transactions, and, still, I cannot seem to grasp the concept of bitcoin existence. Nevertheless, I can't help wondering why the stock has soared so much. I remember when it plateaued at 40some k then fell to 17k and has since rebounded to 47k. So does that 47k represent the value of ONE bitcoin? Or how, exactly is it represented on dow?
For me, it is not the clandestine ways of transferring funds that interest me, but the idea of making a profitable stock trade. But with something so complicated I just don't see it as a sound investment.
You sound like you are an investment banker or some other arm of our financial system, and I really appreciate your input. You have given me/us the most detailed explanation of this crypto stuff to date. Thank you!
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