Depends of course on where you live. Here in The Netherlands it's 1.2% tax rate. For me that's alright.
You doubled your money, the IRS doesn't take 100% so I guess it'd still be worth it for you as well?
RE: Cryptocurrencies - Something to Think About
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Cryptocurrencies - Something to Think About
Thanks for the input. Yes - it does depend on where you live. I think the problem most people have with paying taxes on investments is the fact that the investor take 100% of the risk and does not receive 100% of the reward. The government, who takes on ZERO risk gets to enjoy in the reward but when the investor loses, the government does not share in the loss. They simply walk away. The point of this article is to remind people that trading in these cryptocurrencies may incur a taxable event that they may not otherwise be aware of. I am curious of how others feel about this and if there are ways to legally avoid having to pay taxes on transactions. I will be writing another article soon to draw attention to other possibilities.
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Yes, that's so true. I am very interested in that topic as well so I will be looking forward to read that article.
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