Thank you! Well noted.
RE: Is it legal for US citizens to invest and trade Bitcoins or another type of Cryptocurrency ?
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Is it legal for US citizens to invest and trade Bitcoins or another type of Cryptocurrency ?
You should be aware that the IRS doesn't really understand that bitcoin address change doesn't necessarily mean transaction. For instance, before the segwit fork, I took all my coins off Coinbase and sent them to my hardware wallet. But the IRS is attempting to audit Coinbase users and they may make the assumption that you owe them money if you send them offline to your hardware wallet because they can't know if you own the other address or not. This will be an ongoing issue as regulators get educated on the subject. Currently they're making stupid mistakes because they don't understand the technology.
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Thank you for sharing this information. It will take time .Wish trading platforms are designed in a way IRS can get Bitcoin directly when People make capital gains. That will be win win situation for Both Investor and for the IRS.
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