What is going on with the insane bitcoin transaction fees?

[KimHarmony]

I am having a massive problem with a btc company right now. Don't know if I should mention their name but they have been holding my money hostage since November. Won't let me send to another wallet or give me a refund. When I called customer service they actually laughed at me. I hope all the digital currency companies get flushed down the toilet. I only use vendors now with old fashioned payment methods which severely limits my purchases.

@jb1655 find yourself a BTC-crypto ATM already, Jesus. It's 2024!!

Bypass the crypto companies & bank institutions altogether okay??? A BTC ATM sends your ca$h straight into your BTC WALLET in 1hr or less. Automatic. No questions asked. Just have your RECEIVE QR CODE ready or you type in BTC Wallet ID.
EASY PEASY!!!
ATMs do charge 30% but no more 3 month holds. There are hundreds of them in every neighborhood nowadays. Dozens of companies. They're all the same. You just need ID. Some fuckers even accept CC, depending on your crypto provider! Good luck eh

Next-generation Bitcoin ATMs and Cryptocurrency ATMs

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[KimHarmony]

@jb1655 find yourself a BTC-crypto ATM already, Jesus. It's 2024!!

Bypass the crypto companies & bank institutions altogether okay??? A BTC ATM sends your ca$h straight into your BTC WALLET in 1hr or less. Automatic. No questions asked. Just have your RECEIVE QR CODE ready or you type in BTC Wallet ID.
EASY PEASY!!!
ATMs do charge 30% but no more 3 month holds. There are hundreds of them in every neighborhood nowadays. Dozens of companies. They're all the same. You just need ID. Some fuckers even accept CC, depending on your crypto provider! Good luck eh

Next-generation Bitcoin ATMs and Cryptocurrency ATMs

Our next-generation Bitcoin ATMs offer easy access for operators and support for multiple cryptocurrencies. Join the global leader in Bitcoin ATM manufacturing and maintenance.

www.generalbytes.com

FINALLY tried CA$HAPP today. Wish I had found this app YEARS ago!!!
- Easiest app to use thus far IMHO
- Easier verification
- No holds (yet)
- Very decent fee

**COINBASE held my $$$ or froze my account damn near every month!
.... the other 2 platforms that I mentioned last week also (BLOCKCHAIN & PAYBIS = straight hot dumpster human feces) Jesus ..... maybe in certain countries those apps are necessary -- and basic LIKE TETRIS, I swear. But in my part of USA, where I have 1,000,000 platform options -- Coinbase, Cashapp, Crypto.... theyre just easier to monitor + they are similar (so I can just go from 1 to the next, moving forward)

But for now: CA$HAPP is smooth and silky. Me likey


.... to be continued

 

[jb1655]

@jb1655 find yourself a BTC-crypto ATM already, Jesus. It's 2024!!

Bypass the crypto companies & bank institutions altogether okay??? A BTC ATM sends your ca$h straight into your BTC WALLET in 1hr or less. Automatic. No questions asked. Just have your RECEIVE QR CODE ready or you type in BTC Wallet ID.
EASY PEASY!!!
ATMs do charge 30% but no more 3 month holds. There are hundreds of them in every neighborhood nowadays. Dozens of companies. They're all the same. You just need ID. Some fuckers even accept CC, depending on your crypto provider! Good luck eh

Next-generation Bitcoin ATMs and Cryptocurrency ATMs

Our next-generation Bitcoin ATMs offer easy access for operators and support for multiple cryptocurrencies. Join the global leader in Bitcoin ATM manufacturing and maintenance.

www.generalbytes.com

I would try a btc ATM but the closest one to my home is 60 miles away. That is 120 miles round-trip to make 1 transaction.

 

[KimHarmony]

I would try a btc ATM but the closest one to my home is 60 miles away. That is 120 miles round-trip to make 1 transaction.

Jesus!!!!!

Ga$$$ money +++ 30% ATM fees, man!!
**HENCE: FOR EMERGENCIES ONLY




This past week, I saw this older neighborhood {fellow} drugger lady put well over $1000 into a BTC ATM -- like it was nothing! MONOPOLY MONEY ( .... to help her "handicap" husband subscribe for mags, you know? )

$1000 x 30% (ATM fee) = DO THE MATH!!

*** BTC MACHINE COMPANY pays owner of my local store ONLY $200 per month to place that BTC MACHINE inside of our quiet neighborhood store.

From that 1 lady ok? $1000 transaction...... BTC MACHINE COMPANY made about $300 -- FROM 1 (STUPID RICH) TRANSACTION

 

[JackJackson]

FINALLY tried CA$HAPP today. Wish I had found this app YEARS ago!!!
- Easiest app to use thus far IMHO
- Easier verification
- No holds (yet)
- Very decent fee

**COINBASE held my $$$ or froze my account damn near every month!
.... the other 2 platforms that I mentioned last week also (BLOCKCHAIN & PAYBIS = straight hot dumpster human feces) Jesus ..... maybe in certain countries those apps are necessary -- and basic LIKE TETRIS, I swear. But in my part of USA, where I have 1,000,000 platform options -- Coinbase, Cashapp, Crypto.... theyre just easier to monitor + they are similar (so I can just go from 1 to the next, moving forward)

But for now: CA$HAPP is smooth and silky. Me likey


.... to be continued

I’ve used CashApp for the past 2 years to both send/receive BTC and I’ve had ZERO issues. Places like Binance ban a lot of customers that send/receive from “flagged wallets.” Keep in mind, if you sell any of that BTC, you’ll have taxes to pay. You will receive a 1099-B form at the end of the year.

After you start getting higher amount of crypto and send/receive more often, I would highly recommend switching to a wallet app called Exodus. Just my personal favorite.

JJ

 

[KimHarmony]

I’ve used CashApp for the past 2 years to both send/receive BTC and I’ve had ZERO issues. Places like Binance ban a lot of customers that send/receive from “flagged wallets.” Keep in mind, if you sell any of that BTC, you’ll have taxes to pay. You will receive a 1099-B form at the end of the year.

After you start getting higher amount of crypto and send/receive more often, I would highly recommend switching to a wallet app called Exodus. Just my personal favorite.

JJ

WAIT! WHAT????
We have to pay taxes on cryptocurrency?!?!?! Federal taxes?????????? @JackJackson

 

[player72]

WAIT! WHAT????
We have to pay taxes on cryptocurrency?!?!?! Federal taxes?????????? @JackJackson

Only on gains. If you have a loss, you can use that to offset other capital gains.

 

[KimHarmony]

Only on gains. If you have a loss, you can use that to offset other capital gains.

OK good!!! Cause I'm like -$20 overall

 

[player72]

OK good!!! Cause I'm like -$20 overall

About the same here. Not going to list anything on return but if they want to audit me for them to need to cut a check for $3 then they can have at it.

 

[KimHarmony]

About the same here. Not going to list anything on return but if they want to audit me for them to need to cut a check for $3 then they can have at it.

@player72 : Insult to injury.........

WORK GARNISHMENT your $3.00, mothersucker!!!
IRS -- straight out of own cookie jar, son!!!!

 

[player72]

@player72 : Insult to injury.........

WORK GARNISHMENT your $3.00, mothersucker!!!
IRS -- straight out of own cookie jar, son!!!!

Refund offsets are indeed a bitch!

 

[Deepnorth]

All this is way over my head--I wanted to pop back on to say fees yesterday and today were back in line with what I would say was normal--comparing to old school MSBs. Maybe it was demand over the holidays?

Same here but I do agree and even told one of the vendors damnnnn this is getting insane. You even try to hit the goal post and end up way off. It gets lost in translation. We are all looking for Best Walmart value but sometimes when you add up the pennies it’s like dammit. What I need to be looking at is these pennies, specifically the BTC pennies.

 

[Deepnorth]

Only on gains. If you have a loss, you can use that to offset other capital gains.

lol if I reported my losses welll that would be something special ! I wish I could!

 

[KimHarmony]

Refund offsets are indeed a bitch!

REFUND? What refunds?! I haven't had a state tax refund in over 10 years. Damn unpaid community college tuition, man!! Still paying my junior college dues. Now only $165,000 for university + postgrad. Decent credit score, but these no motherfucking way I'm going to pay off $200K WITH MY LAST NAME IN THIS STUPID COUNTRY

@player72 IRS is going to be GARNISHING me for the rest of my life.

**I may have to become a crypto user for life, if you think about it...... THAT or move away to another country, like some weirdos do to avoid the IRS (run away from childhood trauma + instantly become an English teacher .... yeah, maybe )

 

[player72]

REFUND? What refunds?! I haven't had a state tax refund in over 10 years. Damn unpaid community college tuition, man!! Still paying my junior college dues. Now only $165,000 for university + postgrad. Decent credit score, but these no motherfucking way I'm going to pay off $200K WITH MY LAST NAME IN THIS STUPID COUNTRY

@player72 IRS is going to be GARNISHING me for the rest of my life.

**I may have to become a crypto user for life, if you think about it...... THAT or move away to another country, like some weirdos do to avoid the IRS (run away from childhood trauma + instantly become an English teacher .... yeah, maybe )

Never went the expat route but the foreign income tax exclusion is a beautiful thing.

 

[KimHarmony]

Never went the expat route but the foreign income tax exclusion is a beautiful thing.

Thanks for that link! Fancy, smart guy over here

Hey... Is this why people why vineyards and villages in the middle of countryside Italy -- for $1?!?!?????? Earn foreign income over there .... so fixer-upper a vineyard, turn it into a winner -- TAX FREE???

Is this what I'm smelling, Professor @player72 ?

 

[player72]

Thanks for that link! Fancy, smart guy over here

Hey... Is this why people why vineyards and villages in the middle of countryside Italy -- for $1?!?!?????? Earn foreign income over there .... so fixer-upper a vineyard, turn it into a winner -- TAX FREE???

Is this what I'm smelling, Professor @player72 ?

LOL wish I knew - the expat life sounds like it has a lot of advantages but I'm just a USA homeboy mostly.

edit "vineyard" - what's mmj like in Italy

 

[JackJackson]

WAIT! WHAT????
We have to pay taxes on cryptocurrency?!?!?! Federal taxes?????????? @JackJackson

Yes. I just received my 1099-B for 2023 from CashApp. Every time I sold BTC, CashApp considered the amount you sold in BTC as capital gains. So yes, you will owe federal taxes each and every time you sell BTC for USD because they recognize this as income.

It kind of sucks because they are taxing me on the entire amount of BTC I sold in 2023. (I’m just going to use round numbers to explain the 1099-B form CashApp sent me.)

In 2023, I sold $5,000 worth of Bitcoin through CashApp to receive 5,000 USD to deposit into my Chase checking account. CashApp then sent me a 1099-B form for the year of 2023. They are considering the entire $5,000 worth of BTC that was sold as “capital gains,” regardless of where the BTC originated from or how you obtained it. To make a long story short, you will have to pay federal taxes on ANY Bitcoin you sell through CashApp.

JJ

 

[player72]

Yes. I just received my 1099-B for 2023 from CashApp. Every time I sold BTC, CashApp considered the amount you sold in BTC as capital gains. So yes, you will owe federal taxes each and every time you sell BTC for USD because they recognize this as income.

It kind of sucks because they are taxing me on the entire amount of BTC I sold in 2023. (I’m just going to use round numbers to explain the 1099-B form CashApp sent me.)

In 2023, I sold $5,000 worth of Bitcoin through CashApp to receive 5,000 USD to deposit into my Chase checking account. CashApp then sent me a 1099-B form for the year of 2023. They are considering the entire $5,000 worth of BTC that was sold as “capital gains,” regardless of where the BTC originated from or how you obtained it. To make a long story short, you will have to pay federal taxes on ANY Bitcoin you sell through CashApp.

JJ

So long as you can document the cost basis, you only have to pay taxes on the amount gained, not the entire dollar amount. CashApp does not know the cost basis which is why your 1099-B shows the whole amount as capital gains but that is not a real gain. Not a financial advisor or anything.

This talks about stocks but the same concept applies - https://ttlc.intuit.com/community/i...not-reported-by-the-brokerage-firm/00/1846423

 

[JackJackson]

So long as you can document the cost basis, you only have to pay taxes on the amount gained, not the entire dollar amount. CashApp does not know the cost basis which is why your 1099-B shows the whole amount as capital gains but that is not a real gain. Not a financial advisor or anything.

Right, but then you have to show a trail of where they were obtained, at least that’s what I thought? And depending on how you obtained that crypto, you might just want to pay the taxes instead of having accountants asking questions. Thoughts?

JJ