One of my Indian friends got 100 bitcoins from another friend a decade ago to pay off the debt he owed. And now he wants to gift 1 bitcoin to me. I am a Canadian tax payer and permanent resident and living in Canada for about 5 years now. What is the process of receiving the Bitcoin as a gift?
Will it incur any tax obligation to him?

I am begining to think that Elon isn't actually impacting BTC shifts as much at the media is reporting. Instead I suspect any shift up or down is simply accredited to whatever Elon seems to be doing at the time.

I’ve learnt the hard way.

Today I have been overlooking my finances and I remember that I had invested in Bitcoin two years ago. Wow.... Bitcoin two years ago was £2,872.45... it’s now worth £38K!

Checks crypto wallet and discover I withdrew my investment (£65) to cover a date with my girlfriend (now ex) for cocktails and chicken wings. It’s now worth £800 today.

Remember it’s not worth withdrawing for short term goals. Long term is the game.

TL;DR: Took money out of Bitcoin investment to put for date. Bitcoin investment increased by 1200% 😢

Edit: thank you so much for all the upvotes and the rewards. Much appreciated!

Ancient bitcoiner here, I have made a large amount of money on crypto since 2013. I’m looking to liquidate a large portion of it to invest into stable stocks/index funds etc. How do I go about getting the money from blockchain wallets to my bank account, is it taxed immediately or do i file it later on? I have withdrawn around $50,000 worth at once from coinbase but i included the figure in title because I imagined taking out that much would have different rules. I do not have a high income, is my bank/IRS going to have a panic attack when i withdraw nearly a million dollars to my account out of nowhere?

This is the second time I've watched bitcoin buzz explode. The first time I thought the whole world was about to catch on and adopt. Before long I walked away from the space, not realizing that I was nothing but a tourist at the time. Full scale adoption never happened. Until yesterday morning I felt the same way with what has been happening the past week. That adoption was imminent.

I finally realized that bitcoin buzz is what it is because I put my eyes and ears in range of bitcoin information. In the online circles I frequent crypto is a done deal. Everyone understands and believes in the crypto future.

Offline, not a single person I've spoken to has a clue what is going on, besides being aware of bitcoins existence.

The majority of these people are firmly middle class, looking at retirement within the next 20 years, and have investment vehicles they rarely if ever look at besides to check a paper statement for their bottom line.

We are early. Our neighbors will be scrapping for satoshis in 10 years while we look at a cold wallet with .003 BTC thankful we can pay for a nice vacation and buy presents for everyone while we are gone.

I expect volatility. People will take profits and re enter lower, that is how markets work. Being down in a position does not mean you have lost money. You don't lose money until you sell. I won't sell because I believe the future is in crypto.

I just wanted to share this with anyone who is afraid to pull the trigger. If this is the wrong place, I apologize.

Edit: thank you for your words and awards. I am in the right place🙂

Hi

Last week, I was at my parents with my old brother who just told me that he had been mining back in the days and didn't remember where did he stored the coins. I found 2 BTCs on our old drive, and I wanted to ask how can I sell them. I know it should be via an exchange..but how can I send those 2 BTCs to an exchange?

Thank you!

If I die (lets be honest, that will probably happen) Would my wife get my crypto? What if she don't know my passwords?

Ps. I don't have a wife and about 4$ worth of crypto.

Hi friends. Back in 2014 I got coinbase account that came with a a modest amount of free bitcoin (I remember it was $10 worth of bitcoin for college students?) I logged in out of curiosity and it turns out that has now become $1300+. It’s not much, but it’s sizable enough that I want to seriously think of what to do with it. Should I just leave it? I know nothing about currency trading, crypto or otherwise.

Any resources or tips much appreciated.

EDIT: any suggestions for where I could move it from coinbase? Cursory googling doesn’t help much and I gotta get it out of coinbase because I can’t actually do anything with it while it’s there.

I got accepted to a job which pays in BTC!!

Heyyy dear people I had to share this one for my community 🥴 I got accepted to a job which pays in BTC 😬 it’s a costumer service at a Bitcoin Exchange in Tel Aviv right in the middle of this precious city. It’s my extra job with 5 hours shift & they pay in BTC which I get to chose the percentage for cash or BTC, it’s a life changing to me because I always invested with little money on crypto and never had the opportunity to invest bigger amounts 😕now I have this opportunity to keep 100% of my payment to BTC and start collecting those within time 😀😀😀 I’m obsessed with crypto and Love so much it’s Idea and it’s potential it has. so just wanted to share with you this one I had in kept in my stomach and wasn’t sure if to publish it or not, but YOLO 😚😚 thanks for reading, hope everyone here will get paid in BTC !!

This is my proprietary system which may help beginners who are unsure about timing their entry into the BTC market.

I wake up every Saturday morning, wash up, make some coffee and toast, open my computer, and check the price of Bitcoin.

If the price is below $100,000 USD. . . . I buy some.

As the title says, what is actually going on in the background when a large purchase of bitcoin happens. Who is it bought from? Where does the $1.5 billion dollars actually go?

Hackers steal $1.5 billion from exchange Bybit in biggest-ever crypto heist https://www.cnbc.com/2025/02/21/hackers-steal-1point5-billion-from-exchange-bybit-biggest-crypto-heist.html

Just saw this heist and can’t understand how it could have happened.

Edit: Thank you for the replies. I am very grateful to this sub and the kind, thoughtful explanations to this beginner.

Full transparency, this is a hypothetical question. I do not have $1M in Bitcoin, or any Bitcoin for that matter. I've been learning about bitcoin and cryptocurrency lately and trying to understand how it works.

I have some friends who own bitcoin on apps like RobinHood or Coinbase and the part that's making my mind scramble is, with how high bitcoin is right now, can people really simply just sell it for cash on these apps?

Like, let's say me and 4 friends bought 1000 Bitcoins back in 2009. We'd collectively have a total of approximately $100M. So if we all decided to cash in right now, would Robinhood or Coinbase (or whoever) have to just shrug and hand over all that money?

I assume there would be fees and what not. If the app pays out $100M, they'd have to then sell 1000 bitcoins to get their money back. Is that something that could easily be done? Is the market that good?

Please excuse if any of this is just stupid questions. I'm trying to make sense of all this. Thank you!

After recently reading a multitude of similar posts, I would like to state two things that I would consider as essential when getting into BTC:

1. Do not leave substantial sums of cryptocurrencies on an exchange! As most of you have probably already read, "Not your keys, not your Bitcoin!". Even though you might be tired of hearing this (or in case you have never heard it), the statement is 100% accurate. When your BTC is stored on an exchange, they are in control of it and even though the occurance of exchanges being hacked has gone down, human errors or theft from employees of the exchanges still take place. Hence, if you own a substantial amount of BTC, get a hardware wallet and transfer your crypto onto it.

2. NEVER, under no circumstances share the seed (recovery phrase) of your wallet! Even though the packaging of most hardware wallets states this multiple times and during the installation process you are reminded again, there are still posts talking about scams, from both experienced and inexperienced BTC holders that have been scammed by sharing their seed. Customer service is never going to contact you and ask for your seed or for you to type it in somewhere. The only time you will need your seed is to transfer or recover your wallet. Also don't store your seed on a device that is connected to the internet (smartphone, pc, etc.), as this makes the whole reasoning behind storing the seed on a piece of paper or metal obsolete. Even if the device connects only once to the internet, it could become vulnerability as malware or other software could gain acces to the seed of your wallet and hence to the crypto stored in it. Therefore, keep it on a piece of paper or engrave it on a metal plate. Also don´t take a picture of the seed, this might sound obvious but trust me I have heard about enough stories like these.

So please take the two things I stated into consideration in case you are getting ready to purchase BTC or think whether you followed both tips in case you already own BTC. You will save yourself a lot of headaches in the future and won´t spread the message that it is difficult and unsafe to buy crpytocurrencies and store them. Even if you don´t want to do it for yourself, do it for the crypto community.

(I know that the information in this post might seem redundant and obvious to some people but I believe that we as a community must do more prevention work in order to prevent fraud and crypto loss from happening and to improve the public perception of BTC and other currencies.)

Thanks for reading and stay safe!

I don’t understand the logic of people who buy Bitcoin but leave it on an exchange instead of withdrawing to their own wallet.

It’s like buying gold but leaving it at the shop, paying and walking away empty-handed with only the owner’s promise to keep it safe.

Upvote so more people realize this. Thank you.

Hey guys,

I just want to start this post by saying I know nothing at all about bitcoin and honestly it slipped my mind completely that I bought it back in the day.

A quick google search says my BC is worth $11.6k. Just wondering whether u bitcoin heads think I should sell it or sit on it for another 6 years?

Edit: seems like i pretty much am... lol.

So I’m 16 years old and I have about $1000 that I got for my birthday this year. Instead of buying other unnecessary stuff with it, I’ve decided I want to invest it. Is it a good idea to invest $1000 dollars in bitcoin? Thanks in advance:)

I'm 20 and I just bought 100$ of btc and my mom said I'm wasting my money but I plan to put some money in btc every month, how can I explain her why I'm investing in crypto ?

inspired by the "beginners mistake" post today.

Let's say you bought bitcoin within the last year, and then there was that dip this week, and you got scared and sold your bitcoin... why?

What is the logic behind selling? In that moment, do you think that it's the end of bitcoin and you just lost everything forever?

Is it not clear that bitcoin and crypto is here to stay and will continue growing?

I just don't understand the logic.

This is a serious question lol. I just invested in crypto for the first time a few weeks ago.

Thanks.

I don’t think it’s too big an assumption to say that almost everyone who actually owns bitcoin thinks the value will continue to increase. So then why would anyone spend it on say a Tesla, Uber ride, etc?

Edit: This was my first time posting here and I feel like I’ve gotten some really helpful answers and some slightly agro defensive answers (but weren’t too bad).

To my mind the best answers so far have been: to circumvent the government in terms of both prohibition and taxes, discounts, to take advantage of what you think is a high bitcoin value that will soon be corrected, and to take and spend profits.

Less helpful answers so far seemed to assume or center around the idea of a 100% bitcoin economy or lifestyle. Obviously we don’t live in that world now and the reason I don’t convert all of my fiat to bitcoin (since I think the value will increase) is 1) that’s a huge gamble and 2) the volatility. I’m a husband, father and business owner. A lot of people depend on me and even if I was positive that bitcoin would increase in value overtime, I can’t afford for my money to lose half of its value overnight.

Long story short, an automation error resulted in thousands of dollars missing from my account. It took me months of badgering to finally reach a human and fix the problem. They have almost no customer support, so if anything fucks up - like anything at all, you are in for a long and painful road to get any kind of response.

Just switched to Kracken and (so far) it seems infinitely better. At very least they have human customer support you can talk to.
Any advice from the vets in the group on preferred exchanges?