Reply to thread

Message

<blockquote data-quote="wjschmaltz" data-source="post: 161396" data-attributes="member: 6150">Coinbase, Kraken, Crypto.com, and BinanceUS are a few that are easy to set up and all allow you to send crypto.&nbsp; I think someone told me cash app does to.&nbsp; So buy it at any of those places.&nbsp; Robinhood doesn't own any crypto so they can't give you crypto to send to another wallet.&nbsp; You own a position on Robinhood.&nbsp; What I do is I have decentralized wallets.&nbsp; Download the wallet extensions on your lap top and WRITE DOWN THE SEED PHRASES AND PASSWORDS!&nbsp; Put those in a fire proof bag and in your gun safe and put duplicates in someone's safe that you trust (don't even tell them what it is) like a parent or kid.&nbsp; The wallet I use for almost everything is Exodus.&nbsp; Another wallet I use is MetaMask but that's only for buying other small projects.&nbsp; Send all your crypto to those wallets.&nbsp; (some projects are not supported by Exodus so I need to just keep them in coinbase.&nbsp; Not a huge deal to me as long as all my bigger plays are in my decentralized wallet.)&nbsp; Yes, it's my understanding that even if you swap to a stable coin technically the trade is closed and is taxable.&nbsp; The difference is that coinbase is a centralized exchange so with the new laws, Uncle Sam may start to require exchanges like coinbase to submit that information.&nbsp; By using a decentralized wallet, its all private.&nbsp; For the record, I am NOT a tax professional and not suggesting tax avoidance.&nbsp; But that's how you would do it.&nbsp; Some day if you would ever want to convert crypto into fiat, simply send it from Exodus to Coinbase and then send it to the linked bank account.&nbsp; And it will be charged taxes at that point.</blockquote>

[QUOTE="wjschmaltz, post: 161396, member: 6150"] Coinbase, Kraken, Crypto.com, and BinanceUS are a few that are easy to set up and all allow you to send crypto. I think someone told me cash app does to. So buy it at any of those places. Robinhood doesn't own any crypto so they can't give you crypto to send to another wallet. You own a position on Robinhood. What I do is I have decentralized wallets. Download the wallet extensions on your lap top and WRITE DOWN THE SEED PHRASES AND PASSWORDS! Put those in a fire proof bag and in your gun safe and put duplicates in someone's safe that you trust (don't even tell them what it is) like a parent or kid. The wallet I use for almost everything is Exodus. Another wallet I use is MetaMask but that's only for buying other small projects. Send all your crypto to those wallets. (some projects are not supported by Exodus so I need to just keep them in coinbase. Not a huge deal to me as long as all my bigger plays are in my decentralized wallet.) Yes, it's my understanding that even if you swap to a stable coin technically the trade is closed and is taxable. The difference is that coinbase is a centralized exchange so with the new laws, Uncle Sam may start to require exchanges like coinbase to submit that information. By using a decentralized wallet, its all private. For the record, I am NOT a tax professional and not suggesting tax avoidance. But that's how you would do it. Some day if you would ever want to convert crypto into fiat, simply send it from Exodus to Coinbase and then send it to the linked bank account. And it will be charged taxes at that point. [/QUOTE]

Verification

What is the most common fish caught on this site?

Reply to thread

Recent Posts

Friends of NDA