Trading cryptocurrency for profit reddit

There are three reasons for this: Of course the numbers above assume you trade days per year. Now I use others since each exchange has pros and cons. Leave a comment below Leave a comment below if you have any questions about how I make a living day trading cryptocurrencies!

As the month went on I spent hours trading. Yes, but your bills will be paid. The taxable event is when you sell your cryptocurrency for fiat.

That crypto that you stake is used to validate transactions on the blockchain, and you are rewarded more cryptocurrency for putting the currency you own in the pool. Cryptocurrencies offer trading cryptocurrency for profit reddit least two routes for passive income. You could build decentralized apps on top of Ethereum and even new currencies. How much tax you pay depends on how long you were holding the cryptocurrency.

My financial situation needed to be stabilized before I could invest in assets based on my philosophical beliefs. At the end of the month I sold only what I needed, and kept the rest of my net worth in Bitcoin. Those gains are only exciting if you understand how far they can get you. I earn more USD when the price of Bitcoin goes up against the dollar. I am not a trading cryptocurrency for profit reddit advisor.

Do you sell your Bitcoin to realize your profit in USD? What happens if you become bearish on Bitcoin? Now I have my strategy that I stick to without letting my emotions interfere.

I follow the charts. I went into panic mode searching for a way I could make money on my own. I am not a tax advisor.