This morning I decided to buy 500 dollars in bitcoin and got 494 worth from the cash app (square cash). Now it’s worth 525. I plan on keeping it there for a long time and don’t plan on selling it anytime soon. Can I just keep it in the app and watch it grow (hopefully) or do I have to put it in my blockchain wallet (don’t want to deal with transaction fees rather just keep it where I bought it). Also in the event I do want to sell could I just transfer it back to fiat money?
If I make or loose money will I have to report it with my tax returns? Or is it to small of an amount for that?
Sorry I’ll admit I’m a newb again. 4 years ago I had 2 bitcoins and sold them when I doubled my money, not going to make that mistake again.
Thanks for any advice!
No comments:
Post a Comment