Who gets the cash when you buy a bitcoin

I only see the bitcoin as another fiat currency? For the IRS you would most likely have to report your cost basis in US Dollars, and at reporting time report a gain or a loss if you sold them for cash. LocalBitcoins is private and does not require any personal details or verification, although specific sellers may request this info. You can enter in dollars or BTC, the fields will update automatically.

Transfers through Western Union

Many of the exchanges below do not require you to verify your identity or provide sensitive personal details. Make sure you have a Bitcoin wallet before you buy since some of the exchanges below require one. We do research on every exchange we list and are very careful not to include scam exchanges on bircoin site. It’s possible to buy bitcoins with cash on LocalBitcoins via cash trade in-person or with cash deposit. LocalBitcoins is private and does not require any personal details or verification, although specific sellers may request this info. We may receive compensation when you use LocalBitcoins.

Introduction

By using our site, you acknowledge that you have read and understand our Cookie Policy , Privacy Policy , and our Terms of Service. Do the funds paid in any world currency go into a pool to back the bitcoin or into the developers of bitcoin clients? What are the IRS requirements as to the value of ones account? The Norfed dollars where backed or made of precious metals and taken down by the federal coinage act. Thanks any info would be appreciated.

Plastic Yandex.Money Card

The Norfed dollars where backed or made of precious metals and taken down by the federal coinage act. Gold is gold, silver is silver and food is food. Buy Bitcoin Worldwide does not offer legal advice. Rather than a currency, bitcoin is being treated more like an asset, with the hope of reaping great returns in the future. If you are asking about trading on an exchange, then the exchange software matches up buyers and sellers. When I buy a gold or silver who gets the cash when you buy a bitcoin I have the coin with value, as silver and gold are needed to build computers and other things. Again, make sure you buy from sellers with good feedback! Now you will need to find a bank branch of the bank you chose in your area. We can both agree on this: Buying bitcoins with cash is confusing!