That rigamarole could have been easily avoid by converting the crypto to cash, which is trivial to prove is yours.
Did they end up accepting the crypto directly, or as cash?
I guess I should have clarified: I didn’t directly give them crypto. I was using it to cash out and pay cash with. But I had to prove ownership.
Also I didn’t have the luxury of waiting.
In US law this is a taxable event.
In the world of stock, we don't like multiple expansion as it's a sign that prices go up on grounds that are hard to reason about. Things going up without reason tend to come down for the same reasons.
Crypto has _zero_ growth. Crypto companies, however, that's a different story.
But sure, I'm sure you'll be right about what you perceive to be growth. There are still millions of gullible and half smart people waiting to get on board.
Are you familiar with the term Deflationary Asset?
Because buyers are valuing them more and more and not just in words but by actually with their money?
> Are you familiar with the term Deflationary Asset?
Yes. I also believe BTC will outperform gold over the next 10 years (both of those are deflationary assets).
Where is the growth?
Or, you get more USD for your BTC.
> Where is the growth?
In the amount of USD one can purchase with their bitcoins? Literally, that's what this whole subthread is about where someone used their long held bitcoin to do a downpayment. The growth in USD price of a bitcoin is what helped them do that.
I spent two weeks digging through boxes and imaging hard drives before miraculously finding my wallet.dat from 2011 that I luckily hadn’t encrypted or even passworded lol.
Had 3.25btc in it (I remembered the .25. The extra 3 were a shock.). I ended up paying for my home down payment with it.
You shoulda seen my broker’s face when I showed up with almost entirely crypto to fund the mortgage. It took them several weeks to find a company who would be OK with crypto being fronted. I ended up having to come up with a way to prove it was mine which was fun. Had to back track through the blockchain tracking the history of the transactions, wallet address creation. Show I had the private keys etc. they finally accepted it as after a month of back and forth.
Then I didn’t cash out entirely when it spiked to $60k and now I am regretting that lol.