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Bitcoin for the Baby Boomer - Finnegan Pierson - Blog

Bitcoin for the Baby Boomer

What is Bitcoin?

Bitcoin is a system that enables payments to be sent between users but it does not pass through a central authority, which means it does not pass through standard banks or payment gateways. So it is basically electronic currency and that means that Bitcoins are never printed in the form of dollars or paper money. That they are produced by computers all around the world so, it's using free software.

What is Bitcoin tax ?

If you have ever dealt with or traded cryptocurrencies you should definitely include bitcoin tax in your tax forms, especially if you didn't make any money. Utilizing tax is one of the best ways you can establish tax calculation services and that can help you work out your gains and losses. This will help you while producing all of the information and data that you will need to file your taxes.

Should Babyboomers Invest?

The current discussion is whether or not baby boomers should be taking their interest and current investments over to the new aged bitcoin system. Although, the currency is fairly new and sort of unpredictable, it's not like the Baby Boomers have many other options to expand their retirement funds. Bitcoin has jumped from $5.48 per coin to $1,040 per coin and all the way to down to $800 per coin; all within the first week of one single month. For the Bitcoins to change so rapidly has been a very common trend. The trend doesn't really have specifics, it's almost as the coins could gain and lose hundreds of dollars in value in one day. And, investors would simply standby while enjoying the show. It is very common and everyone wants to know if the system will crash or if it will skyrocket one day.

What is so great about Bitcoin?

Bitcoin greatest quality is that there is not one single institute that owns or controls the Bitcoin network. It is basically maintained by a group of are coders. And, that group has placed the control of Bitcoin into the hands of another computer coding system. That system is run by an open network of computers that are dedicated to the system that is actually spread across the world.
This entire system makes it much easier for people to cope with the digital age, especially those that are uncomfortable would bank are run. There are old fashioners around that prefer to keep their hard-earned money within their arms reach.
Bitcoin Supply is tightly controlled by the underlying algorithm. Meaning every so often as a little number of Bitcoins trickles out of the system and into the public access. And, it happens until the maximum amount of 21 million Bitcoin has been reached the public.

How do you use Bitcoin?

This is one of the greatest things that baby boomers are able to fully enjoy that you can actually use hard cash credit debit cards, wire transfers, and other cryptocurrencies to supply you to purchase Bitcoin. And, that basically depends on your location. All you have to do is set up a wallet to allow for the safe storage of your Bitcoin. This provides a safe location and when you open an account to exchange then cryptocurrency exchange accounts are able to make exchanges such as buying and selling Bitcoin on your behalf.
Most exchange locations accept payments through bank transfers, credit card and there are actually some companies that are working towards being able to work with accepting PayPal transfers as a form of payment. There are also certain ATM machines that will send Bitcoin to your wallet in exchange for your hard cash. The AMT methods work similarly, you just simply feed your bills into the ATM machine and hold up your wallet's QR code up to the screen and it will wirelessly correspond the amount of Bitcoin right into your account.

Publish Date: December 12, 2019 2:57 PM



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