Bitcoin Bank – Do I have to pay taxes?

Last Updated: 13 February 2024

Cryptocurrencies are the trend of the hour. Although bitcoin is stagnating or even looking at its best days in the rear-view mirror: There are numerous competing products waiting to convince with their own qualities and advantages.

So why not trade them? Contrary to the name, Bitcoin Bank does not only allow you to speculate on Bitcoin itself.

But what about the tax aspects? Does trading with cryptocurrencies count as gambling or is there more to it? Do the profits from successful trades have to be reported to the tax office? We took a closer look at the topic.

How can you profit from Bitcoin Bank?

Step 1: Click on the link to go to the official website of Bitcoin Bank.
Step 2: Fill out the form to get a FREE licence to trade.
Step 3: Follow the instructions on the platform to profit from bitcoin quickly!

How likely are high returns?

Users who resort to Bitcoin Bank enjoy the potential to get rich quick. The trading software works technically flawlessly and evaluates the best possible chances of success.

If the chances are good, a trade is initiated immediately – at least if you explicitly insist on it. As a rule, it takes a maximum of a few days until the first success is credited.

Nevertheless, it should not be forgotten that no profit can ever be guaranteed. No one should assume that they can sign up with Bitcoin Bank, risk a stake and be set for life from one moment to the next.

Even the software is not able to look into the future. And just between you and me, it would be boring if every trade were to mutate into a self-runner.

 

Bitcoin Bank - Do I have to pay taxes?

Profits are taxable

A crucial question would be to what extent trading in cryptocurrencies should be considered gambling. Are the returns merely a matter of chance or does it require the necessary intuition to exploit the best possible chances of success?

The kicker: Winnings from gambling, such as the lottery, are generally not taxable. After all, no participant can count on them. They result purely from luck.

Until now, however, trading with online brokers has not officially been considered gambling. All successes should therefore be recorded in the tax return. Afterwards, the amount to be paid additionally is decided.

Winners are well advised not to blow their money on the proverbial head straight away.

Be on the safe side

Trading in cryptocurrencies is comparatively young. It is therefore conceivable that the information written here is already obsolete again because the legal situation with regard to taxes to be paid has changed.

So please bear this in mind when you file your tax return and record your winnings.

If you want to be on the safe side, you can always call the tax office or consult a tax expert. He or she knows the current regulations and will be happy to keep you up to date.

After all, no one is helped if you are happy about high returns on the one hand, but lose them right away because the profits were incorrectly taxed or declared. Caution is always better than indulgence when dealing with crypto robots.

Author
  • Luke Handt

    Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.

    Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.

    In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.

    When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.

error: Alert: Content is protected !!