Best way to buy bitcoin?

Bolton73

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Trusted Member
I've never used BTC before. I just opened a shakepay account and it seemed kind of shady. You need to give your full name, address, etc. But then you need to submit pictures (front and back) of your drivers license, or passport, or other official ID before you can make any tansaction.

Is this normal? Seems kind of sketchy to me. But what do I know; I'm completely new to this BTC.
 

Cheapshot

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Trusted Member
I've never used BTC before. I just opened a shakepay account and it seemed kind of shady. You need to give your full name, address, etc. But then you need to submit pictures (front and back) of your drivers license, or passport, or other official ID before you can make any tansaction.

Is this normal? Seems kind of sketchy to me. But what do I know; I'm completely new to this BTC.
Thats normal for every exchange or any platform that uses bitcoin that I know of.. Id be weary if it doesnt ask for these things..lol
 

IronRobi

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Trusted Member
I've never used BTC before. I just opened a shakepay account and it seemed kind of shady. You need to give your full name, address, etc. But then you need to submit pictures (front and back) of your drivers license, or passport, or other official ID before you can make any tansaction.

Is this normal? Seems kind of sketchy to me. But what do I know; I'm completely new to this BTC.
100% normal. Think of them like a bank. You need to pay taxes on crypto trades so they need to keep record of who's buying/selling and report in excess of set amounts.
 

KetoMuscles

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100% normal. Think of them like a bank. You need to pay taxes on crypto trades so they need to keep record of who's buying/selling and report in excess of set amounts.
So lets say I fired up my dusty old pc from the crawlspace and found I had mined 10 or 15 btc. If I wanted to cash those in ndax or whichever trading platform will report that to the cra? What are the set limits? What kind of options do you have with that sort of thing?
Or what if I liquidated everything I owned and bought all btc then moved to another country. I assume it can be pulled out there. Who would get the report?
 

IronRobi

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Trusted Member
So lets say I fired up my dusty old pc from the crawlspace and found I had mined 10 or 15 btc. If I wanted to cash those in ndax or whichever trading platform will report that to the cra? What are the set limits? What kind of options do you have with that sort of thing?
Or what if I liquidated everything I owned and bought all btc then moved to another country. I assume it can be pulled out there. Who would get the report?
$10,000 is an automatic reporting trigger by any Canadian financial institution. It doesn't matter where the 10k comes from. You can sell a car and deposit the cheque in your account, it's getting reported. With El Savador adopting BTC as an official currency and offering immediate citizenship for bitcoin entrepreneurs and no tax on BTC withdrawals, I think policy changes in the next year will be quite interesting. If the Canadian government recognizes BTC as El Savador's official currency, a case could be made for requiring anybody holding over 100k worth to declare it annually on their taxes as a foreign asset. And if that happens, the audits will be coming for sure.
 

Bolton73

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I just don't have the patience for this BTC crap, lol. I tried signing up with shakeplay and after 3 days I've given up. Its talking about scanning QR codes and stuff. I don't even know what a QR code is, never mind how to scan it. I'll just stick with CIM, before I lose control and smash my phone, computer, and screen ... and I'm not even on gear right now :sneaky:
 

IronRobi

Well-known member
Trusted Member
I just don't have the patience for this BTC crap, lol. I tried signing up with shakeplay and after 3 days I've given up. Its talking about scanning QR codes and stuff. I don't even know what a QR code is, never mind how to scan it. I'll just stick with CIM, before I lose control and smash my phone, computer, and screen ... and I'm not even on gear right now :sneaky:
You don't NEED the QR code. There's a very long wallet address that can be entered instead. The QR code just fills that address in instead of typing it. If you want, send me an e-mail to [email protected] and I'll send you back our BTC guide with step by step picture instructions. Once you've gotten the basics of sending it, it's no more difficult than an e-transfer.

And this is a QR code for the record. I'm not sure for what, I just pulled it from wikipedia lol

1200px-QR_code_for_mobile_English_Wikipedia.svg.png
 
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