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MarkRoberts
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Bronze Bitcoiner
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Does market price matter when sending/receiving BTC?

Thu Feb 25, 2021 11:15 am

assuming market price is not really a factor when sending or receiving BTC, as you are dealing directly with the coin itself. 1 BTC always equals 1 BTC. I do not really have to worry about changes in market prices so long as BTC is staying BTC. Is this assumption correct?

Answer to this Ques is:

Yes, from a technical point of view.

Practically, when transacting with another person, that person will most likely compare the Bitcoin to their own currency before deciding how much to charge or offer.

Also, you may care for tax reasons. Maybe you can afford to give someone that 1BTC today, just know that in some countries (*ahem: the UK) a payment is a capital gains taxable event, so you'll have to work out maybe 20% of the profit made from that 1 BTC in GBP just before you sold and have that money to hand so you can pay the tax man. If 1 BTC shoots to 1 million, you may need hundreds of thousands to hand for tax.

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