At the current rate of growth, the bitcoin network with 1 MB block size limit will be left obsolete by 2017.īitPay has put forward a sensible argument as to why BIP 101 has to be incorporated while expressing its support towards its integration into bitcoin core client.

The bitcoin network has experienced rapid growth since its inception in 2009. The launch didn’t go will with many bitcoin based entities who are also part of the club. Gavin Andresen and Mike Hearn finally launched a Bitcoin XT fork few days ago. The bitcoin block size limit is currently 1 MB, which Bitcoin XT proposed to change to 8 MB. While there are few who are in favor of a 7MB increase in the bitcoin block size, there are others who are opposed to this idea. The Bitcoin XT proposal was later changed to incorporate a few changes after receiving inputs from members of the bitcoin community. The debate has ranged ever since Gavin Andresen, the Chief Scientist at Bitcoin Foundation and Mike Hearn proposed Bitcoin XT a few months ago. In other words, BitPay in one of their blog posts mentioned that the company supports the move to increase bitcoin block size from 1 MB to 8 MB (which is known as BIP 101).īitcoin XT has been a topic of serious debate among the bitcoin community for a while now. Or have a better game plan.BitPay, the largest bitcoin payment processor has sided with Gavin Andresen’s court by showing its support towards incorporation of BIP 101. You guys have to be calmer when shifting money. I think I've had this card for 2 years now? Maybe longer? Not once have I used it at an ATM. Everyone running to the ATM and grabbing cash.

You have to think about why they are providing the service, not just how it serves you bestI agree with this 100%. None of this helps you now with bitpay, but apply it to your next out. You presented as someone who had no upside for them, but instead only as a liability. They want to make their % off transactions. They could care less about the $2 atm fee. Not only were your patterns susupicious, at the end of the day if youre not making purchases, then **** and bitpay arent making any money. You can still make atm withdrawals, but at a 'normal' pace. You shouldve used the card to pay your bills, and saved your 'regular' income. If use this card strictly as an atm it wont end well, especially for large amounts. Without evidence my cost basis would be zero or at the mercy of IRS. If the IRS receives receipts that I sold 30-40k of coin to coinbase, I will have no evidence of my cash purchases from back then. Coinbase awhile back said they’re releasing data on who sold a lot years back to the IRS, before the IRS recognized bitcoin as an asset. Just tell people to keep records if you want to help them.Īnother good reason to keep one central wallet you own the private key for and have at one end of every transaction you make too.Īnother good reason to keep one central wallet you own the private key for and have at one end of every transaction you make too.My problem is from 2012-2015 I bought a lot of bitcoin through LBC and other cash deposit sellers. No need to be panicking about 20k limits or if you get a form or not. No one anywhere is going to have to pay income tax based on your total buys.Īnyone who has ever traded FOREX will have got the same type of tax form before.Īs you are pretty much saying, just keep records and you won't be 'FUKKD'. Past two years I’ve documented everything but still, if they come to me and say why did you not pay tax on these 30k of bitcoin sales, show your purchase receipts I’m FUKKED.I get your concern about tax issues.īut the only tax issue with bitcoin as opposed to $$ for gambling is capital gains tax during the time you own it. I live in everyday fear that the IRS will look into me after all the $3000+ cash transactions I’ve done which trigger SARS. From age 18-22 I did not document my bitcoin purchases or gambling habits.

Bitpay limit