Earning interest on the bitcoin sitting idle in your crypto wallet also counts as income and is taxed as such. Exchanges like Coinbase have also begun to send Form 1099-MISC to taxpayers who earned $600 or more on crypto rewards or staking. While trading cryptocurrency may look like gambling, it has several major advantages compared to gambling. While gambling provides you with little opportunity for making money, trading gives you a lot of possibilities for becoming wealthy. Although many people cannot predict the future price of Bitcoin, or any other crypto, it is still possible to earn a lot through trading. If you choose the right assets for investment, you can expect returns that are much bigger than anything you could hope to get from casinos. He outlines the descent into addiction that many face. As with gambling, it starts out as a fulfilling activity. Traders regularly engage with people, businesses or companies that they see as being of value, and they can access a lot of appealing content. The fact they are rewarded quickly for successful trades or price movements means they will often fantasise about buying things.
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