Bitcoin Exchange Rate

by admin · May 26, 2014

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BitBeat: BitReserve Vows Bitcoin-Like Costs, No Bitcoin-Like RiskWall Street Journal (blog)–If individuals and businesses could use a bitcoin-based infrastructure to make and receive payments denominated in dollars, euros, or yen with zero fees and without bitcoin's notorious exchange rate risk, would they take it? That rather simple …and more »

Questions and Answers

What are some advantages and disadvantages of a freely floating exchange rate system versus a fixed exchange r?

How can central bank use direct intervention to change the value of a currency?

Propose a linkage between the U.S. Budget deficit, dollar value, and unemployment level.

Posted by 123

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3 completely independent questions in one post. A bit greedy, no?

Http://www.econlib.org/library/Enc1/Exch…

A gold standard is the ultimate in fixed exchange rate:
Http://andolfatto.blogspot.com/2013/04/w…
Http://delong.typepad.com/egregious_mode…
Http://delong.typepad.com/sdj/2009/03/le…
Http://www.princeton.edu/~pkrugman/femod…
Http://blogs.wsj.com/ideas-market/2012/0…
Http://www.guardian.co.uk/commentisfree/…
Http://delong.typepad.com/sdj/why-not-th…

Http://en.wikipedia.org/wiki/Impossible_…
Http://www.pkarchive.org/crises/argentin…

As for the third question, unemployment is too high because the deficit is too low:

Under what tax are my earnings from exchange of Bitcoins to Indian Rupee included in India?

I live in India. For instance if I make 10 Bitcoin a month, that would amount to Rs.7,18,900 (Exchange rate as on 30/11/13), which definitely exceeds any income tax limits. So how do I pay tax for this as an individual with only a savings bank account? Under what kind of tax does this type of earning fall?

READ Test bitcoin

Posted by Rajarajan P

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You have to file your returns and pay taxes as per slab rates. In which mode you are earning is not important. How much you are earning per year (after converting your income into Indian Rupees) has to be shown and pay taxes.

If you are earning Bitcoins for the work you have done, then it becomes your professional income and same has to been shown in the Income Tax Return Form ITR-4 under the Head "Income From Profession or Business".

The tax on the same will be RS. 75,993 (Tax on Rs.7,18,900)

Is it as easy as it seems to make a (SMALL) profit off Bitcoins?

I mean, buy bitcoins, then selling them once the exchange rate is higher than what you bought them for…

In regards to making small profits (say a 5-8% return), isnt this a bit easy? I'm probably expressing some naivety here, so BTC users please express what I seem to not understand.

(I KNOW the IRS and many governments have declared wars on bitcoins please don't tell me any lectures or give comments like that).

Posted by Richie

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Sure why not.

Is it any different from buying stocks when they're low and selling them when they're high?

Of course, the question always arises, will the exchange rate EVER be better than the one you bought at? You never actually know that for a fact.

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http://bitcoindigitalcurrencyreview.com/…