Cryptocurrency

[Stephen]

I am looking into playing in the cryptocurrency markets, especially Bitcoin. As Bitcoin becomes a mainstream currency, and as FRN fiat currency value declines due to deficit spending made possible by printing money (actually I think mostly they mostly just create it in computer now instead of actually printing it), I seek a means of storing value that can easily be stored, and liquidated.

While looking for a cryptocurrency exchange to do business with I found that every exchange willing to do business with anyone in the USA requires Know Your Customer (KYC) information. I found this webpage that explains why:
https://www.coinfirm.com/blog/usa-cr...ation-bitcoin/

So once KYC information is given, and the exchange knows your wallet address, they will do currency transaction reports if the value stored in it reaches, or exceeds, 10,000 as measured in FRN, or if there are transactions that also meet, or exceed it. Profit, and loss, are reported to the IRS, and the IRS will expect taxes to be paid on it.

Is there a way to trade in cryptocurrency that does not incur a tax liability? Does the IRS consider taxes are owed only when Bitcoin profits are exchanged directly for goods, and services, or converted to FRN?