php editor Xinyi brings you a detailed graphic tutorial on Bitcoin transactions. In today's increasingly popular digital currency market, Bitcoin, as one of the most representative cryptocurrencies, has attracted much attention. But for beginners, how to trade Bitcoin to others can be a confusing question. This article will use Eureka Exchange as an example to provide you with a set of concise and easy-to-understand graphic tutorials to help you easily master the steps of Bitcoin trading. Whether you want to buy Bitcoin or transfer your Bitcoin to someone else's account, this article has the answers for you. Let’s learn how to trade Bitcoin together!
Generally speaking, Bitcoin transactions are usually conducted through exchanges. Some common exchanges include Ethereum, Binance, and Huobi. Below is a brief tutorial on trading Bitcoin on Eureka exchange.
Click the link to open the official website of OKX Exchange. Enter your email address on the homepage and click Register. Complete the slider puzzle verification and enter the verification code received, which is valid for 10 minutes.
2. Then enter your mobile phone number, click "Verify Now", and enter the six-digit verification code received by your mobile phone. The validity period is also 10 minutes
3. Select your country/region of residence and check the Terms of Service, "Risk and Compliance Disclosure" and Privacy Policy and Statement
4. To create a password, you need to meet the following conditions: 8-32 characters in length, 1 lowercase letter, 1 uppercase letter, 1 number, 1 symbol, such as: !@ # $ %, etc.
5. After logging in to your account, find the "User Center" icon on the homepage and enter the identity authentication page to perform different levels of authentication according to different needs (note: video authentication needs to be operated on the APP)
6. You need to have USDT before conducting transactions. You can buy coins for transactions in C2C. Select the appropriate merchant according to your needs, click "Buy", and then follow the prompts to pay and wait for the merchant to release the coins (if If you have not received the currency for a long time, you can contact customer service for processing)
7. Click "Transaction" - "Basic Transaction" on the homepage to enter the transaction page
8. Enter BTC in the search box, select the BTC/USDT trading pair, and you can see the real-time price of BTC
9. Enter To sell the quantity of BTC, just click Sell BTC
There is no need to pay tax when selling Bitcoin in China, but it is different in the United States. Although there is no need to pay tax when buying and holding Bitcoin, if you use virtual currency to sell for cash or use virtual currency to shop, You need to pay tax. According to statistics, in addition to the United States, five countries including Japan, Singapore, Germany, Norway and the United Kingdom have stated that they will tax Bitcoin. With the addition of the United States, a wave of taxation on Bitcoin transactions may take shape on a global scale.
The U.S. tax rate is 15%. As early as 2014, the United States pointed out that holding Bitcoin requires tax, and treats Bitcoin as property rather than a currency. However, the tax rate is compared to ordinary income rates. (25%) is much lower.
The Japanese tax rate is 5%~55%. In Japan, income tax is cumulative. The income tax on virtual currencies is determined by adding profits, wages, and other income. Stocks and other profits are uniformly 20%. The higher the income. High, the higher the tax rate.
Russia’s tax rate is 13%. In 2018, Russia levied personal tax on the declared capital invested in cryptocurrency, and the personal income tax rate was 13%.
The IRS stated in the announcement that if virtual currencies such as Bitcoin are treated as property, the basic tax principles related to property transactions also apply to virtual currency transactions. Specifically, if Bitcoin is used as salary or service fee payment, the recipient needs to pay personal income tax.
If Bitcoin is treated as capital like stocks and bonds for investment and trading, income gains and losses will be treated in accordance with capital income tax. The trading income of Bitcoin makers follows the self-employed tax rate, and the income is settled based on the market value of Bitcoin on the day of the transaction.
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