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Let's say I bought bitcoin on coinbase. Two days later, I sell it to a friend. He gives me cash, I give him the private key. Then he does whatever he wants.
by Mc_Big_G 9y ago
Let's say I bought bitcoin on coinbase. Two days later, I sell it to a friend. He gives me cash, I give him the private key. Then he does whatever he wants. Am I now responsible for every transaction he makes from that address? Also, if I mined bitcoin, how would the IRS know?
- cal5k 9y agoQuite simply they can ask you to prove the origin of the bitcoins when you eventually want to use them/convert them to fiat/etc. Didn't buy them on an exchange or from another person? Well, then you probably mined them and they'll be taxed as income.
- UncleMeat 9y ago> I give him the private key Why would you do this? Why would anybody ever accept a private key in a transaction. Now the key is no longer private!
- Mc_Big_G 9y agoI didn't say it was smart...it's just possible.
- deleted 9y ago[deleted]