Fold needs to let you transmit rewards over lightning, im suspicious that they don't let you do that. They only let you transmit purchased bitcoin over lightning. I wonder if I transferred rewards to my bitcoin wallet in Fold and then transferred it out on lightning if that would be the best way to do it?
Discussion
I transferred a cpl months ago from rewards to wallet in Fold. Took 3 days. Wasn't happy.
They only send rewards on tuesday so it's always a wait.
I didn't know that. š«”
I read the damn documents.....this is my burden...happy to share the knowledge.
Occupational hazard, obviously. Try to be unburdened, by what has been.
Youāre saying they should do that post-30 day ātransactions are settledā period?
Sure, I wasn't thinking about that, but to send it out via lightning should be trivial even if you have to wait 30 days for your 5 sats per day spins
Do they use the lightning network at all?
I think you can send over lightning for btc you buy directly or receive directly into the btc wallet which is sequestered from the rewards wallet.
Sketchy. Custodians fucking play too much.
Need to keep reward bitcoin separate from purchased bitcoin. One is a āgiftā and considered untaxed from capital gains and the other should go in a kyc cold stack. Please tell me if Iām wrong.
I agree the reward bitcoin should be untaxed as an income event when you get it as ācash backā although Iām less certain about the 5-10 says I get from daily spins. BUT, It is all still subject to capital gains when you sell it regardless of how you got it. Whether you need to keep it separate from your purchased bitcoin is up to you.
The daily spins are still considered a gift as they accrue in the same stack.
Not subject to CG if you donāt sell it but just spend it. Then you would only pay sales tax IF the vender is collecting it.
You should talk to an accountant because I donāt think this is accurate in the US.
Youāre not wrong - talk to a tax lawyer and accountant. This is the best discussion Iāve heard so far about reward Bitcoin and Fold. Jack talks about at the start and in more detail at the 26:29 of the podcast. That said the podcast is older and some of the tips to min/max rewards have changed on the Fold card. https://fountain.fm/episode/h1l6jDMclz535dHk1W2W