You better get used to crypto - SWAPD financial crisis of 2023

There is a way and it’s not worth the time, effort, or headache.
I stopped buying/sending crypto from my business account. It’s nearly impossible to tell which transactions were “business” when my CPA reviews the transactions. Even then, it just does not look right when you deduct tens of thousands of dollars in crypto expenses.
Anyone in the USA, it’s problematic.

In 2023, any sellers who only accept crypto, usually based in India because they are unable to accept bank wires, I just wire someone the funds and have them convert to USDT for me. One of the admins does it for a 3% fee. I just eat the fee because it’s simply not worth the hassle, and this way it’s just a simple wire transfer expense.

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The only thing I’ve bought with crypto I am just expecting to lose money on. I’m only hoping that the acct will generate enough revenue over the next 6 months that whatever I’m eating is negligible.

It’s funny, but I had a wire a few months ago get held for close to a month because it was “suspicious”. I had to speak with one of their “investigators” and tell them I make money working with people around the world on various platforms. Anyhow, this “investigator” asked to see transaction logs from the last 3 years. I politely told him “he’s not the effing IRS and I file my taxes every year and pay what I am supposed to”(I’m paraphrasing, there were alot more expletitives)…It’s their job is to hold my money, not effing tell me how it is meant to be spent or received. These banks need to wake tf up and realize that alot of industries are globalizing and many people all over the world are working together.

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Very tedious. I skipped crypto in 2022. Relief knowing I don’t have to report this yr.

best come to dubai they love crypto out here hehe

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Am thinking about it.

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You’re leaving money on the table, then. If we skipped crypto, we would lose 70% of our business.

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I didn’t use swapd in 2022 or anything similar. I am registered w Coinbase lol was gonna make first purchase w crypto on here then I realized … I read ledger somewhere, what other wallets are best for USA?

yes don’t wait too long, the gov. and tax offices they love taking taking taking.

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Ledger is by far the best and safest crypto wallet that you can use

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Lately, it’s not. We’ve been having many problems with our ledger. Mainly faulty updates, synchronization takes forever, and sometimes it doesn’t synchronize at all. Ledger provides no support whatsoever, they just copy and paste their KB.

I tried Trezor, seems way better. Although it’s too early to make an opinion on it. The downside is no TRON network.

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@SWAPD I got a new Ledger recently and haven’t had any issues, even synchronization. If you’re still having issues maybe grab a new Ledger device and see if that helps? I’d imagine you guys plug yours in and have it running more than the average user.

We have three, tried on multiple devices and from different connections.

This sucks so bad, i have a similar or worse situation with income from adult/ of.
also tons of stuff happening with ledger that ppl arent happy about lalety, and its not the first time.

Yes, we can safely say that we may soon have to abandon bank wires altogether and go full crypto. Bank wire payments are 20-30% of our business, but unfortunately, due to constant new regulations, we will be forced to. Until 2025, that’s when the new EU laws come into play that ANY COMPANY DEALING WITH CRYPTO WILL HAVE TO BE LICENSED, PERIOD.

“Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism,” said Elisabeth Svantesson, finance minister for Sweden, which holds the EU presidency.

The rules require firms that want to issue, trade and safeguard cryptoassets, tokenised assets and stablecoins in the 27 country bloc to obtain a licence.

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Man paying taxes on crypto income makes me sick.

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Men used to go to war, now they pay taxes on crypto :disappointed:

There is literally a war 150 KM from my house.

They are driving us out of the EU

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They’re driving us to go rogue (tax-wise).

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