Cryptocurrency declaration at port of entry

[rogelcorral]

Digital wallet definitely not like a credit card. Digital wallet is more like an investment account.

I did not say “like a credit card”. I said “similar to a credit card at best”. What I am trying to say is, you store your cryptocurrency in your digital wallet. When you purchase something with your crypto, the transaction would be digital. You take out your cryptocurrency from your digital wallet and you pay the merchandise or service with the cryptocurrency taken from the digital wallet.

 

[Simba112]

Nothing like a credit card for sure. If you hold your cryptos in separate software wallets (Blue wallet, Trust wallet, etc...) or exchanges (Coinbase, Binance, etc...), it's more like debit cards. Plus, let's say you use an exchange like crypto.com and have one of their Visa cards (which are debit cards), should you declare it? I don't think so.

Another dilemma is if you hold your cryptos in a hardware wallet and cross the border with it.

I think we also can make a good reference to stocks. Are we allowed to travel while investing in stocks using apps, such as Robinhood, valued more than $10K without declaring? If yes, then holding crypto should not differ that much.

Im not sure if we can compare stocks and or crypto with what we are discussion. I think the later you dont need to float and sell to raise physical currency, but you transact as debit card

 

[canuck78]

Im not sure if we can compare stocks and or crypto with what we are discussion. I think the later you dont need to float and sell to raise physical currency, but you transact as debit card

Not borrowed money like a credit card. An account with digital currency of fluctuating value which is why I likened it to an investment account with stocks that fluctuate in value although the investment has an affiliation with a country and has hard currency.

 

[rogelcorral]

The thing with cryptocurrency is that it is valuable only to those who think it is valuable. Cryptocurrency, unlike fiat currency, is not backed by a government and is not declared a legal tender. Nobody, controls or regulate cryptocurrency. I can think of paintings or baseball cards. They are valuable to some, but not all. Difference with crypto is that you can use your crypto to digitally purchase something, whereas you have a o sell your paintings or baseball cards first before you can purchase something from the proceeds. But both can be investable.

First documented purchase using bitcoin was in 2010. When somebody bought Papa Johns pizza for 10K BTC. But last time checked, Tom Hortons or Walmarts are still not accepting Cryptocurrency.