Retirement for Gig Economy Workers

Oct 10, 2019

This could be an oxymoron, but doesn't have to be with help of a tax regulation and the Cash.app.

Using a self-directed IRA, you can invested in your own portfolio (a later topic discussion by itself).

Where does the Cash.app fit in? The Cash.app (provided by Square, a US-based company) has the ability to buy and sell bitcoin. This is a safe method for buying, selling and storing your bitcoin.

Why? Because Square becomes the custodian of your bitcoin. This means they setup the bitcoin wallet and maintain it. Since Square is a US-based company, they are subject to regulations, so if anything happens to your bitcoin wallet, Square is accountable and you have legal recourse (just search for stories of compromised bitcoin wallets)

Setting up your Cash.app bitcoin quick and simple and requires a valid government id with photo. If there are no issues, you will be able to buy bitcoin in about an hour. You can buy as little as 1 penny,.

Once your Cash.app account is established, you can linked your Uber GoBank Debit to the account (if you drive for Uber). Each night that you cash out from Uber through their instant payout to your free Uber GoBank debit card, you can then buy bitcoin from the Cash.app.

To buy bitcoin from the Cash.app, first you add money to your Cash.app account. If you are using your Uber debit card, I would recommend only buying 10% of your daily earnings. Once you have the funds deposited into your Cash.app account. They buy some bitcoin from the bitcoin tab bar option, where you are presented with a Buy and Sell option. The Deposit Bitcoin option is for receiving Bitcoin from other users. My BTC address is 1FjvkiYbcFiNJdM57z7Bj8LJcKRCjUqrM9 if you want to send me some bitcoin. Then press the Buy button and using the slider, set the amount you want to buy, then press the BUY link. You will be asked to confirm your purchased and upon a successful transaction, your bitcoin balance will increased. The activity log (symbolized by the clock shows your transactions plus you will receive an email of the transaction. Print and save this email as this is a record of proof for the financial transaction. A good resource for maintaining your bitcoin transactions is https://docs.google.com/spreadsheets/d/1J7Ois6bVzhIs7UL8kHxvtMa1aoepKxbvUQ1i_Xvmm3g/edit#gid=0.

When you buy your first bitcoin, you may ask why is my bitcoin balance less than then my purchase amount? That is I bought $10 but my bitcoin balance is $9.95? Is there a hidden commission, and Square says there are no commissions with bitcoin transactions. So what gives?

There are no commissions for bitcoin transactions. The difference between the purchase amount and the settled amount is a result of the spread between the buy and sell price. Currency traders have a full understanding of the spread and I recommend that you read Currency Trading for Dummies.

Your investment strategy for Bitcoin should be the Dollar Cost Averaging, don't try to "beat the system" or "get greedy."

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Survival Revealed originally created as a pamplet in 1989 to help a person get back on their feet. Survival Revealed offers real life tips to survive life shortcomings and excel.

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