106: What Women Need to Know About Bitcoin with Marianne Borneman episode artwork

EPISODE · Feb 15, 2025 · 59 MIN

106: What Women Need to Know About Bitcoin with Marianne Borneman

from Take Back Retirement · host Stephanie McCullough, Kevin Gaines, Marianne Borneman

Picture a world where your money isn't controlled by any government, but rather exists in the form of digital code. That's the idea behind Bitcoin and cryptocurrency, where freedom meets cryptography, and transactions are recorded transparently on a blockchain.   But we get it–to those looking to add cryptocurrency to their portfolio, the subject of decentralized finance can be pretty intimidating. Our hosts, Stephanie McCullough and Kevin Gaines break it down with special guest Marianne Borneman, founder of Access Tax Solutions, the home of Real Clear Tax Advice.   They look into how Bitcoin differs from traditional money, dissecting its digital nature and the security measures you need to protect your assets. From choosing reputable digital wallets to setting up complex passwords, they guide us through safeguarding your investments in this new financial frontier.   Understanding the tax implications of your Bitcoin transactions is essential to avoid unwanted surprises. Our hosts and Marianne share practical scenarios illustrating the importance of documenting every purchase and sale, and how using Bitcoin as a gift or payment can impact your tax obligations. Whether you hold physical assets or prefer investing through ETFs, they explain how these choices affect your tax strategy and what to watch out for in terms of legal and security challenges.   Ever wondered what it takes to mine Bitcoin or why it's often compared to gold? They dive into all that, including where it actually derives value from. They explore the concept of scarcity and how collective belief underpins currency value, drawing parallels between Bitcoin and precious metals like gold. In wrapping, they discuss the most common frauds and scams to watch out for as you navigate the world of crypto!   Key Topics: "What the Heck is Bitcoin?" (03:55) How Safe is Crypto? (10:05) How to Use Cryptocurrency (11:25) Crypto and Taxes (17:52) Owning Physical Assets Versus ETFs (29:32) Common Crypto Scams (33:07) Bitcoin Mining (45:49) When Does a Crypto Transaction Qualify as a Taxable Event? (52:09) Where Does Bitcoin Derive Value From? (55:46)   Resources: Learn more about Kathleen Marianne Borneman and her services here Take Back Retirement #83: Combatting Fraud and Protecting Your Financial Future with AARP's Kathy Stokes   If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]   You can find the transcript and more information about this episode at www.takebackretirement.com.   Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.  Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

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106: What Women Need to Know About Bitcoin with Marianne Borneman

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This episode was published on February 15, 2025.

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Picture a world where your money isn't controlled by any government, but rather exists in the form of digital code. That's the idea behind Bitcoin and cryptocurrency, where freedom meets cryptography, and transactions are recorded transparently on a...

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