Discussion
Behemoth said:
I don't know. But if you prove it's trading then iirc you're up for income tax. I think you may also have to show it's a real "occupation", involving part of your time and not some bot driven thing that took 5 mins to set up. There are more knowledgeable ppl here that may clarify this.
Understood. I'll have to proceed carefully and get more advice before I do anything. I might put a separate post in the Finance section rather than hijacking this thread. Thanks for the info.x5x3 said:
have you already used your CGT allowance?
The 2017/8 CGT allowance is £11,300 this year which would put me over for the amount of BTC I want to swap into ETH ![scratchchin](/inc/images/scratchchin.gif)
I personally think swtiching to ETH will get me a better return ($300 now and I think in 2 years it can hit $3,000. For BTC to hit a 1,000% increase in 2 years it would have to go from $6,000 to $60,000 which is unlikely IMHO)
ATV said:
The 2017/8 CGT allowance is £11,300 this year which would put me over for the amount of BTC I want to swap into ETH ![scratchchin](/inc/images/scratchchin.gif)
I personally think swtiching to ETH will get me a better return ($300 now and I think in 2 years it can hit $3,000. For BTC to hit a 1,000% increase in 2 years it would have to go from $6,000 to $60,000 which is unlikely IMHO)
I think CGT only applies to the profit you made not the total amount, e.g. if you bought 1 BTC at £2000 and sold/exchanged it at £4500 then your gain is £2500.![scratchchin](/inc/images/scratchchin.gif)
I personally think swtiching to ETH will get me a better return ($300 now and I think in 2 years it can hit $3,000. For BTC to hit a 1,000% increase in 2 years it would have to go from $6,000 to $60,000 which is unlikely IMHO)
And I believe if you are married/civil partner then you can also use their allowance so that would be £22.6K per year of profit before tax.
I do like ETH myself but I don't see it out-performing BTC.
ATV said:
I personally think swtiching to ETH will get me a better return ($300 now and I think in 2 years it can hit $3,000. For BTC to hit a 1,000% increase in 2 years it would have to go from $6,000 to $60,000 which is unlikely IMHO)
Interesting. Could you explain why you think ETH may be a ten-bagger over a 2 year period, but not BTC?What would you see as the probability of either of them going to 1/10th (or less) of their current value over the same 2 year period?
WindyCommon said:
ATV said:
I personally think swtiching to ETH will get me a better return ($300 now and I think in 2 years it can hit $3,000. For BTC to hit a 1,000% increase in 2 years it would have to go from $6,000 to $60,000 which is unlikely IMHO)
Interesting. Could you explain why you think ETH may be a ten-bagger over a 2 year period, but not BTC?What would you see as the probability of either of them going to 1/10th (or less) of their current value over the same 2 year period?
Both coins could go absolutely massive in the next decade (and I personally think they will) but then again, first-mover advantage never helped Netscape Navigator or Myspace. Chrome & Facebook rule the roost now.
The underlying technology (blockchains, smart contracts etc) might take us places we cannot even conceive of yet
Henrico said:
I'd say Bitcoin was the blockchain's main use case and we'll see 6 figures BTC by 2020...
Why though?BTC will be no rarer than it is today; in fact there will be more of them in existence. If more people will want them, what will they want them for and why will they be prepared to pay substantially more (in fiat terms) than they have to today? Even if blockchain technology becomes widely used for payments (and other cases of record-keeping) how does that affect the value of a BTC?
Unlike a share, there is no possibility that BTC will have earnings as such. Unlike a bond it won’t be paying a coupon. Unlike a property it won’t be generating rental income. Unlike a commodity it doesn’t (yet) have underlying commercial demand.
The question of why a BTC has any intrinsic value remains unanswered. I am asking here a slightly easier question: why should any value that it may have increase?
WindyCommon said:
why should any value that it may have increase?
Supply is limited and demand will increase because BTC will be used for basic, simple and widespread use cases such as remittances. Whether that happens by 2020 I don't know. Maybe just the clear promise of it happening is enough.Behemoth said:
WindyCommon said:
why should any value that it may have increase?
Supply is limited and demand will increase because BTC will be used for basic, simple and widespread use cases such as remittances. Whether that happens by 2020 I don't know. Maybe just the clear promise of it happening is enough.WindyCommon said:
Are you saying that I’ll need to have access to BTC in order to settle (basic, simple and widespread) transactions? Why won’t I be able to use GBP?
Of course not. Remittances are a worldwide and currently expensive and time consuming process. Bitcoin will make them easy, cheap, immediate and permissionless.Yipper said:
Bitcoin has gone beyond "bubble" and is now into "mania" territory.
Have a browse on the Bitcointalk forums in late 2013. That was mania. Talk of bank loans, new paradigms, this time it's different. Outside of certain alt forums that have already had their arses handed to them, there is no sign of that anywhere.
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