Crypto Currency Thread

[limpsfield]

hallion said:

Stupid question: say for example I bought £10k of bitcoin and it is now worth £100k, can I withdraw £10k per year for 10 years without paying tax on it?

Doesn’t that assume it’s going to stay at 100k for 10 years?

If you want to crystallise your profits, there is going to be tax payable. I don’t see how this is any different from trading e.g foreign exchange.

[CzechItOut]

M511 said:

Has anyone been able to withdraw any crypto back to GBP or EUR or even USD? which exchanges did you use?

I've tried;

Coinbase
Kraken
YoBit (using Payeer)

had no luck at all?!

The quickest way I have found is by creating an account with Revolut, you get GBP and EUR account. I have then transferred EUR from Coinbase to Revolut and then to my bank account.

[dimots]

Yes GBP from Bitstamp to Barclays. No issues, all accounted for and tax paid.

[CzechItOut]

M511 said:

Revolut seems to be a mobile phone app only? Is there a desktop client?

I don't think so. The app is actually very good and easy enough to use.

[Behemoth]

HannsG said:

it's very clear from their incoherent and autocratic response regarding crypto that they are facing a losing battle.

Blockchain, Bitconnect and so on tests their ability to control us

not the Bitconnect bit, though. That's a pure Ponzi

[g4ry13]

CzechItOut said:

M511 said:

Revolut seems to be a mobile phone app only? Is there a desktop client?

I don't think so. The app is actually very good and easy enough to use.

Second this. Although their support is pretty crap I found.

[Jeff_Enthused]

hallion said:

Stupid question: say for example I bought £10k of bitcoin and it is now worth £100k, can I withdraw £10k per year for 10 years without paying tax on it?

Yes you can - could sell the Bitcoin and keep the dollars on an exchange like Bitfinex (if you trust them) for 10 years, taking out £10k per year without paying any tax.

People on here who think they have 'got away with it' by not paying tax can expect a visit from HM Revenue & Customs when the banks tip them off (as they will, obligated under anti-money laundering legislation) that a goon suddenly had a huge sum dumped in their account from nowhere. Not worth messing about with.

[anonymous-user]

if you wanted to run any android app on windows use bluestacks.

[M511]

dimots said:

Yes GBP from Bitstamp to Barclays. No issues, all accounted for and tax paid.

Just signed up and website is taking up to 14 days for verification... YIKES

[Behemoth]

Jeff_Enthused said:

Yes you can - could sell the Bitcoin and keep the dollars on an exchange like Bitfinex (if you trust them) for 10 years, taking out £10k per year without paying any tax.

Selling for USDT is just as much a taxable event as selling for USD or indeed any other crypto.

[Jeff_Enthused]

Behemoth said:

Selling for USDT is just as much a taxable event as selling for USD or indeed any other crypto.

But all Brits have a capital gains tax allowance of £11,300 per year. So no tax to be paid.

[Behemoth]

Jeff_Enthused said:

But all Brits have a capital gains tax allowance of £11,300 per year. So no tax to be paid.

Maybe I misunderstood your tactic. To clarify, if you sold all your BTC into USDT and then took 10k sterling each year out, that would take you over the limit on the initial event. If you sat on BTC (not even cashing in on the various forks) and took 10k sterling a year out, fine.

[x5x3]

Behemoth said:

Jeff_Enthused said:

But all Brits have a capital gains tax allowance of £11,300 per year. So no tax to be paid.

Maybe I misunderstood your tactic. To clarify, if you sold all your BTC into USDT and then took 10k sterling each year out, that would take you over the limit on the initial event. If you sat on BTC (not even cashing in on the various forks) and took 10k sterling a year out, fine.

or double that if you are married

[syko89]

On bitstamp/kraken you can trade coins for EUR or USD so you could withdraw £10k each year from there possibly?



Weiss reports are releasing ratings for each coin at 2pm GMT today. May be some movement in price depending on outcomes.

https://weissratings.com/

[tertius]

syko89 said:

On bitstamp/kraken you can trade coins for EUR or USD so you could withdraw £10k each year from there possibly?



Weiss reports are releasing ratings for each coin at 2pm GMT today. May be some movement in price depending on outcomes.

https://weissratings.com/

I’m looking forward to their rating of USDT.

[HannsG]

tertius said:

I’m looking forward to their rating of USDT.

I would absolutely avoid Tether.

Tether is a side project of Bitfinex that is used by other exchanges like Bittrex. This means the collapse could have a domino effect that reaches beyond Bitfinex itself.

They are printing money like crazy and no one knows how well backed USDT is. You could pretty much say it will be like crypto armageddon if USDT collapses.

[budgie smuggler]

HannsG said:

I would absolutely avoid Tether.

Tether is a side project of Bitfinex that is used by other exchanges like Bittrex. This means the collapse could have a domino effect that reaches beyond Bitfinex itself.

They are printing money like crazy and no one knows how well backed USDT is. You could pretty much say it will be like crypto armageddon if USDT collapses.

If you buy and sell alts paired against BTC on Bittrex, are you inadvertently using Tether? i.e. Is that how it works behind the scenes, or is Tether something else i.e. for exchanging coins back to fiat? I've read about it but can't really understand it.

ta

[Behemoth]

budgie smuggler said:

If you buy and sell alts paired against BTC on Bittrex, are you inadvertently using Tether? i.e. Is that how it works behind the scenes, or is Tether something else i.e. for exchanging coins back to fiat? I've read about it but can't really understand it.

ta

If you trade crypto to crypto, you don't use Tether but there's still a risk.

If you sit in Tether (USDT) you carry the risk it falls over. If you keep crypto at exchanges that use Tether heavily, you carry the risk that these will fall over and lock up your coins for a hell of a long time whilst it gets sorted out (by which time your coins may fall dramatically).

Bittrex don't do fiat. So they use Tether as an alternative to fiat. Effectively it is a crypto token pegged to the $. If you want to trade to/from $ on Bittrex & any other exchange that doesn't handle fiat, then you'll be using Tether (Poloniex, Bitfinex etc). Tether is a crypto of sorts (it's an Omni protocol token).

[budgie smuggler]

Behemoth said:

If you trade crypto to crypto, you don't use Tether but there's still a risk.

If you sit in Tether (USDT) you carry the risk it falls over. If you keep crypto at exchanges that use Tether heavily, you carry the risk that these will fall over and lock up your coins for a hell of a long time whilst it gets sorted out (by which time your coins may fall dramatically).

Bittrex don't do fiat. So they use Tether as an alternative to fiat. Effectively it is a crypto token pegged to the $. If you want to trade to/from $ on Bittrex & any other exchange that doesn't handle fiat, then you'll be using Tether (Poloniex, Bitfinex etc). Tether is a crypto of sorts (it's an Omni protocol token).

I see, thank you.

[Fokker]

x5x3 said:

or double that if you are married

Exactly. Take out £11300 twice in March then twice in April and you're receiving £45200 tax free each year.