Bitcoin

[David A]

Perhaps a really dumb question. I have a some bitcoin in a wallet in blockchain (well I have a guid and login to blockchain and it shows a balance !)

How do I convert this into cold hard cash or a transfer to a normal bank?

[x5x3]

there are over 190 pages of useful information here - https://www.pistonheads.com/gassing/topic.asp?h=0&...

[tertius]

David A said:

Perhaps a really dumb question. I have a some bitcoin in a wallet in blockchain (well I have a guid and login to blockchain and it shows a balance !)

How do I convert this into cold hard cash or a transfer to a normal bank?

When you say "in blockchain" do you mean blockchain.com? Or something else?

Assuming you do mean blockchain.com, then I can't speak from actual experience of blockchain.com but, they appear to be an exchange so in principle this should apply:

1. ensure you are verified to an appropriate level - they will have some sort of Know your Customer obligations for selling to fiat and withdrawing
2. place a sell order on their exchange for your BTC (this may involve some sort of internal transfer, as I say I don't know as I haven't used them)
3. wait for your sell order to be filled
4. withdraw your resulting fiat to your bank account - blockchain.com appear to support withdrawal in GBP using faster payments
5. depending on the amount, you may have a CGT liability, so bear that in mind before blowing the lot on a Lambo

(also worth asking on the other "crypto currency thread" - someone there will probably have direct experience)

[Mr Whippy]

CGT liability.

I’d only take out enough to use your allowance if that’s the case.

And say it was a joint venture with your wife/girlfriend/family. More allowances.

April not far away to cash out more with new allowance.

[tertius]

Mr Whippy said:

CGT liability.

I’d only take out enough to use your allowance if that’s the case.

And say it was a joint venture with your wife/girlfriend/family. More allowances.

April not far away to cash out more with new allowance.

Note that it’s the transaction (ie the sell on the exchange) and not the withdrawal that triggers the CGT liability.

[Mr Whippy]

Yeah it'd be better to have crypto within some kind of low leverage spread betting system? So that you have exposure at parity with holding the 'real' asset (lol), while avoiding the capital gain exposure because it's a 'gamble'??

[clarky92]

Mr Whippy said:

Yeah it'd be better to have crypto within some kind of low leverage spread betting system? So that you have exposure at parity with holding the 'real' asset (lol), while avoiding the capital gain exposure because it's a 'gamble'??

Great idea, shame the FCA have banned it in the UK from January 2021 for joe public

[Mr Whippy]

clarky92 said:

Mr Whippy said:

Yeah it'd be better to have crypto within some kind of low leverage spread betting system? So that you have exposure at parity with holding the 'real' asset (lol), while avoiding the capital gain exposure because it's a 'gamble'??

Great idea, shame the FCA have banned it in the UK from January 2021 for joe public

Gonna be fun and games in 2021 if they drop the cap gains allowances too.

I can still see most people not bothering.

I’ve just been totting mine up as sadly they’ll be on my cap gains this year, due to proceeds of a property sale pushing me well over cap gain tax free amount

Still a stupendously good overall gain though!

[x5x3]

why are you all encouraging multiple threads?

one thread per topic keeps things simple.

[Simpo Two]

clarky92 said:

Mr Whippy said:

Yeah it'd be better to have crypto within some kind of low leverage spread betting system? So that you have exposure at parity with holding the 'real' asset (lol), while avoiding the capital gain exposure because it's a 'gamble'??

Great idea, shame the FCA have banned it in the UK from January 2021 for joe public

So who/what will be able to use it?

[Jiebo]

Simpo Two said:

So who/what will be able to use it?

'Professionals'. So glad the FCA are saving us from ourselves, we cannot make decisions and assess risk for bitcoin. But 50:1 leveraged CFDs on incredibly volatile FX markets are fine for the man in the street.

[Mr Whippy]

Jiebo said:

Simpo Two said:

So who/what will be able to use it?

'Professionals'. So glad the FCA are saving us from ourselves, we cannot make decisions and assess risk for bitcoin. But 50:1 leveraged CFDs on incredibly volatile FX markets are fine for the man in the street.

Haha, there I was thinking they’d banned spread betting due to the risks.

Nope. Just on bitcoin so they can keep their cap gains skim going on.

This government knows no bounds to their villainy.

[anonymous-user]

clarky92 said:

Mr Whippy said:

Yeah it'd be better to have crypto within some kind of low leverage spread betting system? So that you have exposure at parity with holding the 'real' asset (lol), while avoiding the capital gain exposure because it's a 'gamble'??

Great idea, shame the FCA have banned it in the UK from January 2021 for joe public

I was told that
I have BIT-XBTE tracker
Can keep what I have & trade them, Can’t buy more though..
Up over 90% since I took it out

[anonymous-user]

clarky92 said:

Great idea, shame the FCA have banned it in the UK from January 2021 for joe public

I have no stake in the game but "real Bitcoin" looks more than speculative enough without any need for people to bet on derivatives and gear up their, to my eye, inevitable losses when the music stops.

[David A]

Help still needed. I gather I need to verify to be gold to add a bank account. But whenever I go to profile on blockchain.com it just spins - plus the page doesn't seem to have fully loaded - see menu items on the left

Same thing on edge, chrome, incognito and two different PCs.



Any ideas?

[David A]

Gave up on that and moved everything to a new wallet on Bitcoin dot com and withdrew with moonpay. That was a damn sight easier !