Bitcoins?

[Not-The-Messiah]

fiju said:

Quickest way of selling 2 BTC?

Send them me I will sell them for you honest.

[Gecko1978]

isleofthorns said:

fiju said:

Quickest way of selling 2 BTC?

we're several years in to cryptos being mainstream, and even the answer to the above is not obvious - hardly surprising bitcoin is still held by a relatively small number of holders.

You could get a coin base debit card an withdraw the cash from an ATM.

[Not-The-Messiah]

Gecko1978 said:

You could get a coin base debit card an withdraw the cash from an ATM.

Over 40k ? lots of trips to the ATM that.

[fiju]

I have a coinbase account, and my BTC is on a ledger nano. Is it safe to just stick it all into coinbase and cash out? What would the charges be like?

[tertius]

fiju said:

I have a coinbase account, and my BTC is on a ledger nano. Is it safe to just stick it all into coinbase and cash out? What would the charges be like?

I’ve not used Coinbase but they would probably be:

A. Network transaction fees to move your BTC to Coinbase (small)
B. Exchange fees for the sell transaction (small)
C. Money transfer fees (depends what Coinbase charge? Should be in their Ts&Cs)
D. Foreign exchange fees to convert to GBP (pretty small)
E. CGT (up to 20% on the gain net of any CGT allowance)

[fiju]

Thanks. How is cgt worked out and applied?

I remember a few years back before the crash, the lightning network hadn't been implemented yet and charges were sky high. What's it like now?

[jammy-git]

I assume you self declare on a Self Assessment tax return.

[tertius]

fiju said:

Thanks. How is cgt worked out and applied?

I remember a few years back before the crash, the lightning network hadn't been implemented yet and charges were sky high. What's it like now?

https://www.gov.uk/capital-gains-tax/rates

https://bitcoinfees.net/

[TTmonkey]

fiju said:

Quickest way of selling 2 BTC?

Liquidate buy using them to buy something. Suggest 2 dozen high class Eastern European hookers.

No CGT then either and a stable income.....



(Assume hookers are still doing business in the Covid age....?)

[g4ry13]

Not-The-Messiah said:

Gecko1978 said:

You could get a coin base debit card an withdraw the cash from an ATM.

Over 40k ? lots of trips to the ATM that.

Use a Bitcoin ATM.

[ADEuk]

fiju said:

I have a coinbase account, and my BTC is on a ledger nano. Is it safe to just stick it all into coinbase and cash out? What would the charges be like?

If you've linked your bank account the only coinbase fee is on the sale to fiat.
You can also link your PayPal account and transfer the fiat to there for zero fees

[vindaloo79]

fiju said:

Thanks. How is cgt worked out and applied?

As the end of tax year is April 5th then you may find you can benefit from selling some either side of this date to have this years and next years gains to play with.

[stemll]

fiju said:

I have a coinbase account, and my BTC is on a ledger nano. Is it safe to just stick it all into coinbase and cash out? What would the charges be like?

Ledger have an Exchange app you can install on your nano which will sell through Conify. I did this late last year and was pretty painless. Can't remember what the fees were. Mine was only just over £900 worth, you may (almost certainly will) find that your bank will ask you where £40k came from if that is an unusual amount for your account.

https://www.ledger.com/sell-bitcoin

[fiju]

Thanks.

So if the bank asks where this money came from, what's to stop me from saying it was from the sale of personal possessions? I can't prove it, but neither can they disprove it.

The other way I was thinking was to get it paid into PayPal, then drip feed it into my bank account.

[g4ry13]

fiju said:

Thanks.

So if the bank asks where this money came from, what's to stop me from saying it was from the sale of personal possessions? I can't prove it, but neither can they disprove it.

The other way I was thinking was to get it paid into PayPal, then drip feed it into my bank account.

Got a family member / partner you trust that hasn't made any money from investments over the year? You could always give them a nice bitcoin gift.

Chances are HMRC won't find out but the consequences of a random audit may not be worth it.

[ReallyReallyGood]

fiju said:

Thanks.

So if the bank asks where this money came from, what's to stop me from saying it was from the sale of personal possessions? I can't prove it, but neither can they disprove it.

The other way I was thinking was to get it paid into PayPal, then drip feed it into my bank account.

Pardon my ignorance, why can't you just tell them it came from BTC? Bank not likey?

[anonymous-user]

fiju said:

Thanks.

So if the bank asks where this money came from, what's to stop me from saying it was from the sale of personal possessions? I can't prove it, but neither can they disprove it.

The other way I was thinking was to get it paid into PayPal, then drip feed it into my bank account.

Why can't you just tell them the truth?

[Some Gump]

Bitcoin: Not for tax evasion then? =)

[fiju]

ReallyReallyGood said:

Pardon my ignorance, why can't you just tell them it came from BTC? Bank not likey?

Let's say I do, what happens next?

[g4ry13]

fiju said:

ReallyReallyGood said:

Pardon my ignorance, why can't you just tell them it came from BTC? Bank not likey?

Let's say I do, what happens next?

Nothing.