Cryptocurrency

[RedHand88]

https://www.siliconrepublic.com/enterprise/bitmart-hack-crypto-platform-ethereum-binance

Ouch. Be careful folks, spread your investment over a number of platforms.

[Armagh18]

Bitcoin still fallling.

[shark]

Bitcoin still fallling.

What does "still" mean here? Is it not up more than 150% this year? I don't own any Bitcoin, but I don't think that even its most fervent supports claim that it goes up every single day.

[RedHand88]

Up $250 from 10mins ago. Up 17% in the last 6 months.

[bennydorano]

Longer term the bigger danger to Crypto (punters) has to be strangulation by regulation, just seems to one Government after another alluding to it.

[Smokin Joe]

Longer term the bigger danger to Crypto (punters) has to be strangulation by regulation, just seems to one Government after another alluding to it.

What's there to fear from regulation? Regulation will make it more establishment friendly.

The US have showed they have no appetite (even if it was possible) to ban Bitcoin. And obviously they lead the western world.
I think the govts are scared of it because they know what impact it will have on the Central Bank's ability to steer / manipulate the economy to give the results they desire.

[Cyril Farrell fan]

Do people who dabble in Bitcoin ever use them to buy anything? Or do they just accumulate them to speculate on the price?

[Smokin Joe]

Do people who dabble in Bitcoin ever use them to buy anything? Or do they just accumulate them to speculate on the price?

Buying anything with them results in a CGT gain (if the price increased since you bought)

[clarshack]

Do people who dabble in Bitcoin ever use them to buy anything? Or do they just accumulate them to speculate on the price?

Buying anything with them results in a CGT gain (if the price increased since you bought)

some people don't realise that every crypto trade is taxable as they think that crypto is only taxable if they cashout to their bank account, but if you trade ETH into BTC for e.g. then that is a taxable event also. CGT tax-free allowance is £12,300.
https://koinly.io/ is very good for working out what you owe on taxes.

[Mikhail Prokhorov]

Do people who dabble in Bitcoin ever use them to buy anything? Or do they just accumulate them to speculate on the price?

Buying anything with them results in a CGT gain (if the price increased since you bought)

some people don't realise that every crypto trade is taxable as they think that crypto is only taxable if they cashout to their bank account, but if you trade ETH into BTC for e.g. then that is a taxable event also. CGT tax-free allowance is £12,300.
https://koinly.io/ is very good for working out what you owe on taxes.

is this britain?

some countries are tax free, that's where the serious players are

[Geoff Tipps]

Do people who dabble in Bitcoin ever use them to buy anything? Or do they just accumulate them to speculate on the price?

Buying anything with them results in a CGT gain (if the price increased since you bought)

some people don't realise that every crypto trade is taxable as they think that crypto is only taxable if they cashout to their bank account, but if you trade ETH into BTC for e.g. then that is a taxable event also. CGT tax-free allowance is £12,300.
https://koinly.io/ is very good for working out what you owe on taxes.

is this britain?

some countries are tax free, that's where the serious players are

CGT also applies to crytpo in ROI but tax free allowance is much less, < 2k.

[Cyril Farrell fan]

How would Paschal Donohoe find out that I've made a profit on bitcoin?
Sorry if that's a silly question.

[omaghjoe]

Do people who dabble in Bitcoin ever use them to buy anything? Or do they just accumulate them to speculate on the price?

Buying anything with them results in a CGT gain (if the price increased since you bought)

Not sure what the poster means here exactly but to me this comment is more than a little misleading

The minute you liquidise Crypto into cash (or any other asset cars houses, stock & shares, food phone etc) you are liable for capital gains.
If you bought BITCOIN low and sell high good luck to you but you are liable for the gains you have made

BITCOIN IS NOT CASH!
Don't think of it as such, revenue services around the world have struggled to keep abreast of the exchanges but they will catch up with it sooner rather than later, Ignorance holds no sway...... so know the facts!

[APM]

How would Paschal Donohoe find out that I've made a profit on bitcoin?
Sorry if that's a silly question.

How would he find out if you made a few quid on a rented property?  How would he find out if you had a €50k capital gain on a second home?

If you had a tax inspection presumably.

[RadioGAAGAA]

How would Paschal Donohoe find out that I've made a profit on bitcoin?
Sorry if that's a silly question.

How would he find out if you made a few quid on a rented property?  How would he find out if you had a €50k capital gain on a second home?

If you had a tax inspection presumably.

Which would require the taxman to get access to the exchange's trade history.

Otherwise all they see is what you paid into the exchange and what you got out - and have no knowledge of what happened in between.