Just read the first paragraph and didnt read any further because says it all Bank of America analyst Francisco Blanch has slammed Bitcoin as "exceptionally volatile", "impractical" and an environmentally disastrous asset that's useless as a store of wealth or an inflation hedge. Rolling out the old "volatility" stick to beat Bitcoin again, its old now. What is he comparing Bitcoin to that is better as a store of wealth? He's just another frightened banker voicing his opinion hoping Bitcoin will disappear. We have heard it all before. |
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We buy Bitcoin for the future, and we HODL.
I bought my first Bitcoin back in January 2017, I sold a small amount in December 2017
but since then I've been stacking Satoshi's for the future. I've been signature campaigning,
completing surveys for Bitcoin rewards, squirreling away portions of my weekly wage, selling
unwanted items for cash to funnel into Bitcoin and I've taken a bank loan to buy Bitcoin and
Ethereum which is now paid back in full.
I have worked hard to accumulate and HODL while neglecting repairs and upgrades which
need to be carried out on my property so I will be selling some Bitcoin and Ethereum at $100kBTC
and again at $200kBTC while still HODLing the vast majority of Bitcoin.
This bull run has enabled me to multiply what I would have spent normally so soon I will withdraw
that amount and will essentially keep HODLing the profit.
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Who wouldn’t want to legally sell their crypto and pay only 1% tax, sounds like something impossible, even though we know there are countries where taxes are pretty low or non-existent. I checked the link for The Nomad Capitalist and of course I was interested in who is in the team, and I must admit that I was quite surprised that except for the CEO and another male member, all the others are women from Serbia (it is easy to conclude by name and surname). Apparently Andrew Henderson really liked it there, so he decided to surround himself with women from that country. I don’t know how much they charge for their services, but I’m sure it’s not cheap - but services like this aren’t for those with little money anyway - without $300 000 a year in incomes or net worth $1 + million, you can’t claim their services. It would be interesting to hear if anyone has experience with them. An interesting topic on Reddit -> A disgruntled Nomad Capitalist client's rant ...Serbia, hmmm the postal address on the site is HOng Kong! Interesting read Lucius, this gives an insight into the fees they charge. OK Then, I guess I wont be [or qualify for] using the services of the Nomad Capatilist, but I guess being an earner in the 7 to 8 figure range, $500 or $8500 could be deemed a very beneficial cost. Apparently, they charge S$500 for a first skype consultation (one hour with Andrew). If you want
them to go through your information and make a personalized proposal, they will charge you $8500 (two hours with Andrew).
Yep - nobody wants to pay tax ! I believe you need to ask yourself a few questions, which I’m sure you have already. These would include - - relocation options for you and your family - immediate decisions will impact on future tax returns - many jurisdictions are changing slowly but surely and they can retrospectively re inspect your tax returns There are many so called ‘ crypto tax experts ‘ - my advice would be to prepare some crypto related tricky questions and see how well any of these prospective ‘ crypto tax experts’ answer these questions. You’ll know soon enough whether their advice is worth listening to . This is a new field for accountants and I believe many have little or no knowledge in the field .The money sharks will be circling  One last point, see if your accountant accepts crypto payments Yes it seems like the best way to lower the TAX liability is to move to a favourable location, and indeed this can be difficult when there are family members directly involved, it a major consideration. I posted a list of 10 countries which appear to have TAX free laws on crypto, post #2. There are indeed a lot of Crypto TAX experts and also advisors for offshore banking, beware of the money Sharks indeed.
Are you ok with paying TAX on your profits?
Have you seriously considered minimising your liability?
It's not ok for me paying my taxes but it is a liability for us therefore we have an obligation on paying our taxes as well as the other citizens we have living in the same country, to be fair we don't really carry the same burden when it comes to paying our taxes as it scales up depending on which tax bracket you belong and I think it is only fair that the lower income earners have lesser tax liability than the ones earning higher ones. I think for your case you are experiencing a higher tax liability because you have yielded a higher gain during that year thus placing you on a higher bracket. If you want to reduce your tax liability you should do more research in your country where you are living. For example since I think you are living in a European country there are some countries in their like Germany where you will be exempted for tax if you held your crypto position for more than 1 year. There might be similar laws you have in your country which reduce or completely remove your tax so really there is a lot of options in which you can lessen your obligations. Indeed, Its one thing availing of the TAX free laws in a different country but there are certainly criteria to avail of these. We also need to bear in mind the criteria in our residing country for TAX free status. I.E move to Germany for 1 year to avail of the TAX free laws but potentially still be
liable for TAX in your normal country, you might have to be a non resident of your own
country for more than a year. |
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This is good news for sure but VISA are already supporting Crypto for example with the Coinbase Debit Card Introducing Coinbase Card
A Visa debit card, funded by your Coinbase balance. The easiest, quickest way to spend your crypto worldwide. Am I missing something here? And secondly, working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted Does this mean we can integrate or link a Bitcoin wallet to a VISA card (or visa versa) ? |
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I thought it woould be interesting to find out which countries do not TAX crypto, Here is a list of 10 which is dated this year but verification will need to be done as the laws in some countries may have changed. Further investigation will be needed to find out what the criteria is per country in order to avail of the TAX free laws. 10 Countries That Don't Tax Bitcoin Gains (2021)
1. BelarusBelarus is taking an experimental approach to cryptocurrencies. In March 2018,
a new law legalized cryptocurrency activities in the East European state, exempting
individuals and businesses involved in them from taxes until 2023 (when it will come up for review.)
Under the law, mining and investing in cryptocurrencies are deemed personal investments,
and so exempt from income tax and capital gains.
2. GermanyGermany offers a unique take on taxing digital currencies such as Bitcoin. Unlike most other states,
Europe’s biggest economy regards Bitcoin as private money, as opposed to a currency, commodity, or stock.
For German residents, any cryptocurrency held for over a year is tax-exempt, regardless of the amount.
3. Hong Kong“If digital assets are bought for long-term investment purposes, any profits from disposal would not be chargeable to profits tax,”
4. MalaysiaIn Malaysia, cryptocurrency transactions are currently tax-free, and cryptocurrencies don’t qualify for
capital gains tax, because digital currencies are not considered assets or legal tender by the authorities.
5. MaltaMalta doesn’t apply capital gains tax tolong-held digital currencies like Bitcoin, but crypto trades are
considered similar to day trading in stocks or shares, and attract business income tax at the rate of 35%.
6. PortugalProceeds from the sale of cryptocurrencies by individuals have been tax-exempt since 2018,
and cryptocurrency trading is not considered investment income (which is normally subject to a 28% tax rate.)
Note: This applies to individuals, not companies
7. SingaporeCapital gains tax does not exist in Singapore, so neither individuals nor corporations holding cryptocurrency are liable.
8. SloveniaSlovenia is another country that treats individuals and businesses separately under its cryptocurrency tax system.
No capital gains tax is levied on individuals when they sell Bitcoin, and gains are not considered income.
9. SwitzerlandCryptocurrency profits made by a qualified individual through investing and trading are treated as tax-exempt capital gains.
10. BermudaThe island nation of Bermuda is one such territory; it doesn't impose income, capital gains,
withholding, or other taxes on digital assets, or on transactions involving digital assets. |
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I have been actively researching how I can reduce my TAX liability in terms of Capital Gains TAX for later on this year when I plan to sell some Crypto (Mostly Ethereum) later in the year when Bitcoin reaches $200k. Where I live I will be liable to pay 33% of my earnings from Bitcoin at the point where I convert Bitcoin to Euro. I am an employee and have bee working and paying TAX for over 30 years, I really loathe having to pay this extra 33% on my profits. There are some people who have no problem paying TAX but I would like to avoid it if at all possible I'm sure there are others who think the same, maybe you are alrady doing it. The business community generally have the means to persue TAX minimalism, they have the tools and ammunition to acheive this but for a general worker it is totaly new ground to break. I have listed a few links from my investigations on the topic and share for discussion. Are you ok with paying TAX on your profits? Have you seriously considered minimising your liability?
The Nomad CapitalistThis is a company helping others reduce their TAX bills. It was started by Andrew Henderson. Andrew provides advice on how to apply what he learned to our own situations. From the ABOUT page there is a few clues as to how it can be done. Nomad Capitalist has personally helped hundreds of people go
offshore, keep more of their wealth, and enjoy an unprecedented level
of global freedom… I’ve spent the past 12 years traveling to over 100 countries, looking for and experimenting with the best places around the world to employ offshore strategies. After over decade of research and experimentation, I’m down to a 1% tax rate.
I have multiple second citizenships (and, recently, I went through the process of renouncing my US citizenship). BECOME A CITIZEN OF THE WORLD - STRATEGIES: SECOND RESIDENCY AND SECOND PASSPORT MOVE YOUR MONEY TO A SAFE PLACE - STRATEGIES: OFFSHORE BANKING, OFFSHORE GOLD STORAGE WHO WE HELP: GLOBALLY-MOBILE HIGH EARNERS
INVESTORS
You buy, trade, or hold location independent investments
such as Bitcoin and cryptocurrency, stocks and bonds, or forex.
Top 4 countries with best offshore bank accounts for 2021Information about what an offshore is and where they are located. Table of Contents 1. An overview of offshore bank account2. How to choose your best offshore banking jurisdiction2.1. Reputation 2.2. Remote opening 2.3. Deposit 2.4. Processing time 2.5. Other considerations 3. Best countries to open a bank account for 20213.1. Switzerland – Good Choice For Asset Protection 3.2. Belize – Best Choice For Low Deposit and Remote Opening 3.3. Singapore & Hong Kong – Reputation is a key 3.4. Other offshore banking jurisdictions that may help |
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I wonder has he heard of Michael Saylor? or any of Michaels "teachings" about how FIAT
is devaluing and that the only long-term allocation is Bitcoin?
of course we here at BCT are pro Bitcoin and we like positivity but I suppose there will always
be opposing thoughts on Bitcoin, that isnt going to disappear.
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This is such a great visual lesson for the "Buy high, sell low" brigade. I read the thread title and didnt check the date, i was wondering what the F. are people thinking? now im thinking What the F. WERE people thinking? In response to this: Yes... I will sell all my belongings to buy more..
I'll post a link to show that someone who already did in 2017 and is currently still travelling the world A 39-year-old who sold everything he owned in exchange for bitcoin now lives on a campsite waiting for the ultimate cryptoboomThere are those who react to their emotions in negative ways and suffer FOMO and FUD, and others who see an opportunity for the future who Buy and Hold. |
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In 2018 during a bear market the only option was to HODL even though a lot of people
panicked ans sold out making a loss after buying in the previous year at high prices.
We who held our Bitcoin are being rewarded no for the work of Holding and adding
cheap Bitcoin and Satoshi's.
The strategy of HODL also works in Bull markets.
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They are massive losses just in one month, in all fairness though
did the british think it was going to be different, that there would
not be any consequences for leaving the EU?
At least they have control of their own borders, sadly the recklessness
of the leave campaign and its winning vote has created serious
consequences for certain industries.
Do the government have any economic gameplan to counter the falling
exports?
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Yea, the writing was on the wall after race 7 really, Team New Zealand
showed their class and superiority.
Luna Rossa wilkl really have to pull off something very special to keep
the competition alive, a pity, the were really competitive in races 1 to 6.
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This is good news and makes perfect sense. Bitcoin and crypto aligns very well with an app which provides a secure and private messaging service. The team at Signal is committed to the mission of developing open source
privacy technology that protects free expression and enables secure global communication. I have been using Signal for about 5 years, it is my default messenger for my android and I also use it on my Desktop. |
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Thank you very much again Lightlord.
I have the payments pending in my wallet, will be confirmed shortly.
Thank you also to Brainboss for the continued successful campaign
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also remember Public listed companies in the U.S have to notify the SEC before they
can buy Bitcoin and that takes a few months and then they have to make it public
knowledge the amount they bought. So public companies who were interested in buying
in either January, February or this month havent bought yet.
Private companies on the other hand can buy immediately and they dont have to tell anyone.
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That chart is a piece of Art! Very different type of visual analysis and very interesting to see what thought processes Bitcoin and the community were creating. Interesting to see Anonymous Darknet Currency and Programmable Shared Databasefading away. Pink, Uncorrelated Financial Asset is only making an appearance in 2014 and makes a big move in 2017, expanding widely into 2018, i'm guessing Pink to command quite a large space on that chart today 2021 along with an explosive entry of Inflation Hedge-snip- - New Tides:
- Inflation hedge (corporate treasury)
What do you think?
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March 10th Bitcoin was approximately $54k
March 13th Bitcoin was approximately $60k
I say yes, I have noticed Bitcoin moves up closer to the weekends generally,
although I have been wrong on occasion!
Anyway if it falls back to $50 I hope to have spare FIAT to buy this dip/sale
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Just watching highlights now.
Team New Zealand were quicker in race 7, looks like consistently about 3 knots.
The difference in sails gave TNZ the edge too.
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Its sort of a trade off, you get the convenience of buying Bitcoin at an ATM without KYC
but you pay a premium for it. If they do start requiring ID and go down the KYC route they
lose their niche.
My view on Bitcoin ATM's has always been positive, they are advertisement for Bitcoin,
and as more and more pop up they normalise the use of Bitcoin, thats my opinion.
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