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Is it best not to have so many transactions when it comes to working out how much tax to pay when the time comes?
I have been doing a little bit of trading over the last few weeks but thinking if that is going to make things more complicated by the time I need to submit everything then I will leave it.
I must have around 500 transactions on my crypto exchange as it is , thinking I don't want to add many more if it is just going to make it harder to calculate everything once I am sorting taxes out.
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With the overall supply of Quant to be 16.6 million according to CG at rank No.30, for it to achieve top 10 spot in cmc ranking, QNT needs to surpass previous ath of $427.42 to achieve a new ath of around $650 to $700 to either beat sol at rank No.9 to be in the top 10.
If the demand for it is high then it is possible.
It will easily surpass that next bull run , it reached $240 last year having been one of the best performing altcoins this bear market. $1k price minimum next bull run  |
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I don't think supply should have any effect on the ranking of cryptocurrencies. The most important thing is supply and demand, as well as the demand for the blockchain space. The top 10 is too competitive, with either native blockchain tokens or stablecoins concentrated there. It is unlikely that this token will be in that league in the near future, but even without the top 10 this token could be a good investment. DYOR.
Will be minimum top 15 next bull run I feel - less supply than Bitcoin is massive and will bring a lot of demand. Solana shot up last bull run and I feel Quant will do something similar - maybe not $80b market cap but at least $50b. |
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Quant is slowly becoming more recognized and with less supply than Bitcoin at only 14 million many are saying top 10 is not only possible next bull run but likely.
Be interesting to hear everyone's thoughts on this?
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Started using the portfolio tracker last week on Coingecko and most of it I like however there is something I don't quite get and it seems to only involve those in my portfolio that I have both bought and sold at times.
I have realized that when logging a 'sell' transaction it doesn't take the amount into consideration.
For example if my spend was £500 for a crypto and I then log a 'sell' transaction of £50 , my overall spend should then reduce to £450 but it stays at £500.
Am I doing something wrong or is just the way it is on Coingecko?
I'm using the Coingecko portfolio tracker but I can't get what you mean, you mean auto deduct, all I know is Coingecko tracker is manually edited if you sell £50 you have to manually deduct the £50 from your £500, and sometimes you will have to wait an hour at least for the changes to occur, because of the server lag but its not always this way. If you're holding a lot of coins the Coingecko tracker is a big help because you can track how much you lose and how much you gain and you can use your own currency to see your gains and losses. Hi , I am not sure how to upload a screen shot so I will just explain how my Bitcoin portfolio currently shows on the Coingecko app. Holdings value - £838.65 Holdings - 0.04509294 BTC Total cost - £940.08 Average net cost - £15,597.69 Profit/Loss +135.31 (14.39% profit) It does not make sense to me that the 'holdings value' is less than my 'total cost' when I am in profit. |
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Not sure I like it like this but it is what it is.
Yep. Have you tried other apps that people recommended earlier like Delta and Cointracker? Cointracker seems popular in iOS and does have good reviews.
I would use Blockfolio if I am more a trader guy, and I would use Delta if I just want to monitor my assets.
Blockfolio is gone. It became FTX app when it was acquired and now that FTX blew up so does the app  I may have to try either Delta or Cointracker , only thing is I have just spent hours logging all my transactions on Coingecko  I mainly use the tracker on my phone and it just doesn't sit well with me knowing the 'total cost' is incorrect. |
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I have realized that this problem only occurs on those cryptos in my portfolio that I have both bought & sold, it doesn't make note of the sell amount therefore my overall cost is not reduced it stays the same.
Oh I get what you mean. So this is not exactly a problem, just a way of how Coingecko record your trades. The amount of sell transaction will not reduce your cost, instead it will be recorded in "Proceeds". The overall PnL then will be evaluated by: PnL = Holdings + Proceeds - Cost  In my example: - I bought 100 $DYDX at $1.84. Total cost = $184.
- I sell 50 $DYDX at $2. Proceeds = $100
- I'm still holding 50 DYDX, with current price at ~$1.83. Total holdings = $91.42
- My PnL would be = $91.42 + $100 - $184 = $7.42
Not sure I like it like this but it is what it is. Other trackers I have used have a much easier way of keeping track of how much you have spent exactly. Thanks for confirming anyway. |
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So I am using Coingecko now , but there is something I am confused with.
With Bitcoin for example it says I am 15% up however ‘Holdings value’ is less than ‘Total cost’.
Shouldn’t the holdings value be more than my total cost if I am 15% up?
This is assuming by total cost they mean how much I have invested overall?
Anyone who uses coingecko, could you explain above as doesn't make sense to me. Yeah if your PnL is up 15% the value of your holdings should be greater than your total cost. Anyway, are you sure that 15% is your PnL and not simply the coin's 24h price change? It would be helpful if you could provide a screenshot of your portfolio dashboard to clarify this. I have a screenshot but can't see how to upload the image I have realized that this problem only occurs on those cryptos in my portfolio that I have both bought & sold, it doesn't make note of the sell amount therefore my overall cost is not reduced it stays the same. |
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Started using the portfolio tracker last week on Coingecko and most of it I like however there is something I don't quite get and it seems to only involve those in my portfolio that I have both bought and sold at times.
I have realized that when logging a 'sell' transaction it doesn't take the amount into consideration.
For example if my spend was £500 for a crypto and I then log a 'sell' transaction of £50 , my overall spend should then reduce to £450 but it stays at £500.
Am I doing something wrong or is just the way it is on Coingecko?
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So I am using Coingecko now , but there is something I am confused with.
With Bitcoin for example it says I am 15% up however ‘Holdings value’ is less than ‘Total cost’.
Shouldn’t the holdings value be more than my total cost if I am 15% up?
This is assuming by total cost they mean how much I have invested overall?
Anyone who uses coingecko, could you explain above as doesn't make sense to me. |
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So I am using Coingecko now , but there is something I am confused with.
With Bitcoin for example it says I am 15% up however ‘Holdings value’ is less than ‘Total cost’.
Shouldn’t the holdings value be more than my total cost if I am 15% up?
This is assuming by total cost they mean how much I have invested overall?
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I have been in crypto just over 12 months now so have no idea what it is like to see any profits! Over the last 12 months I have just been buying and holding , mainly since the June crash.
How about you come down to earth from those clouds of yours where you live and don't ask identical questions every month because it's quite irritating (at least for those who have a good memory). If you wanted instant profit, then you should have invested your money somewhere else, not in something you still don't understand, and more than 12 months have passed since you first invested. I first started investing in crypto January last year so most of my time I have been in the red and yet to experience any profit. I have just been dollar cost averaging the last 12 months and holding, not planning to sell until 2024 at least.
I started accumulating Bitcoin after the June crash last year, my average buy is currently $17500.
I feel like it is a good time to be accumulating but also lately have been thinking it may be a while until it is worth selling.
I have been in crypto almost 1 year now and has been an interesting year to say the least. When I bought my first crypto in January I didn’t know anything about cycles and just started investing after a friend had been telling me for months to do so.
Hopefully we only have another 9-12 months before the bull run starts and I am just wondering those who have been in crypto for a while what the last bull run was like and if anyone has any advice on how to prepare?
What special preparation do you need - so you don't go to war or someone will dump a bunch of money in your backyard when the bull run starts... How about you chill out and stop getting annoyed at the most stupid things |
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Hi all,
I have been in crypto just over 12 months now so have no idea what it is like to see any profits! Over the last 12 months I have just been buying and holding , mainly since the June crash.
Hopefully we only have another 9-12 months before the bull run starts and I am just wondering those who have been in crypto for a while what the last bull run was like and if anyone has any advice on how to prepare?
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Update - now 145% up since I started 2 weeks ago thanks to the Shiba Inu pump this morning.
I am now in Gala and waiting for that to pump to close my next trade.
I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.
Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.
Gala's pump IMHO was already done but, congratulations for having that much gain through shiba. Trading isn't really for everybody because when someone who sees his portfolio go down like 10% on an instant in the day, then that's going to faint his heart. Well, keep it up and always make good decisions and don't let your emotion do the decision making for you. Looks like Gala and the market is slowly falling but I am holding Gala long term anyway so if it is a while until we see another pump then so be it. Considering I am fairly new to crypto I feel I deal with the volatility quite well, I don't panic sell or anything like that am just holding till bull run next year. |
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Update - now 145% up since I started 2 weeks ago thanks to the Shiba Inu pump this morning.
I am now in Gala and waiting for that to pump to close my next trade.
I know the market can crash at anytime but like I said before I am only investing in crypto I am also holding long term so don't feel too much risk.
Had I started with $1000 I would now be up to $2450 which has opened my eyes to trading.
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I just want a basic tracker nothing fancy.
Have now got Goincecko and given it a go it looks good so may stick with this for now.
Its just a long process having to enter every single buy & sell I have made in the last 12 months but its worth it as I need to know exactly how I am doing for each of my investments and overall portfolio.
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I am on my phone a lot so will need to be suitable for Iphone.
Is the Coingecko app good?
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I have always used ‘Coin Portfolio’ which was OK however it has not been working today and think I need to find a better app to track my portfolio.
Just wondering what everyone uses?
Ideally free app would be best but I wouldn’t mind paying if it was worth it.
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You dont pay tax for having crypto in your wallet but exchanges pay do, paying tax is acceptable in fiat as individuals or business owner, this are the registration you undergoes when you wanted your business to get established and registered under government rule, this act of paying tax is what has been in place since ancient days, so paying tax is as simple a the procedures in doing do as long as you're willing and interested in paying, government always had it accounts stipulated for doing so whenever you appear before them for paying.
If for example I had spent £5k on crypto during 2022/2023 and in 2024 I wanted to withdraw £100k profits, what is the tax on that and how do I pay it? I am new to this so would just like to be prepared for when the time comes and I want to withdraw profits. |
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I first started investing in crypto January last year so most of my time I have been in the red and yet to experience any profit. I have just been dollar cost averaging the last 12 months and holding, not planning to sell until 2024 at least.
Due to this pump in the last week my portfolio is almost break even which is good to see. I don't expect it to last however as another crash will come eventually.
It has got me thinking of what the bull run will be like next year and what happens when I eventually decide to take profit.
How does tax work in the UK? Do we just withdraw our funds and then pay tax or does it have to be sorted out before withdrawing?
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