Hello! I am a Filipino currently residing and working in the UK. I have been investing into crypto since November 2017. I use a USA-based Gemini exchange to deposit GBP and get me started with crypto investing. Now what if I make 1M USD profit out of a coin? What are the tax implications?
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SITUATION A
If I convert BTC to USD in my Gemini exchange, will that already be subjected to tax? Will USA tax me considering I do not reside there? Now of course I have to transfer the money to my UK bank. If my UK bank receives it, will I have to declare the money as capital gains taxable to HMRC? Or is it treated as betting/gambling wins, therefore free of tax?
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SITUATION B
If I send BTC to coins.ph (Philippine Digital currency exchange), then convert it to PHP, will that give me max profit considering the new tax scheme under TRAIN law?
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Basically, I want to know the best way to lessen the amount of tax that I have to pay. Do I have to record every trade transactions that I make? Because I will start now if I have to.
Thanks ever so much to anyone who will answer.
Dude, i aint good with banks and all that sht, but ome thing i can adbice you amd something that has worked pretty well woth my friend is that convert your cryptos little by little while changing the time frame almost every week. Yes, this is very tiring and will really take a lot of effort and precious time. Doing it slowly but surely is better than rushing without knowing what may happen next. But this is just an unprecedented advice, thus really did work for mt friend but i cannot guarantee that it will work for you too. Just wanted to share because maybe it can help. Just try it for a few weeks and then observe hiw the banks and local government reacts. |
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Every non-believer and new players wilo say this or agree to this. At least most of the newbies.
Simply because they do not understand butcoin completely. Which is why they do not believe it and cannot get the whole picture or even picture a small detail of what the future of butcoin might be. Which is why they spread fuds, panic sell and drag along as much as they can to make a lot fail if they fail.
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Whoa, this clearly is bad news if you really think about it. I have said this because most of the miners thatake good profits are from china. This is because almost everything there is cheaper than most of the countries im the world. And if this continues, we might see even bigger numbers of miners leaving china or completely abandoning mining. This will never be good for crypto people in china. Tsk tsk...
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1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor
Wanna know the biggest mistake bitcoiners or at least newbies in the crypto world? Well, for me it is being too lazy to study the mechanics of bitcoins. The way it works, the systems, the things that are included, the history, etc. Which all make a big part into knowing what you are doing. When to buy, when to sell, when to expect bug corrections, although it cannot guarantee accurate predictions, it can guve you better chances into earning profits. That is what i think. |
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Lol. Clearly, the things you said and the proofs you showed doesn't proove anything. It isn't something that can be accepted by us to make us see Bitcoin as a bubble. Because you see, giving this reasons and proofs are vained efforts when bitcoin always goes back and breaks record by record everytime. A better word to use if you only made a mistake is correction. Just sayin'.. |
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Wow man. That sure is a lot of dough. I mean 2 million? Damn bruh?! Although you think that is a small amount to play with, think twice beefore you imvest. Aaking this question just shows that you really do not know what you are doing. And o think, if you invest, you will panic sell on the first dip you see. I suggest you to study how things work here first and read a lot about altcoins. Because there are alot of investments that are actually present here in the crypto world. So better know your choices before you choose. This is just an advice, if you take it, good for you, if not, then infeel bad for you. |
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True, we must be confident with the future of bitcoin and cryptocurrency and when there is a decrease in price then the best step is immediately recreation to the place we like because after the holiday then we will see the price go up again.
This clearly is something that is literally easier said than done. Specially when you have invested great amounts of momey. And although it has been adviced that People should only invest money that they can afford to lose, a lot still invests amoints that they sure cannot afford to lose. Which is why we see a lot of panic sellers. Also, lock of knowledge on how things work gere play a big part on the number of panic sellers. But there are some that really knows a lot and some that doesn't but have strong hearts. That is what i think. |
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Maybe a big group like 10-20 person that have many bitcoins can control or at least make a movement at the price of bitcoin, usually people called this person is "whale". Imagine if so many bitcoins suddenly sold or bought, it will make a change on bitcoin price for sure,
I agree, it absolutely is not impossible to achieve. But the thing is, it also is not something that will be easy to accomplish or can by done by simple people like us. But, if we talk about a huge number of people like us agreeing to buy or to sell at the same time, maybe like hundreds or thousands of people like you and me, then i think it will make a pretty huge difference in the price of bitcoin. Specially if some big players would also jump in. Also, even if we talk about just 30-100 big whales dping something, ir will also give a huge difference in the current price. That is what i think. |
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Title.
So. Electric cars are gaining in popularity, therefore the popularity of gasoline will be going down. Won't the price go down, leaving the oil industry in trouble?
Sure, that cam really be a big problem for the oil companies. Since vehicles are one of the main reasons as to why we need these oil companies. Fuel. But honestly, i do not think that this will be a reason that can bring down oil companies since there are a lot of things in this world that meeds fuel and all of the things that they dig up. So i don't see it happening as a bad thing. Specially when you think about how good it will be to our mother earth vs how bad it will be for some already rich people. Just sayin' |
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Hello all, I hear of some rumors that Facebook is going to accept BTC in the near future  Am i late with this news, or just misunderstand ? BR, Gondel Well actually, there are no news that are out about this yet, just rumors spreading like wildfire. But, judging by how things have been going on, and how businesses local and online, have been coping with the crypto craze, i think the rumors of having facebook accept bitcoins and other crypto currencies isn't so far from happening. Although i am not that sure yet as to when this will be happening, i think we can all agree that this will really happen some time in the future. Just like other online businesses or local stores that we thought wouldn't accept cryptos as a choice of payment that are actually accepting cryptos now or only bitcoins. Oh well, if it haopens them it happens, don't really care much about Facebook. |
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From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?
1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )
What other difficulties we can face ?
There are 2 difficulties actually that you haven't mentioned. Another difficulty that i can see happening is when we already become a cashless society, then we will have banks that run the crypto scene. And when this happens we are doomed. Just think if somehow the government hates you, all your crypto gets frozen amd takem from the government. And even if you have cryptos you didn't declare, you won't be able to take advantage of them since smart computers someday will be able ro check every aource of any transaction and if it finds you, it will also take everything you have left of your undeclared cryptos. And authorities will come at you and lockong you up for breaking a law that the future government in a cashless world made. Another is a possibility of having hackers hack the main servers that control all types of cryptos and you can only guess what'll happen next. |
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Ofcourse the best tip on saving money is first discipline your self in buying things or expensive things, if it is not helpful dont buy because it's like wasting money. and the tip is save your money in the bank with low interest, but it is safe. right? that's the best thing for me.
Absolutely right. I cannot even stress enough how important it is to have good self discipline. Not just for financial purposes but also for health and over all well beijg of a person. If you, op and everyone else learns or already have self discipline, then you can be sure that you will have a better life if you start watching all you are doing and differentiate what you should do or have from the what you shouldn't or not so important things. This will help you have a plan on how to face each day to finish a year happily leading to a better over all life in the future. |
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most of the world does not have a computer ,or internet access, or a desire to use a compuiter, or a desire to not use paper money. There are even people who could use a computer but dont because they dont want to be exposed to an electromagnetic field. It's also a big privacy violation because as we know bitcoin isn't anonymous at all. Getting rid of things in society in favor of things that are dependent on computers and the internet is a very dangerous trend that I'm disappointed of how far it's gotten already. Like I went to the drive through and they couldnt serve me because the computer was down. I had cash ready, and they had food ready, but we all had to starve because the computer was down.
I believe i get where you are going at. Everything you have mentioned are true and really makes it a big problem if ever this dream of other people to have a cashless society really does happen. I can already picture lots of people poor peole being outcasts and making oppositions towards the government. Others killing others for survival, etc.. in short, the world will be in chaos. And add up the possibility of hackers getting access to the main servers amd disrupt the current systems... The cashless dream really isn't something we should push to happen. Crypto and cash needs to exist together in harmony. |
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Man, i never thought people can be this stupid or greedy. Imagine spending money you do not own and just borrowed which is already something that's enough to make me have sleepless nights, let alone the fact that you haven't payed yet but still plan to invest more and more to bitcoin. That is just wrong people.
But yeah i get it, bitcoin is really tempting. But unless you have spare to invest, don't jump into it. Like rely on bitcoin for your future. That is just plain dumb. I cannot even think about what they will do if certain emergencies come.to their lives and they cannot loan anymore. Oh well, that's their lives, can't do anything about it. Just sad that people are this greedy or dumb.
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Oh man, this is insane. I mean, isn't it just a simple gamble upgraded?
But nevertheless it still is a great idea. I think people who are gonna use their services are bonna make thousands if not millions of dollars. It's quite brilliant if you ask me, and a project that i think will really be appreciated and used by a lot of crypto people, specially those who love the thrills of gambling. I can only imagine how far this project goes. Even i am curious and want to try out. Lol.
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Recently Bitcoin got very high fluctuations. It went up 19,000USD(nearly) and dip to 12,500USD. In this situation does BTC stable ?
What are reason for that kind fluctuations ?
How long it will take reach 19,000 USD with this kind of market fluctuations ?
The way i see it, the main reasons to these fluctuations are the non stop trading. The buyng and selling of bitcoins and the demand increasing because of the increasing number of investors both greedy and lovers of the new technology that bitcoin gives. The only way that i think is possible to stabilize bitcoin is for all of it to be mined and owned. But even this, isn't for sure. Since the more people refrain from selling, the more the price of bitcoin increases. But onenthing i cam guarantee is that the increase and decreases in price will not be as big as today. But i doubt any of us in this generation will reach that time. |
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I really do not have so much in my mind that i want to have. Sure, it is great to travek around the world, get you dream house, dream car, a yacht, provate plane, and souch more. But really, i do not desire to have these things. O really don't. All i want to achieve or the reason why i continue working hard to earn bitcoins is because I want to have a better future. Not to get what other people dream, but to at least be out of this shitty poverty. To be able to finish my studies and have a decent work together with being in the crypto world. To never have financial problems ever again. To be able to get my loved ones their medical needs. To not rely on someone else's help and get trash talked before getting help, or worse, never get any help at all.
All i want is to be better than what i am today. That is my dream.
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The emergence of Bitcoin as the prelude to electronic money technology, it is becoming more and more widespread and becoming a trend in both present and future. At present, more and more people are aware of Bitcoin and use it. Some organizations and restaurants have accepted Bitcoin payments. I believe bitcoin is the new era of currency
I think so too. Bitcoin as we know it is becoming more amd more popular to a big crowd and actually gathering a huge traffic into its circle. Specially now that the lightning network is working to fix the major problems of bitcoin. In fact they have already made tests and the results are nothing but great. It surely is nearing completion. Amd if this happens, there is no telling how fast these numbers will increase. And this will surely attract a lot of business to use bitcoin as payment. This, i am sure of. |
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Bitcoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. However, Bitcoin is not anonymous and cannot offer the same level of privacy as cash.
Hmmmm.. yes, it is true that bitcoin is not anonymous. But i strongly disagree that cash is something that cam give you more anonymity. Just think about it, yes, handing out cash personally doesn't register the transactions you have made, but you withdrawing the cash from a bamk is recorded. Also, unless the one you oay doesn't know you or the one giving you doesn't know you, and you both are wearing masks, that is when you become anonymous. But would you really pay someone you barely even know without an escrow? And would you use an escrow you barely even know,? Well i think not. At least here in the cryoto world there are code names. Codenames that trusted escrows use to be a trusted escrow. But just think, that case alone is just for small amounts. For big amounts, can you pay it with cash alome without having the banks and authorities aware of that? I dont think so. I could exolain more but i think you get my point. |
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