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Author Topic: Brazilian exchanges hit all-time volume high in October  (Read 2004 times)
dive
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November 01, 2015, 06:06:07 PM
 #1

According to the website http://bitvalor.com the exchanges in Brazil hit a new monthly volume record at R$ 12.7 M (US $3.3M), a 34% increase of the prior record achieved in July.

Monthly volume record highs were achieved in 4 of the 7 exchanges that work with Brazilian Reais.

There is a full report in English available: http://bitvalor.com/relatorios



Direct PDF link: http://bitvalor.com/files/Report_bitValor_Bitcoin_Market_in_Brazil_October2015.pdf
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November 01, 2015, 06:10:06 PM
 #2

These exchanges from Brazil are getting more and more volume and they're starting to be noticed pretty much everywhere... I think their problems with the Brazilian Real is making them see cryptocurrencies in a different way, much like what happened (and is still happening) in Venezuela.

Good for us and good for them Smiley
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November 01, 2015, 07:45:32 PM
 #3

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins? This sucks since this makes Bitcoin about 20% more expensive for the Brazilians.

Nevertheless, I am not surprised that Bitcoin purchases are exploding in Brazil if we take into consideration crazy volatility of their national currency.
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November 01, 2015, 07:48:10 PM
 #4

I would love to see brazilian exchanges rise a lot. This would be a good precedent for other exchanges in other countries. Plus, I really like the layout and functionality of a brazilian exchange I use, so would love to see it with a higher volume.

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November 01, 2015, 07:55:31 PM
 #5

Congrats to them! I hope every bitcoin exchange around the world doubles their previous all time highs soon! It should happen fairly soon with the way bitcoin has been moving lately.

bitcoin weeeeee!
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November 01, 2015, 07:57:02 PM
 #6

Well brazil has a large number of population but it's interesting how many people are buying bitcoins.
Buying someone who does not live in Brazil, do they still have to pay VAT or are free of charge?
Everyone likes when the volumes gets increased in exchanges because we believe that the price will increase.

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November 01, 2015, 08:05:54 PM
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Congrats to them! I hope every bitcoin exchange around the world doubles their previous all time highs soon! It should happen fairly soon with the way bitcoin has been moving lately.

Its not that good. BTC exchange is taxed like 30%, so its not even worth for my Brazilian friend to sell the BTC to FIAT. He has to spend it. But he still get raped on import tax which is completely ludicrous.

So cool we all got a price increase, but the Brazilians are still boned...

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November 01, 2015, 08:23:38 PM
 #8

Congrats to them! I hope every bitcoin exchange around the world doubles their previous all time highs soon! It should happen fairly soon with the way bitcoin has been moving lately.

Its not that good. BTC exchange is taxed like 30%, so its not even worth for my Brazilian friend to sell the BTC to FIAT. He has to spend it. But he still get raped on import tax which is completely ludicrous.

So cool we all got a price increase, but the Brazilians are still boned...

Do the lucky ones who live near a border with another more Bitcoin friendly country make trips there to buy Bitcoins, then smuggle them back to Brazil and sell them for VAT free fiat profit? Is bringing Bitcoins without declaring them classed as smuggling in Brazil, and are you supposed to pay tax on face to face sales?

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November 01, 2015, 08:41:43 PM
 #9

Very interesting. Hard to anticipate that this volume will dissipate. Seems like this ball is rolling....onward!






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November 01, 2015, 08:41:56 PM
 #10

Congrats to them! I hope every bitcoin exchange around the world doubles their previous all time highs soon! It should happen fairly soon with the way bitcoin has been moving lately.

Its not that good. BTC exchange is taxed like 30%, so its not even worth for my Brazilian friend to sell the BTC to FIAT. He has to spend it. But he still get raped on import tax which is completely ludicrous.

So cool we all got a price increase, but the Brazilians are still boned...

Do the lucky ones who live near a border with another more Bitcoin friendly country make trips there to buy Bitcoins, then smuggle them back to Brazil and sell them for VAT free fiat profit? Is bringing Bitcoins without declaring them classed as smuggling in Brazil, and are you supposed to pay tax on face to face sales?



Well you don,t really "move Bitcoin into Brazil" so its all nonsense anyways. The problem is its very hard to buy bitcoin this way since its not something you physically buy.

You still need to use your Brazilian credit card, unless you move to another country, open a bank account etc, which you typically can't do without being long into the emigration process.

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November 01, 2015, 09:54:38 PM
 #11

I think their problems with the Brazilian Real is making them see cryptocurrencies in a different way, much like what happened (and is still happening) in Venezuela.

I agree. The Brazilian Real lost between 30% and 40% of its value in 2015 compared to the US Dollar.

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins?
As far as I know, VAT-type tax is not applied to any bitcoins sales in Brazil. Prices have been around 4-8% above US prices during the first half of the month and equivalent to US prices over the second half.
I believe exchanges pay taxes only on top of the trading/deposit/withdraw fees they collect.

Buying someone who does not live in Brazil, do they still have to pay VAT or are free of charge?

No VAT.

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November 01, 2015, 11:17:04 PM
 #12

I think their problems with the Brazilian Real is making them see cryptocurrencies in a different way, much like what happened (and is still happening) in Venezuela.

I agree. The Brazilian Real lost between 30% and 40% of its value in 2015 compared to the US Dollar.

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins?
As far as I know, VAT-type tax is not applied to any bitcoins sales in Brazil. Prices have been around 4-8% above US prices during the first half of the month and equivalent to US prices over the second half.
I believe exchanges pay taxes only on top of the trading/deposit/withdraw fees they collect.

Buying someone who does not live in Brazil, do they still have to pay VAT or are free of charge?

No VAT.



No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

So the BTC price in Brazil is 30% higher. So its really not nice... and that does not mean sellers get 30% more, sellers get about the same as selling here and the tax take the 30%.

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November 02, 2015, 12:21:35 AM
 #13

but still their volume is low. At best some hundreads of BTC by day, while the biggest exchanges have at least some 1000's of volume even in the most boring days

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November 02, 2015, 12:39:00 AM
 #14

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins? This sucks since this makes Bitcoin about 20% more expensive for the Brazilians.

Nevertheless, I am not surprised that Bitcoin purchases are exploding in Brazil if we take into consideration crazy volatility of their national currency.
VAT is general is scam tax to be honest. How can you tax something which was already taxed before - I am talking about real goods here: like groceries or electronics.
With bitcoin - which is digital currency taxing it with VAT is is PURE scam, and I am wondering why there are no black market exchanges in Brazil yet.
 
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November 02, 2015, 12:52:33 AM
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The currency and economy is going to heck so this is no surprise to me. Everybody is focusing on greece but I see a bigger currency crash in Brazil in the future.

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November 02, 2015, 01:14:52 AM
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I bet bitcoin will grow a lot more in the rest of South America as well, espeicially argentina. The exchange rates of these coutries are horrible.
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November 02, 2015, 01:23:46 AM
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I bet bitcoin will grow a lot more in the rest of South America as well, espeicially argentina. The exchange rates of these coutries are horrible.

It can't, really. Most of south America is under the huge Tax, which prohibit any sensible amount of volume that would let BTC grow in that region. Until the status of Bitcoin is changed there, they are pretty doomed there.

And the cost of ASIC there is also prohibitive with their 100-200% markup from importing it.

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November 02, 2015, 01:38:05 AM
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No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

I'm not sure what you are referring to or what are your sources. Today there is no tax on sale of Bitcoin in Brazil.
There is capital gain taxes as part of regular income, but the purchase/sale of bitcoin is not taxed.

So the BTC price in Brazil is 30% higher. So its really not nice... and that does not mean sellers get 30% more, sellers get about the same as selling here and the tax take the 30%.

I didn't say that. I said that local currency purchasing power was reduced by that much.
BTC USD .vs. BTC BRL (at the USD BRL Rate) has been stable around -1% to 5% difference.

So seller gets something around this much. The spread used to be much higher 6 months ago and 12 months ago.
Now it responds quite fast to whatever the rates are in USD.
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November 02, 2015, 01:40:17 AM
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No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

I'm not sure what you are referring to or what are your sources. Today there is no tax on sale of Bitcoin in Brazil.
There is capital gain taxes as part of regular income, but the purchase/sale of bitcoin is not taxed.

So the BTC price in Brazil is 30% higher. So its really not nice... and that does not mean sellers get 30% more, sellers get about the same as selling here and the tax take the 30%.

I didn't say that. I said that local currency purchasing power was reduced by that much.
BTC USD .vs. BTC BRL (at the USD BRL Rate) has been stable around -1% to 5% difference.

So seller gets something around this much. The spread used to be much higher 6 months ago and 12 months ago.
Now it responds quite fast to whatever the rates are in USD.

Check the exchange rate on their exchange website. My friend was unable to get Bitcoin because the price was +30%. If you know a way to get bitcoin in Brazil at normal price, please let me know. We been looking for a while for a way.

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November 02, 2015, 02:28:22 AM
 #20

No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

I'm not sure what you are referring to or what are your sources. Today there is no tax on sale of Bitcoin in Brazil.
There is capital gain taxes as part of regular income, but the purchase/sale of bitcoin is not taxed.

So the BTC price in Brazil is 30% higher. So its really not nice... and that does not mean sellers get 30% more, sellers get about the same as selling here and the tax take the 30%.

I didn't say that. I said that local currency purchasing power was reduced by that much.
BTC USD .vs. BTC BRL (at the USD BRL Rate) has been stable around -1% to 5% difference.

So seller gets something around this much. The spread used to be much higher 6 months ago and 12 months ago.
Now it responds quite fast to whatever the rates are in USD.

Check the exchange rate on their exchange website. My friend was unable to get Bitcoin because the price was +30%. If you know a way to get bitcoin in Brazil at normal price, please let me know. We been looking for a while for a way.

Here you can check the price on all Brazilian exchanges: http://bitvalor.com

Right now available for sale at: R$ 1,240.00
Exchange rate now: = R$ 3.86
So, available for sale right now at USD 321.24
Bitstamp right now = USD 324.3
Bitfinex = USD 329.6

So... it's even cheaper.
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