jaberwock
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November 02, 2015, 02:39:52 AM |
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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.
Not, at least from consumer side. There is no finantial regulation about Bitcoin in Brazil, so Bitcoin transaction and buys/sell won't pay special taxes, like happens in Eurozone and other places where Bitcoin is regulated
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VirosaGITS
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November 02, 2015, 02:55:54 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. Here you can check the price on all Brazilian exchanges: http://bitvalor.comRight 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. If you sell BTC for 320, they need to pay huge tax since its considered an income. So he was not able to do it, since 30% was too much. If there are exchanges that just let you do it anonymously so you don,t need to declare it as taxable income, then sure. I gave him the link he'll check it out. It would be legal from his side since he would be purchasing, not selling. On the other exchange, there was a tax added to the BTC price of 30%.
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Amph
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November 02, 2015, 08:31:22 AM |
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this should be true for every exchange that is operating with bitcoin, because if the price increase the volume also must follow, so nothing extraordinary, people see the bubble and jump-in
new fresh money are always welcome, unless this can prove that this isn't only manipulation
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EternalWingsofGod
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November 02, 2015, 09:07:14 AM |
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Thanks for the share, Brazil is not an exchange that I focus my attention on it is an important exchange. That said it's good to hear trading volume is rising as it is a large market for money in Latin America and assuming all is going well higher volumes means increased incentive to improve and develop more bitcoin services as more users are attracted to the ecosystem so it's good to see a positive feedback loop ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) .
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Blue_Tiger73
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November 02, 2015, 09:18:28 AM |
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It is nice too see that more and more countries are getting involved in Bitcoin. Those figures are also amazing, a 34% increase is quite a lot. Hopefully these figures will continue to rise. This is great for us, Bitcoin owners, Bitcoin and Brazil. Also, do you think that the US will get these kind of figures in the near future?
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n2004al
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November 02, 2015, 01:31:40 PM |
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These data and values are the most significant facts that show the importance or regulation of bitcoin within a country and the power that this regulation have in the spread and the use of bitcoin in that country where is regulated. The above data must make to think every lawmaker in every country which hesitates in making the needed actions to regulate bitcoin in him's country and every bitcoiner here in bitcointalk which is against the regulation giving as reason of him's behavior the most various fears about its privacy or other kind of fears.
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justbitcoins
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November 02, 2015, 01:57:55 PM |
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Here you can check the price on all Brazilian exchanges: http://bitvalor.comRight 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. So maybe the exchange is cheaper, but if you want to take bitcoin out of the exchange, you have to pay tax? Can anybody confirm that?
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neurotypical
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November 02, 2015, 04:00:44 PM |
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I have been doing some research since I was trying to learn portuguese, it seems there is a Youtuber in brasil doing some videos on Bitcoin, this may have helped Bitcoin to be spread among the common folk who isn't familiar with it. He's got 50K followers: https://www.youtube.com/watch?v=1n_9gzwlpZUUnfortunately I can't understand most of what's being said on there but it's definitely good news and he's pro Bitcoin.
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dive (OP)
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November 04, 2015, 04:44:51 AM |
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Here you can check the price on all Brazilian exchanges: http://bitvalor.comRight 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. So maybe the exchange is cheaper, but if you want to take bitcoin out of the exchange, you have to pay tax? Can anybody confirm that? No - you do not have to pay tax to get bitcoin out of the exchange.
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VirosaGITS
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November 04, 2015, 06:59:57 PM |
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Here you can check the price on all Brazilian exchanges: http://bitvalor.comRight 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. So maybe the exchange is cheaper, but if you want to take bitcoin out of the exchange, you have to pay tax? Can anybody confirm that? You must be talking about the tax i mentioned? The tax is on receiving fiat from selling Bitcoin, which is improperly tagged in Brazil, as a good of sort. So if they sell 1k worth of Bitcoin they need to pay 300$ which completely kill the deal. Hence why some exchanges had the price at a huge markup.
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Timeline
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November 05, 2015, 12:14:03 PM |
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Great to know there are active BTC exchanges in Brazil I didn't know that.
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n2004al
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November 07, 2015, 06:50:27 AM |
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Great to know there are active BTC exchanges in Brazil I didn't know that.
Bitcoin is booming there. Over the last few months, the volume of all bitcoin trades have risen from 1.65 million us dollar to 2.6 million us dollar, showing a 158 percent monthly increase in trading volumes across all exchanges. This was happen although the reputation of bitcoin there is not good. But even with this reputation bitcoin is regulated by the brazilian Authorities since 2013. Anyone can understand easy with this case the power which have the process of regulation for bitcoin. Everything which happen there related with bitcoin (including the above facts) is a direct consequence of its regulation in this country. See for more here: http://www.newsbtc.com/2015/09/04/bitcoin-trades-undergo-surging-volumes-in-brazil/ and here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country
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tom555
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November 07, 2015, 11:20:35 AM |
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its an immpressive volume,and really corious what make this happen. is this have any connection with bitcoin raises?or they realize that bitcoin or cryptocurrency have a good potential,so they decied to trade as many as they can,i know that brazil one of the most many people using bitcoin there. but why it happen just this month?lets see what gonna happen next month.
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n2004al
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November 07, 2015, 11:35:17 AM |
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its an immpressive volume,and really corious what make this happen. is this have any connection with bitcoin raises?or they realize that bitcoin or cryptocurrency have a good potential,so they decied to trade as many as they can,i know that brazil one of the most many people using bitcoin there. but why it happen just this month?lets see what gonna happen next month.
I don't think so. Maybe I can tell even no. This increase of volume, as it was reported and told in the article (or in my post) was reached during several months and not immediately. I think that the last increase has to do with the big demand came from China. This enormous market can have the power to make those kind of changes in so few time.
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okae
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November 07, 2015, 11:41:11 AM |
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that's a pretty good news, but in general don't forget that in last month's ( i mean this have been doing slowly ) almost all of them have been increasing their volumen, not only brazilians, with brazilians have been increased not only on his exchange volumen, they open lot of new bitcoins stores too.
seems like things are going pretty good on brazil for bitcoin users;)
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Luqman
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November 07, 2015, 12:07:22 PM |
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It's mean that more people more known about Bitcoin, such a great news.
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GetClams.com
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November 08, 2015, 08:06:35 PM |
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As they say in Brazil Tudo bem! Its all good.
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AltcoinInvestor
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November 08, 2015, 09:04:51 PM |
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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.
Not, at least from consumer side. There is no finantial regulation about Bitcoin in Brazil, so Bitcoin transaction and buys/sell won't pay special taxes, like happens in Eurozone and other places where Bitcoin is regulated Brazil is also not sophisticated about enforcing any sort of taxes regarding online purchases anyway. That could change soon though.
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christycalhoun
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November 08, 2015, 09:23:47 PM |
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It is nice too see that more and more countries are getting involved in Bitcoin. Those figures are also amazing, a 34% increase is quite a lot. Hopefully these figures will continue to rise. This is great for us, Bitcoin owners, Bitcoin and Brazil. Also, do you think that the US will get these kind of figures in the near future?
I think the US will increase sharply if the nation faces a currency crisis much like Brazil is facing.
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justbitcoins
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November 09, 2015, 07:13:04 PM |
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The higher volume is an indication of people's interest in bitcoin. The inflation is quite high in South America, bitcoin can protect people from high inflation.
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