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mobilestrike
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July 20, 2016, 12:20:54 PM |
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You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
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abugseuf
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July 20, 2016, 02:09:02 PM |
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i think if we are going to buy or sell Gold or Silver in our local shops we are not paying bill in fiat currency. therefore if the godl buyer or godsmith is ready to buy it directly in bitcoin then why will you pay bill. i dont think so.
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isvicre
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July 20, 2016, 02:25:52 PM |
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You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
It's not about making huge profits it's about diversification. Anybody that knows anything can tell you that. Also i will give you a tip, bitcoin can just as easily go down and not just up. |
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Bitcotalk
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July 20, 2016, 09:49:08 PM |
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You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
It's not about making huge profits it's about diversification. Anybody that knows anything can tell you that. Also i will give you a tip, bitcoin can just as easily go down and not just up. I think if the price of bitcoin go up and down depend on the supply and demand, if the demand increases more then the price will increase much higher more easily and with not hurdle and when the demand is less and the supply increases the the price drop down easily. |
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jukka
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July 27, 2016, 02:46:00 PM |
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as said it depends on your local law. where i live, if you made profit with btc and you buy gold with it, you also should pay the tax.
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Vikingr
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July 27, 2016, 09:19:40 PM |
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I don't know about other taxes, but at the time when you will buy it then the seller will ask you a price including the sales tax on them, so in that case you will pay the tax.
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Maesters1-
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July 30, 2016, 01:06:56 PM |
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as said it depends on your local law. where i live, if you made profit with btc and you buy gold with it, you also should pay the tax.
but only if the bitcoin is considered as a legal currency in a state, if a state consider as illegal then it is also illegal to buy gold or silver with bitcoin. in fact in our country we are not going to pay tax on gold or silver while buying, here we buy gold and silver as we buy vegetable or meat or other stuff from store and we do not pay tax on these things similarly we buy gold and silver from shops and do not pay tax on that . |
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gentlemand
Legendary
 Offline
Activity: 2590
Merit: 3015
Welt Am Draht
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July 30, 2016, 02:20:36 PM |
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You're being paid ergo you're liable for income tax. Just because it's magic internet money doesn't mean you're also magically relieved of the necessity to pay tax. The HMRC tries to get a cut of barter, why would Bitcoin be any different?
You can try to hide it and the chances are you'll be fine, but most people pay tax to avoid potential ball ache not because they want to.
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equator
Legendary
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Activity: 1190
Merit: 1002
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July 30, 2016, 03:12:05 PM |
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It is really upto which country you are living, in my country buying gold and silver is both taxable and non taxable, because when we purchase it is upto us that we have to declare or not, but it is same like if we dont declare it become illegal property of us. so it is taxable if you are buying gold and silver. same on bitcoin it is still not clear in my country so if i convert to fiat also no problem as their wont i have to show them any details. i convert it to my fiat currency and then i buy what ever i like.
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Arcteryx
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July 30, 2016, 10:24:59 PM |
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My answer would be yes. You are purchasing a commodity so they become an asset of yours once in your possession. Do you have to pay taxes on the value of those assets that you own? If the answer is yes then there you go!  |
| .......High ROI Social Ethereum Games
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gentlemand
Legendary
Offline
Activity: 2590
Merit: 3015
Welt Am Draht
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July 30, 2016, 10:31:08 PM |
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In the UK certain iterations of gold coin are capital gains tax free and there's no value added tax on gold, but there is on silver. Trouble is the OP isn't declaring tax on the Bitcoins earned to buy them.
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jt byte
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July 30, 2016, 10:42:39 PM |
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In the UK certain iterations of gold coin are capital gains tax free and there's no value added tax on gold, but there is on silver. Trouble is the OP isn't declaring tax on the Bitcoins earned to buy them.
That is a double tax on him then. |
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binarygold
Newbie
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Activity: 21
Merit: 0
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August 02, 2016, 05:57:09 AM |
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You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
It's not about making huge profits it's about diversification. Anybody that knows anything can tell you that. Also i will give you a tip, bitcoin can just as easily go down and not just up. Agreed. And 2-3 days into a power outage and Katrina like event, when cell phones don't work for 2FA or basic internet is offline, hard currency (even evil fiat cash) along with silver coins will be very handy. |
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binarygold
Newbie
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Activity: 21
Merit: 0
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August 02, 2016, 06:10:25 AM |
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as said it depends on your local law. where i live, if you made profit with btc and you buy gold with it, you also should pay the tax.
but only if the bitcoin is considered as a legal currency in a state, if a state consider as illegal then it is also illegal to buy gold or silver with bitcoin. in fact in our country we are not going to pay tax on gold or silver while buying, here we buy gold and silver as we buy vegetable or meat or other stuff from store and we do not pay tax on these things similarly we buy gold and silver from shops and do not pay tax on that . so this gold you buy with your vegetables, say you bought one ounce for $1200 Euro per oz. and in a year you sell that one ounce gold coin for $2000 Euro per ounce, right back to the same gold merchant. In the US you'd owe taxes on the $800 in gains. I think in most countries you'd owe income tax on those gains. so if the OP is paying for his gold with btc (now worth $600/btc) and he bought these btc back when they were $200/btc - does he owe taxes (not sales tax on the gold) but income tax on the $400 per btc in gains? in this thread we have 2 answers: 1) no because btc is a 'thing' like gold or silver, so btc for gold is just swapping commodities like buying gold with silver (but same question, your silver was $5/oz when you bought it, and now it's $35/oz, do you ow income on that $30/oz increase in value)? 2) yes, because his btc went from $200 to $600 per, regardless of what he bought with it when he realized the current $600/btc value. (and then a bunch of terrible answers about "not really it's not real" or "as long as you don't get caught") So, anyone actually use any of those "buy gold with btc" sites above? |
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Maesters1-
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August 23, 2016, 09:21:45 AM |
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You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
It's not about making huge profits it's about diversification. Anybody that knows anything can tell you that. Also i will give you a tip, bitcoin can just as easily go down and not just up. I think if the price of bitcoin go up and down depend on the supply and demand, if the demand increases more then the price will increase much higher more easily and with not hurdle and when the demand is less and the supply increases the the price drop down easily. as the price of bitcoin in trading in 580 round about so its mean that people are now taking interest in bitcoin and they are trading it, therefore the demand will increase and hope the price of bitcoin will start increasing. |
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satdas
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August 23, 2016, 09:54:00 PM |
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as said it depends on your local law. where i live, if you made profit with btc and you buy gold with it, you also should pay the tax.
yes that is right to say the tax on purchasing gold or silver using bitcoin is depending on the state policy. in my country we do not pay any tax while buying gold or silver using fiat currency there fore i do not think that we will pay tax on purchasing gold or silver using bitcoin as there is no notification about bitcoin by our country that either it is legal or illegal currency. |
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Universat
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August 29, 2016, 04:36:39 PM |
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to me i think not a single country has yet impost tax on bitcoin, therefore you dont have to impose tax on buying Gold or Silver. if you are going to buy it using bitcoin. but still it depend on the country policy that either they will allow you to buy something in bitcoin or not.
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Maesters1-
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August 29, 2016, 07:50:07 PM |
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I don't know about other taxes, but at the time when you will buy it then the seller will ask you a price including the sales tax on them, so in that case you will pay the tax.
in our country the sales tax is already included in the price of the product, but on gold and silver i have no clear idea, i thine we also pay tax on gold and silver in its sales price. but we talk about bitcoin i can say that there is special estimate to pay tax on gold or silver while buying it on bitcoin. |
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Universat
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September 04, 2016, 10:03:49 PM |
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to me as bitcoin is not legal in our country, and most of the shopkeepers have no idea about bitcoin therefore they are not going to receive bitcoin for shopping gold or silver, i think still it need a lot of time that the people may know about bitcoin and specially the shopkeepers who are mostly illiterate. and have no ide about computer and internet.
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PsursV
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September 06, 2016, 06:18:23 PM |
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In the UK certain iterations of gold coin are capital gains tax free and there's no value added tax on gold, but there is on silver. Trouble is the OP isn't declaring tax on the Bitcoins earned to buy them.
we have no tax on Gold and even on Silver, both are tax free, but the problem is there here in our area there is not a single shop who are ready to accept bitcoin for shopping Gold or Silver therefore we must convert bitcoin in to our local currency and after that we will be able to buy Gold or Silver. |
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