Bitcoin Forum
April 24, 2018, 11:33:52 AM *
News: Latest stable version of Bitcoin Core: 0.16.0  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: How to convert Bitcoin to cash using fine wine.  (Read 1558 times)
51attack
Newbie
*
Offline Offline

Activity: 10
Merit: 0


View Profile WWW
November 09, 2017, 02:17:25 AM
 #21


51attack, We do accept US clients, whilst there is no UK tax issues when you sell the wine (VAT, duty, capital gains tax) I can't give you a firm answer on what tax implications have been triggered (if any) when you convert Bitcoin to wine. Every country has different views on the matter.

The reason why I was asking, is that if you are providing a return on someone investing, there maybe some legalities with the SEC. Even if you are in the UK, if you accept US customers, the US could still knock on your door. Sad

Similar to the way ICOs are locking out United states citizens. Because they fear repercussions.

I think the idea of investing in wine using the blockchain is very interesting and doable. I know there are those gold backed cryptos.

51attack.com - Crypto Apparel est 2013
1524569632
Hero Member
*
Offline Offline

Posts: 1524569632

View Profile Personal Message (Offline)

Ignore
1524569632
Reply with quote  #2

1524569632
Report to moderator
1524569632
Hero Member
*
Offline Offline

Posts: 1524569632

View Profile Personal Message (Offline)

Ignore
1524569632
Reply with quote  #2

1524569632
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1524569632
Hero Member
*
Offline Offline

Posts: 1524569632

View Profile Personal Message (Offline)

Ignore
1524569632
Reply with quote  #2

1524569632
Report to moderator
DaveMallettJSE
Jr. Member
*
Offline Offline

Activity: 32
Merit: 0


View Profile
November 09, 2017, 11:38:10 AM
 #22

I guess you'd just have to consider which was going to increase in value more over the length of the planned investment, wine or BTC. Unless you just want to drink it, which seems like a pretty good plan.
AmphoraWines
Jr. Member
*
Offline Offline

Activity: 32
Merit: 0


View Profile WWW
November 09, 2017, 01:08:42 PM
 #23


51attack,
all good points. technically clients are buying physical cases of wine and storing them in perfect conditions. The fact they tend to appreciate in value as they get consumed reducing the original finite supply is a benefit but we never sell wine with a guarantee of return.

If a customer wants to drink the wine then of course that is their prerogative but they may also chose to sell it at a later date if they so wish.

US customers are of course subject to local tax rules and regulations.


DaveMallettJSE. I think its safe to say that BTC will fluctuate much more than the fine wine prices. I would even go as far as saying the % return on BTC will outperform most other asset classes. The idea that we are proposing is giving people the opportunity to not have "all eggs in one basket" and diversify to mitigate the risk. Converting some of your BTC into fine wine does exactly this. It provides you with a store of wealth and the potential for capital gains. And of course the option to drink it if you so wish  Smiley
51attack
Newbie
*
Offline Offline

Activity: 10
Merit: 0


View Profile WWW
November 09, 2017, 02:09:43 PM
 #24


51attack,
all good points. technically clients are buying physical cases of wine and storing them in perfect conditions. The fact they tend to appreciate in value as they get consumed reducing the original finite supply is a benefit but we never sell wine with a guarantee of return.


I see the model now. Very good!

51attack.com - Crypto Apparel est 2013
AmphoraWines
Jr. Member
*
Offline Offline

Activity: 32
Merit: 0


View Profile WWW
November 12, 2017, 09:04:43 PM
 #25

Thanks 51attack, I've had quite a bit of interest and lots of questions so will get an FAQ section up on the website over the next day or so.

chrisrov
Newbie
*
Offline Offline

Activity: 15
Merit: 0


View Profile
November 24, 2017, 07:11:41 AM
 #26

How long does the transaction take to purchase the wine and what are the costs of moving it to another bonded warehouse?
AmphoraWines
Jr. Member
*
Offline Offline

Activity: 32
Merit: 0


View Profile WWW
November 24, 2017, 04:44:42 PM
 #27

The transaction is instant, once we send an invoice priced in Bitcoins and payment is received then you become the legal owner of the wines.

If you wanted to move wine from one bond to another then it costs around £15. Do you already hold wine in bond as we can certainly send it to your account if needed.


AmphoraWines
Jr. Member
*
Offline Offline

Activity: 32
Merit: 0


View Profile WWW
November 28, 2017, 01:33:21 PM
 #28

Updated the first post with some FAQ's
BayAreaCoins
Legendary
*
Offline Offline

Activity: 1750
Merit: 1008


FreeBitcoins.com


View Profile WWW
November 28, 2017, 01:42:32 PM
 #29

The transaction is instant, once we send an invoice priced in Bitcoins and payment is received then you become the legal owner of the wines.

If you wanted to move wine from one bond to another then it costs around £15. Do you already hold wine in bond as we can certainly send it to your account if needed.




I'll have to dig into getting a wine bond when I wake up.

▄▄▄████████▄▄▄
▄▄██████████████████▄▄
▄████████████████████████▄
▄██████████▄▄████▄▄██████████▄
████████▄▄█████▄▄█████▄▄████████
██████▄████████████████████▄██████
█████▄████████████████▄███████▄█████
█████████████████████▀██████████████
██████████████████████▄███████████████
██████████████████████████████████████
███████████████████████▀█▄████████████
██████████████████████████████████████
██████████████████████▄█████████████
███████████████████████▀████████████
██████▀████████████████████▀██████
███████▀███████▀▀███████▀███████
▀████████▀▀████████▀▀████████▀
▀██████████▀▀▀▀██████████▀
▀▀██████████████████▀▀
▀▀▀████████▀▀▀
FreeBitcoins.COM  
                 ███
                  ███
                   ███
              ███   ███
               ███   ███
                ███   ███
        ▄▄▄      ███   ███
 ▄▄    █████      ███   ███
████  ███████      ███   ███
 ▀▀    █████      ███   ███
        ▀▀▀      ███   ███
                ███   ███
               ███   ███
              ███   ███
                   ███
                  ███
AmphoraWines
Jr. Member
*
Offline Offline

Activity: 32
Merit: 0


View Profile WWW
November 28, 2017, 02:03:28 PM
 #30

We set clients up with an account at Vine, its one of the best UK bonds available. https://www.liv-ex.com/staticPageContent.do?pageKey=About_Vine

We don't insist on clients having to store there but we do pay for the storage and insurance if you do.
AmphoraWines
Jr. Member
*
Offline Offline

Activity: 32
Merit: 0


View Profile WWW
December 18, 2017, 10:52:36 AM
 #31

With the price of Bitcoin being so high we are seeing a lot of large holders decide to cash out and take some profit.

Whilst there has not been a correction in the Bitcoin price there is certainly talk of it. What do people reckon? Will we see it correct or will it continue to climb?
AmphoraWines
Jr. Member
*
Offline Offline

Activity: 32
Merit: 0


View Profile WWW
January 09, 2018, 12:08:56 PM
 #32



Whilst there has not been a correction in the Bitcoin price there is certainly talk of it. What do people reckon? Will we see it correct or will it continue to climb?

So, seems the day I posted the above asking if there was going to be a correction the market fell from just over $19,000 to sub $12,000.  Interestingly we have seen a large spike in demand for our service as people realise the Bitcoin price behaves like any other market and the price can come down as well as up. 

If you are interested in converting BTC to Fiat through Fine Wine please email me at james@amphora.london



 
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!