Crypto currency (IF banned from CA)

When you see a price shoot up and you think it might be an idea to take profit, what percentage of your coin do you all sell?

At the time you dont always know if you've reached the high, if its going to go higher, or what level it's going to return to. Each time I mess up one way or another.

Been thinking of selling 25%, then if it carries on its run then another 25% Its only a low holding, so maybe higher holdings would be best with different splits.
 

Big Neville Southall said:
When you see a price shoot up and you think it might be an idea to take profit, what percentage of your coin do you all sell?

At the time you dont always know if you've reached the high, if its going to go higher, or what level it's going to return to. Each time I mess up one way or another.

Been thinking of selling 25%, then if it carries on its run then another 25% Its only a low holding, so maybe higher holdings would be best with different splits.
Click to expand...
Thats the trickiest part knowing when to sell
 
I have some money in crypto but have left it for a while as I can’t be arsed to keep up with it all.

I know a lot is probably guesswork, but how does the future for crypto look? Are you taking out? Putting more £ in?
 
Big Neville Southall said:
When you see a price shoot up and you think it might be an idea to take profit, what percentage of your coin do you all sell?

At the time you dont always know if you've reached the high, if its going to go higher, or what level it's going to return to. Each time I mess up one way or another.

Been thinking of selling 25%, then if it carries on its run then another 25% Its only a low holding, so maybe higher holdings would be best with different splits.
Click to expand...
if you want to create long term wealth then you need to get out the fiat mindset.
why would you want to sell something as scarce and valuable as bitcoin for something that loses 10/20% year on year!
why would you want to create a taxable event?
coinbase wont hesitate in grassing you up to HMRC if you hit any of their triggers!
your long term goal should be to accumulate as much bitcoin and other assets as possible,
IMHO trying to time the market is only going to end up tears.
 

Big Neville Southall said:
When you see a price shoot up and you think it might be an idea to take profit, what percentage of your coin do you all sell?

At the time you dont always know if you've reached the high, if its going to go higher, or what level it's going to return to. Each time I mess up one way or another.

Been thinking of selling 25%, then if it carries on its run then another 25% Its only a low holding, so maybe higher holdings would be best with different splits.
Click to expand...
If you take out what you originally invested, the rest will be riding the wave for free
 
nikom court said:
if you want to create long term wealth then you need to get out the fiat mindset.
why would you want to sell something as scarce and valuable as bitcoin for something that loses 10/20% year on year!
why would you want to create a taxable event?
coinbase wont hesitate in grassing you up to HMRC if you hit any of their triggers!
your long term goal should be to accumulate as much bitcoin and other assets as possible,
IMHO trying to time the market is only going to end up tears.
Click to expand...
What do you mean by this? Like basically not use bank accounts just use crypto? Cant go the shop and spend crypto ( yet) can you
 
nikom court said:
if you want to create long term wealth then you need to get out the fiat mindset.
why would you want to sell something as scarce and valuable as bitcoin for something that loses 10/20% year on year!
why would you want to create a taxable event?
coinbase wont hesitate in grassing you up to HMRC if you hit any of their triggers!
your long term goal should be to accumulate as much bitcoin and other assets as possible,
IMHO trying to time the market is only going to end up tears.
Click to expand...
Taking profits from crypto coins is a taxable event so unless you're planning on only spending your crypto on the very few things you can actually buy with it then you're going to create a taxable event when you cash in.
In a few years time when some crypto becomes far more widely spread legal tender then I'm sure HMRC will catch up and work out a way to take their cut from people spending Bitcoin and other cryptos.
 
Buzz Lightroom said:
Taking profits from crypto coins is a taxable event so unless you're planning on only spending your crypto on the very few things you can actually buy with it then you're going to create a taxable event when you cash in.
In a few years time when some crypto becomes far more widely spread legal tender then I'm sure HMRC will catch up and work out a way to take their cut from people spending Bitcoin and other cryptos.
Click to expand...
Only on gains over £12600 pa.
(and I think 20% of gains over that amount??)
Not a bad extra income
 
jayonenote said:
Only on gains over £12600 pa.
(and I think 20% of gains over that amount??)
Not a bad extra income
Click to expand...
That's true but I wonder how many people that have earnt some serious money from crypto gains haven't even given the capital gains tax a thought. Unless you fill in a self assessment and understand tax rules, many won't have a clue their gains are taxable. If they have bought and sold through a centralised exchange (like I have with Binance) then HMRC will come knocking for it eventually.
 

YoboCopter said:
What do you mean by this? Like basically not use bank accounts just use crypto? Cant go the shop and spend crypto ( yet) can you
Click to expand...
i mean dont be thinking about selling assets unless its life changing.
pay your expenses and buy more bitcoin or whatever if you want to generate long term wealth,
if you spend your time and energy worrying about short term price movements and trying to time the markets,you will end up with nothing.
i have never met or heard of a single person that became rich flipping sh!2coins,
there is a lottery winner every week though so maybe you will be lucky!
 
Buzz Lightroom said:
Taking profits from crypto coins is a taxable event so unless you're planning on only spending your crypto on the very few things you can actually buy with it then you're going to create a taxable event when you cash in.
In a few years time when some crypto becomes far more widely spread legal tender then I'm sure HMRC will catch up and work out a way to take their cut from people spending Bitcoin and other cryptos.
Click to expand...
im not planning on spending or selling anything,my long term goal (2034,might be earlier depending on btc price) is to accumulate as much bitcoin as possible then retire.
i will consider the tax implications then.
tbh bank loans are tax free,cheap 0-2%.i can also get 7/8% interest on my bitcoin.
iv also got an irish passport and could move to malta,germany or portugal where you dont pay any taxes on btc gains.so theres plenty of nice options!
 
nikom court said:
im not planning on spending or selling anything,my long term goal (2034,might be earlier depending on btc price) is to accumulate as much bitcoin as possible then retire.
i will consider the tax implications then.
tbh bank loans are tax free,cheap 0-2%.i can also get 7/8% interest on my bitcoin.
iv also got an irish passport and could move to malta,germany or portugal where you dont pay any taxes on btc gains.so theres plenty of nice options!
Click to expand...
So is that literally what you do? Take enough to live off and pay bills and put rest into btc?
 

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