Crypto currency (IF banned from CA)

YoboCopter · July 5, 2023

Im addicted to loosing money on crypto and my whole life depends on a moon shot

nikom court · July 6, 2023

BNJ1878 said:
Please.

Can somebody have a ruckus in here now CA forum is shut?

I'll like every post from here on in.

you might have to wait until the next dip,
it goes quiet when the bitcoin price trends upwards!

Moomin · July 6, 2023

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Not all projects in crypto manage to live up to the hype. HEX and PulseChain, two projects spearheaded by Richard Heart, have recently come under fire for a series of issues that have left investors and users disillusioned. This article critically examines the reasons behind the apparent...

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Micky_T · July 29, 2023

I hold a little bit of crypto after dabbling in it a couple of years ago but I've been holding it on Binance where I bought it. I've been told its safer to hold it in a wallet. How do I do that? Is there an idiots guide for dummies?

Also, let's say the best case scenario plays out and some of my crypto skyrockets in value. Are there any ways of legally limiting my tax liability?

Gwladys St. Glory · July 29, 2023

mmhmm....

Wizard · July 29, 2023

Micky_T said:
I hold a little bit of crypto after dabbling in it a couple of years ago but I've been holding it on Binance where I bought it. I've been told its safer to hold it in a wallet. How do I do that? Is there an idiots guide for dummies?

Also, let's say the best case scenario plays out and some of my crypto skyrockets in value. Are there any ways of legally limiting my tax liability?

First point, correct you shouldn’t hold your coins on an exchange. @DuuuncanHadaPigeon can advise how to put it in a cold storage wallet.

The second point, if it ever skyrockets speak to a tax advisor/accountant as the tax you have to pay depends on many different things. If you are a UK taxpayer capital gains applies but it is complicated. Given none of us know your situation it would be silly to take advice from any of us.

YoboCopter · July 29, 2023

Wizard said:
First point, correct you shouldn’t hold your coins on an exchange. @DuuuncanHadaPigeon can advise how to put it in a cold storage wallet.

The second point, if it ever skyrockets speak to a tax advisor/accountant as the tax you have to pay depends on many different things. If you are a UK taxpayer capital gains applies but it is complicated. Given none of us know your situation it would be silly to take advice from any of us.

Im worried about this aswell when i hit the moon with my current holdings

nikom court · July 29, 2023

Micky_T said:
I hold a little bit of crypto after dabbling in it a couple of years ago but I've been holding it on Binance where I bought it. I've been told its safer to hold it in a wallet. How do I do that? Is there an idiots guide for dummies?

Also, let's say the best case scenario plays out and some of my crypto skyrockets in value. Are there any ways of legally limiting my tax liability?

what do you mean by crypto?
bitcoin or the shitcoins what binance mostly sell.

chicoazul · July 29, 2023

nikom court said:
what do you mean by crypto?
bitcoin or the shitcoins what binance mostly sell.

How much have you lost buddy?

nikom court · July 29, 2023

chicoazul said:
How much have you lost buddy?

iv been buying bitcoin every month since 2016,
been talking about it here when it was $3000
its now $30,000.
you do the math

chicoazul · July 29, 2023

nikom court said:
iv been buying bitcoin every month since 2016,
been talking about it here when it was $3000
its now $30,000.
you do the math

How much did you lose in big crash buddy? Hopefully no more than 14p.

Moomin · July 29, 2023

nikom court said:
iv been buying bitcoin every month since 2016,
been talking about it here when it was $3000
its now $30,000.
you do the math

How is HEX doing these days?

DuuuncanHadaPigeon · July 29, 2023

Micky_T said:
I hold a little bit of crypto after dabbling in it a couple of years ago but I've been holding it on Binance where I bought it. I've been told its safer to hold it in a wallet. How do I do that? Is there an idiots guide for dummies?

Also, let's say the best case scenario plays out and some of my crypto skyrockets in value. Are there any ways of legally limiting my tax liability?

It is fairly straightforward to move your coins to your own wallet, plenty of videos on YouTube. If you need any help you can DM me.

In terms of tax, the UK has quite a friendly view on taxing crypto compared to most other countries. It is treated as CGT so roughly 20%, asides from moving to another country with 0% crypto taxes you are better off just paying it, but I'm no professional, speak to a tax specialist in the case it does skyrocket