Bitcoin

Drop in and dribble on about nothing serious. Seriously a mad place to hang out. Better to avoid it if you're not in the mood!!! If you're determined to be sad, bad, mad & angry then move along!!!
Mrcoolabah1au
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Bitcoin

Post by Mrcoolabah1au »

Any one know much about this 🤔
Coolabah1au
Wayne nini
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Dot
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Re: Bitcoin

Post by Dot »

Ask Bob n Bev, just don't jump in before research.
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T1 Terry
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Re: Bitcoin

Post by T1 Terry »

Be extremely careful who you deal with when purchasing and investing as well as who you get to hold your bit coin safe. There are a lot of very powerful scammers out there, many linked to overseas mafia type organisations, you don't know you've been had until you try to get the Bit Coin back from the "Safe Storage" and find you no longer actually own any Bit Coin ......

T1 Terry
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Mrcoolabah1au
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Re: Bitcoin

Post by Mrcoolabah1au »

Ok thanks for that great message will do some research 🧐
Coolabah1au
Wayne nini
Bow
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Re: Bitcoin

Post by Bow »

A good way to loose a lot of money quickly.
Izabarack
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Re: Bitcoin

Post by Izabarack »

Family member risked a couple of thousand $ quite a while back, a long while back. Just bought two adjoining apartments in Melb for $3.1 Meg and $3.6 Meg. Only gamble with the money you can afford to lose.

Iza
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jon_d
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Re: Bitcoin

Post by jon_d »

Wayne.

Just remember that any gains will be counted as income and you will need to declare it for tax.

It could affect your pension.

Best to talk to an accountant.
Mrcoolabah1au
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Re: Bitcoin

Post by Mrcoolabah1au »

🥳🥳🥳
Coolabah1au
Wayne nini
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Dot
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Re: Bitcoin

Post by Dot »

Good returns today
Queen of the Banal & OT chatter and proud of it. If it offends you then tough titty titty bang bang.
Izabarack
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Re: Bitcoin

Post by Izabarack »

jon_d wrote: Mon Jan 04, 2021 12:36 pm ..... gains will be counted as income and you will need to declare it for tax.
Taxation rules within the Australian tax system are quite limited in their scope and coverage in regards cryptocurrencies. Govt is still playing catchup. The volatility of Crypto is a problem, especially if you declare a profit to the ATO on 30 June (any year) and the coin then tanks on the 1st Jul. There are plenty of examples of a 100% profit on one day becoming a 110% loss a couple of days later. Aust tax rules can drive you into bankruptcy as a consequence of the vagaries of the market and the rigidity of a Financial Year, 1 Jul to 30 Jun next calendar year. Of course you can consolidate (Sell) on 29 Jun and get back in (Buy) on the 1st Jul, but prices can move a lot in a couple of days.

Research before investing in any Crypto needs to include gathering information on a range of tax bill buffering and tax minimising structures. Off Grid buying and selling is another area full of pitfalls. Putting crypto on a Debit Card and immediately spending that value across borders is a way of effectively minimising the spread in Buy/Sell prices for foreign currency.

Iza
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