The Bitcoin Thread

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RandomDesign said:
Luno have an announcement message that they're implementing dynamic fees from the 26th, because of the "substantial" increases in transaction fees recently. Blocksize gonna tip this train...
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Ethereum for the win
 
Just a few questions on BTC taxation, say I bought my miners for X amount of money, and don't make a profit for the first 3 months, what are the implications on taxes if I deposit some money into my bank account? Would the miners qualify as an investment where I can only be taxed when actual profit is made and put into physical cash similar to buying shares? Or would I have to pay capital gains tax immediately? Would the miners being bought overseas qualify as an investment similar to buying shares? If I were to sell BTC and fund more miners would I have to pay capital gains tax because it has to be deposited into my bank account first?
 
dj2381 said:
Just a few questions on BTC taxation, say I bought my miners for X amount of money, and don't make a profit for the first 3 months, what are the implications on taxes if I deposit some money into my bank account? Would the miners qualify as an investment where I can only be taxed when actual profit is made and put into physical cash similar to buying shares? Or would I have to pay capital gains tax immediately? Would the miners being bought overseas qualify as an investment similar to buying shares? If I were to sell BTC and fund more miners would I have to pay capital gains tax because it has to be deposited into my bank account first?
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Best not mix tax with this. you need to prove income etc.
 
Thor187 said:
Best not mix tax with this. you need to prove income etc.
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I know there is currently no regulation on virtual currencies in SA but surely SARS will start wondering what's going on when I sell BTC and deposit the money into my bank account?
 
dj2381 said:
I know there is currently no regulation on virtual currencies in SA but surely SARS will start wondering what's going on when I sell BTC and deposit the money into my bank account?
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Yes, as soon as Rands or recognised currencies are involved there are tax implications and it will be seen as income which must be accounted for. As long as it remains in bitcoin there are no tax implications
 
dj2381 said:
I know there is currently no regulation on virtual currencies in SA but surely SARS will start wondering what's going on when I sell BTC and deposit the money into my bank account?
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You need to declare it if you sell and buy zar.

I keep it all in btc I don't convert to zar.
 
dj2381 said:
Just a few questions on BTC taxation, say I bought my miners for X amount of money, and don't make a profit for the first 3 months, what are the implications on taxes if I deposit some money into my bank account? Would the miners qualify as an investment where I can only be taxed when actual profit is made and put into physical cash similar to buying shares? Or would I have to pay capital gains tax immediately? Would the miners being bought overseas qualify as an investment similar to buying shares? If I were to sell BTC and fund more miners would I have to pay capital gains tax because it has to be deposited into my bank account first?
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Why would you want to convert your BTC into monopoly money? Leave your income in BTC, which will out-perform ZAR
 
balky said:
Why would you want to convert your BTC into monopoly money? Leave your income in BTC, which will out-perform ZAR
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You might want to spend it! Not that many places accept bitcoin at the moment, though a lot do, though that will change going forward of course.
 
C4Cat said:
You might want to spend it! Not that many places accept bitcoin at the moment, though a lot do, though that will change going forward of course.
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koeksGHT said:
Cash=more hardware, not many retailers accept Btc yet, payfast is nice in that regards.
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What I meant was don't spend your BTC. In January 1 BTC was about R12k, today 1BTC > R34k
 
balky said:
Why would you want to convert your BTC into monopoly money? Leave your income in BTC, which will out-perform ZAR
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It's mainly to buy more rigs, but I need a holiday as well :)
 
I can't believe my 980ti is now chugging along at over $5 a day.
 
So I have the option of being paid out in a few different coins but I can't decide which way to go, at the moment BTC, DASH and ETH are looking very good, but then there is LTC which has future potential, so far I am considering 40% BTC, 40% ETH and either 20% DASH or LTC, aslo LTC has a local exchange which is helpful, any opinions are welcome.
 
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