The Bitcoin Thread

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You can implement snapscan deposits any time now luno...
 
biometrics said:
I see. And which rate do they use? Luno's?
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Hey @biometrics,

eGifts24 uses Bitpay for accepting Bitcoin payments. Bitpay's rate is based on openexchangerates.org, although I think that in-turn comes from CoinDesk, or an average over a number of exchanges.
 
biometrics said:
Hello guys. And Sabre Wolfie.

I see the price is stubbornly over valued.

So who had sold and taken profit (excl Voicy of course)?
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Sold at ZAR 76,994 on Friday. Couldn't find any ALT Coins I felt good enough about to buy into. Will buy Bitcoin again once the pricing settles lower.
 
Knyro said:
Buying at an all time high. :crylaugh:



Twice :crylaugh: :crylaugh:




:p

JK Voicy but seriously stop doing that.
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Lol ag jirre...and I DID just buy again! 3 times a charm.

Why are you okes selling now? Expecting it to dip?

Since luno doesn't do stop loss sales, I've activated price alerts for below a certain value so I can sell as soon as i see it falling. It's been going up and down too much durnig steady growth for me to warrant selling as soon as it loses a bit.

With my luck it'll drop 10k overnight like last time.
 
When withdrawing from Luno, do I need to pay tax?

This is sub 1 bitcoin
 
biometrics said:
You're supposed to declare extra income on your income tax return. Luno isn't involved.

But Wolfie might disagree.
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It can't be income unless SARS can show that you are specifically trading with the intention of actively earning income. For the casual investor it should incur capital gains. And even that interpretation is entirely dependent on whether the SARB and SARS decide whether it is an asset or a currency as there is no capital gains incurred on gains in pure currency holdings.
 
garp said:
It can't be income unless SARS can show that you are specifically trading with the intention of actively earning income. For the casual investor it should incur capital gains. And even that interpretation is entirely dependent on whether the SARB and SARS decide whether it is an asset or a currency as there is no capital gains incurred on gains in pure currency holdings.
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So no definitive answer then?
 
biometrics said:
So no definitive answer then?
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Doesn't seem like it. But I would imagine it will come to a head soon as more people withdraw and declare gains. Accountants seem to tend to recommend the most conservative approach (i.e. declaring it as income) but this is not necessarily the correct approach. As I understand it amounts to intention - if you bought BTC only intending to use it to pay for stuff, the intention was not make money so there should be no tax incurred, if you bought it as a speculative investment then capital gains is incurred, if you trade it back and forth actively to make an income, then profits incur income (or company) tax.
 
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