Anyone in to this or have thoughts on it?
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Anyone in to this or have thoughts on it?
Been looking, your besty from WAU is right into it though!Quote:
Originally Posted by HSE2
A lot of people are. I don’t pretend to understand it or how it’s even legal TBH.Quote:
Originally Posted by 4Vman
Im struggling to get my head around it too.Quote:
Originally Posted by HSE2
I'm also starting to investigate day trading, atleast its real money and legal.
Anyone help a brother out with this?
I don't proclaim to be an expert but what I do know is its extremely volatile currency still, and will mostly like remain so until its goes mainstream and becomes regulated. There are opportunities in that of course for some but its not for the ill-informed or for novices IMO. Comes down to your appetite for risk. You also want to also be aware that if you invest in cryptocurrency you may have to pay tax (CGT) on any capital gain you make when you dispose of it. The longer you hold on to it (more than 12 months) the lower that tax will be but you are also exposed longer to dramatic market shifts. You will also not be entitled to the personal use asset exemption.
It really depends on what the purpose of buying cryptocurrency is. For example:
Will it be used mainly to purchase things for personal use or consumption? or is it an investment (Asset) or to be used to make profit?
Personally, I think that while there are gains to be had, there are better investments that are out there which are much less volatile.
I expect anything as this is only if you are making mucho and have money to shift here and there - just another gamble imo.
On the contrary, I think there is real legitimacy to this digital currency but its extremely volatile that's all.Quote:
Originally Posted by FTe217
Crypto is the way of the future. Just not now.
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It’s being linked to illegal activities due to increased difficulty in tracing. I think some countries have banned it which makes me wonder if it’s really going to be universally accepted.Quote:
Originally Posted by WASP
Then there is the tax issue. How is that treated? Is there scope to easily avoid?