Hi! A few years back I bought a few Bitcoins and only recently have I found where I kept them (shame I missed the peak a few months back). I'm looking to exchange them back into a currency I can use, either riel or GBP, but was wondering if I would have to pay tax on them if I exchanged them to GBP as I bought them with GBP? I've looked at this income calculator but can't see anything about currency exchange so was hoping someone here could help me out. 2BTC comes out to about £12,000 which is definitely not an insignificant amount which is why I'm worrying.
Thanks in advance for any replies
UK tax question on bitcoin?
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If you’re a UK tax payer you will need to declare them as I’m ssssuming it’ll all be done through a UK bank. You’ll pay tax on the profit, I don’t know how much.
pew, pew, pew, pew!
Haha.epidemiks wrote:Sell them to someone local for cash?
Isn’t it silly. The whole point of crypto was to decentralise and move away from fiat currency but it’s so diuficult to actually use them. Especially if you need to transfer them into fiat!
Those ATM crypto machines are a rip-off. Not that there’s any in PP.
pew, pew, pew, pew!
Crypto could certainly help create an efficient, instant, cheap method of transfering value and cut out the bank middlemen, but like anything, to become simple it requires mass adoption.YaTingPom wrote:Haha.epidemiks wrote:Sell them to someone local for cash?
Isn’t it silly. The whole point of crypto was to decentralise and move away from fiat currency but it’s so diuficult to actually use them. Especially if you need to transfer them into fiat!
Those ATM crypto machines are a rip-off. Not that there’s any in PP.
Won't be happening here any time soon with the ban.
Coin Cafe still open I think, so OP can buy a coffee and cash out his crypto to dollar bills.
I don’t think people are ready to get rid of banks just yet. Who they gonna call if they lose their card or pin? They’re not ready for electronic wallets, unique 15 digit hash hexi decimal passwords and such stuff.
20 years maybe.
20 years maybe.
pew, pew, pew, pew!
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It's not going to happen. Banks and governments will not give up their tight grip on fiat currency. The US has gone to war with countries that chose to trade with currency other than USD$. They won't allow cryptocurrency to take over. No way.
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