Buying bitcoins

I am pie

Several months! That's why you can't invest, sell and re-invest. The prices are artificially inflated.

Since these exchanges aren't regulated is it indeed possible they don't have the money to cash out and are holding until the prices hits a level when they do?

Is there a quicker functioning exchange? I.e. somewhere else you can get in and out?

srsly78

Maybe, but that would be because of less regulation. MtGox is subject to AML legislation, this is what they blame for the delays in withdrawing to EU accounts.

PurvesGrundy

What's the best route to purchasing these?

Prodgey

localbitcoins.com

srsly78

Warning: may require meeting strangers in car parks

Roonbox

srsly78 wrote: »

Warning: may require meeting strangers in car parks

I'm based in Vancouver where the worlds only Bitcoin ATM is, had a look yesterday, its basically a tourist destination now with people taking selfies with it...

srsly78

Yes I have heard about those, there was another poster asking some questions on the entrepreneur forum that seemed to be about installing these around Ireland.

The operator would take a big spread, just like current FX brokers do.

OriginV

Sorry if wrong place to post but what does this mean on the program "Bitcoin wallet"
"129 weeks behind" ?

srsly78

Your client needs to download the blockchain to be "current". This is the only way to validate a transaction, since new transactions get added to the end of the chain.

I have noticed the bitcoin client can create some serious traffic whilst doing this!

There are ways to speed up the process: http://bitcoin.stackexchange.com/questions/12001/what-is-the-fastest-possible-way-to-download-the-blockchain

More info here about alternate "lite" clients: http://www.coindesk.com/bitcoin-blockchain-grows-to-8gb/

spix

If you're new to bitcoin and want to make a wallet quickly then its best to use https://blockchain.info/wallet/new

Zascar

srsly78 wrote: »

I've been waiting over a month now. The mtgox website says it may take "several months"...

You're kidding, that's ridiculous. What possible reason can they have for it taking several months? Can you not sell via one of the previously mentioned sites that you can buy/sell directly with other people?

if mtgox takes forever for buying also I want to chose a quicker alternative

srsly78

Well I know this now!!!! But it's a bit late when your cash is already in MtGox. I put the money in over a year ago, spent lots of coins - and am now cashing out the "loose change" I had leftover. There weren't so many alternatives around in the past.

To actually put the money in it only takes the usual 2 days bank transfer to their polish account.

I am pie

The money isn't there. MTGOX don't have the money to cover the rapid acceleration of value and therefore are hiding behind red tape.

Speculators hurt them, they need people to stick in the long run. Basically buying bitcoins now at 1k plus is madness.

OriginV

Costing €853 per bitcoin at the moment will this drop soon, Since the price per bitcoin is so high?

spix

OriginV wrote: »

Costing €853 per bitcoin at the moment will this drop soon, Since the price per bitcoin is so high?

It will likely drop soon, but in typical bitcoin fashion will go even higher after the panic settles. Obviously it would have been better if you bought earlier but there's no time like the present

ps: not my fault if it doesn't work out

murrayp4

AugustusMinimus wrote: »

The gain will be chargeable for CGT at 33%.

just had a brief look at this, what category would the gains fall under to be liable for CGT?

OriginV

Really wish I had got in to this earlier when the prices per bitcoin were much lower, Anyone who is currently selling at the current price is it easy to sell?

srsly78

Depends what you mean by current price, look at the buy orders.

OriginV

srsly78 wrote: »

Depends what you mean by current price, look at the buy orders.

New to the whole bitcoin thing, Bitcoins seem to be selling at around €800 each?

MyPeopleDrankTheSoup

https://www.bitstamp.net/ is the easiest way I found to buy and sell Bitcoins. You just do a SEPA transfer.

Yes, 33% CGT on any gains. Government has been slowly increasing this every budget, it's very high now. Surprising you don't hear much people giving it about it.

Selik

georgiecasey wrote: »

https://www.bitstamp.net/ is the easiest way I found to buy and sell Bitcoins. You just do a SEPA transfer.

Yes, 33% CGT on any gains. Government has been slowly increasing this every budget, it's very high now. Surprising you don't hear much people giving it about it.

I think this is a grey area at the moment in fairness - by that rationale if you lose money on bitcoins you would also be able to offset losses against any future capital gains.

It would be interesting to see what the official Revenue line on this is but I would suspect there simply isn't one right now. Alot of their officials probably haven't even heard of bitcoin, let along crypto currencies!

srsly78

Giles wrote: »

I think this is a grey area at the moment in fairness - by that rationale if you lose money on bitcoins you would also be able to offset losses against any future capital gains.

It would be interesting to see what the official Revenue line on this is but I would suspect there simply isn't one right now. Alot of their officials probably haven't even heard of bitcoin, let along crypto currencies!

I don't see why it would't be treated exactly the same as other kinds of foreign exchange.

Selik

Well Bitcoin profits in the US are certainly taxable, then again so are CFD and spreadbetting profits, whereas neither are here or in the UK.

FX gains are not taxable as far as I know, unless you're trading for a living and making a decent wedge out of it.

srsly78

Giles wrote: »

Well Bitcoin profits in the US are certainly taxable, then again so are CFD and spreadbetting profits, whereas neither are here or in the UK.

FX gains are not taxable as far as I know, unless you're trading for a living and making a decent wedge out of it.

http://www.revenue.ie/en/tax/cgt/index.html

The first e1270 you gain is exempt.

Selik

srsly78 wrote: »

http://www.revenue.ie/en/tax/cgt/index.html

The first e1270 you gain is exempt.

Yes I'm aware of all that but is Bitcoin considered an asset or a currency, that's the question!

srsly78

Doesn't matter, it's when it gets turned into euros that CGT applies. It's the euro gain you are paying tax on.

Selik

srsly78 wrote: »

Doesn't matter, it's when it gets turned into euros that CGT applies. It's the euro gain you are paying tax on.

Well in that case then any bitcoin losses could also potentially be offset against future CGT gains on investments such as shares, property etc - and carried forward indefinitely. Interesting....

The_Hustler

Giles wrote: »

FX gains are not taxable as far as I know, unless you're trading for a living and making a decent wedge out of it.

FX gains are taxable. If you're trading for a living it's income tax but if not it's CGT.

milltown

I am pie wrote: »

The money isn't there. MTGOX don't have the money to cover the rapid acceleration of value and therefore are hiding behind red tape.

How can this be? MtGox aren't buying people's coins off them. They are brokers. A trade only gets executed when there's a buyer with cash in his account to buy the coins at the agreed price from the seller who has the coins in his account. MtGox are making their money on the commision on each trade, regardless of whether the market is going up or down.

Like with the first BTC price crash, I suspect that MtGox simply don't have the staff or systems in place to deal with surges in activity that accompany these boom/bust cycles.

srsly78

The excuse they use is their Polish bank imposes a withdrawal limit on them. I just got a mail yesterday saying their limit had been raised and it should be faster now.

MtGox themselves are based in Japan.