Is anyone else starting to become a bit excited?

Gooey Looey wrote: »

Yes of course you can, but the self assessment tax system is what we have. Businesses and self employed do their own accounts and figure out and pay their tax returns. This is the reason why we have very heavy penalties, huge fines and jail time if you get caught! They can go back 6 years in an audit.

You must be about 12 if you don't understand how taxation works!

Believe it or not i never did business in school and for years i worked in the building trade getting cash in hand so i never had to know about tax really! I might not be the most educated man on the planet also so apologies if i sound dumb! Tax is just an area i do not know much about!

Someone tried telling me recently that you can only be taxed on whats in your account so basically spend your money and you cannot be taxed.

ironictoaster wrote: »

I have serious FOMO atm. Not sure if I will bother BTC now, unless there's a dip. Will stick to RSR however

I said that at 22k 2 weeks ago but did it anyway. Its definitely not as appealing now at the current price but if you think the predictions of 100k are correct for 2021 you can still triple your money in a year.

seannash wrote: »

I said that at 22k 2 weeks ago but did it anyway. Its definitely not as appealing now at the current price but if you think the predictions of 100k are correct for 2021 you can still triple your money in a year.

Ah I'm only willing to deposit 1K at the moment so not worth my while IMO.

Well done to everyone who invested early on!

baalad wrote: »

Someone tried telling me recently that you can only be taxed on whats in your account so basically spend your money and you cannot be taxed.

Don't follow that person's advice & ignore everything they say in future.

If you put in €10k which grows to €200k or whatever amount and sell at that price, you don't get to lodge it into your bank and spend it, Revenue will want their 33%. If you've spent it and think saying "Lol no, I've spent it suckers" will work you will be facing hefty fines, possible bankruptcy and maybe some sweet prison time

ironictoaster wrote: »

I have serious FOMO atm. Not sure if I will bother BTC now, unless there's a dip. Will stick to RSR however

Ah they all say that! It was <$5k in March - on sale from ~$13k in 2019 - and $6-9k for a few months, so if people didn't bother their holes buying any then, they won't the next time it dips either

This is why DCAing is the way to go for most people, just stop hesitating and trying to time the market and get on with it or else live with regrets after every cycle passes you by

downcow wrote: »

I am very naive to all this. How would I invest monthly. Is that an expensive way to do it. Is there a charge per transaction.
Sorry for all the questions. I am with bitpanda
Any advice appreciated

I'm not sure about Bitpanda, don't know their fees, but Kraken's fees are alright, about the same as Coinbase Pro's (just don't use regular Coinbase). You'd be better off making weekly buys instead of once a month as well given how volatile it can be, so you'd potentially catch more dips with the weekly buys compared with monthly. Just transfer over whatever amount you're putting in once a month and then decide on a day/time to invest each week and stick to it, consistently. The bank transfer is basically the most awkward part depending on your bank, but after the first transfer or two the funds should arrive in the exchange within a few hours if you do it in the morning. You buy the same set fiat (€) amount weekly by the way, and if there are any nice dips or crashes there's no harm increasing that € amount for that week

For all intents and purposes it's just an alternative, side savings account, except you stand to actually have your funds hopefully increase in the long run, as opposed to having your money gradually bleed out in a regular savings account due to our **** interest rates. Just be sure you're comfortable and not overextended by the amount you're putting in each week and overall, don't invest more than you're willing to lose

AmberGold wrote: »

Lastly I notice in the UK that there’s a significant push to bring CGT in line with the top level rate as they endeavour to sort out the financial mess caused by COVID / Brexit.

I suspect that higher taxes globally are likely to be a feature over the next few years - but that doesn't make them right/equitable (at those higher levels I mean).

Another night, another ATH. We’re not that far from 35k now.

myshirt wrote: »

Where is everyone buying their Bitcoin? Where is the cheapest?

Coinbase have a spread built in, and it is 0.0005 BTC to withdraw. Can you get better than this?

Within reason of course. Right balance of security, ease of use, etc.

Bitstamp, Kraken, Binance or other major exchanges will all give you better execution prices than a broker like Coinbase.

Now if you are just buying once in a while as opposed to trading regularly, Coinbase is fine if this is what you are confortable with.

$34,000. Best Christmas break in years.

OEP wrote: »

I sold out at 27k thinking there might be a correction imminent. That's the last time I ever try to trade my crypto! Luckily I still have my ETH from 2017

Yikes, hope it drops so you can get back in. That’s a tough lesson to learn.

OEP wrote: »

I hope so too! I only bought a couple of months ago so we're not taking major money anyway. I didn't want a repeat of 2017 where I held throughout and ended up with zero profits at the end of it, but lesson learned here.

Those that held throughout the bear market and kept buying are up an awful lot, look into DCA’ing.

BrandonBay86 wrote: »

Those that held throughout the bear market and kept buying are up an awful lot, look into DCA’ing.

Yes indeed, best time to buy is when it's in the gutter and no one talking about it. There'll be another opportunity considering how fast this is all starting to rise.

BrandonBay86 wrote: »

Those that held throughout the bear market and kept buying are up an awful lot, look into DCA’ing.

Yea I didn't have a combination of the cash and risk appetite to buy into itduring the bear market. I was saving a deposit for a house, which I now have. I had enough exposure at the time with my ETH but in the next crash I will be in a better position to buy. I'll look into that, thanks.