Cryptocurrency Investing in Ireland | Complete Beginners Guide (Incl. Taxes!)

[@TheLearningsReport]

Any questions, hit us up below. If video helped, please consider using on of our referral links! 👉 Join Binance (10% Fee Discount): bit.ly/Binance-Account-10 💸 Join Coinbase (Free $10 Bitcoin): bit.ly/Coinbase-Account-ste10

[@pauloferreira1319]

Great video; however, the background music is a little bit too loud...

[@TheLearningsReport]

@@pauloferreira1319 hey Paulo, Glad you liked it and thanks for the feedback on the music - noted for future videos. - Cian

[@theboom4438]

Cheers lads, great video !! Thanks for all you for us Irish investors! These are a great help. I hope you go far in this space; as you can do very well!!

[@TheLearningsReport]

Love to see this - and really appreciate the feedback. Glad you're finding them helpful and don't worry, we're only getting started 😏

[@anitawills465]

Thank you my dear friend, trading has being my only hope when it matters, today I'm like a demi god in financial markets, buying stocks, bonds and trading in crypto markets, you also can be a testimony to these great business , by investing in our company, inbox me for more

[@jameswoods2101]

Great video lads. I've been watching crypto videos for the last few months, and this has been the most informative one I've come across. Looking forward to watching the rest of your content. Keep up the good work 👏.

[@TheLearningsReport]

Hey James, Thanks for watching and glad you liked it - welcome along! If you have any suggestions for other videos, let us know. - Cian

[@shivams417]

to the point no bs nice one guys !!

[@TheLearningsReport]

Cheers Shiva! Appreciate it 👌

[@salehnawaz7233]

Thank you guys for the video...

[@TheLearningsReport]

No worries, Saleh - glad you're still watching!

[@deanmacksbgcorkcity9517]

Top Stuff again lads always good to go back to basics. Never know what ya might learn or have forgotten. Thanks lads. Have a good weekend.

[@TheLearningsReport]

Cheers Dean - Yeah our main focus starting this channel was to lay the foundations for investing! But as times goes by and we build up the base level content, we'll start adding some more advanced topics for those who are after them 👌Thanks for watching as always and have a good one too. - Ste

[@CheesyPuffs323]

Very timely video lads. Love the quick fire questions

[@TheLearningsReport]

Cheers Karl - glad you enjoyed! The timing may have been good for the video, but sadly terrible for the portfolio 😂

[@sakacocox267]

great video. keep doing!

[@TheLearningsReport]

Thanks for watching, Saka, appreciate the kind words! - Cian

[@claudioperez1896]

Hey, guys thanks for the video. My question is regarding the following when the gain is less than 1200€ (the exception) do I still have to fill the form for the revenue? Example: I Only sold a share / crypto and take 1000€ for gain for the year. How do I declare that amount? Just 0€ for CGT? Or -200€ ? (1000€ my gain - 1200€ the exception). Can you explain a little bit about it. Thank you so much for your vídeos guys. Hope you understand.

[@TheLearningsReport]

Hey Claudio and thanks for the question! So yes, even if your gain is below the €1270 exemption, you still need to file with revenue. When filing, you would simply declare the €1,000 gain, then you will see a row where you can subtract your exemption, and as the exemption is €1,270, your chargeable gain would be €0. So essentially you're just showing that 1) you made a gain and the amount of the gain 2) showing that the gain falls under the exemption. Hope this helps and would love to have you subscribe if it did!

[@sahiwalboy]

How to withdraw money from Binance in your bank account in Republic of Ireland 🇮🇪??

[@TheLearningsReport]

Responded on the other video there, Usman! Let me know if you have any questions. - Cian

[@rosie245]

Thank you for this info.

[@TheLearningsReport]

No worries, Rosie, thanks for watching! - Cian

[@mamba101]

Is a wash sale legal in Ireland? That is selling at a loss and then rebuying straight away then using that 'loss' to offset profit.

[@TheLearningsReport]

Hey Ed, if you sell your shares at a loss - you can only offset them against other gains as long as you don't repurchase the same class shares within 4 weeks of the sale. It's basically Ireland's version of the wash sale rule! More info on that here: www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/selling-or-disposing-of-shares.aspx

[@linachen8554]

Thank you for your great video, only thing I know how to calculate the CGT but how can I pay it, please? In the bank or post check?

[@TheLearningsReport]

Hey Lina, Glad you liked the video! So, you should be able to pay on your Revenue.ie account. There is a make a payment option there and you can select CGT payment. Let us know if you can find it! - Cian

[@irishwealth6346]

Fantastic video lads, very comprehensive!

[@TheLearningsReport]

Thank you sir! A somewhat timely video 😅A hectic few weeks in the market always makes for some interesting viewing

[@irishwealth6346]

@@TheLearningsReport yeah absolutely, think a lot of folks investments will be in the red right now anyway 😅

[@manu4eva999]

Lads, how do you actually track profit if say I invested 20 euro in 0.02 ethereum and it went up then bought another 0.02 eth for 30 euro at a later stage and it went up so my orginal 50 euro investment is worth say 90 euro. Now I sell 0.015 eth and put money to the bank, how do I track the gains since the eth I am selling was eth bought across 2 different investments when they were at 2 different values? Hope that makes sense😅

[@TheLearningsReport]

Hey Kevin - thanks for watching! That's a great question. From a Revenue point of view, they use the First In First Out (FIFO) method for calculating profit on shares/crypto bought on different dates but of the same class. So basically, the crypto you first acquired would be sold first in the calculation and then the latter ones. It can be a bit confusing for sure. In your example above, the gain would be calculated on the earlier 0.02 (€20) Ethereum. There's a drawn out example and explainer here: www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/selling-or-disposing-of-shares.aspx Hope that helps! - Cian

[@manu4eva999]

@@TheLearningsReport Cheers lads it's great to have an Irish resource for this stuff 👍

[@TheLearningsReport]

No worries, Kevin - glad to hear it as that's why we started the channel! Cheers for watching.

[@overman2306]

@@manu4eva999 Use Koinly.

[@yonkoviedo5208]

Hi Lads. Just a quick question I tried to without € from Binance to my account in AIB bank in several times but it has been unsuccessful. I followed all steps. Do you know something that I don't. know? I will be grateful if you give me some hand. Thaks

[@jaimel2037]

Thanks fellas.does binance let you trade crypto straight from euro deposits? Or you have to buy USDT first?

[@shanehogan9384]

Great content I currently use revolut for crypto would u recommend using binance for crypto and revolut for stocks ?

[@TheLearningsReport]

Hey Shane - Personally I'd suggest using Binance or Coinbase for crypto yea. Just far more choice, functionality, etc. For stocks, although Revolut is fine for beginners (and they could easily add more functionality and optionality as they grow) I personally would advocate a more technical platform if you're serious about investing for the long term. I like Interactive Brokers, but Degiro (and eToro/Trading 212 to a lesser extent) could also be good options for you also! We have a couple of videos on those if you haven't already watched. Hope that helps. - Ste

[@guhanjayakumar95]

Awesome. Love all your videos. What about long term capital gains taxes on CryptoCurrency?

[@thatsHayden]

Pretty sure they are treated the same as stocks for capital gains tax in Ireland

[@TheLearningsReport]

Hey Guhan - cheers for the comment and love to hear you're enjoying the vids! So sadly there's no long-term vs short-term tax rates under current Irish tax rules for stocks or crypto (that's a US rule - and perhaps in other countries too, but not here I'm afraid). It's a flat 33% regardless! - Ste

[@TheLearningsReport]

Yep, spot on

[@valdisvisvaldis]

if i have 75 ooo euro and i pay tax 33 % have imposible return back this tax our not imposible?

[@maisiemaisie-p6u]

Can we buy crypto in Ireland ? Which bank will support with crypto ? Thanks

[@deeeirl]

Great video lads! only found your channel today and loving the content so far. Quick Q on Crypto mining; Is it possible to deduct the cost of the mining hardware itself when declaring CGT? or would I have to incorporate to do this? Revenue's guidelines are vague on mining in particular it seems

[@TheLearningsReport]

Hey Derek, Thanks for watching and appreciate the feedback! Revenue are definitely still playing catch-up when it comes to crypto so a lot of the nuance is usually applied to current tax laws - hence the vagueness! My (Cian) understanding is that you would not be able to deduct the cost for CGT as an individual. I would consider it an asset and not a loss as such. For example, I don't think you would be able to offset the cost of a phone/laptop against your gains on shares. As a corporation, the hardware would most likely be an asset so you wouldn't be able to offset it, however, you may be able to avail of capital allowances. Linking a section from the Revenue website (you have probably already seen) on Capital Allowances - 12.5% per year. If there are significant running costs too, you could claim this as a business expense. You could also consider becoming a sole trader, which may be a cheaper way of becoming a company but also getting to offset the costs. We're not tax advisers so your best bet is to raise an enquiry with Revenue through MyEnquiries and they should be able to guide you. Always good to have it down in writing too! More info: - www.revenue.ie/en/companies-and-charities/corporation-tax-for-companies/corporation-tax/capital-allowances-and-deductions.aspx Let us know how you get on, Derek! :) - Cian

[@albertoneto1180]

Hello guys, nice video as usual :) I have a question, how do you guys transfer money from binance to the bank account in Ireland if sepa is blocked ? :(

[@TheLearningsReport]

Hey Alberto - So funnily enough, I've actually never withdrawn from Binance (Ste). I've been happy to just leave the funds either staked or on the exchange until now as I'm fine letting it compound for the next few years! However, my understanding was that you could still withdraw from Binance, you just had to do it via debit/credit card, right? Of course, not ideal given that you'll be charged a % fee as opposed to the flat amount like it was for SEPA. To be honest, unless you need the money urgently, you may be better off reinvesting the funds for the moment and just waiting until Binance (hopefully) reinstate SEPA! - Ste

[@albertoneto1180]

@@TheLearningsReport thanks a lot for the answer 🙌 yeah not ideal to withdraw via card :( Gonna leave money there till next year, I’m just trying to find all possibilities beforehand :) Let’s surf the Bull run that is just happening 🙌

[@TheLearningsReport]

@@albertoneto1180 Yeah exactly! I'd be very surprised if Binance doesn't figure out something with regulators before then 💸 Enjoy the weekend.

[@albertoneto1180]

@@TheLearningsReport you too … cheers

[@consuelacazacu1346]

Hey guys, super clear video.. ..Funny, too. Really enjoyed it. A quick question though. I'm from Romania but I'm currently working in Ireland . i started with HODL crypto a while ago while in Romania, creating my Binance account with Romanian details and using my Revolut account to top up. What should be my approach from now on taxes wise? Thanks a lot

[@TheLearningsReport]

Hey Consuela - appreciate it! So it will likely come down to tax residency and the rules of each country. Romania may still have claim to some of your future gains depending on their laws. If you spend enough time in Ireland, you’ll likely become a tax resident here (and perhaps no longer be tax resident in Romania) so if you then decide to dispose/sell some crypto, you’ll then likely owe taxes in Ireland. There are a lot of ifs and buts but the link below should hopefully give you some insights from the Irish side at least! Hope it helps. www.revenue.ie/en/jobs-and-pensions/tax-residence/how-to-know-if-you-are-ordinarily-resident-for-tax-purposes.aspx

[@CKen1991]

Great video guys, any chancecould you do a video on taxation of rental income ?

[@robryan331]

Yep , second that

[@TheLearningsReport]

Hey Ciaran - thanks for watching, glad you liked the video! Yeah, we have plans to look at other investment types, including property, so we will go through the taxes in that video too. It can be complex depending on your income level, the type of rental (short term vs long term), tax relief types, etc. so it may be very particular to your individual situation. There are more details here if you can't wait until the video: www.revenue.ie/en/property/rental-income/irish-rental-income/index.aspx - Cian

[@CKen1991]

@@TheLearningsReport thanks for the response guys, looking forward to your future content. 👍

[@TheLearningsReport]

Cheers Ciaran

[@TheLearningsReport]

Video on this coming Thursday/Friday!

[@liammotherway5687]

Class video lads. Do you only have to file and pay the tax when you withdraw your profits? For example if you are holding your coin for 5 years+ you only have to file and pay once you withdraw (ie sell for euro). Also if you are withdrawing small profits throughout the year is it just one payment and one form you fill before December 15th accounting for each withdrawal as an overall figure? Hope this makes sense.

[@TheLearningsReport]

Howiya Liam - nice one lad, thanks for that. So as soon as you sell, you've created a taxable event (swapping a currency into another also counts as a sale btw). Whether you 'withdraw' the funds or not is irrelevant in terms of taxes! Lets just distinguish between 'selling' and 'withdrawing' here. If you're simply holding the coin, then no taxable event has occurred. If you sell to fiat (or another crypto), that's a taxable event and you're now liable - even if you don't 'withdraw' the funds from the platform to your wallet/bank/or whatever. So for every 'sale' you make in 2021 (for example), you're liable to pay taxes on gains you make from those sales by Dec 15th of this year (or Jan 31st for sales you make within December itself). You then would need to file your return by Oct 31st of the following year (in this example, 2022). And correct, when you pay and file - it's the total for the year, so an accumulation of all your buys/sells throughout that tax year. Hope this helps & shout if you have follow ups! - Ste

[@liammotherway5687]

Cheers Ste, the KZbin and Tik Tok has been a great learning outlet for a person new to investing like myself. Thanks again .

[@TheLearningsReport]

No worries, Liam - glad you're enjoying! Thanks for watching.

[@robertgoodman4213]

I'd get yourself a Ledger and then buy somewhere like Instacoins and send it to the Ledger. Full ownership and easy to do.

[@TheLearningsReport]

Thanks Rob - will need to have a look!

[@NeglectedGoattt]

Nice one for the video lads, really enjoying the content! Do you guys have any experience with cold wallets? I'm looking at purchasing one and I'll probably go with one of the two you mentioned. Is it much of a muchness?

[@TheLearningsReport]

Hey Greg - Cheers for following, and appreciate the comment. So, I (Ste) haven't invested in cold storage myself yet. I have most of my holdings staked, so most are currently on the exchange. Like yourself, I'll also likely look at either of the two mentioned we mentioned in the video - but as far as I can tell (and as you said), it seems to be much of a muchness!

[@manu4eva999]

@@TheLearningsReport Is staking taxable or is it only if you were to take it out after staking that it becomes taxable?

[@NeglectedGoattt]

@@TheLearningsReport Sound lads!! I'll do a bit more digging on the two you've mentioned so and bite the bullet. Keep up the good content!!

[@TheLearningsReport]

Hey Kevin - Great question and one we're actually looking into ourselves. My feeling is that (depending on the staking product) you could somewhat look at it as an 'accumulating' style of investment, so that you only need to pay the tax once you actually realise the gains. However, I could see revenue also arguing for it to be taxed like dividends (which would be a nightmare) but I think for now it's still such a grey area. It's hard to get a correct answer! We'll be doing a video as soon as we get a response.

[@TheLearningsReport]

Let us know how you go! And cheers.

[@Alexsworld7]

Hi guys. I’m lost as to how buying NFTs looks in terms of CGT. It seems my gains are very high based on buying NFTs on Meta Mask. When you buy an NFT with ETH is that classed as a trade? And obviously selling the NFT again at a loss doesn’t it offset that first trade? Many thanks!

[@TheLearningsReport]

Hi Niamh, Thanks for watching and for the question. Yes, exchanges are considered taxable events. So, I would break it up into events. With the first purchase of an NFT with ETH, you may have CGT due on the ETH. You are effectively disposing of the ETH in this exchange and so if there was a gain in value from the purchase date and this exchange date then CGT will be due (if greater than the €1,270 annual exemption). You can offset certain losses in the same tax year or carry forward to following years if not used. You can't use a loss to offset a gain in a previous year (except in the year of death) so it would depend on when you sold the NFT - in the same year? Can offset. Sold in the year after purchased? Can't offset against that gain but can use it for others in the future. More info here: www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/if-you-make-a-loss.aspx Also, we have a video on how CGT tax works in Ireland if you're interested: - kzbin.info/www/bejne/fouUhKeniMt4l6c Any other questions, just shout. - Cian

[@Alexsworld7]

@@TheLearningsReport Legend. Thanks a million for the quick response. You guys are doing a fantastic job. 👍

[@TheLearningsReport]

@@Alexsworld7 thanks Niamh, appreciate the kind words. 🙏 Any other questions, let us know and otherwise, see you in the next one. 👉 - Cian

[@0karina222]

can you do a video on BlockFI please?

[@TheLearningsReport]

Hey Karina - thanks for the suggestion! Anything in particular about the platform, or just a general pros/cons overview sorta idea? - Ste

[@0karina222]

@@TheLearningsReport how to get your money out of it! Is easy to set up account in stable coin to earn interest and transfer money via Revolut. But have to have min 5k to get money out via wire transfer (plus $30 charge). Want to know how to get cash back. Probably have to set up crypto wallet, but how to then convert to cash or bank transfer.

[@TheLearningsReport]

Hmm ok I dont use Blockfi personally, but that sounds considerable in terms of withdrawal minimums. Will take a look! Thanks. - Ste

[@Dave1o1]

@@0karina222 You could set up an account with Kraken exchange, transfer your bitcoin etc there (double check address and memo) , then sell for fiat and wire transfer to your bank.

[@0karina222]

@@Dave1o1 thanks. will check it out!

[@aleksandrspuzina1598]

Hello guys! Thank you so much for the video!!! I have a question. How friendly irish banks when someone withdraw 300-500 thousands to current account? I know, that you will be called to bank, to explain, where did you get this money from. Once they receive statements from coinbase (for example) with details will you be able to use your fiat normally? Do you have any experience with that? Kind Regards.

[@TheLearningsReport]

Hey Aleksandra, Glad you liked the video! I (Cian) don't have experience with withdrawing a large sum of money to an Irish current account (I use Revolut for transfers) so not too familiar with the process. With Revolut, I was asked for proof of the sale and once they confirmed it I was able to use the money no problem. To what you said, you will most likely have to provide proof of where the funds are coming from but I would double-check with your bank before transferring such a large amount. Quick call on Monday should do the trick. - Cian

[@aleksandrspuzina1598]

@@TheLearningsReport Thank you so much for your reply! I spoke last week with AIB customer service advisor in the bank. They don't want to give any advice about crypto. I explained to them, that this is legal, person trading at own risk, revenue will receive the tax, money will be in bank. Everyone is happy. :) Then they said that money won't be blocked, but they will need explanation where the money got from. I picked up this question as many people should know about this details. Thanks again and best of luck to you and your channel!!!

[@TheLearningsReport]

@@aleksandrspuzina1598 Appreciate the clarification! Hope you get access to your funds without any trouble. - Ste

[@Totoro_saiyan]

Hi lads, ive a question, if i have made a profit on the app and i havent transferred to my bank acc as fiat and just left it in the crpto app account, do i still have to declare the profit at the end of the year?

[@TheLearningsReport]

Hey Sam, Thanks for the question. So, unfortunately, if you have made a sale or exchanged your cryptos on the app and made a gain, you will be liable for CGT even if you don't take it off the app. Once the exchange or sale takes place, you will have to pay regardless of where it is transferred after. We have a video explaining CGT (which I'll link below) and other taxes which you can check out. - CGT : kzbin.info/www/bejne/fouUhKeniMt4l6c Hope this helps, any questions just shout. - Cian

[@Rap8126]

@@TheLearningsReport Hi Lads Love the chanell and excellent to have an Irish perspective. Similar to Sam's question - If your crypto has increased in value over the course. of the last year but you haven't sold/traded it, is it still liable to GCT? Peter

[@TheLearningsReport]

@@Rap8126 ​ Cheers Peter - No CGT due at all unless you've actually sold your holdings. You can let them grow tax free for as long as you like (and generally, that's the idea!). Thanks for following along and glad you're enjoying the vids. - Ste

[@BarbaraSpainmarketingtrends]

Can you get rewards back Coinbase card in Ireland

[@TheLearningsReport]

Heya - as far as I'm aware, the Coinbase card doesn't currently offer 'card rewards' in the same way Crypto.com or Binance do. However, I would speculate that they will at some point! You can still get the card itself though. www.coinbase.com/card - Ste

[@BarbaraSpainmarketingtrends]

@@TheLearningsReport From other American reviews I see they get rewards

[@TheLearningsReport]

@@BarbaraSpainmarketingtrends would you be able to share the links to those reviews? Can't see any reference on their website: www.coinbase.com/card - Cian

[@BarbaraSpainmarketingtrends]

@@TheLearningsReport reviews on KZbin, I'll try get links,I think it's when your connected to Apple Pay they give you rewards for using their app

[@TheLearningsReport]

@@BarbaraSpainmarketingtrends interesting, will keep an eye out for it but as far as we're aware, not available here in Ireland!

[@mattnardo6428]

Is it necessary to set yourself up as a solo trader? Or can you just trade cryptos and then paying the tax all by yourself?

[@TheLearningsReport]

Hey Matt - Nope, you'll just need to file your own taxes at the end of the tax year. No need to register as a sole trader unless you actually have a 'business'. Check out our Capital Gains Tax video for a full explainer on this! kzbin.info/www/bejne/fouUhKeniMt4l6c - Ste

[@overman2306]

How about a video about crypto DeFi? Collateral loans like with Aave and providing liquidity like with Uniswap and the tax implications.

[@TheLearningsReport]

Great call - and this is something we had on the list! Definitely a little more advanced and to be perfectly honest with you, the tax laws are playing catch up with DeFi & crypto so it's hard to really give an answer or guidelines when the area is still so grey. Like yourself, we're also looking for the answers! But absolutely, we're keen to do one. Thanks for the suggestion 🤝

[@anitawills465]

There are more important fact to that but in our company we guarantee you the best returns as our trades are with experiences built over the years. inbox me on these platform to guide you more.

[@elvisvidal4977]

So what if the money is still in coinbase, do you have to pay the tax already or only when you get it back to your bank account?

[@TheLearningsReport]

Hi Elvis - If you make a sale, you are liable for CGT. So if you sell bitcoin, but keep the funds in your Coinbase account, you still owe the tax on it.

[@justrelaxdude_]

@@TheLearningsReport So if I’m on HODL, not doing any sell or trading, I do not have to pay capital gain over the crypto, is that right?

[@TheLearningsReport]

@@justrelaxdude_ correct. You only need to pay CGT when you sell, gift or exchange a crypto. We have a video that runs through this which you can check out here: kzbin.info/www/bejne/fouUhKeniMt4l6c - Cian

[@1sport_editz994]

Very helpful video! Do you know if the rewards in crypto are taxable in Ireland (e.g. Coinbase Earn rewards)? Generally, you can only earn small amounts in crypto and I wonder if this is taxable. I am PAYE earner and hope to avoid registering for income tax and filing Forms11/12 with 100pages for a such small rewards earned. Many Thanks

[@TheLearningsReport]

Hey Karol, We believe that they are classified as income tax so you would have to include this in your tax return. Revenue don't have much specific guidance on many crypto assets/earnings but you would calculate the amounts outside of the forms and input the final number, rather than all of the individual transactions. Have you seen our video on crypto staking? kzbin.info/www/bejne/l5mbl3pol5Voibs Also, our video on crypto tax software might be of interest - trading the hassle out of the calculations: kzbin.info/www/bejne/iIvJgqRqdtaUjNU - Cian

[@alanrmurphy]

This is great, thank you. Can you expand now on child washers? Will any USB drive do or do you have to buy a special encrypted drive?

[@TheLearningsReport]

Child washers?! 😅

[@alanrmurphy]

@@TheLearningsReport 🤦‍♀️Cold Wallet. 🤣🤣 Not child washers!! 😱🤣

[@TheLearningsReport]

@@alanrmurphy 😂 All good, Alan. Trezor & Ledger are two market leaders that seem to get recommended everywhere (I haven't purchased either, so can't give a personal review just yet). They're more secure than a simple USB, so I'd suggest starting your research with those!

[@antseanbheanbocht4993]

Im hearing bad things about Binance, is coinbase safer? I have my money in revolut but there are certain issues with the platform. Made a few quid on this Cardano rise but looking for proper exchange now. Thanks

[@TheLearningsReport]

Hey Crimhthan - what are your concerns with Binance? There has been a lot of recent regulation talk around Binance, but I would argue that that reflects the entire crypto space and not just Binance (although they're getting the brunt of it at the moment due to their size). Coinbase has its fair share also, but true, as it's publicly traded there is likely more oversight than what we get with Binance. For full transparency, I hold pretty much all of my crypto holdings on Binance (rightly or wrongly) and I personally don't have too many concerns with it. In short though, if you just want to 'hold' your coins, I'd suggest getting a wallet and simply transferring your funds to that. You only need to use the exchange when you're trading. Hope this helps somewhat! - Ste

[@antseanbheanbocht4993]

@@TheLearningsReport Thanks for that, i just heard it was hacked resulting in the loss of 7000 bitcoin, i also heard and it can restrict selling in certain circumstances .

[@TheLearningsReport]

Hmm the only recent hack I'm aware of was on the Poly Network - haven't heard anything about a recent Binance hack! Most exchanges/networks have been hacked in some shape or form though - so there's no 'perfect' option in my opinion. That being said, Binance, for example, has a SAFU fund that they keep in cold storage as an emergency fund in case they need to refund users for a hack. “To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet." In terms of restricting selling, any centralised exchange (e.g. Coinbase or Binance) can restrict trading whenever they like, as you're using their platform to trade. The argument is that if you want to be totally safe, keep your funds in cold storage and only move funds on to the exchange when you want to trade. This goes for all exchanges, not just Coinbase, Binance, etc. Hope this offers a little more transparency to your questions! - Ste

[@antseanbheanbocht4993]

@@TheLearningsReport It does indeed, i will feel safer using Binance now. Thanks a lot for the help.

[@TheLearningsReport]

@@antseanbheanbocht4993 No problem!

[@emperorsean1]

How do you make money though?

[@TheLearningsReport]

Hi Sean, Do you mean in general, how would you make money with cryptos? 2 main ways are: 1. The value of the crypto increasing and you subsequently selling it at a gain/profit 2. The crypto earning income e.g. staking (video explaining here: kzbin.info/www/bejne/l5mbl3pol5Voibs) Let us know if that makes sense, not sure what level of detail you were looking for. - Cian

[@TheLearningsReport]

This video is also helpful to explain: kzbin.info/www/bejne/qKLGdJSEaNNseM0

[@TheLearningsReport]

and if you mean us personally, we have jobs 😂

[@emperorsean1]

@@TheLearningsReport thanks I'll check it out. Thanks for explaining

[@mattjoe182]

Let's say I bought crypto for €300 and sold for €1450 in 2021. My chargeable gain is €1150, so I'm under the €1270 threshold and owe €0, correct?

[@TheLearningsReport]

Hi Matthew, Correct, no CGT is due but you should still file this gain. We have a video here which shows you how to do it: kzbin.info/www/bejne/j6DVqJSKjaqDj6s - Cian

[@paulcostello7200]

Move to Dubai, Become a Resident for tax purposes, stay 90 days a year and pay 0% CGT

[@oliverlewis6207]

Instacoins is my goto place for buying Bitcoin these days, very slick process