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RE: An Aussie who wants to start Buying Bitcoin?
I have a lot of research to do, but you have given me some good links. thanks @merlinnz
I have a lot of research to do, but you have given me some good links. thanks @merlinnz
It would be good if you can find a bitcoin exchange that creates a Cayman Island account. Australia has not agreement there. that is why Malcolm Turnbull has a multi-million dollar account there.
When you have have Bitcoin in any wallet, it is like having your own bank on your own planet. It is not backed or controlled by any government and therefor cannot be taxed either as long as it is in Bitcoin. For now, you still exchange Bitcoin into FIAT when you want to use it, but like Japan since April 1, the time will come that you will not need to. You have to only look at taxes when you convert your bitcoin into FIAT.
In fact.... In the US, Bitcoin is a commodity asset if I am correct. You only pay capital gains tax once you convert it back to USD. In other countries it is also an asset. It is not seen as a currency. As far as I know, even in Japan, it is not a currency. It is only accepted as a form of payment.
What does Turdbull need a Cayman Island account for, their laws don't apply to them scumbags just us. Cheers
Whom knows, But it was released to the public by the media back in 2015. It is presumed to be a way for tax avoidance.
Start with Andreas Antonopoulos. He is the guru of blockchain and promotes bitcoin a lot all over the world. He was recently in Sydney as well.
Thank you my friend I will. Cheers