The Top 10 Bitcoin Questions For Beginners Answered
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How To Legally Benefit From Tax With Bitcoin and The ATO
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How To Legally Benefit From Tax With Bitcoin and The ATO
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Visit our website for the Best Answers to Bitcoin Beginner's Questions as well as this complete article.
If you don't know what cryptocurrencies are, or even what Bitcoin is, then you have some catching up to do. Firstly, you should learn what bitcoin is because Bitcoin could potentially have real benefits for you now, whether or not you own any.
Bitcoin is being accepted by more and more retailers and business, both online and off, due to the ATO's new regulations that legally allow bitcoin to bypass GST tax. This is in addition to PAYG tax when paid as a salary to individuals. Bitcoin is legally usually only subject to capital gains tax if the amount is over $10,000 and even then, if Bitcoin's price were to go down and you were to make a loss, then that could possibly be tax deductible. However, this should be confirmed with either your tax professional or a tax officer from the ATO.This article showcases the top 10 questions that bitcoin beginners have about cryptocurrencies. The questions were answered by Jerry Banfield who is a cryptocurrency expert, blog writer, YouTuber, and entrepreneur. This article builds on Jerry Banfield's answers to the top 10 bitcoin questions that beginners have.
What is Bitcoin and what are Steem, Ethereum, and Litecoin?
Bitcoin, Ethereum, Ripple Litecoin and NEM are cryptocurrencies similar to Bitcoin and Steem, which are essentially digital money. Cryptocurrencies are differ from regular currencies in that they are completely decentralised. They are basically issued and managed by users. However, there are companies that can handle fiat currency (eg: USD, AUD and EUR) transactions, for example Coinbase and Bitstamp, who allow changing fiat currency like AUD to crypto's (Bitcoin) and this provides real value. Bitcoin is currently accepted as payment for goods and services by thousands, if not millions, of businesses and websites around the world. The number of enterprises accepting Bitcoin (BTC) is growing exponentially. Thus, moving us towards mainstream adoption at an ever increasing rate. This is sky rocketing the price and for every business accepting BTC, there must be at least 20 traders buying it for the purpose of speculation. Cryptocurrencies have also become the go to choice for so-called "blackmarkets" as the anonymity and ease of use is far greater when compared to using normal credit and banking facilities. Digital currencies are also very popular in countries like China where moving wealth out of the national economy and into the global market is difficult.
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