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Old 07-08-2017, 08:00 PM   #181
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Singapore consider Crypto sale as Capital Gain, so far there isn't any clear rules on how they will tax.

But just note down how much you bought and sold for how long, to protect yourself.
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Old 07-08-2017, 09:04 PM   #182
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I think if you're buying and selling, it's just capital gain, just like stocks, I think, so not taxable.

If you're running mining rigs, then it may be taxable.
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Old 07-08-2017, 10:08 PM   #183
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Singapore consider Crypto sale as Capital Gain, so far there isn't any clear rules on how they will tax.

But just note down how much you bought and sold for how long, to protect yourself.
I think if you're buying and selling, it's just capital gain, just like stocks, I think, so not taxable.

If you're running mining rigs, then it may be taxable.
Thanks for the answers.

Personally, mining is out of the question. haha...no space, no money, not profitable, too inexperienced, too much effort required to set up, etc. not forgetting that the difficulty is already so damn high. late to the game.

As for trading or long term investment, i do plan to engage with a tax lawyer and/or an accounting firm with regards to this matter (again...for individual. not company). But you know, seeking consultation means having to pay $$$. Thought i drop by on the forums first to see if anyone has shared their experience and ask around
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Old 08-08-2017, 11:31 AM   #184
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anyone used crxzone b4...?? i am considering buying some ethereum or litecoin (still deciding which) ... cos bitcoin like too ex to buy liao...

still trying to find out more... and i am looking into buying and selling in a longer term 2yrs and above... so i think it is important to find a reliable exchange to buy/sell... otherwise that exchange might just go down b4 i can sell...

initially considering coinbase as it feels like least likely to go down... but withdrawing seems to be a problem as i read this thread about the issues with xfers...

crxzone seems like can transact in SGD via wire transfer for deposit/withdrawal... and deals with bitcoin/ethereum and litecoin... and the company is based in SGP...


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Old 09-08-2017, 12:54 AM   #185
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anyone used crxzone b4...?? i am considering buying some ethereum or litecoin (still deciding which) ... cos bitcoin like too ex to buy liao...

still trying to find out more... and i am looking into buying and selling in a longer term 2yrs and above... so i think it is important to find a reliable exchange to buy/sell... otherwise that exchange might just go down b4 i can sell...

initially considering coinbase as it feels like least likely to go down... but withdrawing seems to be a problem as i read this thread about the issues with xfers...

crxzone seems like can transact in SGD via wire transfer for deposit/withdrawal... and deals with bitcoin/ethereum and litecoin... and the company is based in SGP...


regards,
wacky
please don't store your coins on exchange if you holding it for long period... put into the wallet that you have control over the private key.
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Old 09-08-2017, 01:39 AM   #186
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please don't store your coins on exchange if you holding it for long period... put into the wallet that you have control over the private key.
thanks for the advice...! you can do that ah..!

paiseh i am a complete noob to this since i have yet bought any crypto currency yet... cos i am more concerned about the process of selling it... i dowan to buy into something only to find that the paper value is rising but almost impossible to convert it back to cash... afterall the ONLY reason i interested to buy crypto currency is hoping the value rise...! i think spending my $$$ on this is better than buying 4D/Toto eh...?

ok here is one of my biggest concern... let say u are one of the first ppl to buy bitcoins... and u have now 1000 bitcoins... which would be worth over USD3mil now and u decide to sell it... so do u just go to any exchange (like crxzone) and sell..? but many of these exchanges are small companies who just started... how would they have that much $$$ to pay for ur bitcoins...?


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Old 09-08-2017, 09:11 AM   #187
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Those who got eth inside their own wallet, gxgx.

Free OMG for you!

====

Go with bigger exchanges with liquidity, I use Gemini to cash out my eth and of course try not to cash out in one lump sum. Your account will get flagged by your bank and they will need to ask you where the money is from. It's standard AML procedure but why bring notice to your account.
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Old 09-08-2017, 04:12 PM   #188
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i am considering buying some ethereum or litecoin (still deciding which) ... cos bitcoin like too ex to buy liao...
What do you mean by "too ex"? (I know it means "too expensive", but I don't know what that means )
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Old 09-08-2017, 05:50 PM   #189
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What do you mean by "too ex"? (I know it means "too expensive", but I don't know what that means )
i mean to buy 1 bitcoin is already minimum USD3+k liao... that is quite alot of $$$ to fork out for just 1 bitcoin... not sure if i wan to spend that much $$$...

basically i considering buying bitcoin like buying 4D/Toto/Big Sweep... i never gamble on lottery one... so i take it as all the savings from not buying 4D/Toto/Big Sweep over many years use it to gamble on cryptocurrency...


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Old 09-08-2017, 06:08 PM   #190
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i mean to buy 1 bitcoin is already minimum USD3+k liao... that is quite alot of $$$ to fork out for just 1 bitcoin... not sure if i wan to spend that much $$$...

basically i considering buying bitcoin like buying 4D/Toto/Big Sweep... i never gamble on lottery one... so i take it as all the savings from not buying 4D/Toto/Big Sweep over many years use it to gamble on cryptocurrency...


regards,
wacky
you can buy in decimals..... e.g. you can buy S$100 worth of bitcoin which would be around .0215 btc
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Old 09-08-2017, 09:12 PM   #191
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Those who got eth inside their own wallet, gxgx.

Free OMG for you!

====

Go with bigger exchanges with liquidity, I use Gemini to cash out my eth and of course try not to cash out in one lump sum. Your account will get flagged by your bank and they will need to ask you where the money is from. It's standard AML procedure but why bring notice to your account.
I bought eth at 209 USD... gone up >30% in recent days really crazy
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Old 09-08-2017, 09:14 PM   #192
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anyone used crxzone b4...?? i am considering buying some ethereum or litecoin (still deciding which) ... cos bitcoin like too ex to buy liao...

still trying to find out more... and i am looking into buying and selling in a longer term 2yrs and above... so i think it is important to find a reliable exchange to buy/sell... otherwise that exchange might just go down b4 i can sell...

initially considering coinbase as it feels like least likely to go down... but withdrawing seems to be a problem as i read this thread about the issues with xfers...

crxzone seems like can transact in SGD via wire transfer for deposit/withdrawal... and deals with bitcoin/ethereum and litecoin... and the company is based in SGP...


regards,
wacky
Never heard of them. I use kraken n Coin base so far ok.
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Old 10-08-2017, 05:13 PM   #193
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you can buy in decimals..... e.g. you can buy S$100 worth of bitcoin which would be around .0215 btc
oh.... can buy in decimals ah... i had tot the minimum was 1 BTC...

then is there like a minimum...? like 0.01 BTC..? how do u withdraw ur BTC in decimal places and store offline..? trying to understand how and where the amount of BTC you possesses is tracked... considering the whole thing is decentralized system...


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Old 10-08-2017, 05:38 PM   #194
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You really need to read up if you want to put money into cryptocurrency. Start with this
https://www.reddit.com/r/Bitcoin/com...s_please_read/

To answer your question,

[1] you can track your coins by entering your address e.g https://blockchain.info/address/16Zb...thUL2Rd9JnjzHt

[2] there is no need to buy 1 whole coin. You can start accumulating little by little.
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Old 10-08-2017, 07:28 PM   #195
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You really need to read up if you want to put money into cryptocurrency. Start with this
https://www.reddit.com/r/Bitcoin/com...s_please_read/

To answer your question,

[1] you can track your coins by entering your address e.g https://blockchain.info/address/16Zb...thUL2Rd9JnjzHt

[2] there is no need to buy 1 whole coin. You can start accumulating little by little.
thanks...! looks like a good place to read on...! since i can buy in micro amounts... i think i'll reconsider buying bitcoin again since it's still the most well adopted crypto currency now... not planning to spend too much to buy until i gain back my principal amount of $$$ i used to buy...


regards,
wacky
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