Thank you for listening!
In this episode of WTF is CryptoSpace, Chad and Brett discuss the Blockchain for people who like Technology Vs. Investing Vs. A paradigm shift. If you are a member of the CryptoSpace community, interested in Blockchain technology (you are not alone) or just curious about Cryptocurrencies such as Ethereum and Bitcoin then join us for your regular chat here at WTF is CryptoSpace.
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Using Bitcoin to pay for personal transactions in Australia:
Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin. Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.
Investing in CryptoSpace:
Massive injection of money in CryptoSpace
“Initial Coin Offerings have raised $180 million this year, compared to $101 million in all of 2016, according to Smith + Crown.” (cited CNN article) http://www.cnbc.com/2017/05/25/bitcoin-ico-cryptocurrency-start-up-civic-raising-money-initial-coin-offering.html
Crypto Market Growth is faster than property (www.coinmarketcap.com)
“Bitcoin = 346%
Ethereum = 2992%
Litecoin = 1122%”