Crypto Off Ramping Without Banks (Edited Version)

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  • Опубліковано 8 лип 2024
  • Crypto Off Ramping Without Having To Use Banks - Edited Version.
    UK Crypto Off Ramping. This is the edited second version of this video. If you have already watched the previous version, the one that I took down, you don't need to watch this again.
    We will have to be Crypto Pirates and take control of our Crypto. We don't need banks and the banks know this.
    Bitcoin was designed in 2009 to be a payment currency that works outside of the banking system because Satoshi had had enough of the high street banks and their bureaucracy.
    The bottom line is, we need to take back control from banks instead of being dictated to about "Our" Crypto and it's within our power to do so.
    Links:
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    #cryptocurrency
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    #nexo
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    Disclaimer.
    This Video is for informational, discussion purposes and the opinion of BTC Biker only. BTC Biker has made every effort that the information in this video is correct, clearly expressed and accurate to the best of our knowledge, however, you MUST DO YOUR OWN RESEARCH! The financial data included in this video is based upon information derived from published or unpublished sources that are believed to be reliable. Still, BTC Biker and any of its affiliates do not guarantee its accuracy or completeness and accept no liability for any direct or consequential losses arising from its use. BTC Biker and its affiliates do not guarantee the advice and content described herein. BTC Biker and any of its affiliates do not undertake to update this video, or comments discussed may change without notice. The information and analyses contained herein are not intended as and should not be construed to be investment, financial, tax or legal advice.
    00:00 Introduction
    01:00 What a load of crap
    01:46 Bitcoin is currency
    03:12 Sorry to interrupt
    04:35 Gold
    06:41 Nexo
    11:29 Crypto.Com
    12:32 Bitrefill
    15:11 Where to spend Bitcoin
  • Навчання та стиль

КОМЕНТАРІ • 218

  • @kbs7340
    @kbs7340 3 місяці тому +21

    You are 100% right. Uk government plus many others are against bitcoin and against the people. We should be allowed to live free in our own country. 💖. We stand strong together.

  • @scottycharisma5310
    @scottycharisma5310 3 місяці тому +22

    Do you remember in the 80s when we all stood together and refuse to pay Poll Tax? Remember what happened?
    What happened to those guys? We have generation’s of soft weak spineless cowards now, who let gov walk all over them.

    • @juliat50
      @juliat50 3 місяці тому +1

      🤣🤡

    • @juliat50
      @juliat50 3 місяці тому

      I doubt you even know any young people, delusional old fool.

    • @Sleerush
      @Sleerush 3 місяці тому

      Exactly!!!

    • @btcbiker
      @btcbiker  3 місяці тому

      Indeed!

  • @maxflight777
    @maxflight777 3 місяці тому +14

    I emigrated from the U.K. to Portugal !
    If you are over 50, it’s way better than the U.K. !
    Fabulous Climate, zero crime , brilliant motorcycling …(trails and tarmac !)

    • @rossward7801
      @rossward7801 3 місяці тому

      still a tax resident in portugal im guessing?

    • @btcbiker
      @btcbiker  3 місяці тому

      I'd love to have a chat with you about that. I have setup a temp email forwarder which is: btcwill@bikesafe.uk which I'll keep live for a few hours. Do drop me an email if you can. 😎

    • @martinaston1715
      @martinaston1715 3 місяці тому

      Moved 12 months ago 👍

    • @maxflight777
      @maxflight777 3 місяці тому

      @@rossward7801 Yep!

    • @maxflight777
      @maxflight777 3 місяці тому

      @@btcbiker I will, just in New York at the moment and a tad busy … but will message v soon

  • @ahfortruth1482
    @ahfortruth1482 3 місяці тому +1

    I just found your channel. Thanks for your down to earth manner. Very much appreciated. We should be pirates with our money. 😂 and second “some of us want to spend some of our gains” ha ha ha that got me!!! It’s so true. Why sit on bitcoin (unrealized gains.) I subbed!

  • @scillyrob7056
    @scillyrob7056 28 днів тому

    I have just watched your video you posted today 10th June. Its good to see you back and it is upsetting to hear what you have had to put up with. I always enjoyed your content.
    I was watching last night's "Invest Answers" Q and A video and there is a question towards the end and James gives an answer about toxicity,
    Hope you keep posting your informative videos.

  • @chef2crypto
    @chef2crypto 3 місяці тому +8

    Hi Will. Thanks for the info. I'm part of a very popular Discord group and you were mentioned the other day about the great work your doing. Keep it up bud. ❤

    • @btcbiker
      @btcbiker  3 місяці тому

      Thank you and thank you for supporting me. I'm glad I'm getting know.I think I know the Discord channel you are talking about. Cheers, Will - 😎

    • @NeilAC78
      @NeilAC78 2 місяці тому

      Which Discord server?

  • @mrm2160
    @mrm2160 3 місяці тому +11

    If you aren't subscribed to will then show the man some love and get subbed,a lot of work goes into these videos and he's flying the flag for us lot in the uk in my opinion

    • @btcbiker
      @btcbiker  3 місяці тому +1

      Thank You vety much for supporting me. It means a lot to me to get comments like yours. It does sometimes feel like a lot of hard work, that's for sure. Cheers, Will - 😎

  • @richarduk679
    @richarduk679 2 місяці тому +1

    When Rishi Sunak talks about Britain leading the way in crypto assets, he means digital IDs and the CBDC.

  • @dscholesgolf
    @dscholesgolf 3 місяці тому

    Thank you appreciate your content 🙏

    • @btcbiker
      @btcbiker  3 місяці тому

      My pleasure! Cheers, Will - 😎

  • @maxflight777
    @maxflight777 3 місяці тому +3

    13:46 Joel emails ! … we love your honesty and integrity 👍🏻

    • @btcbiker
      @btcbiker  3 місяці тому +1

      Joel the JobsWorth!

  • @matthewwilliams5445
    @matthewwilliams5445 3 місяці тому

    Thanks again mate

  • @cryptotharg7400
    @cryptotharg7400 3 місяці тому +14

    "Richie Sundak!" Worst PM ever (except for the appalling BoJo.)

  • @SlackHoffman
    @SlackHoffman 3 місяці тому +3

    Get in there Will 😎✌️💪🐺🏆
    Stay cool 👌 man . Love the videos 💪🏆

    • @btcbiker
      @btcbiker  3 місяці тому

      Thank You. Cheers, Will - 😎

  • @robertbond8607
    @robertbond8607 3 місяці тому

    Absolutely right

  • @Israeliterrorst
    @Israeliterrorst 3 місяці тому

    You are a legend mate

    • @btcbiker
      @btcbiker  3 місяці тому +1

      Thank you. Cheers, Will - 😎

    • @Israeliterrorst
      @Israeliterrorst 3 місяці тому

      @@btcbiker btw mate I found another off ramp for us in the UK but I can't mention it on here. how can we have a chat?

  • @mrzooks2383
    @mrzooks2383 3 місяці тому

    Great, this is a very important topic not many have talked about. I have been fleeced by Coinbase taking advantage of the UK bs rules due to lack of options (that I could find)

  • @KoinKollect
    @KoinKollect 3 місяці тому

    Great Info.

  • @jameswlong
    @jameswlong 3 місяці тому +9

    I agree whole heartedly that crypto (particularly things like bitcoin) are currencies, unfortunately they are taxed like assets and are thus subject to CGT. IMO however, the UK government has no right to any slice of the gains i may have made - they have no effect on it and im taking all the risk.
    5:56 Trading between assets like gold and cypto or visa versa crystalises the gain and is therefore a taxable event. HMRC have confirmed this verbally to me. Its no differnt that buying or selling other assets - if you sell the asset then CGT is due on the GBP value of the gain. If you buy 0.25 btc at say 20000 (just as an example) and it appreciates in value then trade this for 25000 worth of gold then 5k of that is a gain and as such would be subject to CGT (minus any allowances you have)
    9:49 The CGT would be due if the collateral was liquidated, if you just pay the loan off then this is not a CGT event.

    • @btcbiker
      @btcbiker  3 місяці тому +2

      Exactly. Cheers, Will - 😎

    • @pstrese8287
      @pstrese8287 3 місяці тому

      Can you please explain what IMO stand for? Cheers

    • @pant0babe
      @pant0babe 3 місяці тому

      Holding and selling physical gold is non taxable!

  • @michaeltovey02607
    @michaeltovey02607 3 місяці тому +2

    My cunning plan is to deposit my crypto with, say, Nexo. Borrow at LTV 50%. Buy investment trusts put them in an ISA.
    No cgt because wealth remains in crypto. No income on dividends because in an isa.

  • @knowledgeseeker5499
    @knowledgeseeker5499 3 місяці тому +11

    Simply Loan can’t be Taxed if they try tax then you can send notice by lawyer

    • @btcbiker
      @btcbiker  3 місяці тому +1

      Thank You. Cheers, Will - 😎

    • @knowledgeseeker5499
      @knowledgeseeker5499 3 місяці тому

      @@btcbikeryou can pay all your profit towards your Pensions they can’t tax because you never used it. Pension and NI contributions aren’t taxable. Even they charge 25% CGT you made all payments towards your pensions you can claim refund or your pension provider can claim on your behalf. So you will get 25% tax back 😀 this is proper legal method and nothing illegal because you never have used that money for yourself and it’s not earnings. They can only tax what you earn. I know someone at work who pays 60% of his salary towards pension and pays almost minimum tax. As I said they can’t tax you which you didn’t earn and same for loans. Loans aren’t earnings

  • @wolframdebris8102
    @wolframdebris8102 3 місяці тому +9

    F^&k taxes

    • @jayonenote7527
      @jayonenote7527 3 місяці тому

      How do you think the NHS or State pensions are funded?

    • @btcbiker
      @btcbiker  3 місяці тому +1

      I'm not sure that I agree with you.

    • @wolframdebris8102
      @wolframdebris8102 3 місяці тому

      @btcbiker you are of course free to have a contrary opinion,however you don't elaborate why you disagree

  • @helenboyles3836
    @helenboyles3836 3 місяці тому +3

    I watched a USA utuber who had a strategy to become your own bank, he puts his profits into universal life index funds(Insurance Co) & borrows against it but I don’t know how we can do it in the uk. The current system is debt based & we don’t pay tax on debt but how this works needs an accountant to advise us. Also accounting firms have staking funds like kpmg 🤔🤯

  • @Crypto-Cod
    @Crypto-Cod 3 місяці тому +2

    If you sell and can't off ramp how do you pay the tax?

  • @wolframdebris8102
    @wolframdebris8102 3 місяці тому

    Good Vid!

    • @btcbiker
      @btcbiker  3 місяці тому

      Thank you. Cheers, Will - 😎

  • @maxflight777
    @maxflight777 3 місяці тому +6

    Well done for trying to off ramp !!
    Unfortunately… I Or fortunately… depending on how you see these things …
    I have children.
    I’m hoping to leave my BTC to my kids when I pop my clogs !
    I agree with all your comments ! *especially the criticism of Sunak*

  • @freespeechfiona
    @freespeechfiona 3 місяці тому +2

    Transak is another good one.

  • @fanman5931
    @fanman5931 3 місяці тому +2

    Also a Biker and i am very concerend about off ramping. What will the max be that we can off ramp through our banks, and it seems coinbase have a daily limit also. How do we get these numbers up so we can offramp larger amounts, and will they block us? Ian

    • @btcbiker
      @btcbiker  3 місяці тому

      Hi Ian,
      Firstly, nice to meet a fellow biker that's into Crypto. When I started I honestly thought I was the only one, but it seems there are a few of us.
      Off-ramping is, as I'm sure you have gathered my favourite subject, or should I say my least favourite because like you, I don't have the answer and I don't think it's going to change anytime soon. I will be doing more videos about this as I know more. There are a couple more potential solutions that I'm testing right now, but it's all pretty crap in the UK.
      Cheers, Will - 😎

    • @fanman5931
      @fanman5931 3 місяці тому

      thanks Will for your reply. ive been watching you for some months now also subscribed. This is a bih worry for me as i have 200K in this on 120 diffrent projects, so could take out millions from this bull run, but no good if we cant withdraw Ian@@btcbiker

  • @TexLogan-du2yi
    @TexLogan-du2yi 3 місяці тому +4

    We'll win eventually, but it won't be easy.

    • @btcbiker
      @btcbiker  3 місяці тому +1

      I agree with you. I don't think anything is going to change anytime soon, but it will and one thing that use Bitcoiner's have learned, is how to be patient. Revenge is a dish better served cold!...

  • @jamescampbell9390
    @jamescampbell9390 3 місяці тому

    That was very well said, I agree 👍

    • @btcbiker
      @btcbiker  3 місяці тому

      Thank you 😎

  • @alexwolf4000
    @alexwolf4000 3 місяці тому +2

    Yes using crypto to buy anything is a taxable event including gold

    • @btcbiker
      @btcbiker  3 місяці тому

      I did say say that in my video... Cheers, Will - 😎

  • @deadworld8414
    @deadworld8414 3 місяці тому +5

    I doubt things will change in the UK for a long while as we've got labour to look forward too soon.

    • @btcbiker
      @btcbiker  3 місяці тому +3

      I absolutely agree with you. As I said in my video, nothing is going to change anytime soon! 😢

    • @knowledgeseeker5499
      @knowledgeseeker5499 3 місяці тому +1

      Unfortunately UK is struck in 1800 era and don’t have any vision.

  • @kbs7340
    @kbs7340 3 місяці тому +1

    Brit here in El Salvador. Bitcoiners here have a Sunday Circular Bitcoin market. 🎉

    • @btcbiker
      @btcbiker  3 місяці тому

      Sounds amazing 😎 I was thinking only this morning about a trip to EL Salvador...

  • @alansmith136
    @alansmith136 3 місяці тому +1

    Have things changed since last cycle all I did was send crypto to coinbase change crypto to pound send pounds to bank pay tax and all was good.

    • @passiveincomelifestyle885
      @passiveincomelifestyle885 3 місяці тому

      Yep still works for, coinbase to HSBC. Have not yet done large sums over £1k yet

  • @mrbmro3991
    @mrbmro3991 3 місяці тому +3

    If Nexo liquidate you, you will be charged CAPITAL gains tax. This is because Nexo has SOLD your asset,which classes as a taxable event. You really need to know what you're doing with collateral loans. Make sure you have enough backup colletteral

    • @btcbiker
      @btcbiker  3 місяці тому +1

      Only if you are liquidated at a gain from you buy in point, not if you are at a loss from your buy in point.

    • @mrbmro3991
      @mrbmro3991 3 місяці тому

      @@btcbiker thanks, good to know

  • @ileanamuntean7338
    @ileanamuntean7338 3 місяці тому +1

    Hi "Will", you disappeared off the face of the earth....happy you are doing great! Your mate from Ali.

    • @btcbiker
      @btcbiker  3 місяці тому +1

      Hi Ali, Thank you very much for your kind words.
      I was taking a bit f a break. I wasn't feeling so well and needed some down time. I might tell you all about it in a video.
      Thank you for supporting me.
      Cheers, Will - 😎

    • @ileanamuntean7338
      @ileanamuntean7338 3 місяці тому

      Ha ha, I am not Ali, I mean I am your friend from Alicante.

    • @ileanamuntean7338
      @ileanamuntean7338 3 місяці тому

      @@btcbiker I'm so happy you are doing new and interesting things. M

  • @TheGriffinUK
    @TheGriffinUK 3 місяці тому

    If you get a loan on your crypto in the UK, your crypto is taxable at that point as if you sold it, because you effectively transfer the crypto.

    • @edwardvk
      @edwardvk 3 місяці тому +1

      are you sure about that? debt is not taxable. borrowing fiat against your crypto is not a taxable event

    • @TheGriffinUK
      @TheGriffinUK 3 місяці тому

      @@edwardvk It would be advisable to speak to a qualified tax advisor before lending crypto. UA-cam is not always the best source of information.
      This is from the Gov.uk website.
      Tax treatment arising from the lending of tokens or from making them available for staking
      The tax treatment of lending or staking of tokens is determined by whether the beneficial ownership in the cryptoassets is transferred, which is generally determined by the terms and conditions of the lending or staking agreement.
      If there is no change in beneficial ownership, then there are no tax consequences arising from this element of the transaction. For example, this will be the case when the platform holds the tokens on trust for the liquidity provider.
      If the beneficial ownership is transferred, then there is a disposal for CGT purposes. This may be the case when the platform is not constrained in what it does with the tokens, including being able to sell them outright to a third party. Most staking results in the lender or liquidity provider receiving new tokens from the platform. When a disposal occurs, the lender or liquidity provider must calculate the difference between the value of the new tokens received at the time of lending/staking and that of the pooled average cost of acquiring the tokens that are disposed of to determine any gain/loss for CGT purposes.
      This website has an interesting discussion at the end of the article.
      www.accountingweb.co.uk/any-answers/hmrc-publish-guidance-on-crypto-lending-0
      "HMRC's interpretation is that a capital gains event occurs each time an amount is lent"

    • @btcbiker
      @btcbiker  3 місяці тому +1

      No, that's not correct. I said in my video that if you take a loan against Crypto, in which case the Crypto is not sold, that is not a CGT event. Nothing has been sold.

    • @TheGriffinUK
      @TheGriffinUK 3 місяці тому

      @@btcbiker No one is saying you sell the crypto to get the loan, but ownership is transferred for the duration of the loan. If the loan provider is free to use the crypto for it's own business purposes, then the arrangement is treated as taxable by HMRC. I'll repeat, anyone doing this needs professional advice.

  • @deadworld8414
    @deadworld8414 3 місяці тому +3

    I just tried singing up for Nexo, it said it's not available for the UK.

    • @crevisbot1804
      @crevisbot1804 3 місяці тому

      Same, so many exchanges are getting banned!

    • @btcbiker
      @btcbiker  3 місяці тому

      As I said in my video, they are no longer accepting new UK registrations, but I would be interested to hear of anyone who was able to sign up using a VPN. I don't know if they are just blocking UK IP addresses or UK physical addresses or both?

    • @btcbiker
      @btcbiker  3 місяці тому

      It's atrocious! It's not so much that they are getting banned, it's more about them being too scared not to block UK customers. We can blame our not so "illustrious" leader thad the FCA. Cheers, Will - 😎

    • @banny66
      @banny66 3 місяці тому

      I've had a Nexo account for a couple of years so I'm allowed to continue using it (I'm in the UK). New UK customers are banned. The UK need to catch up with Crypto.

    • @triumf34dante55
      @triumf34dante55 3 місяці тому

      @@banny66did u answer crypto questionnaire 10% which is now everywhere?

  • @tidds1788
    @tidds1788 3 місяці тому

    Hello Will,
    I know in a previous video that you were not keen on Uphold but I do have an account and a uphold Mastercard which you can use to spend your crypto. Also I have a Glint account where you can purchase gold and spend with their Mastercard. I have linked both accounts so that I can fund both by spending my gold or my crypto. So if you do want to off ramp your crypto you can use the uphold card to fund your glint account to gold and vicer versa. This may be of help to someone out there.

    • @btcbiker
      @btcbiker  3 місяці тому +1

      Hello, and thanks for commenting.
      Glint, I know Glint well and have met with the CEO Jason and Andrew recently. In fact, it's the company that I wanted to bring you all a video about, but their possible Crypto bridge is not ready yet, I'm hoping it will be in the future. I have sent a screenshot of your comment to Andrew and Jason, I'm sure they would love to see that you are finding Glint useful.
      Cheers, Will - 😎

  • @maxflight777
    @maxflight777 3 місяці тому +4

    The Yanks get Trump and we get Starmer !!
    *FFS*
    Where is the centre or right of centre option for the U.K. !

    • @btcbiker
      @btcbiker  3 місяці тому +1

      Oh Great - Happy days 😢 ...

    • @knowledgeseeker5499
      @knowledgeseeker5499 3 місяці тому

      Labour isn’t crypto friendly and forget about uk, they will never hurt banks

  • @glennshrieves7234
    @glennshrieves7234 3 місяці тому +1

    I was hoping to eventually swap all my gains etc to something like usdc and then just use my uphold card to either cash out or use it to spend, kinda come to the realism that no matter what im gonna pay 20% on gains, mate of mine is actually putting all his alt coin gains into bitcoin and dosent intend on selling it and is hoping one day to use his BTC as collateral for a loan, that way not paying any tax and using the loan to buy a house and rent that out out and use the profits on the house to live on.. not sure if thats feasible but its an option I guess..

    • @sbg2005
      @sbg2005 3 місяці тому

      All that hassle just for 20 percent lol ! If you make 100k just take 80 and enjoy youfe life...fucking jokes man ! I know you are bowing down to them but fuck meeee...lifes too short

  • @shirleyjones9720
    @shirleyjones9720 3 місяці тому

    Im wondering, now my investments are coming back to initial investment value, when i do make money , how exactly do we pay the tax man ??? Its insanity.
    Appreciate your work thankyou

    • @btcbiker
      @btcbiker  3 місяці тому

      You're welcome. Cheers, Will - 😎

  • @DwarfKillaFinance
    @DwarfKillaFinance 3 місяці тому

    do you still use the nexo card in the UK?

  • @mickymouze1224
    @mickymouze1224 3 місяці тому

    Probably irrelevant to the high rollers who have been in crypto for years but I do have a question. I've been in crypto for around 3 years so each part of the current 4 year cycle has been new to me, made many mistakes along the way etc which I expected. Now my total gains and losses are around +4k, well below this years CGT and not all are realised. Assuming the same remains true on 4th April, if I were to sell my coins and realise my gains, and then immediately buy back my coins, would there be any future penalties or issues? I know different countries have different rules but I do remember reading something a long time ago that this sort of behaviour could be treated as some sort of tax evasion or avoidance and there was some sort of 30 day ruling, so I'm hoping UK doesn't view it as such?

    • @btcbiker
      @btcbiker  3 місяці тому

      I really don't know the answer to your question, but I would also like to know if anyone here does? Cheers, Will - 😎

    • @mickymouze1224
      @mickymouze1224 3 місяці тому

      @@btcbiker My question stemmed from a conversation in a discord group between a couple of people (I believe they were American but can't be certain) about taxes. Unfortunately I never paid much attention as it seemed irrelevant with my tiny gains but from what I remember there was an upcoming tax increase on crypto assets and selling coins immediately before the increase was ruled out unless they were prepared to wait 30 days before buying them back. Basically buying back within 30 days would see the original sale ignored and the new increased taxes would be applied as if they still held the coins going in to the new tax (increase) year.

    • @banny66
      @banny66 3 місяці тому +2

      If you re-acquire the same asset within 30 days then you lose the 6k CGT allowance on those profits so you end up paying tax. You could acquire a different crypto within the 30 days and are allowed to utilise the 6k CGT allowance.
      If you're married you could sell your crypto, gift the proceeds to your wife, she then reacquires crypto and 31 days later gifts it back to you. That's one legal way round the rules.

    • @mickymouze1224
      @mickymouze1224 3 місяці тому +1

      @@banny66 Thank you, not what I wanted to hear but better the devil you know.

  • @triumf34dante55
    @triumf34dante55 3 місяці тому

    Did u try Transak. I did not but seen YT video about visa collaboration

    • @btcbiker
      @btcbiker  3 місяці тому

      I did and for me it worked fine with my Visa debit card.

    • @triumf34dante55
      @triumf34dante55 3 місяці тому

      @@btcbiker so problem solved? Will u do another video?

  • @chrisgiles5653
    @chrisgiles5653 2 місяці тому

    Kraken GBP to Nexo isn't possible, even if you have a working Nexo account, because Nexo requires a Reference number and there's no field for that in the Kraken FPS/Clear Junction withdrawal dialogue. Same problem with Kraken to Wise. I guess you could still use Swift, but charges are high.

    • @btcbiker
      @btcbiker  2 місяці тому

      Why did you want to send GBP from Kraken to Nexo, why would you not just send a Crypto?

    • @chrisgiles5653
      @chrisgiles5653 2 місяці тому

      @@btcbiker Because Kraken generally has smaller spreads, more liquidity and lower slippage than Nexo (or Uphold) for cashing in crypto. Also I'm far more familiar with the Kraken website.

  • @jurg1531
    @jurg1531 3 місяці тому

    Have you seen gold DAO on icp? Can buy gold and have it sent to you….

    • @btcbiker
      @btcbiker  3 місяці тому

      No, I haven't, but I'll take a look now. Thank you 😎

  • @napierpaxman
    @napierpaxman Місяць тому

    My brother lives in New Zeland - Maybe he should just set up a wallet and I just mine it straight there from the pool - any comments in this will be welcome! :)

  • @fozzybear312
    @fozzybear312 3 місяці тому

    Swissborg and Coinbase ?

  • @chobb2061
    @chobb2061 3 місяці тому

    I bet Rishi is able to on and off ramp his crypto investments unhindered, and his billionaire sidekick who was avoiding tax via so called loop holes!

    • @btcbiker
      @btcbiker  3 місяці тому

      I would bet he is too!!!

  • @TheAli79
    @TheAli79 3 місяці тому

    Doesn't hodl hodl work in the UK?

    • @btcbiker
      @btcbiker  3 місяці тому

      Good question. It wasn't working on a UK IP address, but as soon as I have finished answering UA-cam comments, it's next on my list to look at. I might produce a video about it either way. Cheers, Will - 😎

  • @lteredcarbon
    @lteredcarbon 3 місяці тому

    “UK is leading a digital ignorance” Shunak

  • @GemBots-fz8wq
    @GemBots-fz8wq 3 місяці тому +1

    That's what I'm worried about when it comes to paying my taxes for the first time in the bull run. How the hell are we suppose to pay HMRC if we cannot off ramp our money to the effing banks.

    • @user-bi5fj3sy3i
      @user-bi5fj3sy3i 3 місяці тому +1

      You can off ramp to a lot of banks. Just be prepared for them to freeze it for a while and make sure you can prove where it comes from. I’m opening multiple accounts for this purpose. Keep your main account out of it to save yourself any unnecessary agro!

    • @btcbiker
      @btcbiker  3 місяці тому

      Good advice

  • @grahamlister214
    @grahamlister214 3 місяці тому +2

    I live in Portugal. Its now taxed unless you hold it for 1 year

    • @btcbiker
      @btcbiker  3 місяці тому

      I didn't know that, thanks for the info. Cheers, Will - 😎

  • @fanman5931
    @fanman5931 3 місяці тому

    Besides, how do we pay capital gains tax if we cant offramp?

    • @mikeseal8858
      @mikeseal8858 3 місяці тому

      CGT is on any transaction, you are still liable even if you don't off ramp.

    • @btcbiker
      @btcbiker  3 місяці тому

      @mikeseal8858 is right but.... If you can't cash out to FIAT and have no other money to pay the tax, the government can't get blood out of a stone. I wouldn't be at all surprised if the HMRC announces that you can pay your taxes in either Bitcoin or some cbdc in the future. For me, is I can't get profits out, I won't be paying...

    • @banny66
      @banny66 3 місяці тому +1

      HMRC will want their pound of flesh even if you can't off ramp. They'll just charge interest and eventually penalties on the tax. (I'm a chartered accountant as well as a crypto biker 😁).

    • @fanman5931
      @fanman5931 3 місяці тому

      If thay dont let us offramp, ill pay them Pepe
      @@banny66

    • @btcbiker
      @btcbiker  3 місяці тому

      I agree with you. But, if you don't have any other means to pay, the best the HMRC can do is to liquidate any other of your assets by forcing personal bankruptcy. Not ideal and as @banny66 says, they will want what they concider to be theirs and we will have to pay in one way or another. Either way, they have us all by the balls!
      Great to meet another Crypto Biker. I'd love to have a private chat with you. I have a contact me form: ( forms.gle/fyCuwqLsAzi4xhrY7 ) Please do get in touch if you can. Cheers, Will - 😎

  • @sang3Eta
    @sang3Eta 3 місяці тому

    The first Bitcoin transaction for 2 Papa Johns pizzas was an example of how to use Bitcoin without a payment ramp using a third party.

  • @KeithPierce1000
    @KeithPierce1000 3 місяці тому

    I'm dreading the next few months as we are planning to cash out some BTC / ETH to buy a property. I'm thinking of arranging a face to face meeting with my bank well ahead of time and pre-qualify them for what needs to / is going to happen. It'll likely kick off all sorts of investigations, red flags and delays but what's the alternative? Hope isn't a strategy unfortunately. Wish me luck!

    • @mikeseal8858
      @mikeseal8858 3 місяці тому

      Good luck, I think you're going to need it.

    • @btcbiker
      @btcbiker  3 місяці тому +1

      I certainly do wish you luck and I think you are doing the right thing. As a suggestion, perhaps consider contacting a bank that's not your main bank, at least that way you don't run to high of a risk. I am planing on doing something similar. Good Luck. Cheers, Will - 😎

    • @KeithPierce1000
      @KeithPierce1000 3 місяці тому

      I'm kind of thinking using my Monzo account rather than my [lifelong 30+ years] high street bank. Either way its really annoying being made to feel I'm doing something wrong, if not illegal@@btcbiker

  • @anglonig1
    @anglonig1 3 місяці тому +1

    What about Moonpay.

    • @btcbiker
      @btcbiker  3 місяці тому

      Moonpay is another offramp although I have found that if using it in the UK, you need to use a VPN, I used Swiss and US proxy’s and all was fine.
      It wasn't possible for me to include Moonpay and more in my video because it would have made the video too long. I had considered another video covering more ways, but I don't want my content to become repetitive.
      Cheers, Will - 😎

  • @amogrows
    @amogrows 3 місяці тому

    avoidance is not illegal - evasion is illegal
    consider the fact the spot price for precious metals is lower than the retail price
    selling those precious metals right away would undoubtedly incur some losses
    however, the strategy is not bad, especially if the gains already factor in those potential losses
    besides, the more people who off ramp into precious metals, the greater potential for an increase in their value
    and if the dealer would buy back those precious metals during a bear market then I would foresee using precious metals as a store of value and hedge against inflation for future reinvestment back into crypto as quite good
    in fact, this is the strategy I've already considered employing
    I believe some precious metals are considered CGT-free investments, so do your homework
    The concern is the clamping down on dealers having the freedom to sell their products and accept crypto in return
    Where bank loans are concerned, depending on what you spend the borrowed money on, you will likely pay VAT on your legitimate purchases

  • @cryptianoC1
    @cryptianoC1 3 місяці тому

    Best way to off ramp without bank send money into will hill walk in with receipt voucher and collect cash 🧠

    • @btcbiker
      @btcbiker  3 місяці тому

      I am afraid you have the better of me here... I don't understand your comment at all. Please could you clarify? I'd like to know more!

  • @user-ud1ec6vk8z
    @user-ud1ec6vk8z 3 місяці тому

    Can you use it in a uk casino

    • @btcbiker
      @btcbiker  3 місяці тому

      I really don't know the answer to your question, but I would also like to know if anyone here does? Cheers, Will - 😎

  • @fanman5931
    @fanman5931 3 місяці тому

    Hi Will

  • @MrMojo13ification
    @MrMojo13ification 3 місяці тому +1

    Give unto Caesar what is Caesar's. Of course Caesar's head is not on a bitcoin or any other crypto currency 😉

  • @Fantusdrake
    @Fantusdrake 3 місяці тому

    👍

    • @Fantusdrake
      @Fantusdrake 3 місяці тому

      Difficult situation for everyone
      Myself just hoarding until there light at end of this, dark tunnel the UK Govt has made

    • @btcbiker
      @btcbiker  3 місяці тому +1

      Thank You. Cheers, Will - 😎

  • @joannecohen9612
    @joannecohen9612 3 місяці тому

    I meant 5 seconds.

  • @James-um8pq
    @James-um8pq 3 місяці тому

    It’s not illegal to avoid Taxes, it’s illegal to avoid tax payments🤔👍

    • @btcbiker
      @btcbiker  3 місяці тому

      Indeed.

    • @GadgetExplained
      @GadgetExplained 2 місяці тому

      @@btcbiker I don't get what it means "It’s not illegal to avoid Taxes, it’s illegal to avoid tax payments"..can you explain it to me like I'm 5

  • @evelbsstudio
    @evelbsstudio 3 місяці тому

    Its fine if you can afford nomdom status and only pay £30k tax if you have alot of crypto to cash out but who has that much? Keeping the poor poor and the rich rich.

  • @andrewbarker9217
    @andrewbarker9217 3 місяці тому +1

    Unfortunately all the ways you mention involve a transaction (technically a sale) from your lets say BTC on a platform such as Coinbase to where ever.. Small amounts are not going to raise an alarm as it is today. But remember next tax year your capital gains limit is £3k. Coinbase and the rest report UK activities to the UK authorities. They will be coming for you… This is exactly as they did for property back in the day. Even selling BTC within your portfolio to buy ETH or what ever is classed as a sale and any profit realised from doing this is taxable and reportable. Going abroad to live for a year wont work either possibly even up to 4 years… you may even have paid less tax where you moved to but could be hit with a full HMRC claim on top of this when coming back…. Serious tax advice here is needed. Also dont buy Gold bullion as this is also subject to CGT… buy coins where there isnt.

    • @edwardvk
      @edwardvk 3 місяці тому

      borrowing fiat against your crypto with Nexo is not a taxable event; can anyone prove otherwise?

  • @juliat50
    @juliat50 3 місяці тому +1

    I just don't get it. Sent £45k to HSBC the other day. No problems at all. Pepe gains before anyone insults me 🤣

    • @anglonig1
      @anglonig1 3 місяці тому

      What site or exchange did you use to cash out to your bank.

    • @btcbiker
      @btcbiker  3 місяці тому

      I'd also be interested to know what exchange you used to send £45k to HSBC and not get at least a call from them???

  • @hugoanfield1926
    @hugoanfield1926 3 місяці тому +1

    P2P on OKX?

    • @btcbiker
      @btcbiker  3 місяці тому

      I haven't used OKX but I have heard of them. I've just booked-marked them and will take a look later. Thanks for the info.

    • @danielcazacu9960
      @danielcazacu9960 2 місяці тому

      I would avoid doing P2P as much as I can! I did and since then I only have issues with banks mark me on Cifas fraud database!

  • @Fidiasz83
    @Fidiasz83 3 місяці тому +2

    Hi mate just wanted to open a Monzo account and they said sorry but we can’t open an account for you at this time
    Lol
    It is a joke I ve mentioned that I want to use this account for cryptocurrencies and guess what I have been refused wow uk is such a funny country my credit history is the highest as can get so I don’t really understand why they ve done it without telling me a reason.!

    • @btcbiker
      @btcbiker  3 місяці тому

      Blimey, that's a new one on me, they are supposed to be Crypto friendly and I have not had a problem with them. If you would like to pop your details in my contact form, I'd really like to have a chat with you about it if you're free. Here's the link: forms.gle/K4qLWCfGp3CL7rp39

  • @marc3006
    @marc3006 3 місяці тому

    I wonder if you can buy a bitcoin etf with bitcoin

    • @mikeseal8858
      @mikeseal8858 3 місяці тому

      I could be wrong but the SEC forced all the Bitcoin ETFs to only on ramp and off ramp from and to fiat currency.

    • @btcbiker
      @btcbiker  3 місяці тому

      Like Mike, as far as I know you can't, but it's a good question.

  • @lteredcarbon
    @lteredcarbon 3 місяці тому

    When you spoke about betting I had idea how to wash a crypto: it is just a matter of time when someone will do business on it like in old 20s with alcohol ban: so generally it can be created a betting site where you can bet a crypto instead of money, by the law of cowards banks we have not to pay a tax in profits from betting so if we set odds to 99,9% or allow legally match betting everyone will be happy: you with a cash, crypto casino owner with reasonable commission and the random guy from tax office. Bankers maybe not 😂

    • @btcbiker
      @btcbiker  3 місяці тому

      That's a brilliant idea 😎

  • @orlandoneal9883
    @orlandoneal9883 3 місяці тому

    Promo>SM 😇

    • @btcbiker
      @btcbiker  3 місяці тому

      What do you mean? There's no Promo in this video.

  • @cryptotharg7400
    @cryptotharg7400 3 місяці тому +3

    Gold is rubbish. No fixed supply, and totally under control of the banksters. BTC is the only way to preserve and grow capital with almost zero risk. Yes, it's volatile, so it requires a long-term perspective.

    • @dusanveselka3240
      @dusanveselka3240 3 місяці тому +2

      You got hacked because you are not storing your btc correctly. Getting hacked is like getting robbed. Would you feel safe about leaving your gold on the shoe rack?

  • @SK-oc5qb
    @SK-oc5qb 3 місяці тому

    Not very useful tbh, sorry. Not your fault, it’s just there aren’t many ways currently available in the UK

    • @btcbiker
      @btcbiker  3 місяці тому

      These are just a few, you have to use your brain and be inventive. Find the things that are useful for you and perhaps you could record, edit and post a video that is useful? TBH, your comment isn't very useful either. We are all here to learn.

  • @pant0babe
    @pant0babe 3 місяці тому

    I am currently in Portugal for two months and have wondered in the past if I could move there to avoid the U.K. system. I'm not sure to be honest. It is a great country but, I wonder if it is worth uprooting your whole life just to avoid paying 20% on any profit? I'm currently tossing coins and will hopefully come up with the correct answer?

    • @btcbiker
      @btcbiker  3 місяці тому

      Please do let us all know what you decide. Cheers, Will - 😎

  • @scottycharisma5310
    @scottycharisma5310 3 місяці тому

    TAP GLOBAL new u k on\off ramp

    • @btcbiker
      @btcbiker  3 місяці тому +1

      You keep posting the same comment and I have replied. Thank you.

    • @scottycharisma5310
      @scottycharisma5310 3 місяці тому

      @@btcbiker yeah sorry. Every time I refresh the page, my comments seem to disappear. But I see now that you’ve seen the company. Excellent. Great work bud 👍