Making Money Online?

[Jay666d]

Next video

Part 1: Step-By-Step, money into the BitConnect System.

Part 2: Step-By-Step, money back into your bank account.

[Jay666d]

It's time to speed up this experiment to see if we really can take the money made and turn it back into 'real' money!

https://youtu.be/exPkwhY-5Po

[Jay666d]

Some good news on the BitCoin front...

Whilst getting the footage together for the second video in this 'experiment' I started the process of sending funds back to my UK bank account...

This was a fairly straight forward process, and now I just have to wait a couple of working days to see if it shows up!

[jims-terrano]

Interesting stuff is this, sorry I’ll not be running out and chucking any of my money in the online virtual bucket but it’s interesting nonetheless mate. Keep up the updates jay

[Jay666d]

It's no problem!

At the end of the day I still see it as a gamble, and definitely not for everybody's taste!

At no point will you hear me recommend or push people into doing it, but it is something that I will carry on doing for a little while even after this experiment is over.

[jims-terrano]

Hi Jay, BBC News website is reporting that Bitcoin is sliding. Will that make any difference to your experiment?

[Jay666d]

In the short term it won't really effect what I'm doing with regards to the interest being made on the BitConnect site.

The effect will only be felt when it comes to trading the coin back to GBP.

If it slides all the way down to nothing, then it doesn't matter how much interest i make, it will be worth nothing. I can't see it falling to nothing, but may just land at a more sustainable figure. (Start of Nov when I bought in, it was about £5k)

Interestingly out of the top 100 Cryptocurrencies, all but 5 slid this week!

I suppose my goal is really to make more that the £12.60 in 6 months (Which if you remember from the 1st video was 6 months worth of lottery winnings!)

I guess we'll just have to see!

New video, with the 'Conclusion' will be uploaded tonight!

[Jay666d]

Here it is, Part 2: The Conclusion!

https://youtu.be/yx0VKCHcVgw

Enjoy!

[Jay666d]

Now accepting BitCoin!

https://youtu.be/FFS-GA4yf_I

[jims-terrano]

Haha, can the tax man tax payments in bitcoins

[Jay666d]

I'm sure they'd find a way!

From .Gov:

Given this, the evolutionary nature of these cryptocurrencies and the legal and regulatory environments in which they currently operate, this brief outlines HMRC’s provisional VAT treatment pending further developments; in particular, in respect of the regulatory and EU VAT position. Taxpayers can rely on the VAT treatment outlined below unless and until HMRC announces any changes. Any changes will not apply retrospectively.

For VAT purposes Bitcoin and similar cryptocurrencies will be treated as follows below, this in no way reflects on how they are treated for regulatory or other purposes:

Income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration received

Income received by miners for other activities, such as for the provision of services in connection with the verification of specific transactions for which specific charges are made, will be exempt from VAT under Article 135(1)(d) of the EU VAT Directive as falling within the definition of ‘transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments’

When Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves

Charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin will be exempt from VAT under Article 135(1)(d) as outlined at 2 above

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place

[Jay666d]

So long as you're not daft and broadcast it over YouTube () then you could probably treat it like a cash in hand job...

[jims-terrano]

Originally Posted by Jay666d

So long as you're not daft and broadcast it over YouTube () then you could probably treat it like a cash in hand job...

[Jay666d]

A few weeks back I bought 4 LiteCoins for £65 each.

They've been holding their price fairly steady... Couple of pound up or down each day. (I've seen mine down to £58 and up to £77)

This morning the price gave me a nice surprise... £123 each!

I know that it could be 'easy come, easy go', but I'll hold and hope that they go the way of BitCoin!

[macabethiel]

Originally Posted by Jay666d

In the short term it won't really effect what I'm doing with regards to the interest being made on the BitConnect site.

The effect will only be felt when it comes to trading the coin back to GBP.

If it slides all the way down to nothing, then it doesn't matter how much interest i make, it will be worth nothing. I can't see it falling to nothing, but may just land at a more sustainable figure. (Start of Nov when I bought in, it was about £5k)

Interestingly out of the top 100 Cryptocurrencies, all but 5 slid this week!

I suppose my goal is really to make more that the £12.60 in 6 months (Which if you remember from the 1st video was 6 months worth of lottery winnings!)

I guess we'll just have to see!

New video, with the 'Conclusion' will be uploaded tonight!

Out of interest the wife made 4.53 % out of Ernie last year I made paltry 1.47 % on the year tax free of course. The capital is safe and you can cash it in oline within 3 working days direct into your bank.