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Guide to SMSF investing into Digital Currency

great guide to investing superannuation funds into Digital Currency via Independent Reserve!

Currently the only way to invest super in bitcoin is using self managed superannuation (SMSF)

You can set up an SMSF using an accountant of your choice near you. I used Squirrel Super as their team demonstrated the ability to understand and audit cryptocurrency investments. So look for this skill set in the accountant of your choice.

Once your SMSF is setup you will get a bank account for it to which you will transfer funds from your existing industry superannuation account.

Then sign up with an australian bitcoin exchange with your SMSF company details to purchase bitcoin/ethereum using your SMSF’s bank a/c.

I prefer to use Independent Reserve as they now have an Out of Box offering catering specifically to SMSF accounts

Please ensure you keep bitcoins/ether in a wallet you control once you have purchased them and also this wallet should be separate to your personal bitcoin wallet.

Ideally send all your SMSF purchased bitcoins/ether to a single address wallet so it is easier for annual audit purposes which SMSF’s are required to do. Your accountant will do this for you.

I personally use Copay Wallet as it has an Auditable Setting feature for the wallet which allows you to have a single wallet address. While this may not be best practise for every day transactions using your personal bitcoin wallet, in case of investing superannuation however just so you can simplify audit it actually is best practise.

If you sell the bitcoins ensure the funds go back into your smsf’s bank account and you declare any profits or loss upon sale of bitcoins/ether to your accountant for tax purposes

Just like all superannuation investments you cannot spend your bitcoin/ether for any personal use untill you are of a retirement age or meet the criterias under SMSF laws that allow you to do so.

As much as i would like to , I personally dont think it is a wise idea to invest superannuation is Monero,Dash,ZEC or anything that is privacy centric. We hopefully will be there someday where it is more accepting to do so , but at this stage if you want to invest in any privacy centric altcoins i think it would be best to do so with your own funds and not superannuation.

Anything that you cant purchase from an Australian exchange and have to use something like shapeshift for that again be wary of as at audit time it will be a lot more complicated trying to establish the transactions and prove balances.

To learn more please send an email to contact@btcsuper.info

 

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Australian High School to Host Information Night on Cryptocurrencies

A surge in the popularity of bitcoin among students has prompted an Australian high school to host an information night designed to educate its students about cryptocurrencies. St. Laurence’s College in Brisbane recently informed the parents of students that it wishes to hold an “educational presentation” in light of an increasing number of students investing in cryptocurrencies.

Full story here

Japan’s Largest Consumer Electronics Chain Trials Bitcoin Payments

Japan’s largest consumer electronics retailer, Yamada Denki, has announced that it has begun trialling bitcoin payments starting on January 27.

According to a guide published by Japanese mobile phone operator NTT Docomo and an independent research by a Japanese investment research service, Kenkyo Investing, “Yamada Denki is the largest home appliance and electronics chain in all of Japan.

For the trial, two directly operated stores have started accepting bitcoin: Yamada Denki Labi Shinjuku east exit pavilion and Concept Labi Tokyo.

Full story here

Brisbane Airport to Introduce Bitcoin Payments

Air travelers will soon be able to spend some satoshis in stores and cafes at Brisbane Airport. Major retailers will be accepting several cryptocurrencies, including bitcoin.

The operator of Brisbane Airport also highlighted some benefits of cryptocurrency payments in general. They keep the user’s personal identity private and eliminate third-party interference, allowing for very low transaction fees, exchange rates, and transfer times, the press release reads.

Travelers will soon be able to use digital cash to pay bills in restaurants and cafes like Spoon, Windmill & Co., and Forte Espresso, as well as in nine Awpl stores in both terminals. “We are excited to be a launch merchant in the world’s first digital currency friendly airport”, Awpl’s managing director Costa Kouros said. His company, a travel sector retail solutions provider, supports local producers in airports across Australia and New Zealand.

Full story here

Japan’s GDP Grows Due to Bitcoin Wealth Effect

Analysts Yoshiyuki Suimon and Kazuki Miyamoto claim bitcoin will assist Japan in a Gross Domestic Product (GDP) boost of 0.3% heading into the first three months of 2018. At the end of 2017, the cryptocurrency boasted a ¥12 trillion market capitalization, and if trends continue into early this year, that could translate into lifting Japanese personal consumption by anywhere from ¥0.2 to ¥0.4 billion, they explain, referring to the phenomenon as the bitcoin effect.

Full story here

Gavin Andresen Drops A New Concept On Github for Bitcoin Cash

On January 2 one of the most well-known developers for the original bitcoin protocol, Gavin Andresen, contributed an idea to Github called “Storing the UTXO as a bit-vector.” Andresen has been active on Github for the past month as his contributions have been focused on general (Unspent Transaction Output) UTXO sets, but this particular idea is for the Bitcoin Cash (BCH) network.

Gavin Andresen has been lurking around Github for the past twenty-seven days, and on the second day of the new year, the developer contributed an idea for the BCH network. The concept Andresen called “Half-baked thoughts exploring a different way of implementing a fully-validating BCH node,” is an idea on shifting the storage of full transaction data to wallets. The developer explains the concept is to let every node in the new network store a bit-vector for every block which can be highly compressible even for gigabyte-sized blocks.

Full story here

Danish Billionaire Renames the Rungsted Capital Ice Rink to ‘Bitcoin Arena’

According to a few regional news outlets, a Danish bitcoin billionaire and the co-owner of the Rungsted Seier Capital ice rink, Niklas Nikolajsen, plans to change the name of his skating hall and call it the “Bitcoin Arena.” In addition to this news, one of the professional hockey players who plays in the arena has opted to get his salary paid in bitcoin.

Full story here