Author Archives: Adrian Przelozny, CEO

Australian Senators Call for Bitcoin to Be Official Currency

Two Australian senators have pushed for the Reserve Bank of Australia to embrace bitcoin and make it an official currency. Without it, the country risks its financial competitiveness and being left behind, they said.

Read full story here

Advertisements

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

 

A Recap of the Blockchain’s Big Split

It wasn’t the first attempt to fork the bitcoin blockchain, but it was certainly the most memorable.

As reported earlier today, Bitcoin Cash, a new cryptocurrency, was created when a group of miners “forked” from the main bitcoin blockchain – in short, they switched to a new, incompatible software that changed the rules by which the network would function.

Read the full story on Coindesk

Countdown to SegWit: These Are the Dates to Keep an Eye On

Bitcoin’s very public scaling debate is entering a crucial phase. Two of the most popular scaling proposals available today — BIP148 and SegWit2x — both intend to trigger Segregated Witness (“SegWit”) activation within a month, which means that the protocol upgrade could be live within two.

At the same time, there is a very real risk that Bitcoin “splits.” Both BIP148 and SegWit2x could diverge from the current Bitcoin protocol, which could in turn lead to even more splits.

We will be issuing a statement prior to July 29th detailing how Independent Reserve aims to handle these events.

Click here to read the full article in Bitcoin Magazine

 

End of double GST on Digital Currency transactions

It’s official. Scott Morrison has announced the removal of double GST on Digital Currency transactions in the 2017 budget.

From July 1 , 2017, digital currencies will be treated the same way as physical money for GST purposes. That means the current situation, where someone pays GST twice – first on the purchase of the cryptocurrency, then a second time when spending it on goods and services – would no longer apply.

This is great news for the Fintech sector in Australia and puts the country onto a strong footing for future growth and development.

Full details in Business Insider.

ADCCA Blockchain APAC Conference

APAC-Blockchain 2017-Logo-Final_HR.jpg

We are pleased to be able to offer a special discount to attend this year’s APAC Blockchain conference in Sydney from 7-9 March. With support by the ADCCA, the event will bring together business leaders and disruptive start-ups at the forefront of using and testing both Blockchain and Bitcoin’s potential. Hear from leading Australian and International Digital Currency and and Blockchain experts on a range of topics across the exciting, emerging FinTech market.

With some of the most engaging speakers in the world, including; Joseph Lubin, Ethereum and ConsenSys; Annabel Spring, Commonwealth Bank; Liam Maxwell, UK Government; Chami Akmeemana, ConsenSys, and many more, this event will focus on identifying the opportunities and overcoming the challenges to making this technology a commercial reality in the Asia Pacific.

See ticket packages and book online here

Get your 15% discount using the promo code:   INDREV_15