Divestment and diversification – buying stuff with Crypto (Exit strategy? What Exit strategy?)

Discussion in 'General Precious Metals Discussion' started by hyphenated, Jan 6, 2021.

  1. hyphenated

    hyphenated Active Member

    Joined:
    Oct 7, 2012
    Messages:
    510
    Likes Received:
    39
    Trophy Points:
    28
    Location:
    FNQ
    Whew. A long time in the dark. So here we are. Stocks up. Gold up. Bitcoin up. Property prices up. Interest rates hovering at zero. Probably a good time to redistribute, divest and diversify in a planned manner (ho ho).

    I’ve been digging for ways to make crypto purchases of PMs and other tangibles in Oz; here is a rough list so far:

    Ainslie Bullion – direct purchase of PMs and bullion, minimum $2,000 for Crypto; multiple crypto options and bidirectional.

    ABC Bullion – INDIRECT Crypto purchase (Living Room of Satoshi payment of BPAY invoice from ABC). LRoS are versatile (any BPAY can be paid), but pricey – they operate on transaction spread, which clocks in around 5% in my experience.

    KJC Bullion. Use BitPay in the payment chain.

    Ace Jewelers (Amsterdam) High-end watches and Jewellery. Bear in mind there will be international shipping and GST to pay. Looks like undiscounted watch prices, although some of their second-hand stuff looks close to market rate. Use BitPay in the payment chain.

    All require ID, but have a pretty easy online system.

    Bitpay cite a few more online sites with different specialities, in theory any site operating on BPay could be used with LRoS. I am ignoring US sites that either would require transhipping or incur taxation.

    Any other PM purveyors in Oz?
     
    kilo likes this.
  2. kilo

    kilo Well-Known Member Silver Stacker

    Joined:
    Feb 5, 2011
    Messages:
    664
    Likes Received:
    471
    Trophy Points:
    63
    Location:
    Australia
    Crypto trading thread? :)
     
  3. STC

    STC Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2011
    Messages:
    1,183
    Likes Received:
    207
    Trophy Points:
    63
    Location:
    Perth
    hyphenated and kilo like this.
  4. hyphenated

    hyphenated Active Member

    Joined:
    Oct 7, 2012
    Messages:
    510
    Likes Received:
    39
    Trophy Points:
    28
    Location:
    FNQ
    ...possibly; but then again it's about buying shiny stuff, mostly...
     
  5. hyphenated

    hyphenated Active Member

    Joined:
    Oct 7, 2012
    Messages:
    510
    Likes Received:
    39
    Trophy Points:
    28
    Location:
    FNQ
    There appear to be plenty doing just that (with a couple of stand-out big transactions) - but I don't want to be cashing up Crypto - I want to keep it as purchases for personal use.

    Hmmm. I wonder how many house purchase transactions can use BPay :) Oooh - you can pay Stamp Duty using BPay in QLD...
     
  6. STC

    STC Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2011
    Messages:
    1,183
    Likes Received:
    207
    Trophy Points:
    63
    Location:
    Perth
    I have a fine pair of alpaca socks that I bought for 2Btc because I got free post from USA if paid by crypto.
    No tax if paying bills with crypto, you bought it as a payment vehicle & not your fault it’s price rose.
     
    kilo and hyphenated like this.
  7. hyphenated

    hyphenated Active Member

    Joined:
    Oct 7, 2012
    Messages:
    510
    Likes Received:
    39
    Trophy Points:
    28
    Location:
    FNQ
    The ATO may beg to differ, but I like the cut of your jib.
     
    kilo likes this.
  8. kilo

    kilo Well-Known Member Silver Stacker

    Joined:
    Feb 5, 2011
    Messages:
    664
    Likes Received:
    471
    Trophy Points:
    63
    Location:
    Australia
    + 2 I like the cut of your jib Sir
     

Share This Page