Topic: How to convert Bitcoin to cash using fine wine. (Read 1828 times)
Still here, still accepting Bitcoin.
Use PundiX or just make a Token on Wavesplatform that equels to usd.
As a follow up to our last comment. The guys who bought fine wine with Bitcoin when it was over 10k a coin are rather happy right now. Some are now selling their wine saying they will buy back Bitcoin at just over $5k a coin.
Whilst there has not been a correction in the Bitcoin price there is certainly talk of it. What do people reckon? Will we see it correct or will it continue to climb?
So, seems the day I posted the above asking if there was going to be a correction the market fell from just over $19,000 to sub $12,000. Interestingly we have seen a large spike in demand for our service as people realise the Bitcoin price behaves like any other market and the price can come down as well as up.
If you are interested in converting BTC to Fiat through Fine Wine please email me at [email protected]
With the price of Bitcoin being so high we are seeing a lot of large holders decide to cash out and take some profit.
Whilst there has not been a correction in the Bitcoin price there is certainly talk of it. What do people reckon? Will we see it correct or will it continue to climb?
Whilst there has not been a correction in the Bitcoin price there is certainly talk of it. What do people reckon? Will we see it correct or will it continue to climb?
We set clients up with an account at Vine, its one of the best UK bonds available. https://www.liv-ex.com/staticPageContent.do?pageKey=About_Vine
We don't insist on clients having to store there but we do pay for the storage and insurance if you do.
We don't insist on clients having to store there but we do pay for the storage and insurance if you do.
The transaction is instant, once we send an invoice priced in Bitcoins and payment is received then you become the legal owner of the wines.
If you wanted to move wine from one bond to another then it costs around £15. Do you already hold wine in bond as we can certainly send it to your account if needed.
If you wanted to move wine from one bond to another then it costs around £15. Do you already hold wine in bond as we can certainly send it to your account if needed.
I'll have to dig into getting a wine bond when I wake up.
Updated the first post with some FAQ's
The transaction is instant, once we send an invoice priced in Bitcoins and payment is received then you become the legal owner of the wines.
If you wanted to move wine from one bond to another then it costs around £15. Do you already hold wine in bond as we can certainly send it to your account if needed.
If you wanted to move wine from one bond to another then it costs around £15. Do you already hold wine in bond as we can certainly send it to your account if needed.
How long does the transaction take to purchase the wine and what are the costs of moving it to another bonded warehouse?
Thanks 51attack, I've had quite a bit of interest and lots of questions so will get an FAQ section up on the website over the next day or so.
51attack, all good points. technically clients are buying physical cases of wine and storing them in perfect conditions. The fact they tend to appreciate in value as they get consumed reducing the original finite supply is a benefit but we never sell wine with a guarantee of return.
I see the model now. Very good!
51attack, all good points. technically clients are buying physical cases of wine and storing them in perfect conditions. The fact they tend to appreciate in value as they get consumed reducing the original finite supply is a benefit but we never sell wine with a guarantee of return.
If a customer wants to drink the wine then of course that is their prerogative but they may also chose to sell it at a later date if they so wish.
US customers are of course subject to local tax rules and regulations.
DaveMallettJSE. I think its safe to say that BTC will fluctuate much more than the fine wine prices. I would even go as far as saying the % return on BTC will outperform most other asset classes. The idea that we are proposing is giving people the opportunity to not have "all eggs in one basket" and diversify to mitigate the risk. Converting some of your BTC into fine wine does exactly this. It provides you with a store of wealth and the potential for capital gains. And of course the option to drink it if you so wish
I guess you'd just have to consider which was going to increase in value more over the length of the planned investment, wine or BTC. Unless you just want to drink it, which seems like a pretty good plan.
51attack, We do accept US clients, whilst there is no UK tax issues when you sell the wine (VAT, duty, capital gains tax) I can't give you a firm answer on what tax implications have been triggered (if any) when you convert Bitcoin to wine. Every country has different views on the matter.
The reason why I was asking, is that if you are providing a return on someone investing, there maybe some legalities with the SEC. Even if you are in the UK, if you accept US customers, the US could still knock on your door.
Similar to the way ICOs are locking out United states citizens. Because they fear repercussions.
I think the idea of investing in wine using the blockchain is very interesting and doable. I know there are those gold backed cryptos.
When the wine has been sold we can either remit funds to a bank account (UK or international) or we can exchange funds back into Bitcoin and remit to a wallet.
We want to be as flexible as possible so both options are available. You might even decide you would rather have some of the wine sent to you instead.
We want to be as flexible as possible so both options are available. You might even decide you would rather have some of the wine sent to you instead.
First of all when we want to change our bitcoin to cash we invest in many ways of trade but using fine wine is the best idea.
When selling the wine can the funds be returned in BTC?
I think this is a good idea. You should go for it!
I wonder how http://therealasset.co.uk/gold-investment-products/gold-backed-crypto/ in the UK licensing works. Obvious ways (well perhaps not for your benefit ) are to target Irish, Swiss, Singapore, Aussie,Dubai versions of your company. Also to try and run as an e-money issued backed by the asset class. Not sure how redemption plays with that collective investment scheme though. Can think of a few possible ways. This is quite similar to something I'm working o So am quite interested the technology can always be licensed to friendlier jurisdictions so glad to see there is no major showstopper.
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