Moving Crypto Profits Into Bank (Off-Ramping)

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  • เผยแพร่เมื่อ 1 ม.ค. 2025

ความคิดเห็น • 306

  • @PlushSoul9
    @PlushSoul9 ปีที่แล้ว +33

    You didn't mention one of the biggest problem retail investors fave when off ramping to a bank, most banks will freeze your account if they detect it's crypto related.

  • @hermanmittt
    @hermanmittt ปีที่แล้ว +37

    There are a group of us in Herefordshire, UK, aiming to pool our XRP and use it to set up a community bank which will be the financial hub of a new community trust. We would be looking at off-ramping and converting profits directly into assets like land and property to expand, secure and run our local community, ultimately, as a micro-nation. Exciting times...
    Thanks for sharing your knowledge, enthusiasm and energy. 🙂

    • @daz7834
      @daz7834 ปีที่แล้ว +1

      Very interesting 👌 XRP 🎉

  • @johnnymac6178
    @johnnymac6178 ปีที่แล้ว +24

    I love how Lewis keeps this channel professional and informative. Not all hype nonsense and clips of useless conversations and dog and pony show political hearings. Thanks Lewis! Can’t wait to earn passive income off my bags.

  • @philmurphy3549
    @philmurphy3549 ปีที่แล้ว +43

    I agree with Justin , having a battle plan to keep our XRP here in the uk without having to bleed wealth to any government let’s be honest, is so important, theirs paying tax and theirs being stripped of your efforts to better yourself and family, so all the help is gratefully appreciated dear boy 🙏🇬🇧

  • @KO1967
    @KO1967 ปีที่แล้ว +9

    Keep in mind that the Uphold card is not available in the U.S. Also, until merchants and people start commonly taking crypto as a form of payment (which is likely a good distance in the future) there is a need to convert crypto to fiat in order to use it in society and to take off risk just as you might due with a stock/equity.

  • @seancurran8108
    @seancurran8108 ปีที่แล้ว +4

    Moving fiat from exchange to bank is not the taxable event its exchanging the crypto to fiat on the exchange. It does notify the tax authorities in your region that they need to look out for your tax return however.

  • @cidcid3892
    @cidcid3892 ปีที่แล้ว +5

    You provide unbelievably useful videos which are much needed! Thank you!

  • @diannemckendrick
    @diannemckendrick ปีที่แล้ว +3

    Thanks Lewis for your continued search for understanding of how we can each get the best out of our XRP. It is so far from what we have known in the past, so your clear and easy to listen to videos are so valuable. Thank you! 😊

  • @RobertFrank77
    @RobertFrank77 ปีที่แล้ว +2

    Your looking dapper today my friend. Great video, great advice!

  • @stevolanddownunder3549
    @stevolanddownunder3549 ปีที่แล้ว +4

    Great info Lewis thanks ,
    Something that I found out a month ago is that some Gold Bullion dealers will accept crypto for payment of gold and silver . I am quite excited about it, will be a solid place to shift alt coin profits in bullrun season. They had on their office wall
    Btc Eth Ltc Xem and one other crypto I can't remember which one. Cheers Steve.

  • @tuco5876
    @tuco5876 ปีที่แล้ว +18

    It's about time a crypto influencer address is this subject. I don't think crypto influencers know how many people need guidance in this area. Especially with all the instability with regulations and such thank you for addressing it

    • @LewisWJackson
      @LewisWJackson  ปีที่แล้ว +8

      Well, I hope to be the one doing that for everyone!

    • @Bigdej
      @Bigdej ปีที่แล้ว +2

      exactly. they try to make a profit off of holding the information. thank god for lewis. i have to give you a gift when xrp hits!

  • @Raziel0Reaver
    @Raziel0Reaver ปีที่แล้ว +3

    Not sure how it works in every other country but in Australia every time you dispose of your crypto, sell it, convert it to another crypto, use it to buy products or services, gift it to someone else, it creates a taxable event. So it's a real pain to use it for everyday things right now.

  • @kendalvanantwerpen5689
    @kendalvanantwerpen5689 ปีที่แล้ว +2

    Thank you so much Lewis. Been looking for UK relevant information on this side of things, as we are all going to need it - hopefully soon. Looking forward to the trust set up information too.

  • @johnedwards1341
    @johnedwards1341 ปีที่แล้ว +5

    Lewis! Have u looked into Glint pay rather than go through a bank, gains again when gold is revalued, just a thought 😎👊

  • @Kingismyname7
    @Kingismyname7 ปีที่แล้ว

    I really appreciate how u give all the necessary information explaining the intricate parts of how to maneuver the space is awesome. Thank you

  • @mariomalmanza
    @mariomalmanza ปีที่แล้ว +4

    The uphold card isn't available in the states

  • @GiancarloBianco
    @GiancarloBianco ปีที่แล้ว +4

    Great insights Lewis! I am as we speak selling a plot of land and taking crypto as payment. Instant, no middleman, amazing. I’ll probably either stake for a fixed term at high interest and live off of that.

  • @davidcurry4485
    @davidcurry4485 ปีที่แล้ว +7

    Hi Lewis, great work BTW. Just 1 question. After the Ripple IPO lock in period is over which brokerage firm are you using to store your shares, or are you selling them immediately on linqto. I'm having trouble with this issue

    • @margaretburnham5683
      @margaretburnham5683 ปีที่แล้ว

      I think we all want to know that. I think it’s important to store on several different places.
      We want places that don’t force you to use digital ID

    • @LewisWJackson
      @LewisWJackson  ปีที่แล้ว

      I'll be holding majority

    • @davidcurry4485
      @davidcurry4485 ปีที่แล้ว

      @lewisjackso which brokerage do you recommend or is that in a future video

  • @josephescobedo9989
    @josephescobedo9989 ปีที่แล้ว +2

    We still waiting for the Ledger CL card here in the states. That is what I’m going to be using to spend my crypto.

  • @sheikdaoud7909
    @sheikdaoud7909 ปีที่แล้ว +1

    Thanks for researching this topic and helping us all out. Respect. 👊🏼

  • @xrpwatts2116
    @xrpwatts2116 ปีที่แล้ว +3

    Will you be taxed twice if you decide to cash a coin out into a stable coin like usdc. Then into cash as you need it? Would that be considered two taxable events?

  • @chris1609
    @chris1609 ปีที่แล้ว +2

    Thanks Lewis. Just another point regarding the tax. Swapping XRP for BTC for example, would also cause a taxable event. It would trigger a CGT liability if the amount you swapped had appreciated in value since you bought it.

  • @Jake-rk7nf
    @Jake-rk7nf ปีที่แล้ว +3

    This is my first time watching you and I have to say your one of the better people for info along with moon lambo! Xrp is my favourite and largest crypto holding 😎

  • @kendplumber4615
    @kendplumber4615 ปีที่แล้ว +1

    So if we buy an income providing asset, how do we purchase this asset without converting XRP to fiat currency ??
    I’ve been waiting for options eg: staking, custodian investments or leasing my XRP…

  • @Richy.p
    @Richy.p ปีที่แล้ว +2

    Always love your videos as they are just straight to the point and useful info. I’m trying to figure out how best to use my crypto as like u say converting it into fiat seems old fashioned now and I’m looking at ways to maximize my profits and growing assets.

  • @Barbosa888
    @Barbosa888 ปีที่แล้ว +4

    Hi Lewis!
    Thanks for all your amazing vids!! I share your vids with a lot of Senior people because they all understand your perfect and easy explanation of all topics you discuss.
    I am really interested in the trust option and off-ramping without converting in fiat money.
    Let’s go brother!!! Thanks again!

  • @jamesjohn5710
    @jamesjohn5710 ปีที่แล้ว

    Thank you for doing this. How about Glint Gold card assets, would you consider this?

  • @leehurst70
    @leehurst70 ปีที่แล้ว +1

    Cheers Lewis, appreciate all the content you put out and the amount of research you do! I also agree that it doesn’t make sense to take an (Apex Asset) crypto into an inflating and failing asset (Fiat) however, having said that. I have a question.
    If you were 50’ish and there was no guarantee that utility would be here until much later- let’s say 2030. Maybe it’s a good idea to take some profits into Fiat to make things more comfortable in the short to mid term, pay some taxes/not etc…?
    Then at a later date the prices would probably be very different and the amount of crypto assets left would be worth so much more…thus, you win the game!?
    What am I missing here?

  • @davidcanez1990
    @davidcanez1990 ปีที่แล้ว

    I don't know how I just saw this and you for the 2st time, but awesome video, now I gotta go find the the video where you talk about the trust cause I have lots of xrp. Tha k you so much.

  • @erinsteward6594
    @erinsteward6594 ปีที่แล้ว +1

    I had a Xumm wallet 2yrs ago, could u make a video on the process of getting and using the decentralized wallet. Thx

  • @drb1963able
    @drb1963able ปีที่แล้ว +3

    Well said Lewis. I won't be moving anything until the US Treasury Note is announced and in circulation. Might sell some but it will stay on the exchange until taxes are a thing of the past and the bonafide currency is established. Why trade gold for a turd?

  • @livsnjutaresverige3802
    @livsnjutaresverige3802 ปีที่แล้ว

    12:15 theres no interest or anything when you take that loan? I mean Whats in it for them. The idea is smart. Definitely making the money work you. I have ideas like this but with crypto or sell for fiat to buy cash flowing assets I don’t know.
    It’s a very complicated subject

  • @CRE888V
    @CRE888V ปีที่แล้ว +1

    Thank you. I’ve been wondering if I should off-ramp after a bull market

  • @sherrytrogi9213
    @sherrytrogi9213 ปีที่แล้ว

    Thank you for your knowledge from Canada

  • @lesliecain4115
    @lesliecain4115 ปีที่แล้ว

    What if I've moved all assets off an exchange. How do you deal with that in terms of spending, taxes, etc for other nonXRP coins. I fully plan to stake my XRP.

  • @eddieunutoa592
    @eddieunutoa592 ปีที่แล้ว

    I appreciate the information. I did not know about the XUMM wallet cost and the application it can do. Great info...thanks 👍

  • @M1ntedUK
    @M1ntedUK ปีที่แล้ว +1

    I have my first meeting with my financial wealth manager tomorrow morning and looking forward to your video tomorrow evening. I sincerely appreciate your invaluable guidance, and I look forward to participating in the mastermind in the near future. Big day tomorrow and thank you Lewis 🇬🇧

    • @LewisWJackson
      @LewisWJackson  ปีที่แล้ว +1

      Oh please let me know how it goes! Thats a big day! If it goes well, please let me know who it is, so I can provide them a platform to reach more UK people!

  • @DavidWaeldervideo
    @DavidWaeldervideo ปีที่แล้ว

    Gift cards?

  • @gailflett8386
    @gailflett8386 ปีที่แล้ว

    Always listening and trying to absorb your hard earned wisdom and knowledge. ❤

  • @chris1609
    @chris1609 ปีที่แล้ว

    Thanks so much for this Lewis, i was having this exact debate with a colleague today

  • @aliedge29
    @aliedge29 ปีที่แล้ว

    Hey Lewis, as always....Great information shared and definitely something I need to look into further, the idea to just sell your crypto when your happy with value and turn it into Fiat, was the only option I thought was out there!! This needs to be looked into further. Already signed up to your 1% club and looking forward to learning more and and making to the most out of my digital assets through your knowledge and thoughts. Cheers again Lewis 👍

  • @sullymode
    @sullymode ปีที่แล้ว +1

    great work lewis

    • @deltaghost_zr0872
      @deltaghost_zr0872 ปีที่แล้ว

      Naw he stole tees crypto spots narrative and won’t even give him credit . You are a fool for this one

    • @sullymode
      @sullymode ปีที่แล้ว

      naw your only new to this my friend lewis and tees go way back do your research bud

    • @LewisWJackson
      @LewisWJackson  ปีที่แล้ว +1

      Thanks Sully.

    • @LewisWJackson
      @LewisWJackson  ปีที่แล้ว

      Sorry you feel like that. I've talked about borrowing against assets for quite some time and even from time spent with tee, my understanding of this world have progressed to where I feel I can speak on this topic now on my own. My understanding of this area has been contributed to by many people including Tee and the incredible value he offers. Many more people have since provided me insights that it's very difficult to credit all of them.

  • @charlesmaou6375
    @charlesmaou6375 ปีที่แล้ว

    Question Please: When and if Ripple sets up their Bank, surely they would have visa cards, would I be correct that this would also work, ie keep your XRP in Ripple bank, and use your Visa card to buy whatever or withdraw Fiat from ATM.

  • @boootros
    @boootros ปีที่แล้ว

    i've been wondering, as i have been buying and swapping, changing platforms on a whim for a few years, what value would be set for the buy price to work out cgt when off ramping.

  • @mysticalrelaxationmusic6978
    @mysticalrelaxationmusic6978 ปีที่แล้ว

    Hi Lewis, much appreciated thank you!

  • @leetyler6140
    @leetyler6140 ปีที่แล้ว

    How do you collaterise xrp without spending it?

  • @jessemartinez9561
    @jessemartinez9561 ปีที่แล้ว

    Question, If xrp is now not classified as a security, if it goes up in value. Why would you still have to claim it on taxes? If i buy a silver coin, and the value of silver goes up, i dont have to pay taxes on it.? If my Nolyn Ryan baseball that has his autograph, goes up by 100$ the day he passes away, i dont have to pay taxes on it. Where is this fine line? When it comes to xrp?

  • @vladimirjovanovich3341
    @vladimirjovanovich3341 ปีที่แล้ว +1

    Lewis, what's the latest with the "Creation of Your Own XRP Bank" details?

  • @barthill4964
    @barthill4964 ปีที่แล้ว

    I have been wondering on the transfer back to fiat for couple Years... thank You

  • @redddo1
    @redddo1 ปีที่แล้ว

    Offramping to Fiat is required currently if you want to fastrack mortgage payments. At least for now until other options become available with banks.

  • @danking8230
    @danking8230 ปีที่แล้ว

    I was anxiously awaiting the roll out of uphold vault in September but when I queried uphold they responded they had no official word on the roll out. I got no other helpful information on where they are in the project or when I could expect to here something on the vault custody option?

  • @sizigi6374
    @sizigi6374 ปีที่แล้ว

    Thanks Lewis! Please come out with a part 3. 5. 8. On this topic. I know it's a sticky topic but thanks for doing it.

  • @SnapDragon313
    @SnapDragon313 ปีที่แล้ว

    Uphold card is not available in the US

  • @pixelpintura
    @pixelpintura ปีที่แล้ว

    What are the trusty exchanges or institutions that you've found that can collateralize your XRP (or crypto in general) for fiat?

  • @peterlowry7191
    @peterlowry7191 ปีที่แล้ว

    Brilliant as usual.Many thanks.

  • @jupitereye4322
    @jupitereye4322 ปีที่แล้ว

    Here is the problem with a house purchase with XRP, if the value of XRP skyrockets; government (at least here in Canada) will look at that as liquidation of digital assets, which means they will ask for capital gains which can be very high, which then means you'll have to use part of those digital assets to pay that tax by selling it on the exchange. This is the main problem with massive appreciation, you have to pay tax. You can't avoid it, as far as I know. But you could maybe use it to borrow more money, and that may be worth exploring.

  • @cristobaltorres7203
    @cristobaltorres7203 ปีที่แล้ว

    Great info thank you

  • @joebudi5136
    @joebudi5136 ปีที่แล้ว

    I got shht to do. I will be cashing out xrp for dollars as needed to buy things. What's the point of just holding it and looking at it? Staking failed. Amm hasn't began and we don't know if that will just bring pennies.

  • @KingofcryptoMrKOC
    @KingofcryptoMrKOC ปีที่แล้ว

    thanks

  • @Crizzy4141
    @Crizzy4141 ปีที่แล้ว

    Hello Lewie Lulu😊. Filtering crypto profit taking into a trust sounds like a good idea. Please share more for this ordinary Joe. Also the Uphold card is very cool sounding...Plus when will AMM start up? Mickey b. Fresh on TH-cam seems to be leading the pack on education regarding AMM...how was New York? I live on the northwest coast US. Cheers🎉!

  • @erinsteward6594
    @erinsteward6594 ปีที่แล้ว

    U r correct….. a bit to the bank for specific uses, and the majority left in our fabulous crypto assets.🇨🇦

  • @nickhemmesch6427
    @nickhemmesch6427 ปีที่แล้ว

    You alway come with common sense Lewis. 👍👍👍

  • @Matt-oz2jb
    @Matt-oz2jb 11 หลายเดือนก่อน +8

    You're wrong my friend - moving £ into a UK £ bank account is not a taxable event, it's just a transfer.
    HMRC are clear that EVERY swap from one token to different token or FIAT is a taxable event and must be used to calculate capital gains.
    Further more using assets to earn a yield is subject to income tax.
    The major problem now is being de-banked when attempting to actually pay the tax that's due

  • @margaretburnham5683
    @margaretburnham5683 ปีที่แล้ว

    We appreciate you so much

  • @ryguy6921
    @ryguy6921 ปีที่แล้ว

    Thanks Lewis, appreciate all the vids.

  • @gregjewell4356
    @gregjewell4356 ปีที่แล้ว

    How can we transfer real property into digital value?

  • @donvenezia5438
    @donvenezia5438 ปีที่แล้ว

    I can't wait. The other side is looking good. GOD BLESS THE WORD

  • @chwaed1
    @chwaed1 ปีที่แล้ว

    Uphold card is not available in the USA.

  • @Halflionhalffox
    @Halflionhalffox ปีที่แล้ว

    Lew, Vale, Zac and T are the best (a few others are really good)more info / value and less hype.
    Hope you guys are in the movie 10 years from now

  • @chrissights
    @chrissights ปีที่แล้ว

    No access to uphold card for us in the states!

  • @Aquifer007Alpha
    @Aquifer007Alpha ปีที่แล้ว +8

    This is such important stuff, good for covering. Seems lots of exchanges in UK making it harder cuz of thr new marketing regs too!

    • @shadyc7250
      @shadyc7250 ปีที่แล้ว +1

      FYI, in the UK, when you dispose[sell, convert into another asset, buy with it, gift it]your crypto you will most likely be taxable.
      You might need to pay Capital Gains Tax when you:
      sell your tokens
      exchange your tokens for a different type of cryptoasset
      use your tokens to pay for goods or services
      give away your tokens to another person (unless it’s a gift to your spouse or civil partner)

    • @user-fc6cz2qo3z
      @user-fc6cz2qo3z ปีที่แล้ว

      Exactly, every scenario mentioned in the video is a taxable event. The government is not going to allow investors to benefit from the profit of their investments without paying taxes.

  • @MTNasta
    @MTNasta ปีที่แล้ว

    CL Ledger not avail in States yet. Bummer

  • @jamesfrancis5039
    @jamesfrancis5039 ปีที่แล้ว

    Thx for covering this

  • @gerard4688
    @gerard4688 ปีที่แล้ว

    I'm from the Netherlands. How many xrp does one have to own for this 1% list?

    • @LewisWJackson
      @LewisWJackson  ปีที่แล้ว +1

      In theory you don't have to hold ANY... It's about the future...

  • @peppercrybeatz
    @peppercrybeatz ปีที่แล้ว

    Sell on uphold one of the best for converting into fiat and bank connection

    • @LewisWJackson
      @LewisWJackson  ปีที่แล้ว

      Yeah I'd agree. Xumm for me though

    • @peppercrybeatz
      @peppercrybeatz ปีที่แล้ว

      @@LewisWJackson can you transfer from xumm directly to the bank with fiat?

  • @Xrp589moonshot
    @Xrp589moonshot ปีที่แล้ว

    Hi Lewis I’m struggling with knowing where the safest place to keep crypto is it the ledger type storage or a place like zuum which uses the xrp ledger it is mentally worrying please help

  • @lynnryan4167
    @lynnryan4167 ปีที่แล้ว

    I plan to exchange my XRP for gold or silver on uphold. Wondering if this is a tax event?

  • @gouthamab8008
    @gouthamab8008 ปีที่แล้ว

    Good one Lewis
    Eagerly waiting for the next video 😊

  • @maurobraghiroli4376
    @maurobraghiroli4376 ปีที่แล้ว

    Thanks, very interesting discussion! I thought the only way to use XRP was either finding someone accepting them as form of payment or bringing them back converted in € on my bank account and pay 26% taxes. Do you have any contact expert on Italian jurisdiction? Thanks again

  • @e4unow421
    @e4unow421 ปีที่แล้ว +1

    Agent Lewis Jackson!

  • @savedone9636
    @savedone9636 ปีที่แล้ว

    Can't use the Uphold card in the US yet. "Thanks Gary..."

  • @jusspmajola
    @jusspmajola ปีที่แล้ว

    Like the shift in conversation.

  • @nasarhussain6783
    @nasarhussain6783 ปีที่แล้ว

    Hi Lewis love your videos keep up the good work. Just wanted to add how about transferring profits into stable coins for example on the ledger nano x you have the swap option. Do you think this is a good way of taking profits?

  • @calumleggett8292
    @calumleggett8292 ปีที่แล้ว

    I remember in the early days you spoke about this and my partner and i still have it as ours. Your the man lew

  • @hdrogers2909
    @hdrogers2909 ปีที่แล้ว +1

    When utility and adoption takes place......there wont be paper fiat anymore. Sooooo, the options for utilizing the chosen cryptocurrencies will be available that are not available now. Much like you cant 100% say what the value of one XRP is 5 years from now, you cant possibly say how you will be able to use your crypto.

  • @garymarsh6803
    @garymarsh6803 ปีที่แล้ว

    This sounds great but when your sitting on mega amounts but if your only sitting on say 20 or 30,000 XRP it seems a bit pie in the sky or am I wrong?

    • @LewisWJackson
      @LewisWJackson  ปีที่แล้ว

      Well it all depends on the timescale...

  • @mari-leefiducia8640
    @mari-leefiducia8640 ปีที่แล้ว

    Wonderful Video !!
    Of the many subjects of videos that I watch your videos are
    among the most " Rewatched "
    Love your content ...

  • @Xxxx2025.
    @Xxxx2025. ปีที่แล้ว

    I thought in the uk, you only pay capital gain tax after £12000….so the first £12000 you don’t get taxed on anything after you do

  • @HovingtonInstruments
    @HovingtonInstruments ปีที่แล้ว

    Thanks for the video

  • @contsonis2756
    @contsonis2756 ปีที่แล้ว

    Thanks Lewis - always great content - Cheers, all the way from Australia 🇦🇺

  • @BrosephFuncola
    @BrosephFuncola ปีที่แล้ว +1

    In the US, every single conversion of xrp to something else, whether it's a short, a stock, a house, a car, another crypto, or Fiat is a taxable event
    The tax mitigation comes in the structure of the entity holding the XRP, not in how you spend it.
    If you want to skip the bullshit and complex hierarchies, a non grantor, complex, discretionary, spendthrift, irrevocable trust is where it's at

  • @mq2146
    @mq2146 ปีที่แล้ว

    How do you sell xrp through XUMM

  • @juliekromer7346
    @juliekromer7346 ปีที่แล้ว +1

    Thanks Lewis, is this Mastermind for Brits only, or can those of us in the USA also participate?

  • @TheHomie024
    @TheHomie024 ปีที่แล้ว

    I was wondering, when it goes to the moon... when it comes time to take profit, I either want a favorable tax arrangement or is it safe to Hold the value in USDT or USDC while you wait for the bottom to rebuy??

    • @LewisWJackson
      @LewisWJackson  ปีที่แล้ว

      These are all great questions for your accountant!

  • @narenkumar6473
    @narenkumar6473 ปีที่แล้ว

    Hi, this master mind link in this video is not opening it says it might be a typo

  • @jamestomlinson870
    @jamestomlinson870 ปีที่แล้ว

    If you spend your crypto to make a purchase, you have realized a gain and must pay taxes on that. So if you bought a car or a house, you would have to pay the capital gains tax on that amount.
    There is no avoiding the taxes.
    Which means you have to come up with the dollars to pay that tax. Taxes must be paid in dollars

  • @LionelIssara
    @LionelIssara ปีที่แล้ว

    Hi Lewis Why you wouldn't sell your XRP during the next Bull Run as it will go down again after You could compound and buy more XRP with a huge profit on the side

  • @charleshicks3140
    @charleshicks3140 ปีที่แล้ว

    This is an awesome video. Before I spend anything I will educate myself first

  • @demoller42
    @demoller42 ปีที่แล้ว

    Am looking forward to tomorrow, though I have to say it's hard to stay interested in these times. also the none you explain it all, you explain it all nicely but its still hard to believe in xrp in these times

  • @glennglenn2821
    @glennglenn2821 ปีที่แล้ว

    TY!