5Mon·

How do you actually handle swaps from e.g. $BTC (-0.22%) to $USDC (+0.25%) or other stablecoins in Getquin? It's not really a sale, especially as I'm planning to reinvest the amount. I created a transaction in USDC and took the cost basis (profit) with me, but somehow the $BTC (-0.22%) decrease. If I also enter a sale, I have realized a profit, although this is not correct. I would be very happy to receive tips from you or that Getquin integrates a solution for this. Thank you very much.

7 Comments

FairValue@FairValue

5Mon

Why shouldn't that be a sale?

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Chris@MrVice

5Mon

@FairValue No realized profit. If the Bitcoin continues to fall and I swap back, then I want the cost basis to be taken along. Let's say I bought Bitcoin with a cost basis of 50,000, it has risen to 90,000 and I swap to USDC. If Bitcoin then falls to 70,000 and I swap back, the cost basis is of course lower than 70,000. But maybe I'm thinking wrong.

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FairValue@FairValue

5Mon

@MrVice Yes, that is a mistake. An exchange into a stablecoin is more or less the same as an exchange into euros, dollars, etc., i.e. a sale with possible realization of a profit (according to individual valuation or FIFO principle)
If you buy BTC for 50k, it rises to 90k and you exchange into USDC, you realize a profit of 40k at that moment.

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Deleted User

5Mon

Comment was deleted

Chris@MrVice

5Mon

@PowerWordChill That's the crux of the matter. I should have mentioned that I am Austrian.

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FairValue@FairValue

5Mon

@PowerWordChill Ah pardon, I didn't see that it was about Austria.

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Chris@MrVice

5Mon

@PowerWordChill How would you handle this? My idea would be to have only one transaction per coin and to change the respective cost basis if necessary. I determine the cost basis with Blockpit.

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