Trading Cryptocurrency with Rhys King

I do look at Bitcoin as more of a savings vehicle than then necessarily a trading instrument.”

An eCommerce Entrepreneur, Founder & CEO of Star Name Registry, Maps for Moments and Pick a Poem. He has a unique way of taking business concepts and turning them into enterprise-level realities. Star-Name-Registry.com and Mapsformoments.com were formed in 2014 out of my interest and passion for space. He employs 37 members of staff across our offices in Australia, the USA, and the UK.

Largely self-taught, he created his business with no more than a few hundred pounds in the bank and no professional help. He researched everything that he needed to know; from marketing, SEO, and website development, to managing finances, hiring staff, and running global operations. Skilled in eCommerce, logistics, marketing, sales, business development, and operational management, he has created companies that go against the corporate grain. He takes best practices and modernizes them. He focuses on creating vibrant and engaging workspaces where teams can learn and thrive. He places the customers and teams at the center of every strategic decision - never sacrificing on quality and always looking for ways to optimize our processes!

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Brett:

I’m excited about our next guest. At one point, he was heavily involved as a broker and a trader, and cryptocurrency. He's also launched multiple companies and he's like an entrepreneur, serial entrepreneur, and has tons of background in logistics, marketing, sales, business development, operational management, and I'm looking forward to diving into this conversation with?Rhys ?and making sure I pronounce it correctly.

Rhys:

Yep, thanks for having me.

Brett:

Welcome to the show. For our listeners to get to know for the first time, would you give us a little bit more about your background and your current focus?

Rhys:

Thanks for having me. I got into e-commerce at quite a young age, around the age of 14, started on eBay, slowly learned how to create websites, graphic design, that sort of thing. Eventually, I got into personalized gifts, and that's when I moved to the capital of Wales, and from there, I started to trade a bit of crypto. I first heard about it must have been 2011, and at that point, I shrugged it off a little bit. Focused on the gift company, carried on my interest with crypto, and then as I started to make a bit bit more money, I got back involved with crypto again, and then it developed from there, and then when COVID hit, I was looking for an inflation hedge more than anything. I started looking at gold crypto and picked up from where I left off, and that's where I decided to really dive in, go down the rabbit hole, really learn a lot more about crypto, and that's what I'm now. The e-commerce company also did pretty well through COVID. Which again, has been a pretty big learning curve as well, to be honest.

Brett:

Thank you so much for sharing and I believe we've been given certain gifts and this life called superpowers, people call the strengths. I believe their God-given gifts, and they have given to us to be a blessing to others. I'm curious, what's the number one gift you believe you are given? And how does that help, how do you help and bless people today?

Rhys:

Being able to make money has probably always been something I've been really good at, and I'd say, the way I probably help people is quite heavily involved with a lot of charity. I give back a lot that's right at the center of everything I do, and pretty much everything I try and get involved with.

Brett:

I love that making money and being able to give back to charity are two good things. Why do you want to create? Well, there's so we can give and help more people. That's a beautiful thing. Let's dive right into the number one secret that you found trading, buying, and selling cryptocurrency?

Rhys:

I was overcomplicated at first. When I was a broker, I was in arbitrage trade and that kind of work at the time back in 2013. But to be quite honest with you, I think my strategy now is just DCA. Just buying consistently, periodically, and holding you. I've sold a little bit on some of the depths just to take a bit of profit. But I do look at Bitcoin as more of a savings vehicle than necessarily a trading instrument.

Brett:

I think it’s coming from your background as a broker for this. Because it's such a volatile market 2017 is kind of this massive amount of gains, and then it all fell apart for the most part. Given the federal coin you're on then you see this massive amount of run-up about five months ago, and now we've pulled back quite a bit as well, and so what’s been the biggest frustration regarding Capital Gains Tax either for the folks that you're helping or for yourself when it came to selling right because cryptocurrency is subject to Capital Gains Tax it's an asset. What was the biggest challenge that you found during that time period?

Rhys:

There are two sides to it, I think the biggest challenges are if you're going in and out of different currencies, you've got stable coins if you're putting fear into stable coins, you've got a taxable event there, and then as you go in and out of Bitcoin or any other cryptocurrency, then also those can be taxable events as well. I think on the flip side, if you time it right, you can end up with a way to deduct and bring down your capital gains tax bill. For example, with this crash, the tax year in the UK is around April. The fifth, that dip, allowed some people to sell a bit lower and then buy back in the new tax year, and utilize that.

Brett:

It's like guessing tax-loss harvesting and depending on your state or your country that you're in, they have different rules for that. I think the US has put a stop to that. But you could sell and then take that loss, and then immediately buyback and lo, and establish a new basis to run it back up, which is pretty, pretty awesome. Again, check with your CPA. We're not firing tax or legal advice. We want to make sure that's all aboveboard. What's the one thing you really learned? Besides savings? It's more of a savings account, and maybe not trying to work? The high lows? What was the one thing that shifted that mindset or the one thing that you really make sure you practice? when it comes to purchasing cryptocurrency?

Rhys:

Probably the main thing is just making sure I keep it secure. I just follow a strict periodic buy. If the price dips low, going off the fundamentals, the markets looking like it's a button, then I would always put in a larger amount. Be in general, it's just making sure it's secure and continues to DCA consistently. I just believe we're in an accumulation phase at the moment. Really want to hold on to it.

Brett:

Buying at the Dibs buying, well, long-term hold. It's like, treat it like a savings account. Essentially, you're not treating it like an investment account, although it is definitely an investment. But you're buying, you're putting your savings in their dollar-cost averaging in buying low, trying to run it up, and then obviously keeping it secure. What are just some best practices that you're using to keep it secure?

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