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bitcoin is probably doomed in US because it is taxed as asset and isn't considered a "money" by the IRS. Hence to actually legally use it as a money is a huge p
by option 9y ago
bitcoin is probably doomed in US because it is taxed as asset and isn't considered a "money" by the IRS. Hence to actually legally use it as a money is a huge pain tax-wise (imagine having to calculate holding periods and capital gains each time you buy a coffee)
But US isn't entire world.
- CyberDildonics 9y agoPeople keep saying this, but it just isn't true. All you have to do is match transactions with price. It can be done automatically.
- option 9y agoA lot of things "can be done". And what is not true? Bitcoin IS considered an asset by the IRS
- CyberDildonics 9y ago> bitcoin is probably doomed in US because a bold prediction, not backed up by what you are saying because: > to actually legally use it as a money is a huge pain tax-wise Is not true.
- ringaroundthetx 9y ago> Bitcoin IS considered an asset by the IRS Yes, that is true and nobody was arguing that with you. Thats not controversial or interesting to anybody but you. It simply makes other considerations necessary to use it practically. And software already exists to alleviate how it is used, when used as payment network rails. In your attempt to imagine next week's death knell for bitcoin, in the US, you missed all the tax advantages the IRS has created for bitcoin by classifying it as property, such as the ability to like-kind exchange forever and never have a tax event (unless you buy something).