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> AFAIK, the fraction of transactions for goods is minuscule. Yes, it’s a commodity, not currency.... yet, if ever.

• jki275 7y ago
  The reason for that may be that it is so difficult to use precisely because of these tax policies.
  • Retric 7y ago
    Software can easily track when transactions happened and what the value was, just consider day trading as the extreme version. The real issue was unlike the original proposal transaction fees eventually grew large enough killed off the traction bitcoin was gaining. IMO, there is still a huge opportunity for sub 1 cent transaction fees when buying a soda at a vending machine or at small shops.
    • jki275 7y ago
      Transaction fees were only large for a short time due to the BCH attack. The vast majority of people don't understand doing taxes for day trading. There are plenty of cryptocurrencies with very low transaction fees. That doesn't fix the issue.
      • Retric 7y ago
        The 1c per transaction of early bitcoin was compelling. That’s the case I am talking about, once they broke 10c/transaction bitcoin lost and it’s still past that threshold. Don’t forget buying bitcoin’s also has transaction fees and you get real volatility, so it needs very low fees not just seemingly reasonable ones.
        • nostrademons 7y ago
          There are still cryptocurrencies with that - Nano, Iota, EOS, Stellar all have basically negligible transaction fees, and even Ethereum isn't that expensive. That Nano hasn't really caught on is an indication that the barrier to mass adoption of cryptocurrencies lies somewhere other than transaction fees.
        • jki275 7y ago
          credit cards have higher fees than 10c per transaction. It's not the transaction fees, it's the friction in its use that prevents users from wanting to use it, and it's the tax implications in its use that prevents business adoption.
          • Retric 7y ago
            Yes, but credit/debit cards can be paid via bank transfers without fees and they can also give cash back, reverse charges etc. Using Bitcoin on the other hand means buying it which Coin Base for example charges 1.49% to do. Anyway, a 10+cent transaction fee is not really a downside as long as it’s competitive, but it does reduce the incentives for adoption.
            • jki275 7y ago
              You don't have to buy from coinbase, but that sort of thing is what I was referring to by friction.
      • lawn 7y ago
        > Transaction fees were only large for a short time due to the BCH attack. Well that's new. There was no "BCH attack" that drove up the fees. BTC simply couldn't keep up with the demand and the fomo that made people pay ridiculous fees to not miss out on the crazy pump.
    • nostrademons 7y ago
      Nobody wants to file a 1000-page Schedule D listing every consumer transaction they made with cryptocurrencies, regardless of whether it's generated by software or not.
      • jki275 7y ago
        Most people don't even know what it is, they just know it's ugly and painful and taxes are hard.