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In the US, buying something with bitcoin is the same as selling your bitcoin for cash.
by DennisP 6y ago
In the US, buying something with bitcoin is the same as selling your bitcoin for cash.
- compsciphd 6y agoI think that's his point. when he deals with an exchange, they deal with all the accounting, i.e. reporting how much he made or lost on the transaction. if he pays for it at Tesla, he has to handle all that accounting himself.
- xiphias2 6y agoThey don't deal with it, but at least you can export the data in a format that is clear to accountants, and tax authorities can check the bank accounts. I'm not in US, and I wouldn't want to explain the details of Bitcoin transactions to tax authorities that don't know it well.