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Excellent point. This also lends to it being easier for US tax subjects to use the dollar as a unit of account and ignore its (small, but not insignificant and
by datadata 4y ago
Excellent point. This also lends to it being easier for US tax subjects to use the dollar as a unit of account and ignore its (small, but not insignificant and always trending downward) value changes. I think a crypto wallet app that optimized for this problem would be super valuable, e.g. making doing taxes of these transactions seamless, and suggesting paying using a currency that is optimal for taxes (e.g. realizing a loss if that is possible, because then your purchase would come with a tax credit.) There are also efforts by legislators to enable de minimis exemptions for crypto transactions (taxes waived if the transaction size is sufficiently small)