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Retailers don't accept crypto not because of the technology so much as the fact it is a capital gains event every time you transfer crypto, which means both the

Retailers don't accept crypto not because of the technology so much as the fact it is a capital gains event every time you transfer crypto, which means both the buyer and seller are now forced to keep a log of their gains/losses against the dollar everytime they buy a pack of gum. Obviously that's extremely impractical and at best you're hiring a 3rd party to streamline that for you. It's a clusterfuck at tax time (edit: stable coin doesn't help here -- you must still report gains on stable coins as it is still a $0 capital gain which is different than no capital gain). Retailers already dealing with capital gains and with high chargeback rates love it though. For instance, it's usually the cheapest same-day clearing way to buy precious metals online since credit card rates are high (chargeback), ACH takes days, and wires tend to cost $15+ with many banks.

linkregister 10mo ago
Reticence among retailers predates the capital gains policy of the IRS. The volatility of Bitcoin's value induces excessive exchange risk. However, we don't see capital gains nor exchange risk with stablecoins. I assume that network effects are insufficient to drive retail demand for stablecoin support.
- buckle8017 10mo ago
  > Reticence among retailers predates the capital gains policy of the IRS. The volatility of Bitcoin's value induces excessive The IRS policy is irrelevant, the law always required payment of capital gains. It's consistently been the hardest thing about accepting Bitcoin for payment. Foreign currency payments are largely exempted.
- jermaustin1 10mo ago
  The volatility of bitcoin is why there is capital gains on every trade, it has nothing to do with the IRS's new crypto policy. If a bitcoin rises or falls by a calculable amount between when you received it vs when you spent a portion of it, you have gains/losses. That has always been required by the IRS to be reported, whether that is a BTC or chicken feathers.
Sargos 10mo ago
You do not need to report a $0 capital gain when using stablecoins. Sure crypto can seem like the wild West with CPAs having different opinions on what little official guidance is out there but that one is simply absurd.
- mothballed 10mo ago
  CPA Miles Brooks claims you do[] You are required to report capital gains and losses from stablecoins on your tax return (though it’s likely that your gain will be close to 0). [] https://coinledger.io/blog/stablecoin-taxes https://coinledger.io/blog/stablecoin-taxes

linkregister 10mo ago

Reticence among retailers predates the capital gains policy of the IRS. The volatility of Bitcoin's value induces excessive exchange risk. However, we don't see capital gains nor exchange risk with stablecoins. I assume that network effects are insufficient to drive retail demand for stablecoin support.

buckle8017 10mo ago
> Reticence among retailers predates the capital gains policy of the IRS. The volatility of Bitcoin's value induces excessive The IRS policy is irrelevant, the law always required payment of capital gains. It's consistently been the hardest thing about accepting Bitcoin for payment. Foreign currency payments are largely exempted.
jermaustin1 10mo ago
The volatility of bitcoin is why there is capital gains on every trade, it has nothing to do with the IRS's new crypto policy. If a bitcoin rises or falls by a calculable amount between when you received it vs when you spent a portion of it, you have gains/losses. That has always been required by the IRS to be reported, whether that is a BTC or chicken feathers.

Sargos 10mo ago

You do not need to report a $0 capital gain when using stablecoins. Sure crypto can seem like the wild West with CPAs having different opinions on what little official guidance is out there but that one is simply absurd.

mothballed 10mo ago
CPA Miles Brooks claims you do[] You are required to report capital gains and losses from stablecoins on your tax return (though it’s likely that your gain will be close to 0). [] https://coinledger.io/blog/stablecoin-taxes https://coinledger.io/blog/stablecoin-taxes