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> One way to start selling a bit is to actually spend them. That is what I was getting at, in order for Bitcoin to have a reason to exist people must spend the
by d4vlx 13y ago
> One way to start selling a bit is to actually spend them.
That is what I was getting at, in order for Bitcoin to have a reason to exist people must spend them on goods and services. Bitcoin most likely would not exist for long if it became purely a store of wealth. Not that that will happens but many people are treating that way.
> no tax implications
Wouldn't that be tax evasion?
- Toucan 13y agoUK point of view: No, it's tax avoidance. Tax will still be paid in the form of VAT/Sales Tax and Corporation Tax. You avoid paying Capital Gains tax.
- oleganza 13y agoIf bitcoin becomes a universal "store of wealth" it automatically becomes the only currency: most marketable, most liquid, cheapest to transport and store currency. See my big comment on how this happens elsewhere in the comments in this post. Gold is not currency because it's too damn expensive to store and move. Capital gains tax evasion - maybe, I'm not a lawyer and I'm not advocating it. But it's clearly a motivation for some people to spend bitcoins directly without going through an exchange.