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Ironically, the most cost efficient way of acquiring BTC today may well be to go out into the world and earn dollars (e.g. a job) and then use them to purchase
by plg 13y ago
Ironically, the most cost efficient way of acquiring BTC today may well be to go out into the world and earn dollars (e.g. a job) and then use them to purchase BTC from an exchange.
- wmf 13y agoPeople forget that this was intended all along. Mining exists to secure Bitcoin; Bitcoin does not exist to serve miners. Back when people used gold coins very few of them were miners either.
- vertex-four 13y agoNo, the most cost efficient is likely to go out into the world and earn BTC (e.g. a job). It's just that it's a bit difficult to find people who have BTC to pay you with at the moment.
- deleted 13y ago[deleted]
- vertex-four 13y agoNo, it is not, in most countries. As bitcoins are considered a good, it is generally considered barter. A contractor can accept whatever they want in return for their services, and there's specific taxation rules set out for it, at least in the UK.[0] An employment arrangement, however, might require that a reasonable currency (either the legal tender of the country, or whatever the court decides is reasonable in countries which do not have a legal tender) is offered. Certain laws might allow the employee to opt in to being paid in Bitcoin anyway; BitPay supports this in the US via their Payroll API[1], and I have yet to hear of any legal challenges to it. [0] http://www.hmrc.gov.uk/vat/managing/special-situations/samples.htm#4 http://www.hmrc.gov.uk/vat/managing/special-situations/sampl... [1] https://bitpay.com/bitcoin-payroll-api https://bitpay.com/bitcoin-payroll-api