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How does this work for a coffee shop that does not exchange bitcoin for dollars? Say they sell a medium coffee for $4.44 (that's the price I pay for my coffee a
by zacinbusiness 13y ago
How does this work for a coffee shop that does not exchange bitcoin for dollars? Say they sell a medium coffee for $4.44 (that's the price I pay for my coffee at my normal "spot.") Or you can pay, say, .002 BTC (I'm guessing here on the amount BTC). But let's say if you send them bitcoin that they just keep it or spend it somewhere else that also accepts bitcoin (and preferably that also doesn't cash them out).
- derekp7 13y agoIf bitcoin is property, then this should be handled the same way barter is handled. Taxes would be paid on the fair cash value of the property. This is also what would keep USD in use -- it is the only currency the government accepts to pay taxes.
- zacinbusiness 13y agoAh interesting. Would price volatility make this practice too difficult? Or would the market eventually reach a basic equilibrium price?
- derekp7 13y agoActually, I think I stated that kind of backwards. If I sell you a cow for 2 BTC, then I owe taxes based on the cash value of the cow. Same as if I sold a cow for 10 pigs. But, you can't pay taxes in BTC or pigs, so that is one thing that will always keep USD in use.