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RE: Why I Think Paying With Bitcoin At Starbucks Is Positive News, Although I Would Never Spend Bitcoin At Starbucks

in #bitcoin6 years ago

This is really great news. I still don't think I'll actually be spending even my STEEM, or any crypto for that matter, but I think even just having the option there popularizes the idea that crypto is real. That brings more investors into the overall market, and that's what we need.

The issue we have here in the US is the 20% capital gains tax being applied to all crypto transactions as of this year. Until Congress changes that tax law to at least exempt trades of under $600, there aren't going to be many people using crypto to buy a cup of anything at Starbucks. The tax on gains may not be much, but the time it takes to calculate and track gains and losses on every transaction will prove prohibitive.