Point is avoid selling for fiat, I think the best option would be to buy gift cards with your crypto or get a card you load up with a stable coin and run with that instead of lumping cash and sending it to your bank account to be taxed to death
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Or maybe find a way to do a face to face transaction crypto for cash? But that is hard as hell and also really risky. :D
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I agree, but I think P2P networks should totally become a thing, it's something I plan on building in the future, but theirs so much to do around it
IRS won't buy that. Even exchanging from one crypto to another is taxable. If found out, they tax you to death AND charge penalties and interest.
Then simply use a currency like Zcoin or Monero, history is erased so you can clear yourself of all those previous transactions and then only have the fiat one declared
It would be nice to buy things directly with crypto - even if I had to say, sell BTC into a stablecoin and use that for day-to-day purchases on a debit card.
The idea here though is how do we live off of our crypto and treat it like a currency. As of right now, the systems aren't in place to handle that so if I want to go buy a cup of coffee, I sell a chunk of BTC into fiat each month and budget out a few purchases like that.
The IRS will always find a way to get paid, so being a U.S. citizen, I know that I will have to abide by their rules. There really isn't a way around paying taxes, but there are ways to bend the rules a bit and do some "creative accounting" as they say and reduce the taxes that we pay.
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I guess for me I don’t want to have my bitcoin pizza moment and have bought something with it and regret it later as the price moves up! Not that I haven’t bought with BTC I have I bought solar panels with it and I’m sure it will be my BTC pizza moment but I’ve also invested in other things with it to hopefully get a return in something deflationary
The crypto market makes the national tax laws seem obsolete let’s say you buy something from me that’s digital an ebook! Who should get the tax? The US? The server where the eBook is stored? It’s going to bring in a lot of tax reform that’s for sure! I agree the US government is going to want their piece of the pipe always And creative accounting cost money.
What I think will happen is certain states will be more friendly to it and gobble up those citizens and businesses and create competition that way! Let’s say one state pulls out no tax on crypto pretty sure it will have a knock in effect the same with countries!
I have no problem leaving mine to protect my wealth I’m not tethered to any place, go where you’re treated best I say