So as it is right now bitcoin is taxed on any gains when you convert it to other currencies or to fiat. That means it’s practical to hodl but not to really move it around in the market very much. Similarly selling it to pay for things like food and rent doesn’t make sense because then you have to pay the taxes on the conversion to fiat.
But what about paying for things directly in bitcoin ?
Say you hire someone to paint your house and pay them in bitcoin. How is that calculated ? Is that a taxable event? If so it’s fucking dead as a currency because it becomes absurd to pay taxes for every single cup of coffee or service you use.
Bitcoin needs to be regulated as currency, not property. The USA is ass backwards on this one. The rest of the world doesn’t treat it that way and it puts the USA at a huge economic and technological disadvantage compared to other nations. Where adoption is far simpler and way less friction.
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