Wednesday, February 10, 2021

I would never buy anything with BTC, just because of tax implications

I have no idea why anyone would ever use bitcoin to buy anything. It's hard enough to get together every trade I made for the tax man. Why would I complicate things by using bitcoin to pay for a pizza or something? Now suddenly I need to keep track of every small thing I bought since they'll want to know where it went in an audit. Buying something with BTC is basically a taxable event since I'm selling BTC again. This makes the entire process way more complicated than it already is.

Does anyone actually use bitcoin for anything other than trading? The tax implications are way too complicated if someone actually wanted to use it as a currency.


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