Now that BTC is a taxable asset, what's the advantage of it?

[oyarde]

just cuz they don't know it doesn't mean its not taxable though.

Article One Section Two says I do not need to. LOL

 

[r3volution 3.0]

Those aren't really practical as currency like BTC is ATM, so not really comparable.

BTC isn't practical as currency either.

It's only being used for speculation.

 

[Keith and stuff]

They know when you withdraw for fiat. In the US it is going to be a KYC exchange like Coinbase if you want USD. Otherwise how would you end up with fiat that you can use to buy anything? (since no one is really taking BTC now because of the volatility and fees)

1,000s of places in the U.S. either directly take Bitcoin (most common per capita in New Hampshire) or indirectly do via gift cards or credit cards. If you live in an area where 1,000s of people use crypto, it is pretty easy to exchange for money or a car or rent or house. You must not have ever been to New Hampshire Just attend your local weekly Bitcoin meet up and ask people.

 

[dannno]

BTC isn't practical as currency either.

It's only being used for speculation.

1,000s of places in the U.S. either directly take Bitcoin (most common per capita in New Hampshire) or indirectly do via gift cards or credit cards. If you live in an area where 1,000s of people use crypto, it is pretty easy to exchange for money or a car or rent or house. You must not have ever been to New Hampshire Just attend your local weekly Bitcoin meet up and ask people.

 

[TheTexan]

Maybe Rand can convince Trump to abolish the IRS next.

Only after I get my wall , ok

 

[r3volution 3.0]

Today's average transaction fee: $28.62

 

[Anti Federalist]

Gold and silver are taxable assets, what is the advantage

There are not ten go-jillion terabytes of big brother tracking my silver.

 

[oyarde]

Today's average transaction fee: $28.62

About the same as a local bank charges if you bounce a check or cancel a check . Pretty high.

 

[gaazn]

It's a whole lot easier to move $10 million in bitcoin across borders than it is to move $10 million in cash, perhaps even 10000 in cash.

 

[specsaregood]

It's a whole lot easier to move $10 million in bitcoin across borders than it is to move $10 million in cash, perhaps even 10000 in cash.

That a problem you have often? moving 10million across borders? are you the secret Ron paul supporting billionaire?

 

[Mordan]

That a problem you have often? moving 10million across borders? are you the secret Ron paul supporting billionaire?

not often. but the fact you can do it when need it makes it a permanent advantage.

 

[specsaregood]

not often. but the fact you can do it when need it makes it a permanent advantage.

over what? I can send a wire transfer easy enough.

 

[r3volution 3.0]

About the same as a local bank charges if you bounce a check or cancel a check . Pretty high.

Sure, but you don't pay that fee every time you buy something.

 

[specsaregood]

Sure, but you don't pay that fee every time you buy something.

Other than the transaction fee, why would I want to use BTC to buy something online instead of a credit/debit card/paypal?
Using BTC puts all the risk on the buyer, whereas with the cards, the risk is all on the merchant.
If I buy something with a card and it never gets shipped or I don't like it and wont return it, etc. I can always dispute/chargeback the transaction and pay nothing. Not so with BTC.

 

[oyarde]

I look at bitcoin as a speculative investment . I cannot really use it for anything I buy . I am old and buy very little .

 

[specsaregood]

I look at bitcoin as a speculative investment . I cannot really use it for anything I buy . I am old and buy very little .

That's exactly what it has turned into and the current problem with it.

 

[dannno]

Today's average transaction fee: $28.62

$5.80 on blockchain.info right now, I dunno how they are calculating this.. I had a high fee a couple weeks ago at $17, but most of them lately have been $7-$11.

 

[dannno]

That's exactly what it has turned into and the current problem with it.

So if you speculate that it will actually be useful and valuable in the future it is a problem to buy it for the purposes of speculation? Why? Especially when a lot of them don't believe in the viability of our current economic or monetary system..

Certainly there are people speculating that the value will go up who don't believe in the longterm viability of crypto, and who believe the current monetary system and economic system are perfectly ok. I don't really see how that is a problem though either.

 

[devil21]

That a problem you have often? moving 10million across borders? are you the secret Ron paul supporting billionaire?

It's a rather strange example, I think. Even when $10m in bitcoin is "smuggled" across a border, usage is still limited to bank cash/ATM withdrawal limits and other fincen regulations, since crypto itself isn't accepted as payment hardly anywhere and it's not direct payment method anywhere like cash is. Usage of bitcoin still 99.99% relies on the established Rothschild banking system, no matter where you start out and end up.

 

[dannno]

It's a rather strange example, I think. Even when $10m in bitcoin is "smuggled" across a border, usage is still limited to bank cash/ATM withdrawal limits and other fincen regulations, since crypto itself isn't accepted as payment hardly anywhere and it's not direct payment method anywhere like cash is. Usage of bitcoin still 99.99% relies on the established Rothschild banking system, no matter where you start out and end up.

That is incidental, not bitcoin's fault, it's not a limitation, and it is actually a good thing from an investment standpoint because that means adoption has a long ways to go and thus it can become much more valuable.

But if you took the money somewhere else and wanted to buy a car, you could be like, 'hey, I want to buy a car for 1 BTC' and they might be like, "oh well I want $13k US dollars" and you could be like "Well 1 BTC is worth $13.7k, you can open a BTC wallet and get $13.7k and after fees you will make at least a $500 profit". And ya, they will have to interact with the bank, if they choose, or they can use their BTC to barter. You can go out and do the same thing to buy gold or silver and trade those things for cash if you need cash to buy things, but again that is incidental, not bitcoins fault, and it is not a limitation.

But ultimately, unlike what you said, the banks are NOT necessary for bitcoin to be used as money. The banks, fiat, all of it could disappear overnight and that would make crypto that much more valuable.

The reason it is a good example is because it is much more difficult to get that $10 mill to another country in the form of cash or wire transfers. It has about the same value once it gets there. I don't understand why this is a bad example.