If Bitcoin is a commodity, isn't trading it for other goods and services technically bartering? Bartering is not taxable. Not financial or tax advice.
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Bitcoin is money, no need to pay tax when trading it for other goods or currencies
Barter is taxable ! At least in US ..
Turns out you're right. Federally and in some states, the fair market value "must" be reported by both parties. I've heard several reliable sources say Bitcoin has no intrinsic value, though.
If income is taxable, that might be problematic for some.
Sure income is taxable, but you don’t pay capital gains on $1 if you buy a pack of gum.
Some people do with Bitcoin, it's ridiculous.
Intrinsic value is a Keynesian myth. Value always depends on a human, as it is a verb.
Just as true with gold as it is with Bitcoin.
Fuck. Maybe I should've read some Hayek.
Most ridiculous of all was the guy that solo mined a block and dutifully paid taxes on it 🤦♂️
Like, whyyyyy?
And then we told them if they get magic internet money, they need to pay taxes on that..
