Abolish income tax. Abolish the IRS. Taxation is theft. Those are the biggest conclusions I come to re: the IRS's new accounting method. Of course, the other conclusion is: don't sell bitcoin. Based on my best understanding of what this new rule means, it only applies if you sell bitcoin. But if you try to live on a bitcoin standard, there's a risk that you'll incur taxes based on the earliest bitcoin you ever purchased. So apart from the 3 conclusions above, I also conclude 1) I need a USD emergency fund that won't get taxed when I dip into it. 2) I need my daily spending accounts in USD Neither of those can be Bitcoin. If they're Bitcoin, then the cost of everything I buy increases by the capital gains tax rate I have to pay. This is way to complex. Which leads me back to these three conclusions: Abolish income tax. Abolish the IRS. Taxation is theft.