I think the real challenge is to get people to spend it. I can see Lightning payments replacing cc’s.
From the stand point of just buying vs selling a good or service, i would argue that it’s marginally cheaper than buying since you’re getting the gross profit as a markup. For instance, I’m swapping a $50 (cost) lamp that is sold for $100 in Bitcoin. Yes there’s a tax cost to account for but it should still be better if you can get people to spend their Bitcoin.
Good conversations, maybe someone reads and gets inspired. 🤝
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The problem with any transaction (on-chain, lightning, or other layers) is we go back to the same taxable event.
I buy a cup of coffee with lightning or liquid and it’s a taxable event.
Maybe a bill gets passed waiving transactions less than $10K (or w/e is reasonable) per year from being taxed. That would be insanely positive. Ideally no limits but not holding my breath.
What would be cool, and maybe you know if this exists or not, is having a lightning wallet that smash buys BTC/lightning at the same moment you make the purchase. Only downside is you need a bank account to fund the purchase with fiat unless there’s some other way to do it. I thought about this a few years ago. Vendor still has the same issue though.
For example, I walk into a coffee shop and order a cold brew and we scan the lightning invoice for 8,000 sats (approx $5). The lightning wallet immediately buys the equivalent amount of lightning/BTC resulting in no taxable event for the user since there was no cap gain or loss (bought and sold for the same price). I’m ignoring fees but maybe the wallet can charge a flat subscription fee instead of a service charge/fee per transaction to truly be a no tax event.
Are you a developer? Let’s work on this! Haha