This is the biggest thing for Bitcoin mass adoption that NOBODY is talking about. Big-blockers used to complain "nobody can use Bitcoin to buy a cup of coffee because of confirmation times." ....
Now with Lightning that's no longer a problem... But you know what is? Capital gains. We're STILL required to account for every single purchase. NO de minimus exemption. Technically, every Zap is a reportable event.
đź’Ż
I'm not reporting this zap. (Or any other)
It’s entirely because it’s not yet considered a currency. Simple as that. Blah blah store of value, blah blah digital asset, blah blah. Cyptoasset blah blah. Asset = CGT. Currency = no CGT.
There are many ways to fix this. De minimus as I said, or simply declaring "it's a currency." It's not like you have to report capital gains if you pay for a coffee in Euros in Paris. It's ludicrous that USA'ans are expected to do the same with BTC.
But until this is fixed, it's like cannabis pre-legalization. You're going to have all the "cool kids" skirting the regulations because they've got their dealer hookup or grow their own... which is fine... But it doesn't scale to the masses.
Brits have to report too “officially”. You are “meant” to report all realisations (which includes spending Bitcoin for a coffee) entirely because it is classed as an asset and not a currency. And yes until that definition is changed within a legal framework, people will still transact.
