If the tax on Bitcoin was eliminated I would go 100% in on it.
Discussion
I’ve been all in thanks to the nostr:nprofile1qqsvn0dkjt80raqrxd470c98n7zrdehmcvj6p5hgw3kyku6zyd8z0fqpz3mhxue69uhhyetvv9ujuerpd46hxtnfduq3qamnwvaz7tmwdaehgu3wwa5kuegufe9k5 bill pay and it has been working out great. I no longer have to worry about keeping fiat for bills and can have it all in bitcoin.
If there are taxes, then that means I came out ahead. However, removing taxes on bitcoin would be incredible and it will happen at some point in the future.
For me I’m not worried about paying the taxes, I’m worried about the hassle of filling with individual sales for buying stuff or using fiat
Good point. I’m letting Strike keep track of that for me. If you choose to report private Lightning payments then this program is helpful. Currently in beta.
Cool thanks, was it hard for you doing your taxes?
I’ll let you know next year! Haha. Started it in 2025 so didn’t have to worry about it this time. If you do everything at Strike, it should be straightforward since they give you the tax form.
How heavy is the taxation on your region?
I would go on a spending spree. Instead for now I use it as my long term savings account and just watch it grow. Restaurants around me don't even accept Bitcoin which is sad because I'm always hungry.
If you are still thinking in this way. You have already lost. None of what you are worried about actually matters if you use the tools correctly. Also stop bridging your fiat mindset and btc mindset, that will only bring you trouble.
Thanks Elmo
Seriously though. The only real reason to worry about capital gains tax is if you sell large amounts on a central exchange. Think P2P and you will be fine. Use private spends in Sparrow Wallet. Stay under the radar. If you are going to think in terms of "fiat". Use cash
No one "owns BTC". The SEC declaring it as property is a scam. Where they get you is in the terms and cconditions and regulations of a central exchange. Selling or using BTC P2P is not and will never be illegal. If you use good privacy tactics and opsec there is no problem. The only way you can get in trouble P2P is if a FED sets you up for aiding illegal activity. To achieve thay they will have to say something like: "Thanks dude Ima take this BTC and buy drugs on the dark markets. Then they get you for aiding illegal activity not selling your BTC. There are people out there who can fuck you. But BTC "taxes" are all an illusion :)
Ya go back 3 weeks and listen to the most recent mallers money matters podcast. It’ll change you