Replying to Avatar Globe99

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.
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TheBitcoinBattery 7mo ago

I'm not reporting this zap. (Or any other)

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jamw 7mo ago

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.

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Globe99 7mo ago

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.

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jamw 7mo ago

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.