"how are people affording life right now?"
My grocery bills are 60% cheaper this year thanks to operating on a #bitcoin standard. 👇
Discussion
all zaps from this are getting spent on steaks from my bitcoin-accepting local butcher:
https://nostrcheck.me/media/public/nostrcheck.me_4998368639582083671705544608.webp https://nostrcheck.me/media/public/nostrcheck.me_2950114619789693231705544614.webp
Interesting thanks for sharing 🙏💫
How do you handle taxes? This is my primary deterrent to using #bitcoin as my main method of payment. Just stacking those sats for now
Get a wallet that calculates fiat price at time of calculation and gives capital gain/loss. coinos.io does it for every transaction and supports Lightning + Liquid.
There is also a threshold, I think it's $1000 in Canada. So if you can keep your food budget to < $999 per month. I think you're in the clear. Probably want to check with a tax accountant but they aren't necessarily up on the Bitcoin exemptions either.
I am US Latam based, I’ll look more into to. Thanks! 🙏
For someone in Canada who has a single source of employment income, does living on a Bitcoin standard mean also simply stopping filing annual income tax returns? I’m not sure how else a worker in Canada makes the majority of their day to day purchases using Bitcoin without triggering a million taxable events (due to Canada’s 10% capital gains tax on BTC holdings) and creating a nearly impossible bookkeeping task, figuring out the price basis, margin and capital gains tax owing on every single Sat they spend. I can understand this being viable for an individual operating as a proprietor, with enough customers that are Bitcoiners to be able to just accept Lightning payments for services and goods in trade, but I just don’t understand how an employee would make such a shift when:
A) your employer isn’t BTC literate enough to acquire non KYC Bitcoin in the first place
B) your employer isn’t willing to accept the tax liability risk of having you essentially work under the table, and avoid collecting and remitting payroll taxes on your behalf
C) the stack you have amassed so far that you could potentially use to start buying goods or gift cards is largely KYC Sats,
without creating a tax liability or a monumental filing challenge or getting fined or charged. While a nice thought, isn’t this video massively oversimplifying the answer to leveraging the soundness of BTC vs fiat for day to day living?
Wallets like CoinOS calculate price basis in fiat at time of incoming transfer + expenditure. You can then export this as a CSV to a calculator/tax app like Koinly, which can figure out the total amount of capital gain/loss (if any occurred) on the entirety of a given period's history. It is an extra step or two but it's do-able - and definitely easier if you are a contractor/proprietorship vs employee.
Thanks so much for the reply! I have been trying to convince my employer of the value of starting to accept Bitcoin and make it part of the corporate treasury as a means to combat inflation, but the learning curve is too steep for him to get comfortable with it in the 5 milliseconds of free time he has every day.
Moar of these video. Moar. Everywheaaar. Foreveear.. ROAAR! #Bitcoin
What app or website is he using that has the map of the bitcoin businesses?
Nice I will visit Vancouver next week. Hopefully I could drop by. Do you accept eth?
Keep up the videos! They are great for sharing with normies.
Love it!
