Re:MasterCard to open up network to cryptocurrencies
by jkepler on Thursday February 11, 2021 @02:39PM
(#26106102)
> Otherwise they'd be unable to tell how many $ you paid to acquire the Bitcoin you just spent.
This is a massive reconciliation and record keeping overhead problem if you live in a jurisdiction that taxes crypto transactions for capital gains/losses. Michael Saylor said just recently in his interview with What Bitcoin Did that MicroStrategy plans to only use bitcoin as a treasury reserve asset and not as a transactional currency precisely because of the record keeping overhead.
This is a massive reconciliation and record keeping overhead problem if you live in a jurisdiction that taxes crypto transactions for capital gains/losses. Michael Saylor said just recently in his interview with What Bitcoin Did that MicroStrategy plans to only use bitcoin as a treasury reserve asset and not as a transactional currency precisely because of the record keeping overhead.