Treasury Calls for Crypto Transfers over $10k to Be Reported to IRS

Re:Treasury Calls for Crypto Transfers over $10k to Be Repor... by mckmk on Thursday May 20, 2021 @04:47PM (#27227014)

I'm genuinely curious if You find it cheaper including transferring from your currency, to crypto-currency-x, blockchain fee, crypto-currency-x to argentinian peso than transferwise or any of it's competitors? I think they're like $5 and 1.5% to transfer. If you remitted money early this week it probably wiped out any of the savings from the whole year I would guess?

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Re:Treasury Calls for Crypto Transfers over $10k to Be Repor... by sildur on Friday May 21, 2021 @06:45AM (#27232423)

The issue is that when I transfer via international bank transfer I'm subject to pretty steep taxes on the Argentinian bank account. Plus the cost of doing the transfer, which was not cheap (about 40 euro for the sender). Also, most transfer systems convert your currency using the official rate, which is fixed by the government.

On the other side, if I use crypto, the value of my bitcoins (well, my fraction of a bitcoin) is decided not by the government but by the market. That alone makes a difference of between 33% and 60% of the transfer amount.

For example, right now officially an euro is 115 ARS. But non-officially is 184 ARS.

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Re:Treasury Calls for Crypto Transfers over $10k to Be Repor... by mckmk on Friday May 21, 2021 @10:32AM (#27234459)

Very interesting, thanks for the response!

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Re:Treasury Calls for Crypto Transfers over $10k to Be Repor... by sildur on Monday May 24, 2021 @04:05PM (#27269060)

Another thing, when I started I used bitcoin, but lately fees are pretty steep so I switched to litecoin which has way lower fees.

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