Re:US’ First Crypto Bank Reveals Date of Commencement
by worldmerge on Monday June 14, 2021 @12:10PM
(#27504357)
>but within my tech and personal circles, no one still really uses it.
It seems it's been made almost deliberately hard to use in the US as a currency because of the tax situation surrounding it (reporting it as capital gains and tracking when you bought/sold). Normal people aren't going to be excited about it when they find they have to pay capital gains tax for that coffee, or equivalent Venmo transfer.
Edit: If I'm wrong about tax situation let me know. But I started to use a crypto transaction tracking service so I can do my taxes easily next year. The tax situation surrounding crypto makes me nervous.
It seems it's been made almost deliberately hard to use in the US as a currency because of the tax situation surrounding it (reporting it as capital gains and tracking when you bought/sold). Normal people aren't going to be excited about it when they find they have to pay capital gains tax for that coffee, or equivalent Venmo transfer.
Edit: If I'm wrong about tax situation let me know. But I started to use a crypto transaction tracking service so I can do my taxes easily next year. The tax situation surrounding crypto makes me nervous.