I feel your struggle. My wife and I just agreed to go 95% of our savings in bitcoin.
We are testing out the Jack Mallers method of using a credit card for all expenses and pay off in bitcoin but that of course incurs taxes when we sell.
Id love to follow your story and see if its possible to go 100% bitcoin standard today. Not sure how taxes are in Canada but, in the US paying for services with btc is still considered a sale of a capital asset even if the service is charged in bitcoin. The internal revenue service can request what the going market rate for the service is and charge capital gains if there is any.
Its real shitty but I think things will change soon. — This is a comment on: https://yakihonne.com/flash-news/nevent1qqyv3t4zzh35k7vqqgsr72ya8jh4uxxa86sura5xp64j6drgfc3a5kh6segagprreu6mnlqrqsqqqqqp5mwsft
John Martinez
npub1cs7…tqw9
2024-06-24 03:57:35
in reply to naddr1qq…vkae
Author Public Key
npub1cs7kmc77gcapuh2s3yn0rc868sckh0qam7p5p4t9ku88rfjcx95sq8tqw9Published at
2024-06-24 03:57:35Event JSON
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"content": "I feel your struggle. My wife and I just agreed to go 95% of our savings in bitcoin. \n\nWe are testing out the Jack Mallers method of using a credit card for all expenses and pay off in bitcoin but that of course incurs taxes when we sell. \n\nId love to follow your story and see if its possible to go 100% bitcoin standard today. Not sure how taxes are in Canada but, in the US paying for services with btc is still considered a sale of a capital asset even if the service is charged in bitcoin. The internal revenue service can request what the going market rate for the service is and charge capital gains if there is any.\n\nIts real shitty but I think things will change soon. — This is a comment on: https://yakihonne.com/flash-news/nevent1qqyv3t4zzh35k7vqqgsr72ya8jh4uxxa86sura5xp64j6drgfc3a5kh6segagprreu6mnlqrqsqqqqqp5mwsft",
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