I grew up in northwest Iowa, the heart of the Corn Belt, renowned for some of the most fertile and productive farmlands in the world. When my grandpa planted corn and beans, he knew Uncle Sam would come for his portion — not when he planted, not while it grew and not when he harvested — but when he sold it. The same still goes for families that grow wheat, drill for oil, mine gold or produce other commodities.

But when individuals mine bitcoin, today’s digital gold, the taxman comes twice. Not only that, when people use bitcoin to buy things, they have to calculate and report capital gains — even for small transactions like a cup of coffee.