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66 sats \ 1 reply \ @028559d218 OP 27 Oct \ parent \ on: Now that I "have" Bitcoin... what do I do with it? bitcoin
Just think of it this way - If someone has 100$ worth of Bitcoin.
And that's all they have just the Bitcoin.
And they buy a Soda for 2000 sats and they 'received' some of those Sats the day before at 1% less exchanged rate... the Bitcoin 'appreciated' 1%.
NOW they owe capital gains taxes on that soda. But they have only Bitcoin so how do they pay the taxes??? The government wants fiat to pay the 1% appreciation on a Soda. So the person has to sell Bitcoin for FIAT to pay the taxes on THAT sale JUST to get the fiat to pay the taxes on the Soda!!!
You would have to sell way more Sats than you need to... just to get the fiat to pay the taxes on the soda THEN pay taxes on the other sale which you didn't want to do anyway!
This is in part an educational problem. But it's also huge regulatory problem. Governments should want their citizens to have access to better money.
Very few governments are not owned by the fiat debt slavery bankers cartel.
MoE use of Bitcoin is outright banned in most autocracies while in supposed democracies while technically possible the tax recording obligations make its effectively impractical.
As a kyced and taxed speculative commodity its much less of a threat and so they tolerate that and only that...in fact via ETFs and Treasury accumulation they further centralise custody and reduce MoE capacity.
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