pull down to refresh
133 sats \ 21 replies \ @FrickFrickFrick 10 Jun 2023 \ on: How do you use your sats? bitcoin
Soon I will be living off Bitcoin entirely due to being unable to secure a job in the last ~6 months. It is not something I am looking forward to doing but could be worse. Already running into some challenges.
Like if I want to use a gift card to pay for groceries, Bitrefill's Walmart cards have limitations like 2 items per day. So I can't grocery shop on that. Are prepaid Mastercards the same way?
I would love to be able to pay my taxes in Bitcoin too. Right now I am in a situation where I owe but have no cash due to the job situation to pay it off. I can sell Bitcoin but that ends up getting taxed too. I don't know if its a great idea to get taxed on Bitcoin I am selling to pay taxes.
Bitrefill's Walmart cards have limitations like 2 items per day
Yeah but other gift card sites don't have that limitation. Try these:
- app.thebitcoincompany.com/giftcard
- coincards.com
- coinsbee.com
- coingate.com
- cryptorefills.com
All of them support lightning too
bitrefill, bitcoin company, coinsbee, and egifter also let you buy visa/mastercard gift cards, and all of them support lightning
reply
That is interesting I will check them out. I wonder why Bitrefill only has the limited walmart cards.
reply
I have no idea so I'm gonna speculate. Most of the following is probably false.
bitrefill is probably the best known site for buying gift cards with bitcoin
bitrefill's card providers inform companies like walmart where their traffic comes from
regulators pressure companies like walmart to discourage bitcoin usage [this part seems unlikely to me so we're in conspiracy theory territory now]
walmart can show them they are taking efforts to discourage bitcoin usage by telling their card providers to limit purchases of their gift cards from bitrefill
walmart doesn't do the same to all btc gift card sites because they actually still want the business those sites bring them. They are just trying to appease regulators, and the easiest way to do that right now is to show them that they limit usage on the largest such site
Here's a theory that seems more likely to me:
bitrefill gets good deals on bulk purchases of cards by writing exclusivity contracts with some of their gift card providers
those gift card providers only get a certain number of walmart cards per month from walmart
walmart cards are very popular on bitrefill so if they don't limit them, their gift card provider won't be able to meet its obligations to other customers
and bitrefill won't just add a partner with more walmart cards because that would cause them to lose money since it would entail not renewing their exclusivity arrangement with their current provider, which is a very lucrative deal that allows them to buy cards at a discount but sell them at full price
reply
Don't pay them, taxation is theft.
reply
Be that as it may, civil disobediance is dangerous enough that you should only do it when you know it will have a positive impact. In the Civil Rights Movement of the 1960s, activists didn't just ignore every segregation law they saw. They broke specific laws in specific places in which their disobedience would make a social statement strong enough to help move the meter.
Your actions have consequences. Plan ahead, do cost benefit analysis, think about the impact things will have on those around you. Civily disobey when it matters, not just when the law shouldn't exist.
reply
Defending your property is self-defence.
reply
Yep, Rosa is sadly downplayed as just too tired to go back of the bus - she did her homework, planned and knew just what she was doing.
reply
You are smoking hella dick.
reply
Paying taxes is smoking statist dick 😉
reply
Paying taxes is keeping me out of prison you stupid fuck
reply
Not with that attitude 😘
reply
Don't pay them.
You can't escape death and taxes.
reply
Great in theory, until the feds come to your door.
reply
Secondamendment
reply
FYI with coindebit you buy digital visa cards that work with Apple pay
reply
Technically, if you purchase something with bitcoin when its price in dollars is higher than when you bought it, you have to pay capital gains tax. At least in the US.
reply
Only if the gain you accrue exceeds $200. There is a "de minimus" exemption for foreign currencies, which bitcoin counts as, despite the IRS saying (in a non-binding opinion) that it doesn't
reply
Whoa seriously? Do you have any links for further reading? Is there a limit on the number of transactions per year?
reply
Whoa seriously?
Yeah
Do you have any links for further reading?
The law that exempts foreign currencies from capital gains is here: https://www.law.cornell.edu/uscode/text/26/988
Look for the part called "Exclusion for certain personal transactions"
There's a bit of legalese to sift through. It calls foreign currencies "non-functional currencies" a lot because they don't function as currency in the USA. Also, the exemption only covers "personal transactions" which are distinguished in other parts of the law from e.g. business transactions.
Is there a limit on the number of transactions per year?
No
Re: "links for further reading" it is also worth pointing out the IRS explicitly says bitcoin does not count as foreign currency in its opinion:
Digital assets are not real currency (also known as “fiat”) because they are not the coin and paper money of the United States or a foreign country and are not digitally issued by a government’s central bank. source
But their opinion is not law. Taxpayers who judge that bitcoin is a foreign currency (e.g. because some foreign countries have made it legal tender) are perfectly allowed to treat it as such for tax purposes. If the IRS wants to sue you for that, they would have to prove to get a judge to agree with them that bitcoin is not a foreign currency and that you knowingly broke a law by treating it as such.
reply
This deserves its own SN post! 🤠
reply
Thanks!
reply