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598 sats \ 2 replies \ @343pg 20 Dec 2023 freebie \ on: What happened when I tried to spend only bitcoin for a whole day bitcoin
Thanks for sharing. Feels intellectually dishonest when reporters write this type of stuff without mentioning that in the UK currently spending Bitcoin could land you liable for capital gains tax - a big barrier to a regular medium of exchange if I ever saw one.
Particularly since this same reporter has an article linked at the bottom of the page from only 2 weeks earlier called “Declare your crypto gains, taxman says”
Oh, and an article about Craig Wright 😱
Most countries in the world see Bitcoin as an asset, so capital gains apply.
But, in El Salvador you don't pay any capital gains. In Australia you only pay 50% of it if you held for at least a year, and I think in Germany and Austria you pay 0% capital gains if you held it for at least a year.
So, in some countries you might not pay any capital gains tax as long as you have at least a one year buffer between your BTC purchases and sales.
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Yes - rules vary for sure. Ultimately it will be game theory between nation states in the long term as to who realises it might actually benefit them to encourage Bitcoin adoption.
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