Finance News
By Steven Anderson
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Erik Voorhees, CEO of ShapeShift, discussed the seriousness of the Bitcoin tax problem at the Bitcoin 2019 conference in San Francisco.
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Bitcoin payments are taxable events. When anyone is buying something with Bitcoin, they need to be tracking the capital gains they accrue because a Bitcoin payment is at par with…
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Voorhees expressed concerns about an average person on the street who would want to buy something for $20 with the Bitcoin.
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Using Bitcoin is about making a political statement, but many of them are not merely bothered about making any statements when they spend their Bitcoin.
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The associated tax burden overshadows the potential benefits of using Bitcoin. Even those who are completely cool with the volatility of Bitcoin, and even those who are okay…
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Sergej Kotliar, Bitrefill CEO opines that "A government who will be behind everyone who will be purchasing a cup of coffee with Bitcoin is going to appear silly.
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Andries Verschelden, Blockchain practice leader recently stated, "With more fintech companies, banks and brokerages exploring ways to mainstream cryptocurrency, it made sense for…
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Verschelden further stated, "As digital asset use and adoption increases and new types of transactions are made, such as security token offerings (STO) on public blockchains, the…
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Of note, Armanino, US-based accounting and consulting firm are accepting payments in more than 1000 cryptocurrencies.
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Tracking every Bitcoin payment and the tax implications increase the mental burden of having to do it.
The Currency Analytics
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