If that's the case,what's the future of blockchain ? The bitcoin blockchain technology is booming these days especially after emerging of big projects like NucleusVision, HostGames.
Blockchain technology is still evolving because it has no boundaries, and later on it will become more powerful because it is a fast and reliable still many will patronizing it in the future bitcoin and other crypto currency as well, as of this moment there's no other technologies that can compete, because of its characteristics which is anonymous anonymous and P2P in nature. 
Topic: Bitcoin is "NOT" Legal Tender According to IRS (Read 5485 times)
If that's the case,what's the future of blockchain ? The bitcoin blockchain technology is booming these days especially after emerging of big projects like NucleusVision, HostGames.
It should come as no surprise that bitcoin can't be used to pay taxes.
http://pando.com/2014/01/15/pay-your-taxes-in-bitcoin-snapcard-launches-bill-pay-makes-the-irs-its-first-payee/Apparently you can pay IRS taxes with bitcoin, through these folks, for a 2% surcharge.
Ha. although I don't like a fee for paying taxes.
Probably it is a package deal...2% plus a free audit.
It should come as no surprise that bitcoin can't be used to pay taxes.
http://pando.com/2014/01/15/pay-your-taxes-in-bitcoin-snapcard-launches-bill-pay-makes-the-irs-its-first-payee/Apparently you can pay IRS taxes with bitcoin, through these folks, for a 2% surcharge.
Ha. although I don't like a fee for paying taxes.
Apparently you can pay IRS taxes with bitcoin, through these folks, for a 2% surcharge.
Considering the charges for going through coinbase or circle, though, you'd probably be better off just converting to USD and then paying yourself with a check or ACH.
It should come as no surprise that bitcoin can't be used to pay taxes.
http://pando.com/2014/01/15/pay-your-taxes-in-bitcoin-snapcard-launches-bill-pay-makes-the-irs-its-first-payee/Apparently you can pay IRS taxes with bitcoin, through these folks, for a 2% surcharge.
What is legal tender in the U.S.? To my knowledge only U.S. Dollars are legal tender. It should come as no surprise that bitcoin can't be used to pay taxes.
Basically, paper money and coinage. All "legal tender" means is that if one offers, that is, "tenders" it, to satisfy a debt, refusal to accept it effectively limits the right to try to collect it in court, as the creditor refused payment. It does not mean that one must accept it for debts not yet incurred, i.e. someone can choose to refuse to sell you gasoline for cash and instead insist on payment by credit card.
3 pages on this thread and only a couple half-way decent replies. A meme was posted that claimed most people don't understand the financial system and this thread proves that:
-Legal Tender means places are required, by law, to accept Bitcoin. This is incredibly unlikely and would be essentially a law forcing people to take Bitcoin.
-The IRS has no authority to declare anything to be legal tender. Congress does that unless they delegate that authority to someone else like the IRS.
-The IRS has put an advisory opinion that Bitcoin transactions would generally be considered the bartering of property. It does leave open the possibility that your specific situation may be different or that it may change in the future. This is perfectly valid advice for me at this time. Last year I had many more transactions at exchanges than I did buying goods and services.
-The IRS did not "declare" anything or create any new laws or orders, they simply gave advice based on their current rules. Such a ruling in not binding other places or affect other definitions such as those by FinCEN or the Courts (Shavers and Silk Road). There are phone numbers on the IRS notice and I have spoken with the women who is handling how digital currencies are reported and she is very helpful. I had called her about the issue that the guidance was issued so late in tax season that it caused me to file an extension. I had hired some local accountants and they screwed everything up so I ended using Tyson Cross.
-Legal Tender means places are required, by law, to accept Bitcoin. This is incredibly unlikely and would be essentially a law forcing people to take Bitcoin.
-The IRS has no authority to declare anything to be legal tender. Congress does that unless they delegate that authority to someone else like the IRS.
-The IRS has put an advisory opinion that Bitcoin transactions would generally be considered the bartering of property. It does leave open the possibility that your specific situation may be different or that it may change in the future. This is perfectly valid advice for me at this time. Last year I had many more transactions at exchanges than I did buying goods and services.
-The IRS did not "declare" anything or create any new laws or orders, they simply gave advice based on their current rules. Such a ruling in not binding other places or affect other definitions such as those by FinCEN or the Courts (Shavers and Silk Road). There are phone numbers on the IRS notice and I have spoken with the women who is handling how digital currencies are reported and she is very helpful. I had called her about the issue that the guidance was issued so late in tax season that it caused me to file an extension. I had hired some local accountants and they screwed everything up so I ended using Tyson Cross.
QFT
-The IRS did not "declare" anything or create any new laws or orders, they simply gave advice based on their current rules. Such a ruling in not binding other places or affect other definitions such as those by FinCEN or the Courts (Shavers and Silk Road). There are phone numbers on the IRS notice and I have spoken with the women who is handling how digital currencies are reported and she is very helpful. I had called her about the issue that the guidance was issued so late in tax season that it caused me to file an extension. I had hired some local accountants and they screwed everything up so I ended using Tyson Cross.
Congress with often direct Federal Agencies (via law) to create a new rules (or more often, rules) regarding some specific issue that congress wants address. Congress does not direct the agency to make a rule go one way or another, but just to make a rule that achieves a broad public policy. The agency would then draft a rule, solicit public comments, and then potentially edit and repeat, or create a final rule which would have the same effect as law as congress has delegated this authority to them. 
3 pages on this thread and only a couple half-way decent replies. A meme was posted that claimed most people don't understand the financial system and this thread proves that:
-Legal Tender means places are required, by law, to accept Bitcoin. This is incredibly unlikely and would be essentially a law forcing people to take Bitcoin.
-The IRS has no authority to declare anything to be legal tender. Congress does that unless they delegate that authority to someone else like the IRS.
-The IRS has put an advisory opinion that Bitcoin transactions would generally be considered the bartering of property. It does leave open the possibility that your specific situation may be different or that it may change in the future. This is perfectly valid advice for me at this time. Last year I had many more transactions at exchanges than I did buying goods and services.
-The IRS did not "declare" anything or create any new laws or orders, they simply gave advice based on their current rules. Such a ruling in not binding other places or affect other definitions such as those by FinCEN or the Courts (Shavers and Silk Road). There are phone numbers on the IRS notice and I have spoken with the women who is handling how digital currencies are reported and she is very helpful. I had called her about the issue that the guidance was issued so late in tax season that it caused me to file an extension. I had hired some local accountants and they screwed everything up so I ended using Tyson Cross.
-Legal Tender means places are required, by law, to accept Bitcoin. This is incredibly unlikely and would be essentially a law forcing people to take Bitcoin.
-The IRS has no authority to declare anything to be legal tender. Congress does that unless they delegate that authority to someone else like the IRS.
-The IRS has put an advisory opinion that Bitcoin transactions would generally be considered the bartering of property. It does leave open the possibility that your specific situation may be different or that it may change in the future. This is perfectly valid advice for me at this time. Last year I had many more transactions at exchanges than I did buying goods and services.
-The IRS did not "declare" anything or create any new laws or orders, they simply gave advice based on their current rules. Such a ruling in not binding other places or affect other definitions such as those by FinCEN or the Courts (Shavers and Silk Road). There are phone numbers on the IRS notice and I have spoken with the women who is handling how digital currencies are reported and she is very helpful. I had called her about the issue that the guidance was issued so late in tax season that it caused me to file an extension. I had hired some local accountants and they screwed everything up so I ended using Tyson Cross.
The problem with income tax is that it is becoming increasing difficult to define exactly what is taxable income. Thus the super-efficient IRS and our magnificent tax laws. I find it amusing to watch an agency stuck in the 70's trying to figure out what exactly bitcoin is. Ditto for just about anyone else over 50. Meanwhile, the "true" measure of all wealth (that would be the dollar) continues to devalue. Hey IRS!
What is legal tender in the U.S.? To my knowledge only U.S. Dollars are legal tender. It should come as no surprise that bitcoin can't be used to pay taxes.
Some US states also include gold and silver as Legal Tender.
https://statelegaltender.com/
I am not a fan of legal tender laws generally.
That's because while their minders don't trust them with their cash, they do trust them with our cards and account information.
Bitcoin could solve this trust problem for them easily enough. The cashier doesn't need to know the private key, but can verify the transfer, and perform their function.
What is legal tender in the U.S.? To my knowledge only U.S. Dollars are legal tender. It should come as no surprise that bitcoin can't be used to pay taxes.
Some US states also include gold and silver as Legal Tender.
https://statelegaltender.com/
I am not a fan of legal tender laws generally.
What is legal tender in the U.S.? To my knowledge only U.S. Dollars are legal tender. It should come as no surprise that bitcoin can't be used to pay taxes.
Some US states also include gold and silver as Legal Tender.
https://statelegaltender.com/
I am not a fan of legal tender laws generally.
Legal tender is only for paying debts. Simply demand payment in bitcoins up front and refuse dollars. Then dollars will go away because there will be nowhere to spend them.
it is better to be taxed than being banned
Ban is simply 100% tax if/when they seize it.
Finally Laissez-faire is helping out the people!!!
I doubt the US will ever recognise it as legal tender, but it's not going to stop them from trying to take their cut.
Legal tender law means that other people are forced to accept it.
Such laws are made for worthless unbacked paper currencies, that you would otherwise not want, but are forced by law to take.
If legal tender law were to apply to bitcoin, that would be an epic fail for bitcoin. It should never need force to pay, it should be taken eagerly by those that understand it.
So if i withdrawl $10,000 cash worth of bitcoins is there anyway the IRS could tax it? would this be possible? lets say i wanted to spend most of it on a vehicle? new car?
I believe the answer is Yes and Yes. You may choose to not report it, but you may also have to convince the seller to be your accomplice in breaking the law. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Reporting-Cash-Payments-of-Over-10000-Form-8300
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Cash-Payments-Over-10000-Received-in-a-Trade-or-Business-Motor-Vehicle-Dealership-QAs
And if it comes out in an audit you may face fines, and penalties, as well as interest on the principal; perhaps even jail time. At that point capitol gains will seem small.
global moderator
Activity: 4018
Merit: 2728
Join the world-leading crypto sportsbook NOW!
Places like the US and UK like to give the impression that they're better and less corrupt than these nations, but they're not. They continually use these double standards whilst pretending to be morally superior and civilised.
very obvious now. we need some kind of protection from tyrannical psychopaths and their blackmailing i would say. But let's wait and see and give them one last chance to make it right and apply same standards before we start rebellion. They may come up with another law after all in case their thinktanks get fed this forums information what i would think is the case.
Unfortunately people aren’t that smart nor do they really care. If they did we would've already had a revolution/rebellion.
I like this quote:
so what role plays bitcoin here?
Because Bitcoin is decentralised, Fiat banking systems aren't.
Jump to: