Bitcoin was never illegal at all in the US. But this does confirm that the American government has not and will not outlaw bitcoin. Since bitcoin is now deemed as "property", we can keep them on our computer without worrying about the fed getting upset, yay!
but if a bitcoin made in 2009 has capital gains of 598.00 to the price you paid for the tv with the 600 coin you sold it for to get the tv...you have to pay capital gains on the 600 coin...say about 598 bucks.....
and this is retroactive to all the coins ever mined (at least in usa) each indv coin date price and what you sold it for that you mined....not to mention capital gains tax
on the coin if you'd kept it at least a year 20 % that is what they mean by treating BTC as 'property' you don't barter with property it is too cumbersome....
so my question is if it is too cumbersome to 'use bitcoin" in the USA ....and penalty against miners etc Ie all miners is 'gross income' day by day and the rest of the IRS FUD
no one can spend it no one wants to mine it....a death sprial for price and useage
i assume by summer this will be fixed (crosses fingers) to something like 20% capital gains for all coins if you cash out...but who knows?
or
i guess the iRS says how did you get your income/coin everyone lies and says they 'bought it" sure as hell don't say you mined it
but imho this kindergarten idea of the IRS in the USA has to get fixed or we are in a complete stall here in USA for acceptance of bitcoin as a currency
which means why have bitcoin if it has no value derived from its uses to purchase stuff have virtual property for virtual properties sake ..yet right that ..will be like having green stamps for groceries disccounts...all well and good but it the local store
can't or won't take them anymore since the 1970's well ....er .....hmmmmm
my fear on all this FUD and IRS idiocy
Searing
