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Bitcoin Taxes Make No Sense
Bitcoiners know the frustration of tax season all too well. It’s never been easier to use Bitcoin as money. Yet, at the same time, the tax code puts an incredible burden on law-abiding citizens. Something as simple as buying a cup of coffee every day with Bitcoin can result in over 100 pages of tax filings. Capital gains taxes present many problems. Yet, the process is almost tailor-made to discourage the use of alternative currencies. First, capital gains tax rates are structured to incentivize long-term holding. This policy distorts the market by incentivizing buying and selling solely to mitigate tax losses. ... (full story)
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