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RE: Question: What might it mean for tax purposes if Bitcoin is labeled a commodity by the IRS?
It pretty much makes it impossible to use as a currency.
It pretty much makes it impossible to use as a currency.
So true. Until that changes and it’s treated like normal currency mass adoption is not likely.
I agree completely. No matter how good the technology, if you still have to track capital gains every time you transact with it, it won't catch on.
Well put.