RE: Cryptocurrency: Utility Is The Most Important Thing

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Cryptocurrency: Utility Is The Most Important Thing

in LeoFinance •  5 months ago 

"Here's my box of old Lego; I'm selling it for 50 Hive!" rather ...

The problem with the peer-to-peer crypto shop is the ever present tax man.

Lemonade stands get shut down due to the State wanting its cut of the $12.34 profit earned by a bunch of 10 year olds... a crypto shop will be much worse.

However, one can accept crypto as payment through a regulated payment processor such as Bitpay or simply head over to Gyft and buy a gift card with crypto for use nearly anywhere.

Of course, there's nothing to prevent someone from accepting any form of payment for any given good or service. I could open a shop and start accepting old cigarette butts as payment, if I want to... However, the tax guy is going to ask you to convert the value of that good or service into USD and pay the tax on the transaction... also in USD.

The rise of crypto as a preferred payment option can only occur once the State loses control over the market place. This has already happened in places like Venezuela... when basic supplies become wildly expensive, regular citizens will seek to settle transactions in a more peer-to-peer environment.

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