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    Bitcoin Daily Discussion, June 07, 2021

    June 07, 2021

    Bitcoin Daily Discussion, June 07, 2021

    Daily Discussion, June 07, 2021

    Posted: 06 Jun 2021 10:05 PM PDT

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Mentor Monday, June 07, 2021: Ask all your bitcoin questions!

    Posted: 06 Jun 2021 11:07 PM PDT

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    El salvador announces zero capital gains tax for Bitcoin

    Posted: 06 Jun 2021 04:53 PM PDT

    When I heard El Salvador Bitcoin tax news

    Posted: 06 Jun 2021 06:55 PM PDT

    Following El Salvador, it looks like Paraguay will be next.

    Posted: 06 Jun 2021 09:40 PM PDT

    There are potentially huge US tax and reporting implications if El Salvador makes Bitcoin legal tender

    Posted: 06 Jun 2021 07:29 AM PDT

    On its face, it's obviously great for Bitcoin if El Salvador adopts it as its legal tender. There are, however, nuances in the internal revenue code that make this news much bigger than most realize.

    Most know that when trading foreign currencies gains must be reported and are taxed. But Section 988(e) carves out a de minimis exception for "personal transactions" where the gains do not exceed $200.

    This is intended to allow travelers to transact in foreign currencies without all of the burdensome reporting requirements.

    So far, Bitcoin has not qualified for this exception. Under IRS Notice 2014-21, the IRS opines that Bitcoin is "property" and not a "currency" because "it does not have legal tender status in any jurisdiction." There is a good argument, though, that once Bitcoin is "legal tender" in El Salvador, it will qualify for US individuals as a "nonfunctional currency" (under Section 988), allowing individuals to forgo reporting gains on small, daily transactions—"personal transactions."

    In other words (tldr), if Bitcoin is legal tender in El Salvador, US citizens could possibly freely transact in Bitcoin, as a "nonfunctional currency," without a need to report gains of less than $200.

    That's potentially huge news for retail US citizens, but there is also huge news for US Bitcoin businesses.

    Most US businesses use the US dollar as their unit of account for bookkeeping and reporting. However, there are cases where businesses operating primarily in foreign jurisdictions use a foreign currency—the unit of account does not have to be USD. The unit of account used by the business is the "functional currency" of the business and, perhaps, even an individual (see Sec. 985 IRC). If a business's "functional currency" is a foreign currency, it does not have to bother with gains/losses related to USD fluctuations.

    Again, under Notice 2014-21, Bitcoin cannot qualify as a functional currency. And, again, this could change if El Salvador adopts Bitcoin as legal tender.

    Final tldr If Bitcoin becomes legal tender in El Salvador, IRS Notice 2014-21 may become partially null, relieving US individuals and business of huge tax and reporting burdens, paving the way for Bitcoin to legally and easily be used as a currency in the US.

    Disclaimer: I am not a tax lawyer. The discussion and analysis on this should be much more detailed before financial decisions are made. I've written this to be used as a starting point for discussion with a tax lawyer.

    Edit: Many have pointed out that Japan recognized Bitcoin as "legal tender" in 2017. They did not. A lot of misinformed authors incorrectly wrote that, but there is a distinction between Japan's legal recognition of Bitcoin as a form of payment and what the Code/Regs/precedent considers "legal tender." I think (and hope) that El Salvador will truly recognize Bitcoin as legal tender.

    submitted by /u/Lejitz
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    Ray Dalio owns Bitcoin, Tom Brady has laser eyes, Bitcoin was just adopted as legal tender in a country, similar announcement likely coming out of Paraguay, and the Bitcoin conference was the largest of all time at 50k+ while featuring even random celebrities like Floyd Mayweather and Tony Hawk.

    Posted: 06 Jun 2021 11:49 PM PDT

    And most of this even happened after a pretty big price crash.

    This will only continue. Bitcoin is inevitable.

    submitted by /u/j4kz
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    Winklevoss twins explain $500k Bitcoin prediction

    Posted: 06 Jun 2021 11:08 AM PDT

    Bitcoin Lightning Network

    Posted: 07 Jun 2021 01:39 AM PDT

    Yesterday was the first time I ever used the lightning network and I have to say it's unbelievably fast.

    Few weeks ago I sent some Fiat to my brother who lives overseas. It took 4 day of kinda uncertainty to get there. Who the hell knows how it got there anyway...

    With Bitcoin if i was to take 1 min I could track the entire process. We need this technology more than ever.

    submitted by /u/apace119
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    Be careful out there, we just poked the bear...

    Posted: 06 Jun 2021 08:18 AM PDT

    El Salvador (a country that uses USD as currency) declaring Bitcoin legal tender flies directly in the face of the federal reserve, modern monetary theory, and is another crack in the USD facade as the world reserve currency. The FUD, misinformation, and downright hostility towards Bitcoin is about to get intense. The world needs hard money, the world needs financial inclusivity, the world needs Bitcoin. Stay strong my friends, you're building a better future.

    ‪Edit: Nayib Bukele tweets

    "Some powerful interests will try to make this historical #Bitcoin move fail. They know what it means if it succeeds. It will."

    submitted by /u/goodbyesuzy
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    El Salvador probably explains the FUD blitz of the last two months.

    Posted: 06 Jun 2021 11:02 PM PDT

    Ever since Bitcoin hit 60K, it seems like there's been a coordinated effort to suppress both sentiment and price. It's likely some of the reigning banking powers caught wind of what Bukele was planning, and moved to minimize the impact. Just imagine if we had been humming along at fresh ATHs when news dropped that a sovereign nation was moving to the Bitcoin standard. They are trying to control the narrative while they still can.

    Remember: inflation is coming. Prices are already going up and people are feeling it. Most governments are in debt and central banks are propping up markets around the world. They don't have an exit strategy. You do.

    Hodl.

    submitted by /u/Tron_Passant
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    Haters gonna hate

    Posted: 06 Jun 2021 11:06 AM PDT

    Square will invest $5 million to build solar-powered bitcoin mining facility

    Posted: 06 Jun 2021 10:06 PM PDT

    Bitcoins are being moved off exchanges at the highest rate since November.

    Posted: 07 Jun 2021 03:33 AM PDT

    Fuck the System!

    Posted: 06 Jun 2021 07:33 PM PDT

    With now countries proposing to make Bitcoin legal tender and add it to their reserves a small reminder.

    Posted: 07 Jun 2021 03:30 AM PDT

    There are at this moment only 2,271,000 Bitcoins left to mine.

    Each day 900 Bitcoins are mined as the block reward is 6.25 Bitcoin and one block is mined ~ 10 minutes.

    In some 3 years time this reward will halve to just 3.125 Bitcoins. This halving will continue every 4 years untill roughly 2140 when the last Satoshi is mined and the total number of Bitcoin will be 21 million.

    These numbers won't change, no matter how many countries, companies, pension funds or people want to grab some..

    This is SCARCITY...

    submitted by /u/Btcyoda
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    Alibaba, Google Among More Than 300 Companies Seeking Singapore Crypto Licenses

    Posted: 06 Jun 2021 07:18 PM PDT

    Just hodl BTC

    Posted: 07 Jun 2021 12:25 AM PDT

    Who cares if BTC goes down to 10k, 20k, or even up to 70k. We all here are hodlers for a reason, believe in Bitcoin and what El Salvador did last week is huge. I've increased my BTC holdings and will be transferring all of them into a cold wallet. I'm not gonna check the prices everyday like I used to.

    I would like everyone to think this way, if you're worried about buying now or thinking about selling, do you not believe that BTC won't ever hit ATH again? We are still early, now is a great opportunity. Institutions are accumulating, I am accumulating, the car guy probably is and BTC will likely hit 100k by the end of 2021 or early 2022.

    See you bitcoiners at the moon and mars.

    submitted by /u/guyastronomer
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    According to a $7.5 billion hedge fund, gold will reach new highs in the next year, but investors looking for currency alternatives as global debt rises should go to Bitcoin.

    Posted: 06 Jun 2021 05:26 PM PDT

    Knock knock

    Posted: 06 Jun 2021 11:02 AM PDT

    Bitcoin Miami conference 2021

    Posted: 06 Jun 2021 08:27 PM PDT

    El Salvador’s president of Congress

    Posted: 06 Jun 2021 06:14 PM PDT

    How does Strike make money?

    Posted: 06 Jun 2021 09:23 PM PDT

    After watching all the videos on Strike, I get that its a way to send money for free. It's quick, it's easy. But how does Strike make any money there has to be some model for them to provide this service and make money.

    submitted by /u/bfeeny
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    Remittances to El Salvador in 2020 were $5.92b. Those who begin doing this with btc will pay nearly no fees. Bullish.

    Posted: 06 Jun 2021 03:28 PM PDT

    Great Harvest | You might have missed this sandwich shop accepting cryptocurrency in Fairbanks, USA

    Posted: 07 Jun 2021 02:29 AM PDT

    APY wallets like Celsius make owning rental property useless.

    Posted: 06 Jun 2021 09:21 PM PDT

    Scenario 1: Invest 70k into a down payment in a rental property. Get tenants, insurance, set aside money for repairs, blah blah. Maybe clear $100 a month after expenses. Property gains value over time. Pay property taxes each year. Rent controls on how much I can increase rent over time. Have a mortgage attached, pay interest rates.

    Scenario 2: Buy 2 Bitcoin at current spot price. Hold them in Celsius. Get 6.5% APY, about $400 a month currently. No expenses. No tenants. Bitcoin appreciates in value well beyond and faster than the real estate property. No property tax. And the 6.5% in interest scales with the value of the Bitcoin. If Bitcoin 2x in price, now that's $800 a month. No mortgage associated. Not interest payments. 🤯🤯🤯🤯

    Jesus Christ is Bitcoin and CeFi/DeFi disruptive to traditional wealth building.

    I understand there is risk using a custodial wallet. There's always risk in finance. I think it's important to embrace CeFi and DeFi as a healthy way to grow this monetary network.

    submitted by /u/omgitsbrad
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    Video is for entertainment purposes only ��������

    Posted: 07 Jun 2021 02:38 AM PDT
    Read more
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