US Tax Policy, Not Technology, Impedes Bitcoin Payments Adoption
US Tax Policy, Not Technology, Impedes Bitcoin Payments Adoption
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Advocates contend that the primary hurdle to widespread Bitcoin payments is not its underlying technology, but rather the current US tax policy. This policy mandates that every Bitcoin transaction, regardless of size, be treated as a taxable event, obligating users to calculate capital gains on even minor purchases like a cup of coffee. This complexity makes using Bitcoin for everyday transactions impractical and cumbersome.