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RE: Twitch now accepts Bitcoin! (Twitch is owned by Amazon...) by otage

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Viewing a response to: @jrcornel/twitch-now-accepts-bitcoin-twitch-is-owned-by-amazon

· @otage ·
This seems to be aimed at the techies that use Twitch. I think Bitcoin with it's volatility and fees will be an impediment to the widespread adoption of crypto currency. The more people that start using or accepting BTC and then quit because it does not function well will be skeptical of the next big thing in crypto that functions perfectly. Also, the tax code in the US has not changed for the better and every purchase with digital currency is taxable event for capital gains that must be reported on a Schedule D. For the majority of US taxpayers that do not trade or own stocks or bonds and have never filed a schedule D... this will be a daunting task.

From Marketwatch 12/28/17:
"The IRS says bitcoin must be treated as property for tax purposes. That means a capital gain or loss should be recorded as if it were an exchange involving property. It should be treated like inventory if it is held for resale, and therefore an ordinary gain or loss recorded. If it is used as payment, it should be treated like currency, but must be converted, and its fair market value checked on an exchange."
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