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21 sats \ 4 replies \ @028559d218 10 Feb \ parent \ on: CashApp says they won't charge fees on Bitcoin buys and withdrawals bitcoin

If you had 100$ of Bitcoin and it 'goes up' 1%... reflected in you having 'more dollars' in your cashapp account...

And you spend those dollars from cashapp, there's still 'gains' correct?

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0 sats \ 3 replies \ @cointastical 11 Feb

No, bitcoin going up (or down) does not change the balance of your USD account on CashApp.

You have a USD balance, and a BTC balance. Just like with most any other exchange.

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21 sats \ 2 replies \ @028559d218 11 Feb

Then you're not spending Bitcoin then... you're spending Dollars. So what's the point?

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0 sats \ 1 reply \ @cointastical 12 Feb

If I have an LN Invoice to pay, I'ld rather pay with my USD balance if I could -- not a taxable event, no cost basis tracking. That's the point.

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0 sats \ 0 replies \ @028559d218 12 Feb

This whole thing is ridiculous.

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