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644 sats \ 3 replies \ @jgbtc 4 May 2023 \ on: Using Bitcoin has legal consequences bitcoin
If we are talking about small amounts, I think most people will dismiss the legal consequences. For example, people pay each other under the table all the time and don't report it.
If we are talking about small amounts, I think most people will dismiss the legal consequences.
I think people in this thread work with layman law from spending time in online echo chamber.
Small transactions are not illegal in most countries in the world. If this was the case then every Craigslist or Facebook market place second hand and fleamarket would be illegal.
And even more so for Bitcoin which isn't even considered money or a security in most countries. It isn't even illegal to barter some eggs for some bananas with your neighbor.
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According to the USA IRS, "It's important to keep good records of all barter transactions, including the fair market value of the goods or services exchanged, as well as any related expenses. This information will be needed when preparing your tax return. If you have any specific questions or concerns about the tax implications of bartering, it's recommended that you consult a tax professional or the IRS directly." :/
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That is true. But we do not want bitcoin to be only used under the table for petty change.
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