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Show HN: A Physical Bitcoin Gift Card. No KYC, No Fiat

4 pointsby NicholasNover 3 years ago

1 comment

greenyodaover 3 years ago
Giving Bitcoin to someone who doesn&#x27;t know the details of how it works could be a disservice to them. For example, the recipient would need to know that they have to keep track of the Bitcoin&#x27;s dollar value when it was received and pay capital gains tax on the difference when they cash their Bitcoin in for dollars.[1] If they forget to do that, they could get in trouble with the IRS. They&#x27;d need to know the tax implications of a short-term vs. a long-term sale. They&#x27;d also need to know that the price of Bitcoin was very volatile, and they could easily lose a large fraction of the card&#x27;s value before they get around to redeeming it. So it may not be the most thoughtful gift to give to random family members or employees.<p>[1] <i>Since the IRS treats cryptocurrency as an asset, like shares of stock, the rules governing the gifting of stock would presumably apply to it. For a discussion of those rules, see</i> <a href="https:&#x2F;&#x2F;marketrealist.com&#x2F;p&#x2F;tax-implications-gift-stocks" rel="nofollow">https:&#x2F;&#x2F;marketrealist.com&#x2F;p&#x2F;tax-implications-gift-stocks</a>
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