I love it, BUT, that medical payment technically triggers a capital gains/loss. For a robust circular economy I think we need an IRS reclassification of bitcoin (currency instead of property) or a high threshold $ exemption. Otherwise, many will be unwilling to participate in this economy because of either fear of the IRS or because it may complicate individual tax reporting. Thoughts?
This definitely impacts my willingness to spend bitcoin. Far more than losing sats that may be valuable in the future. It’s easy to spend and replace. It’s not necessarily easy to keep organized books on every bitcoin transaction.
Would you be willing to share who it is? I co-own a direct primary care office and would be interested in processes to implement. Some hesitation from tax implications.