Great article. Very encouraging. Thank you for sharing. I do believe you are a bit wrong on the tax portion, at least in the USA. Cryptos are considered commodities by the IRS, and are taxed at the capital gains tax of 20%, but this only applies when you convert to fiat. Therefore, if you receive $1000 in Steem, and cash it out when Steem gains value by 20% (your $1k is now worth $1200), you would only pay 20% of the gain ($24) in tax (capital gains taxed at 20%), instead of 40% of the $1k ($400). Regardless, I really appreciate you taking the time to write this. Thank you.
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doesn't capital gains tax have a 1 year minimum? You have to hold it? It's been a while since I've been buying that since I have kids.
No. You are required to record your gains, every time you cash out to fiat, and then report that total yearly amount to the IRS at tax time. You are not taxed for holding, but only each time you cash out.
All the more reason to figure out how to keep everything you do in crypto land.
hopefully more and more people and business will begin accepting cryptos!