Quote:
Originally Posted by Webmaster Advertising
So I cant go to Amazon and buy a flatscreen TV for $800 with a credit (Can also use a debit card, that isn't 'credit' but its still just a piece of plastic) card and then buy the exact same TV for $800 using 7.6 BitCoins? I spent the same amount on both TVs I just used BTC funds for one instead of actual money out of my bank or from my credit line.
Dollars, Euros, Rupee, any type of currency can be used as investment, buying, selling and commerce, just like BitCoin, so I am not really sure what you mean by that.
It is a relatively new currency, so it stands to reason not many places will accept it yet but as it continues to grow (in terms of popularity) the amount of places it can be spent will increase also.
As for your comment about it being used for investment and not commerce, that just doesn't ring true, any time someone purchases BTC, trades BTC, buys a physical or virtual good with them, they are using it for purposes of 'commerce'.
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You're missing the point. Did you pay tax on the $800? Should have at some point so you are using after tax money.
On the bitcoin was a tax paid on the gain in value before it was used? Probably not and that is what I'm talking about.
Trading a bitcoin you have profit in is a taxable transaction on that profit.
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