Taxes. The one word that can kill any buzz in seconds flat. Whether you’re a libertarian ranting about how taxation is theft or one of those fabled creatures who is actually happy to file them as their so-called civic duty, one fact remains: those who don’t give the government a bite — or make mistakes in attempting to do so — can get chomped, and hard. Ominous tax laws and ever-increasing state requirements for exchanges have some wondering if these maladies could stall the Bitcoin revolution.
Also Read: From Spartacus to Satoshi: A Brief History of Economic Rebellion
Crypto Enthusiasts Anxious About Taxes
It’s often scary enough filing basic fiat returns, but crypto taxes are proving to be a whole new animal. First, the IRS seems almost intentionally vague on policy. This in combination with ever-constricting KYC and AML regulations on crypto exchanges, and one begins to wonder what bitcoin is even useful for. The whole P2P trustless money thing kind of flies out the window when you’ve got do…