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Does Bitcoin's Fungibility Mean Paying More Taxes?
Published 7 years, 6 months ago
Description
All currencies work as if the tokens of money in circulation are interchangeable with one another. This fungibility means a dollar is always worth another dollar. Bitcoin is no different. However, money can also act like a unique and discrete asset. A coin’s rarity, age, or its easiness to spend can gain or lose it additional value. These opposing sides come into conflict when capital gains tax is applied to a sale of a coin and how a seller must pay a percent of the profits to the government. In this video, I explain how if tax laws assess bitcoin as fungible it could mean paying higher taxes than if it’s a commodity. If you liked this, please subscribe to my YouTube Channel!YouTube.com/NaomiBrockwellTVIf you would like to support my podcast on Patreon, please visit:Patreon.com/NaomiBrockwellFor any links mentioned in this podcast, please visit NaomiBrockwell.tv