Sunday, May 26, 2024

Spend Dollars, get Bitcoin, what could go wrong?

By DAC000 , in Bitcoin , at April 9, 2020 Tags:

Startup Fold promises to give holders of its card Bitcoin instead of points when the spend dollars. So what’s the catch? Taxes! What is your basis when you receive this free Bitcoin? How much tax will you have to pay? Will Fold provide a statement or will customers be obliged to track this themselves? About a two-minute read.

Comment: while I’m for anything that increases Bitcoin use, companies providing services like this (and there are many) really have to close the loop, and start to help customers by tracking and providing information related to taxes.