April 25, 2018
The latest announcements, Coinbase’s ShiftCard, the first US Bitcoin debit linked to any wallet in a user’s Coinbase account. It is can be used to spend coins online and offline over 38 million merchants globally.
Charlie Lee, the founder of largest cryptocurrency, Litecoin has signed a partnership deal with ShiftCard in 2015. Recently, he has again reintroduced a partnership his twitter followers.
The debit card works with over 38 million global merchants that allow users to access their Ethereum, Bitcoin, and Litecoin anywhere.
Serene, an LTC holder says:
“This is awesome. I actually already have a Shift debit card from a Dwolla account I have. I just opened my app and linked my Coinbase account and attached my LTC wallet. However, I am glad to see Visa harmonizing. I thought them disaster bound…. like the others. Thanks, Charlie!”.
However, there was both positive and negative feedback on spending cryptocurrency for daily transactions.
Antonio, another entrepreneur also questioned Charlie:
“So, Charlie, do you really think that people will want to keep using these services that directly tie you to the centralized bankers? However, I see them easing the use of crypto only momentarily.”
“It’s a trade-off. Get ease of use with a 3rd party centralized service”.
Currently, the main drawback is that several crypto investors are holding back their spending on daily basis due to capital gains tax. For instance, the coffee bought from native currency sales tax is automatically taken out whereas if you buy from cryptocurrency you need a track to add it to your taxes.
As many people want to have an account for every single dollar that is spent in cryptocurrency. However, the extra hassle and not seems to be worth.
Therefore, the only solution which would aid in mass adoption and the higher likelihood of cryptocurrency use for daily.
Significantly, the if the US would allow small cryptocurrency payment to be tax-free then there would be some crypto investors using Shiftcards more.
Do you have any thoughts, Concerns or Solutions for tax-free on small crypto transactions? Do share with us on Twitter and Telegram.
Image Source: ShiftCard