Recently in UAE, Arabian Escapes is a real estate company where you can buy properties with BTC,
and also, Recently, KFC Canada has accepted Bitcoin payments for a short period of time. However, Bitcoin can only be used to place orders online, and only to purchase a new item called “Bitcoin Bucket” and all this special deal will be handled by Bitpay, a fairly common Bitcoin trading tool. Its really interesting news, I wish that I can also buy chicken by paying bitcoin in my country.
also, the Burger King in Arnhem, Netherlands, went started accepting bitcoins in 2016, it went all-in, and offered one free Whopper for every Whopper purchased with the digital currency.
also, Rolex watches can be purchased online with BTC.
also, Fifteen minutes after the online mattress retailer GhostBed began accepting bitcoins, its CEO says it processed its first bitcoin sale. A good night’s sleep is, of course, priceless
and many more things.
Interesting - i mean, its unusual for an unregulated currency to be accepted widely like this. The other thing that this will inevitably lead to is tax issues. How is BTC processed through a taxation scheme like most countries have?
you know these have eased the tax issues and though it is more profitable for the companies who are selling these as BTC only knows the way to heights, sometimes it does comes down but if we look for long term it is profitable, so companies would have profit and then maybe tax will be applied to their income year after year.
Actually I don’t have idea, it is just a guess.
I understand. This what I am unsure about too. How will BTC be a traceable and taxable income? If I pay a merchant with cash, there is of course a loop hole (here in the UK at least) that the merchant can not declare the cash and have tax free profit.
Will this be the same with bitcoin?
Will tax on bitcoin have to be paid in bitcoin?
Will there be VAT on bitcoin purchases?
All these questions, that, although BTC shows potential and is migrating more and more into every day lives, will it cause another “credit bubble” of sorts and end up causing the next inflationary crash cycle?
If BTC is a unified currency and I can trade in China paying for my items in BTC, this will also remove the need for currency exchanging (across some of the minors anyway) and would then effect the economy as a whole. How would interest rates work if we are unified in paying with BTC?
Interesting stages are to come with this and it could be very great or be a massive downfall in global economy. It could make redundant all of the Central Banks’s efforts of QE…
Just a thought.
Yeah I mean it really is a very good initiative that bitcoins are used to purchase all this stuff and many more things, but have you heard about Marshall Islands? that has confirmed to have a digital money as their currency and US Dollar is used but national currency is digital one.
Wow, i havent heard of that. See, i mean that is the sort of disaster i am thinking about. And it wont occur from the banks side this time, itll be the people that cause it. Transacting in BTC and making BTC essentially the national currency.
Interesting times ahead really. Have you ever made a transaction in BTC?
I have asked a few people about your question and I guess answer wasn’t that difficult that we were thinking.
Answer I got is,
That is very simple. The merchant collects sales tax or VAT in BTC and converts it into fiat.
Who said this? where has it been confirmed? I have seen no regulation in ANY tax document to suggest that this will be the case.
Well, then I suppose there are no rules about tax on cryptocurrency yet. 
I don’t know where you’re from, but in Uk “benefitds in kind” and “barter” are both taxable. I did understannd the IRS regard it as a “Commodity”
Anything you do with them will be taxable right enough! (In the base currency of your own state)
OHK!! I had no idea about that yet, well, thankyou so much dude.
Well then, please press the “Little heart…” - Like tthis …
hahaha! sure, and I’d love to more about them. Which things can be bought from cryptocurrency there?
Waoww that’s a good news for crypto lovers.
Possibly, but I did a little “thought” on using crypto as “money” here ;
https://forums.babypips.com/t/bitcoin-to-fall-off-cliff/117389/175
Which you may wish to factor into your thinking ? 