Will Litcoin moon shot soon? LTC introduces LitePay and LitePal! Litecoin CryptoCurrency News!
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roadstar499 I never said LTC wasn't a great coin. I bought LTC when it was $4. I wouldn't have bought it unless I believed in it longterm. Though neither you or the uploaded of this video have any real clue how this market works. The two pay options mentioned in this video were supposed to take LTC to the moon but had zero effect. You and the uploader now look like two monkeys. With one monkey feeding the other token peanuts.
I have a serious concern about litepay. From what I am reading you go from dollars to litecoins to dollars during a transaction. Would every purchase be considered a profit take and be taxed at the short term holding rate? Every litecoin you hold on the card would grow in value as litecoin grows. I am just assuming you would pay tax on the item you purchase, transaction fee and short term tax on the profit you take when you cash out on the litecoin when you purchase a item. Someone correct me if I am wrong.
I briefly read the IRS guidance and believe it said transactions over 600.00. They put out guidance on the IRS website. So, unless you are buying a large purchase, you wouldn't pay capital gains. Also, if you transfer from your wallet, the tax rate is determined on date of purchase, which only you would know and need to self report. Finally, from an investment standpoint, I would think a lot of people outside the US would use this, which would hopefully help litecoin's price and adoption rate.
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