Implementing Burst in business models in the US

  • I'm not from the US, but I am curious about how would one go about using Burst as a currency for conducting business in the US? People need to know these things if they are going to start up businesses or get existing businesses involved.

    Things I wonder about are for instance

    • how would Burst be taxed?
    • how much can you trade between currencies or buy/sell stuff before it is no longer classed as hobby?
    • how can you operate "clean" without getting the SEC breathing down your neck?
    • where is a good go-to source of information about this?

  • @Propagandalf Good question ...This is not only for US but other countries too...
    From my understanding, Burstcoin is not taxable... But when you convert Burst into USD & cash it out .... That USD amount will be taxable.

    Please do correct me if I am wrong ...

  • @Castiel Burst is not taxable but if serious amounts of burst is being moved and you run a public company, the government will want a stake in that

  • There is no law yet passed on Burst so this is a free thing. Was there a law passed on BTC? I don't know either. IMHO, at this time, I would rather receive BTC than dollars. Sending cryptocurrencies is so easy and cheap.

  • None of the crypto currencies belong to any country. So no country can impose any law of any of them. But just like I said before, Once any Crypto currency is converted into your Domestic Currency, Law/Taxes may be applicable on the converted amount as defined by your Govt.

  • I think BTC is tax as property in the U.S. but no one in the government inforces the law unless you buy a big item in full take BTC in U.S....

  • @bvadams1835 Hmm. so, the Ferrari is the taxable one. I think BTC will not be taxed unless you buy something out of it i.e. milk, toothpaste, tampons, et cetera. 🙂