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Comment by pathy | Hacker News Reader

>there's no need to convert them.

Have you tried paying your taxes in Bitcoin? The IRS (or regional equivalent) is not going to accept bitcoin any time soon and they will want you to pay taxes on, for example, profits. There is a need to convert, don't believe otherwise.

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Taxes is not the big problem. Try buying a meal or filling up your gas tank or rent an apartment or paying an electricity bill with bitcoin. 99.(9)% of merchants you'll encounter in the course of your regular life accept local money and about the same do not accept bitcoin.

Out of curiosity, are people seriously using bitcoin stocks as a bank? Or are they just investing part of their money in bitcoin and hoping it goes somewhere? This requirement of conversion only makes sense if people are fully and completely invested. I would be shocked if there were such people at this stage.

There are indeed people at this stage.

No, but I imagine coinbase has. As will many other people who accept bitcoin payments.

It doesn't matter, you still have to pay your taxes in USD. Even if you earned your salary in bitcoins you would have to convert some to USD in order to pay your taxes.

And if you're a multinational, you'll have to convert all sorts of currencies in all sorts of other currencies constantly.

Companies regularly complains that this costs them 1% or so of revenue.

>Have you tried paying your taxes in Bitcoin?

Not yet.

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