You can also top up the Debit card with FIAT. This way you can avoid capital gains tax as you are basically using a Debit card per se, not a crypto Debut card.
It boggles my mind that some people would elect to create dozens if not hundreds of mini taxable events just so they can use their cool crypto debit. Plebs. Moronic. Shooting yourself in the foot and putting yourself on the IRS radar, you're better served hodling and waiting until crypto can truly be seamlessly used for payments without tax complications in the future.
Taxes on these transactions are far and away why 99% of people don't do this. It's a pain in the butt to track dozens of transactions, and if you use it like a debit card it could be hundreds.
you're only tax on gains. Not while you are holding if I buy 500$ of eth, and hold than use this 500 now when IT worth 750$ if ai buy something I will pay taxes on only 250$ as crypto is consider like capital gains in canada you are taxed on only 50% of that gains so only 125 $ are taxed if you only top up your card with fiat it is not a taxable event
@@makesime3330 honestly it sounds like a nightmare as you need to be extra cautious you don't make a mistake or you'll have to track down little bits everywhere.
@@user-jl1sz7su4p Using crypto as a currency can be difficult in developed countries, but it makes sense in other places where there is a lack of strong financial institutions. In some parts of Africa or South America where there is corruption or hyperinflation, it makes sense to transact in a different form of money. We already see this being done in parts of the world where some places prefer to accept US dollars over their domestic currency.
Since you can earn ~3% interest with CDC cards, whereas banks pay less than 1% interest on their so-called savings accounts, can this card be used as a substitute for checking and savings accounts with banks?
If you are using USDC as the crypto to buy stuff then it shouldnt matter if you are a hodler or not lol. Its always pegged to the dollar so you wont ever lose anything. Leaving them as something else however is different. Use only pegged crypto
one best benefit is international travel dude, 😥 I never found a single person using crypto in real life which was meant to be used. It was made to be used internationally. But people just withdraw to their bank in home country, and travel to other country and buy currency, how gross.
🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨 we want 6 digit offline pos machine we have 5 american express card with total loading 6 billion USD .if any one have real 6 digit offline pos machine then we can go any country of work we also agree 50/50 ratio.
I appreciate your videos and the work you put into them. However, I’m not comfortable with the way some of the things were presented in this video. At one point you said that with this, you are spending cryptocurrencies. This is not try. You are not transacting with the merchant in cryptocurrencies, you are transacting in fiat currencies. Therefore, you are not spending, but selling. You also said this sends a message to the world. As you are merely making a fiat currency transaction on a Visa card, the merchant has no idea you actually just sold some Bitcoin to get the dollars to pay them (not that they would even care). So this is doing nothing to send a message to merchants as it’s no different to them.
Good info, Out of the hundreds of videos I have watched, you are the only one that skimmed the surface of taxable events.
This is truly the greatest Chanel
You can also top up the Debit card with FIAT. This way you can avoid capital gains tax as you are basically using a Debit card per se, not a crypto Debut card.
How?
Bro I don't think that's legal
That's how I use mine, I load it with us dollars, instead of selling crypto. I get 3%, cash back (in cro) among other benefits.
It boggles my mind that some people would elect to create dozens if not hundreds of mini taxable events just so they can use their cool crypto debit. Plebs. Moronic. Shooting yourself in the foot and putting yourself on the IRS radar, you're better served hodling and waiting until crypto can truly be seamlessly used for payments without tax complications in the future.
@@Tatar932 can you explain the process please, dont you have to sell your gains for fiat to use the fiat?
Great video! I can't wait for the mass adoption of Cryptos as a regular form of payment!
Do you have to pay capital gains tax if your using crypto to buy stuff
Good work. Thanks
thanks! you are adding a lot of value :-D
great video!
"The IRS wants their fair share" you lost me at fair ahahahhahahaha
❤️ nice video as always 😊
How do we invest in your company? You have great training style. You should have more subscribers.
Taxes on these transactions are far and away why 99% of people don't do this. It's a pain in the butt to track dozens of transactions, and if you use it like a debit card it could be hundreds.
you're only tax on gains.
Not while you are holding
if I buy 500$ of eth, and hold than use this 500 now when IT worth 750$ if ai buy something I will pay taxes on only 250$ as crypto is consider like capital gains
in canada you are taxed on only 50% of that gains so only 125 $ are taxed
if you only top up your card with fiat it is not a taxable event
@@makesime3330 honestly it sounds like a nightmare as you need to be extra cautious you don't make a mistake or you'll have to track down little bits everywhere.
@@user-jl1sz7su4p Using crypto as a currency can be difficult in developed countries, but it makes sense in other places where there is a lack of strong financial institutions. In some parts of Africa or South America where there is corruption or hyperinflation, it makes sense to transact in a different form of money. We already see this being done in parts of the world where some places prefer to accept US dollars over their domestic currency.
@@makesime3330 yeah but that fiat is coming from crypto anyway isn't it? how are you avoiding the taxable event?
Cro card does not have mechanism wchich convert crypto to fiat automatically when you do payment. You should do this mannually before shopping
What happens if we stake cro to get the card for benefits but never use it? Thanks in advance
Since you can earn ~3% interest with CDC cards, whereas banks pay less than 1% interest on their so-called savings accounts, can this card be used as a substitute for checking and savings accounts with banks?
Coinbase offer debit cards
what about rates and fees?
No affiliate links?
Financial Piggy is the best token now!
How can I get this debit card in Nigeria
Nice
Don't HODL, Use!
Can you make a video on coinbase credit card ?
go FiPi!
make a vid an eth 2.0 soon = )
Whoa wait! They'll have access to my keys!!!? Nahhh I'll pass on the card. But thx 😊
👍🏼
If you are using USDC as the crypto to buy stuff then it shouldnt matter if you are a hodler or not lol. Its always pegged to the dollar so you wont ever lose anything. Leaving them as something else however is different. Use only pegged crypto
you don't even have to do that, you can just top it up with fiat money
@@dennismonk9559 yeah but that fiat is coming from crypto anyway isn't it? how are you avoiding the taxable event?
"crypto debit card" this is much intresting!!! 🤔🤔
Why everybody asks about Financial Piggy? Even my younger brother xd
Have you heard of Alice?
one best benefit is international travel dude, 😥 I never found a single person using crypto in real life which was meant to be used. It was made to be used internationally. But people just withdraw to their bank in home country, and travel to other country and buy currency, how gross.
🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
we want 6 digit offline pos machine we have 5 american express card with total loading 6 billion USD .if any one have real 6 digit offline pos machine then we can go any country of work we also agree 50/50 ratio.
I find crazy that You guys of all , you don't accept crypto ...lol
I appreciate your videos and the work you put into them. However, I’m not comfortable with the way some of the things were presented in this video.
At one point you said that with this, you are spending cryptocurrencies. This is not try. You are not transacting with the merchant in cryptocurrencies, you are transacting in fiat currencies. Therefore, you are not spending, but selling.
You also said this sends a message to the world. As you are merely making a fiat currency transaction on a Visa card, the merchant has no idea you actually just sold some Bitcoin to get the dollars to pay them (not that they would even care). So this is doing nothing to send a message to merchants as it’s no different to them.
Worst project ever made in crypto