Pick n Pay Bitcoin payments tested

Enzo Matrix

Enzo Matrix

Honorary Master
Joined
Dec 15, 2006
Messages
13,814
Who pays the tx fee? Pnp or customer?

Edit. Nevermind. No surprise
 
C

cdev

Member
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Aug 29, 2018
Messages
24
KleinBoontjie said:
Old dying tech. We need some new tech and them to be early adopters.
Click to expand...

False, the lightning network is just a few years old and growing at an exponential rate:
www.lookintobitcoin.com

Bitcoin Lightning Capacity | LookIntoBitcoin

Bitcoin Lightning Capacity live data chart shows how much value is being held by nodes in the Bitcoin Lightning Network, both in US dollar and BTC terms.
www.lookintobitcoin.com www.lookintobitcoin.com
 
Johand

Johand

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Jan 21, 2005
Messages
2,179
What I am trying to figure out how you will calculate your capital gains tax if you have a bunch of small bitcoin transactions. It can be done, but wow it will be a PITA.
 
C

cdev

Member
Joined
Aug 29, 2018
Messages
24
Johand said:
What I am trying to figure out how you will calculate your capital gains tax if you have a bunch of small bitcoin transactions. It can be done, but wow it will be a PITA.
Click to expand...

We can only hope that with mass adoption, SARS will be forced to treat these small transactions similar to Australia's Tax Authority:
www.ato.gov.au

Crypto as a personal use asset

Work out if your crypto asset is a personal use asset and when a personal use crypto asset is exempt from CGT.
www.ato.gov.au www.ato.gov.au
 
S

Sensorei

Executive Member
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Johand said:
What I am trying to figure out how you will calculate your capital gains tax if you have a bunch of small bitcoin transactions. It can be done, but wow it will be a PITA.
Click to expand...
"Some guy" told me that if you send Bitcoin from a non-KYC exchange to your Lightning wallet, and only use that for micro transactions on the Lightning network (like Pick n Pay purchases), then it is impossible to trace back to you, Certainly not traceable by SARS.

But I would never do that because I keep my tax affairs in order like a good citizen.
 
Johand

Johand

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Jan 21, 2005
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Sensorei said:
Some guy" told me that if you send Bitcoin from a non-KYC exchange to your Lightning wallet, and only use that for micro transactions on the Lightning network (like Pick n Pay purchases), then it is impossible to trace back to you, Certainly not traceable by SARS.
Click to expand...
Of course crypto can be confidential you actually need to take care - it is not automatic and privacy vulnerabilities creep up all the time.

I mean the best way to get anonymous bitcoin is to mine it yourself. Even non-KYC exchanges are dicey because you have to get the money into them in the first place.

Don't get me wrong - you *can* do nifty things to protect your privacy but governments have a big, big incentive to lift the veil so privacy is not automatic.

They probably won't go for the small fish but if you live of proceeds of a big enough crime on bitcoin you are not safe by default.
 
H

hj007

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Aug 30, 2006
Messages
1,866
Have you tried paying for it with a wallet holding usd? At least then you won't pay CGT

Also, I'm not sure I want every retailer knowing my remaining balance?
 
S

seac

New Member
Joined
Nov 3, 2022
Messages
2
As a crypto minner ,and a crypto why would spend btc to buy groceries at pick n pay. The whole idea is hodle whatever you have and purchase more btc. Very stupid to do that
 
Ianf1

Ianf1

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Aug 5, 2007
Messages
1,897
Can the next test be drawing cash and paying with BTC :unsure:
 
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