Cryptocurrency Yes we take them!

[sunwood76]

Thank you Durhamoutdoors for taking a leadership roll for advancing the cryptocurrency movement. Much like firearms and ammunition, cryptocurrencies are anti-inflationary. No matter how much borrowed money Trudeau and his yes-people pump into the economy, cryptos have scarcity value. Bullseye North, Wolverine Supply, Calgary Shooting Centre, Tenda, Al Flaherty's, Wanstalls, Prophet River, Firearms Outlet Canada, what are you waiting for?...

[Evogun]

Thank you Durhamoutdoors for taking a leadership roll for advancing the cryptocurrency movement. Much like firearms and ammunition, cryptocurrencies are anti-inflationary. No matter how much borrowed money Trudeau and his yes-people pump into the economy, cryptos have scarcity value. Bullseye North, Wolverine Supply, Calgary Shooting Centre, Tenda, Al Flaherty's, Wanstalls, Prophet River, Firearms Outlet Canada, what are you waiting for?...

They will all except Crypto before the end of the year.

[AMET]

When you take your crypto offline, you can still generate “unsigned” transactions to spend it. You need to have your cold wallet validate the transaction to actually process it. That means passing the transaction to the wallet to sign it and then send it back to the blockchain. To get it to the blockchain you need an account somewhere, which is tied to you. They may not know what you have, but they know that you transacted. Should they come knocking, all of the onus is on you to prove what your sell price and average cost basis is.
Track every purchase of crypto in excel or something and keep a rolling average cost to reference, should it be required for tax purposes.

Thanks for the info, the government should keep there hands out of the crypto jar....

[sunwood76]

Agree that govt must keep their hands away from the tracking and administration of cryptos but we must not look at this as a tax loophole. It is very easy for the govt to shut down e-transfers and credit card payments from our accounts to crypto exchanges. Pay the HST and capital gains from crypto transactions to the CRA. We will be better off in the long run when our currency is worthless because the Liberal govt has printed 3 dollars for every 1 dollar of lost income due to the pandemic.

[cookie077]

Great news. I will pass on the info to some friends that are into cypto coins. They seem like they are itching to start using it as currency. You can buy a Ford at my work with dogecoin, Bitcoin,ETH,LTC. Everyone will get into it soon.

[Crunch762]

awesome, I will defiantly be purchasing in the future!

[Hanshan]

Crypto is indeed trackable, outside of (arguably) a few specialised privacy coins (example: Monero/XMR = https://www.getmonero.org/ ). A business needs to play it smart & pay taxes on it, same as fiat transactions.

Bitcoin & Ethereum (2 biggest cryptos) are immutable transactional records. Anyone can look up any & all transactions online ( https://etherscan.io/ & https://www.blockchain.com/explorer are two) or even verify everything themselves on their own computer, if they wanted to.

The Canadian Government has already done some testing a few years ago (IDK what's next, haven't heard anything), and you can see for yourself one of the implications of crypto (this is one I'd love to see - public tracking of government funds) Just to illustrate the reality of crypto. It's a thing.

https://nrc-cnrc.explorecatena.com/en

Anyway, I just bought a bunch of black guns with Monero but they got lost in transit, cargo ship sunk I think. Tragic boating accident.

[ForealBoreal]

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[Bollo]

Still don't have an answer to the questions- which cryptos?

[UnknownJP]

Very cool of you guys to be offering this option!