I AM NOT A LAWYER, A FINANCIAL ADVISOR OR A TAX ADVISOR.
Prior to being thoroughly educated on KYT in this forum, i thought BTC = BTC.
I was recently asked by a friend: “when is it ok to accept BTC as payment for work?” assuming that she’s willing to comply with attendant taxes.
Prior to my knowledge about KYT, I would have said : " well, of course, you can accept any BTC"; giving my usual disclaimers of " NOT being a lawyer etc…".
Now knowing what i know, i want to know if the statement (A-Q-A) below would be more true.
A. if you are intending to cash out your BTC to fiat at some point, it is less risky to accept KYT BTC because KYT.
Q. OK. How i get KYT BTC?
A. One way is to get ckBTC because all conversion to ckBTC from BTC is KYT’d.