Thank you for that answer. So, for example, when I buy something using bitcoin, I can use FIFO to calculate taxes owed. I would use the price of bitcoin from the first time I purchased it ( cost basis) and compare that to the price of bitcoin when I have spent some of it to buy something to see if there is a gain or loss. Also take into account the time difference to determine the capital gains rate to use.
Is this basically what I need to do?
Thanks
