I am not a professional and this is not professional advice..
But I do know that by US law we still have to pay taxes on local currencies.. (if btc wants to be accepted as a real currency then people should pay the cash = of taxes on their btc dealings.)
And since BTC is trying hard to be accepted as a currency.. I suggest everyone..
Still keep records for those orgs and biz in the same way they would if earning and selling in US cash ..
I am not a financial professional though.. so you need to consult one of them.. on the laws of local currencies.

I can not get myself a normal job due to health issues.. So I would spend the BTC to save money... on needs like food, clothes, and well fun stuff.. music..  but my major need is to save my home, and or become independent from my family.. but btc does not seem to be popular enough to help fill those needs at the moment.. but it does look like a good option for micronational use maybe..

One thing I keep reading is how people want to see BTC accept as a real currency, if that is so.. Then like other Local Currency Laws, People DO have to pay the cash equivalent of taxes on those currencies... And if people really want to see BTC kept legal.. They will encourage each other not to use bitcoins for illegal activities.. But as far as who would benefit the most from use of bitcoins.. low income people.. as well as computer processing wizards who mine them, and another group of tiny unrecognized entities.. Micronations. If micronations were to accept bitcoins as to be like their form of global currency between eachother within and outside of the nation BTC really could grow into being something globally awesome . Also think about the good practical things that can be done worldwide if the bitcoin was used the right way it could save the global economy.. as well as bring tiny bits of money to areas that are drying up .. and get the economy moving again. But, the question is.. Are people using the BTC with good intentions or bad intentions? .. All the bad stuff will be heard before the good stuff because this is a totally new thing out there.. .. I was surprised to see people are making really good money selling their BTCs on ebay..  - Casey

If your are not sure about the currency things.. Look up Local Currency laws..

I am known to the world mostly as DNatureofDTrain or Casey Jones Heinzism,
Nice to meet you all here on bitcoin.
I am interested in looking at bitcoin as a possible currency to use within my micronation ... The Heinzist Tribe...

I am not so sure about that yet.. I am new to this and do not even have a single bitcoin in my posession yet.

- Casey Heinzism
"DNatureofDTrain"