Using Bitcoin to dodge tax laws and regulations

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Is it illegal to use bitcoin to avoid taxes?

There some bitcoin wallet websites that let's you register without no ID verification. I am trying to avoid Uncle Sam next year that's why I really want to get into bitcoins
submitted by Princeton67891 to Bitcoin [link] [comments]

07-13 15:55 - 'yes, a crypto person can avoid taxes by using anonymous crypto like Monero but if you use Bitcoin and didnt mine or buy it anonymously then its alread tied to your identity by being linked to an ip address of a device you...' by /u/Bloodsport121 removed from /r/Bitcoin within 88-98min

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yes, a crypto person can avoid taxes by using anonymous crypto like Monero but if you use Bitcoin and didnt mine or buy it anonymously then its alread tied to your identity by being linked to an ip address of a device you own.
99% of people will be forced to pay taxes on their crypto gains but a small portion of early adopters or those who deceptively trade in privacy coins can avoided being taxed if they never associate their real identity or any device associated with their identity to their crypto.
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Is it really possible to avoid paying taxes by using bitcoins?

If yes, can it be done in all countries? Don't take me wrong, I highly support taxes in places like Northern Europe and Australia, but when you live in a country where the government gives a f--- about its people, I see no reason to support it.
submitted by MilkshakeTsunami to Bitcoin [link] [comments]

05-25 08:24 - 'The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid...' by /u/_kessete removed from /r/Bitcoin within 11-21min

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The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid fees when transferring money internationally, and to avoid sanctions. With Bitcoin you can buy drugs on dark net markets anonymously and across borders, transfer money to countries sanctioned by the US through blocking the use of SWIFT (Venezuela, Russia, Iran) and avoid the effects on fiat currencies caused by Fed policy (such as QE and potentially negative interest rates). While Gold can be used as alternative store of value, it isn't as easy to transfer over large distances. And as seen in the UK, countries can deny transferring gold for political reasons. [link]1 I personally believe that if the US continues to sanction countries by using SWIFT in blocking crossborder financial payments, cryptocurrencies and foreign CBDCs (digital yuan) will grow in influence as the US's international financial power diminishes. Especially if its traditional allies (EU, UK) do not agree with the sanctions that are applied to foreign countries. The use of cryptocurrencies could accelerate at an even greater rate if there is an economic and/or cold war between the US and China. [link]2
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1: **w.b*oomberg.c*m/news/*rt*cle*/*019-01-2**u-k*said-to*deny-**duro-s-***-t*-pull-1***b*llio*-of-g**d 2: *o*nt*le*raph.*om/ne*s/jp*morga*-cbdc**h*ea**ns-**ge*on*-of-us-dollar
Unknown links are censored to prevent spreading illicit content.
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Can Bitcoin be killed? Yes it can.

Hear me out. I know Bitcoin is decentralized and cannot be "shutdown" in the conventional sense. But there is non-zero probability for the US government to order the shutdown of all crypto exchanges. There are many reasons for this - people using Bitcoin to avoid taxes, rampant money laundering etc. If that happens, people's ability to buy Bitcoin will be seriously hampered. If every major government follows suit, Bitcoin will effectively be dead. Can anyone poke holes in this theory? How likely is this scenario? It sounds plausible to me, especially if Bitcoin start causing the government more trouble than it's worth.
submitted by naderc to Bitcoin [link] [comments]

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[email protected]: Can Bitcoin be killed? Yes it can.
https://www.reddit.com/Bitcoin/comments/6zyai0/can_bitcoin_be_killed_yes_it_can/ Hear me out. I know Bitcoin is decentralized and cannot be "shutdown" in the conventional sense. But there is non-zero probability for the US government to order the shutdown of all crypto exchanges. There are many reasons for this - people using Bitcoin to avoid taxes, rampant money laundering etc. If that happens, people's ability to buy Bitcoin will be seriously hampered. If every major government follows suit, Bitcoin will effectively be dead. Can anyone poke holes in this theory? How likely is this scenario? It sounds plausible to me, especially if Bitcoin start causing the government more trouble than it's worth. https://redd.it/6zyai0
Comment link: /Bitcoin/comments/6zyai0/can_bitcoin_be_killed_yes_it_can/dmz0qkv
  1. There are other countries in the world who will be happy to have a flood of high tech talent expatriate and pay taxes.
  2. Honey Badger doesn't give a shit.
submitted by causeWhyNotMate to whyNotMate [link] [comments]

On the matter of folks trying to use bitcoin to avoid having their income stolen, senior vice president of the Fed Bank in St. Louis joins with a tax accountant in saying "don't be greedy", "the IRS and FBI can trace blockchain identities"

On the matter of folks trying to use bitcoin to avoid having their income stolen, senior vice president of the Fed Bank in St. Louis joins with a tax accountant in saying submitted by PrideAndPolitics to Libertarian [link] [comments]

Question: do Bitcoin adherents use it to avoid paying tax?

I understand that libertarians often push for better taxation systems, but after getting a liberal splash of downvotes in the Paul Krugman thread for suggesting a fellow South African declare his Bitcoin earnings and pay his taxes, along with TomEnom also getting down votes for suggesting the OP pay taxes, I'm a little uncertain.
Are there fellow adherents who really believe that taxes are so inherently bad that Bitcoin should be used as a weapon for tax avoidance? Because then we're only proving Krugman right...
submitted by fluffyponyza to BitcoinSerious [link] [comments]

• If bitcoin is anonymous, it can be used to avoid taxes, shouldn’t this mean bitcoin may become illegal?

submitted by Surprisinglysound to NoStupidQuestions [link] [comments]

People claim Bitcoin is used to avoid taxes, meanwhile restaurants have been accepting cash for decades to avoid paying taxes

submitted by phaskellhall to Showerthoughts [link] [comments]

Even if bitcoins only use to society was avoiding negative interest rates, bail-ins + bail-outs, that is incredibly useful to society. Of course a banker like Jamie Dimon would call something a fraud that removes a "bank tax" on society by allowing them to avoid these fraudulent charges.

Banks gamble with their customers assets and when things go south: A bail-in means depositors funds are used to help pay the bill. A bail-out means taxpayers are used to help pay the bill. How anyone can say this is just and isn't fraudulent is beyond me.
Additionally, governments around the world are slowly eliminating cash. Of course banks would support such an endeavor because of negative interest rates. A negative interest rate is where you pay the bank to hold your money instead of them paying you. It would be a forced tax upon humanity in addition to all the others we are paying.
Lets make something clear: Gold doesn't bypass the fraudulent negative interest rate taxes because it doesn't allow you to easily USE your money. If banks charge negative interest rates and cash is eliminated you will need to be able to send and receive money for payments... something gold sucks at.
submitted by specialenmity to btc [link] [comments]

Bitcoin Is "Libertarian Fantasy," Mainly Used to Avoid Taxes - Pro Short Seller

Bitcoin Is submitted by thefeedbot to TheNewsFeed [link] [comments]

Bitcoin Is “Libertarian Fantasy,” Mainly Used to Avoid Taxes – Pro Short Seller

Bitcoin Is “Libertarian Fantasy,” Mainly Used to Avoid Taxes – Pro Short Seller submitted by bitnewsbot to bitnewsbot [link] [comments]

Potcoin Guide For New Crypto Users. (Beginners)

Beginners information to Cryptsy Currencies. By Jason Davies
To buy any other crypto currency the first thing you need is a set amount of bitcoins to buy other currencies as they are not on official stock markets yet. To get bitcoins visit https://localbitcoins.com/
The cheapest rates will always be the sellers at the top of the list you will need to look at trade limits to see if they accept the amount of £ you want to invest and buy BTC. Always remember bitcoin is currently the heart and soul of buying other currencies you need to have bitcoin to be able to buy any other crypto currency.
Bitcoin is constantly expanding and there has not been an article recently showing any signs of decline. The most recent talks have been bitcoin insurace, Google accepting Bitcoin and Ebay aswell. Since bitcoin has only been on the scene for a few years there is a big stigma behind whether it is safe or not. The answer to this question would be invest what you can afford to lose, keep upto date on the latest news regarding the coins you invest in and always check the current trade prices so you dont get ripped off. Investing in anything comes with its risks it all depends whether you like a gamble and whether you can accept your money being held in another currency.
so whats the big hype about ? Online currencies are different from the usual paper money you use everyday in yourlife. There are a set limit of coins. For example Bitcoin have a limited number of coins which is 21,000,000,000 in circulation. They will never make more and they will never remove the coins. This means the more demand and the more people using it the value per coin rises. In the real world banks print more money instead of letting wealth grow. The banks get away with defacing the currency every day so more and more people are putting there assets into online currencies.
What is mining ? Mining is the community helping the currency stay alive. If you send or recieve coins it needs 3 people to confirm the address. Confirmations occur Anonymously so trading is completly safe. Each time somebody confirms a transaction they get a reward. It is normally 0.00000001BTC reward for every confirmation taking weeks to make a couple of hundred pounds. Mining is only worth doing if you do not pay the electricity bill, you also need to spend thousands on a rig for it to be worth your time as there are now thousands of people mining the rewards become less.
When a coin is launched mining also allows people to mine the coins from the Developers so they are distrubuted fairly to first investors. Once the coins have been mined from developers mining will be confirming transactions only and the price will rocket as the demand will increase. This is why when you see alternate currencies the price per coin is really low, this is miners dumping coins for fast profit then moving onto next coin. It is best to purchase coins as soon as they are launched to maximise profits but you will have to wait a couple of years before finding out if it has made you rich.
What influences the value of a coin? At the launch of a coin prices will often start out at different rates. This is because the people mining are faced with a set amount of coins to mine per block. A block is a specific amount of the coins. As the blocks progress there are less coins to mine. Long term this is an advantage to all coins because the demand gets greater the less coins there are to be mined. When all the coins are mined the price is purely then influenced off demand. Most blocks start off with a large sum of coins to mine but not all. Some coins provide blocks to mine with small amounts of coin, this makes the coin worth more to start out with. I will do a short example below i hope it explains why coins are cheaper to start out with.
Remember once the first block has finished, the next block starts. They are not open to mine all at the same time.
1st block: 1,000,000 coins to mine 2nd block: 800,000 coins to mine 3rd block: 750,000 coins to mine 4th block: 600,000 coins to mine
So as more blocks that get mined the less coins are mined. At the start of a coin the miners dump the coins for cheap allowing you to buy a bulk amount of them before the coins success starts like bitcoin. It took 2 years before bitcoins price rocketed in value. Its always a smart idea to look at the max amount of coins in circulation and the amount of coins per block to fully determine its value. Using the blocks i have provided above imagine 100 people mining at the same computer rate each person at the end of "1st block" would get 10,000 coins., then next block they would receive 8,000 coins and so on.
Potcoin has 420 coins per block to mine so the coins are really hard to get making the value of it higher to start off with. If there were a few thousands coins mined at the end of its block the price would be far lower. If the demand was there.
are transactions really as fast as marketed ? Yes! I will use localbitcoins as en example. If you wanted to sell your bitcoins back you click on sell bitcoins and find a buyer with the best price. You then put in the amount of bitcoins you want to sell and click send trade. A live chat will then apear on the right hand side, you will wait for a confirmation of funds sent, check your bank online and then release your bitcoins. Selling bitcoins is a direct bank transfer so you see the money in your account straightaway.
Why do people trust bitcoin? People trust bitcoin because it is set up how banks were first created. With a set limit of currency any trades up the the value. Since the federal reserve etc was created it allowed banks to print more money effecting the value of paper currencies. To hard working people this stops there wealth growing, if anything it makes there wealth collapse which is why there is a stupid amount of loans and debt in the current world today. Many banks such as HSBC are costantly defacing the currency with scandals like the mexican drug laundering scandal for king pin mexican drug lords.
what did silk road do the price? Silk road was a website that accepted bitcoin payments. Silk road was a website that sold drugs anonymously but was taken down by government due to the illegal transactions. At first the price of bitcoin dipped but a week later the price rocketed. This is because it showed investors Bitcoin Developers are willing to remove any "bad eggs" from there currency which helped protect the coin even more.
Why do so many people use bitcoin? People use bitcoin to avoid tax and to stay away from bank scandals that could potentially have a huge affect on the value of there paper money. For example if you wanted to go abroad you would put all your holiday funds into bitcoin and when you get off the plane on holiday go to the nearest library or place you can access a computer to sell your bitcoins locally. This allows you to transfer currency without paying tax that you would do using the post office. Also huge companys are starting to see the advantage because transfering funds bank to bank come at a really high cost which is normally around 5 - 10% of the transaction. If you was to do a transaction with bitcoin it would cost no more than 37p.
Max keiser a multi million pound investor predicted by the end of 2014 bitcoins price could rise to around £600,000 per coin. So back to the question will it make me a millionaire ? The answer is simple "we are all hoping for this outcome" It comes with risks and a bit of faith. The best chance at becoming a cyrpto millionaire is to keep upto date with the plans each currency has to make it big. Most currencies get involved with the media to attract new buyers each media stunt seems to rise the price and level it out to a new higher price.
Will i have to pay tax on it? Nobody pays tax on Bitcoin because it is P2P person to person transfers avoiding paying tax through banks. A good example could be paying your friend for something in person you avoid paying tax and charges. This is why so many people and business's have started to use online currencies.
Crypto wallets The main bit of information you need to know about your wallet is backing it up and saving it to your computer. This will save the code given to send and recieve coins. Also the first time you download a wallet it will take a long time to fully sync the wallet. Please have patience with the first load, loading after the first sync will be really fast.
Can bitcoin become worthless? Yes the only reason bitcoin has become successful is because it is similar to how the internet works. It is the power of the people keeping it alive. Bitcoin works off demand. Personally i believe it will not get to the stage of becoming worthless due to it being better than any bank in the world as far as charges and the cost to the user. There are also insurance companys in the U.K setting up a system to make it even more secure. A coin called German Mark became worthless because it never made it onto trade sites. Nobody is in the position to say it will never fail because nobody can speak for the whole population and nobody can predict the future technologys.
Who controls bitcoin? Bitcoin is controlled by all the users on the network. There is no set owner who can just log in and change the value or amount of coins in circulation. Once the system goes live that is it its there to stay until nobody uses it. Developers can improve the software but cannot change the amount of coins in circulation, they cannot steal from peoples wallets and they cannot just turn bitcoin off. The best way to look at bitcoin would be to compare it with the internet or emails.
What does satoshi mean? satoshi is a word used to describe a small some of bitcoin. Examples: 2 satoshi = 0.00000002 BTC 20 satoshi = 0.00000020 BTC 200 satoshi = 0.00000200 BTC
So if you wanted to buy X amount of dogecoin somebody will tell you the price in satoshi, this is how much each coin is in bitcoins.
Example: i have 20 doge coin, i want to sell them at 200 satoshi. so the total cost would be: 20dogecoin x 0.00000200btc = 0.00004000bitcoin for the 20 doge coin.
the word satoshi is a term we use like pounds and pence. Its used to describe the micro amount of a coin.
Trade sites:
https://coinbase.com (very trusted) https://vircurex.com/ (very trusted) https://bter.com (very trusted) https://coinex.pw/ (very trusted) https://cryptorush.in/ temp log in:cryptorush password:Dsdhoide84983420 (new to trading scene) http://incryptex.com/ (new to the trading scene)
Keeping an eye on prices. There are many sites you can keep an eye on the current price of your coins. I am an investor in dogecoin, so i will use the website i use as an example to show you. Once you have loaded the website you will see at the top 3 prices for the current coin on seperate websites that hold trades this shows you the current buy and sell rate http://dogemonitor.com/
This site also allows you too look at the top 80 currencies currently on the exchange market. It allows you to keep an eye on the price, market cap, current supply and how well it has done over the past 24hours. This site is like my bible for keeping an eye on multiple prices at once. http://coinmarketcap.com/
I strongly reccomend making a social networking site devoted to liking or following all currencies on the market so you can keep upto date with the latest news that can help influence buying or selling a coin. Keeping upto date on currencies will help you if you want to buy and sell coins daily profiting off current trends in the market. Personally i am a big investor that likes to buy bulk of each coin, i do this because of what happened to bitcoin i have the patience to wait a couple of years like the millionaire investors did with bitcoin. I find daily trading a very bigger risk but that is my personal opinion it also takes up alot more time and can become a full time job.
I decided to make this article on some of the most common asked questions because i am a new investor that has also asked the same questions. It has taken me a couple of hours to write up. I decided to do this because i have spent alot of hours helping friends and family with the information. I thought id put information together regarding some of the big questions nobody seems to get honest answers from. I noticed when i first started alot of the investors that have been at it for some time choose to ignore new investors. I thought it was very rude and i couldnt understand why they dont want to help us new folk trying to put food on the table.
As i looked into it more and more spending a couple of weeks with my head in private channels studying what people are saying i realised they dont educate people because they want to be able to buy and sell coins cheaper to make a bigger turn over. I dont like greedy people i think its whats wrong with the current system we live in greed it has stopped all parts and all areas of life progressing. I believe greed has soaked up wealth into 1% of the population. Luckily i met potcoin!
My goal was to share as much information as i could and i really hope i have helped you with honest information. I understand some investors have children and familys to support so i have tried my best to give the most honest answers, i understand risks to everyone have a huge impact so i am trying my best to help everybody.
Bitcoin wallet address: 1FFD1XuS5oXeNwK9tw9LTcJaeqFvwXsEh5 Potcoin wallet address: PTBvrh4dUXhbEdtHG5SzKdtbCUdH9s7RfY
All the best in the world of cyber currencies. I hope the information i have provided has given you the information i once seeked. Kind Regards Jason Davies
submitted by thekingjayd to potcoin [link] [comments]

if I use my btc to gamble with to avoid capital gains tax would it be illegal or would it just be avoidance? /r/Bitcoin

if I use my btc to gamble with to avoid capital gains tax would it be illegal or would it just be avoidance? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Even if bitcoins only use to society was avoiding negative interest rates, bail-ins + bail-outs, that is incredibly useful to society. Of course a banker like Jamie Dimon would call something a fraud that removes a "bank tax" on society by allowing them to avoid these fraudulent charges. /r/btc

Even if bitcoins only use to society was avoiding negative interest rates, bail-ins + bail-outs, that is incredibly useful to society. Of course a banker like Jamie Dimon would call something a fraud that removes a submitted by BitcoinAllBot to BitcoinAll [link] [comments]

My great grandmother is very wealthy and has 2 months to live. How can she use Bitcoin to avoid Inheritence tax? /r/Bitcoin

My great grandmother is very wealthy and has 2 months to live. How can she use Bitcoin to avoid Inheritence tax? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Little discussion about bitcoin

I like the idea of bitcoin and I really love to see its success. But I am a careful man and likes to play devil’s advocate. So here are my concerns about bitcoin. Any opinion that may enlighten my view is welcome.
No central authority.
This gives a lot of benefit but also has some negative effect. Since there is no central authority, there is possibility of emergence of multiple authority who will regulate bitcoin. If multiple nations (US, Chna, Russia etc.) start regulating bitcoin, it would be really mass and ugly. I think regulation on bitcoin is inevitable. China already started imposing regulation (reveal the identity). I think there will be multiple nations imposing its own rules and regulation. In the end, there will be international organization that regulates bitcoin or digital currency.
Lack of stability and utility
The bitcoin’s value fluctuate too much. Considering that there is no major regulation & tax imposed on bitcoin, any future announcement on those issues will cause more impact in the market. Furthermore, bitcoin lacks utility. Despite having advantages on international trading, bitcoin still has less utility than cash and credit cards. Frankly, I can buy any commodity with cash but not bitcoin. There are far more stores not accepting bitcoin than accepting bitcoin. This is another reason that bitcoin is more of investment mean than exchange mean to most of people.
Anonymity & Tax issue
This will be Achilles gun to bitcoin. Most of authorities do not favor anonymity. Because of this nature, Terrorists or North Korean may start using bitcoin as mean of financial transfer. The wealthy may use bitcoin to avoid tax and laundry money. In my opinion, there is possibility that bitcoin will be subject to heavier taxation because of its anonymous nature. If not, the authority will request identity of the bitcoin holder.
submitted by dafuqey to Bitcoin [link] [comments]

Bitcoin Miners Using LibraTax to Avoid Land Mines During Tax Time

Bitcoin Miners Using LibraTax to Avoid Land Mines During Tax Time submitted by coderwill to Bitcoin [link] [comments]

Bitcoin mentioned around Reddit: TIL bearer bonds, often the subject of theft in crime films, could no longer be issued in the US as of 1982 due to their untraceablity and use in tax avoidance. Those still existing as of today may ha /r/todayilearned

Bitcoin mentioned around Reddit: TIL bearer bonds, often the subject of theft in crime films, could no longer be issued in the US as of 1982 due to their untraceablity and use in tax avoidance. Those still existing as of today may ha /todayilearned submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Using blockchain the tech behind bitcoin, the Reserve Bank of India hopes to stem the massive use of cash by Indians. This will also hopefully help the Indian government to overcome tax avoidance and tax evasion issues.

Using blockchain the tech behind bitcoin, the Reserve Bank of India hopes to stem the massive use of cash by Indians. This will also hopefully help the Indian government to overcome tax avoidance and tax evasion issues. submitted by odzerwangchuk to Bitcoin [link] [comments]

Why Should We Fear a Cashless World?

The Guardian, 21 March, 2016 http://www.theguardian.com/money/commentisfree/2016/ma21/fear-cashless-world-contactless?CMP=fb_gu

The health food chain "Tossed" has just opened the UK's first cashless cafe. It's another step towards the death of cash.
This is nothing new. Money is tech. The casting of coins made shells, whales' teeth and other such primitive forms of money redundant. The printing press did the same for precious metals: we started using paper notes instead. Electronic banking put paid to the cheque. Contactless payment is now doing the same to cash, which is becoming less and less convenient. In the marketplace convenience usually wins. That's fine as long as people are making this choice freely. What concerns me is the unofficial war on cash that is going on, from the suspicion with which you are treated if you ever use large sums of cash to the campaign in Europe to decommission the 500-Euro note. I'm not sure the consequences have been properly considered.
We already live in a world that is, as far as the distribution of wealth is concerned, about as unequal as it gets. It may even be as unequal as it's ever been. My worry is that a cashless society may exacerbate inequality even further. It will hand yet more power to the financial sector in that banks and related fintech companies will oversee all transactions. The crash of 2008 showed that, when push comes to shove, banks have already been exempted from the very effective regulation that is bankruptcy -- one by which the rest of us must all operate. Do we want this sector to have yet more power and influence? In a world without cash, every payment you make will be traceable. Do you want governments (which are not always benevolent), banks or payment processors to have potential access to that information? The power this would hand them is enormous and the potential scope for Orwellian levels of surveillance is terrifying.
Cash, on the other hand, empowers its users. It enables them to buy and sell, and store their wealth, without being dependent on anyone else. They can stay outside the financial system, if so desired. There are many reasons, both moral and practical, to want this. In 2008 many rushed to take their money out of the banks. If the financial system really was as close to breaking point as we are told it was, then such actions are quite justified. When Cyprus's banks teetered on the cliff of financial disaster in 2011, we saw bail-ins. Ordinary people's money in deposit accounts was sequestered to bail out the system. If your life savings were threatened with confiscation to bail out a corporation you considered profligate, I imagine you too would rush to withdraw them.
We have seen similar panics in Greece and, to a lesser extent, across southern Europe. Mervyn King, the former governor of the Bank of England, recently declared that banking was not fixed and that we would see financial panic again. In Japan, the central bank has imposed negative rates and you are charged by banks to store money. This is to try and goad people into spending, rather than saving. So much cash has been withdrawn from banks that there are now reports that the country has sold out of safes.
These are all quite legitimate reasons to want to exit the system. I'm not saying we should all take our money out of the bank, but that we should all have the option to. Cash gives you that option. Why remove it? It's our money. Not the banks'. The telephone teaches us a useful lesson. At its peak in 2008, there were 1.3bn landlines for a global population close to 7 billion. Today more than 6 billion people have a mobile phone -- more than have access to a toilet, according to a UN study. Many assume that the mobile succeeded where the landline failed, because the superior technology made widespread coverage more possible. There is something to that. But the main reason, simply, is that, to get a landline, you need a bank account and credit. About half of the world's population is 'unbanked', without access to the basic financial services you need. Telecom companies saw no potential custom, the infrastructure was never built and many were left with fewer possibilities to communicate. But a mobile phone and its airtime you can buy with cash. You don't need to be banked. Almost anyone can get a mobile -- and they have. The financial system was actually a barrier to progress for the world's poor, while cash was a facilitator for them.
Six billion people around the world will have a smartphone by 2020. They will have pretty much everything they need to participate in e-commerce -- internet access, basically -- except the financial inclusion. Which is why there will be a huge role to play in the future for new forms of digital cash -- from Kenya's M-Pesa to bitcoin -- money you can use even if you are not financially included.
Cash has its uses for small transactions -- a chocolate bar, a newspaper, a pint of milk -- which, in the UK, are still uneconomic to process by other means. It will always be the fastest and most direct form of payment there is. I like to tip waiters, for example, in cash, knowing they will receive that money, without it being siphoned off by some unscrupulous employer. I also like to shop in markets, where I can buy directly from the producer knowing they will receive the money, without middle men shaving off their percentages. It also has its uses for private transactions, for which there are many possible reasons, and by no means all of them illegal. Small businesses starting out need the cash economy. Poor people need the cash economy. The war on cash is a war on them.
If you listen to the scaremongering, you'd start to think that all cash users are either criminals, tax evaders or terrorists. Sure, some use cash to evade tax, but it's paltry compared to the tax avoidance schemes Google and Facebook have employed. Google doesn't use cash to avoid tax. It's all done via legislative means. Cash means total financial inclusion, a luxury the better-off take for granted. Without financial inclusion -- and there will always be some who, for whatever reason, won't have it -- you are trapped in poverty. So beware the war on cash.
submitted by ThetruthWithin37 to conspiracy [link] [comments]

How do I Legally Avoid Taxes on Bitcoin and Crypto?? HODL and Charitable Donations Cryptocurrency Tax in 5 Minutes - What are Taxable Events ? Trump Tax Plan Will Change How IRS Treats Cryptocurrency Cryptocurrency Tax Webinar: How to Avoid the IRS  CoinTracker How to Send & Receive Bitcoin with Cash App - YouTube

Top 3 Legal Ways to Bypass Bitcoin Capital Gains Taxes in the US JP Buntinx May 25, 2017 Featured Now that Bitcoin is gaining a lot of value, people are looking to convert small portions back to ... This change took place in July of 2017 and current users as well as new users will have no need to avoid taxes. Bitcoin is essentially the same as Australian currency. To give you some perspective, Bitcoin laws in America are similar to older Australian tax laws. Bitcoin is still taxed twice or three times as much and it is much harder to ... The reason that buying and selling crypto is taxable is because the IRS identifies crypto as property, not currency. As a result, tax rules that apply to property (but not real estate tax rules) transactions, like selling collectible coins or vintage cars that can appreciate in value, also apply to bitcoin, ethereum, and other cryptocurrencies.. To no one’s surprise, the IRS isn’t kidding ... For some users, Bitcoin is a way to avoid government intrusion and illegally evade paying taxes. Most Bitcoin owners, however, want to comply with IRS regulations. The IRS classifies all ... However, keep in mind that to avoid income taxes, a gift has to really be a gift. The tax law is littered with cases of people who claimed something was a gift, but who got stuck with income taxes.

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How do I Legally Avoid Taxes on Bitcoin and Crypto?? HODL and Charitable Donations

Bitcoin & The Tax Man ☠💰💣 How The IRS Catches Tax Cheats - Duration: 17:33. David Hay 75,815 views. 17:33. Altcoins and ICOs Explained in Plain English - Duration: 11:03. If you've invested in crypto, you likely know you must report each transaction on your tax returns. And if you've gone through that process, you know the hea... Bitcoin TAX Myths! How to Avoid the Headache with Cointracking - Duration: 6:52. EverythingCrypto 136,077 views. 6:52. Coins vs Bars ... Bitcoin TAX Myths! How to Avoid the Headache with Cointracking - Duration: 6:52. EverythingCrypto 136,807 views. 6:52. The first 20 hours -- how to learn anything Josh Kaufman ... Let's discuss Taxes and Crypto again ... it's that time of year, tax returns are due in April in U.S. and Canada for most of us. So what can we do to legally minimize taxes? DataDash's video https ...

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