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March 14, 2018, 09:07:32 AM |
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Despite environmental concerns, continued price increases confirm that bitcoin is increasingly likely to be a substitute for value savings.
What do you actually get when you convert dollars into cryptocurrencies? Further study of its basic elements, they actually are but part digitization, decentralization, anonymous currency, is not subject to any government support, or other legal entity that is not for gold or other goods.
There is, however, a crucial distinction between bitcoin and the dollar: one of the most important powers claimed by sovereign governments is the right to levy taxes. The tax on national accounts is based on the U.S., Canadian and Australian dollars, Japanese yen, Chinese yuan and Mexican peso. In addition, sovereign governments have decided what they can deliver to meet their tax obligations. In modern and contemporary countries, the government accepts only the money it issues to pay taxes.
If the government allows the use of BTC encryption (or other currency) to eliminate the existing tax liabilities, this will certainly make them become a feasible alternative currency, because they will automatically become the designated legal tender. The cryptocurrency heralds a new era of sound money, separate from the world of dollar hegemony and corruption.
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