You assume you have your knowledge when it comes to Bitcoin; a connoisseur, they say! or even a rookie for that matter. In any case of state, bet your already have an opinion and assumption of the Bitcoin future.
A good friend of mine, Mike says it’s a new currency which people love! A free market easy to exchange… in an anonymous way! No one is checking your wallet. Not your mom, not your government, not even your wife.
But, if the government can’t check your wallet: bye bye income tax. You won’t say no some additional cash, right? Soon, when you realize you won’t pay any taxes, gain twice as much and can pay your dealer the monthly stash through a safe transfer, you’ll start to worship the Crypto God.
John is stocking wood, rocks and grain, to prepare for the first post Banking financial system. Already decided: CryptoCurrencies are Satan 2.0 Digital Version.
Most likely, your opinion is somewhere in between the views of those two imaginary people.
Let’s presume this: Bitcoin get’s the a needed technological boom, acceptance and curiosity from an already android society’s and a perfect timing:
This will become the first digital revolution of a monetary system!
But, it won’t! This won’t last! None of the crypto-currencies will manage to become as powerful and have an exchange volume as high as those in use. Lot of them will pop up and go, over short periods of time. Neither the currency itself, nor the market will be accepted in this generation society.
You might disagree just yet! But, bare with me and let’s go back to Mike:
Mike it’s no longer forced to pay his income tax to the state ’cause the Bitcoin is untraceable when. Imagine for a second 70% of the people not paying their income taxes: system collapse! Now you have to move to another country and do the same; ’cause your’s is f**ked!
Second: that’s called tax evasion!
Now, imagine Mike instead of buying 10$ worth of weed form his dealer, just got 10m$ worth of …cocaine. The transfer is still untraceable, remember? So, whose to say those money won’t be used in some bit more illegal acquisitions.
This, won’t last!
To be a real competition to actual currencies, besides individuals, shops and even corporation accepting to trade and use Bitcoin, the currency has to be accepted by a major player: the state. ‘Cause all of the little players pay taxes. The state won’t accept Bitcoin unless is traceable, clean …and here the whole ladder collapses: laws, rules, limitations bring Bitcoin to the same spot as regular currencies.
This, won’t last!
Now let’s go back to John, John is a moron! Don’t make friends like him!
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