Why Bitcoin Creates a Voluntary Tax System

Why Bitcoin Creates a Voluntary Tax System

Travis Patron is a digital money researcher and author of The Bitcoin Revolution: An Internet of Money. Here he explains why bitcoin may facilitate a taxation environment subversive to national governments and argues that cryptocurrency is already taxed by default. As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer cryptographic payment systems. In doing so, cryptocurrency will act to erode the tax revenue base of national jurisdictions and, ultimately, reposition....


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More people could view taxation theft when Bitcoin gives them a chance to opt-out. While the Bitcoin community is usually willing to accept anyone with open arms and no political discrimination, the reality is that there is certainly a political aspect to the technology surrounding cryptocurrencies. The politics of Bitcoin are rather supportive of a more voluntary government, and there isn't really any way to get around this issue. While bitcoins or other cryptocurrencies could definitely be used as the main form of currency to support basically any form of government, the difference with....

Quotes

Of our 49 billion, we haven’t moved any to Bitcoin.

Warren Buffet, CEO of Berkshire Hathaway