Header Ads

Trust God

WAY-OUT FOR BITCOIN.........Cryptocurrency is Doomed, Unless You Pay Taxes


One of the fastest way to freedom for bitcoin and its promoters is "Tax Payment".  Paying tax on bitcoin profits meets government at a point and providing transaction proofs meets government at another critical point, at which trust could be established between the authorities and bitcoin community.

This is because every government wants to know what money is flowing in its economy and to where.  With taxation of bitcoin income, the transactions and the flow will be exposed to regulatory authorities and thus allowing for oversight and and control.

This is the same sentiment being expressed by Swiss investment bank UBS,  saying Bitcoin is in a “speculative bubble” and needs government permission not to fail.

In a whitepaper published a week ago, UBS, which is at the same time a major proponent of Blockchain technology, said demand for any cryptocurrency hinges on governments accepting it, of all things, for tax payments. The paper reads:

"If governments refuse to accept cryptocurrencies for tax payments, the single most important transaction in an economy, that significantly reduces demand for cryptocurrencies. Governments are highly unlikely to ever take this step."

The tone of the bank is somewhat ironic given that its home country of Switzerland does in fact allow residents to pay municipal taxes with Bitcoin.

The pioneering move gained considerable media attention when it launched in Chiasso last month.

UBS, meanwhile, is a key player in the increasingly prominent Enterprise Ethereum Alliance, having joined on its inauguration in March. The non-profit organization has since gone on to include names such as the largest Russian banking institution, Sberbank.

While that organization’s members have varying views on cryptocurrency, UBS appears to remain steadfast in its suspicion.

“The relatively high volume of cryptocurrency turnover, against limited real-world use, suggests that many buyers are seeking speculative gain, never intending to use cryptocurrencies to make a real-world transaction. With each of the other characteristics of typical bubbles in evidence, a twenty-fold increase in Bitcoin prices in just two years, and an absence of any fundamental economic backing, cryptocurrency prices are almost certainly a bubble."

FIRE:  Personally, I believe the day equitable taxation is placed on bitcoin profits by government, the bitcoin phenomenon is thus established. Yes, bitcoin price is increasing without any fundamental economic backing because of mass adoption, hype and ease of bitcoin settlement and transfers. All that will go with time!.

Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart, strength and might.  Love your neighbour as yourself, hold no offence, no bitterness - the Lord is near you to help you!

Powered by Blogger.