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Why Bitcoin is the Best way to Keep your Money from the Mongering Eyes of Government Taxmen

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bitcoin tax taxation

In many countries the government taxes everything, from commodity purchase to money transfers from one bank account to the next. This has prompted the emergence of the tax free market which is currently valued at $20 trillion. This market strives in handling huge financial transfers for individuals and institutions who wants to keep their hard earned resources from the jealous eyes of government taxmen.


Bitcoin and Taxation


The initial scripting of the bitcoin algorithm allows the cryptocurrency to be passed around without leaving traces that could be used to trace the name behind the bitcoin address involved in the transaction. Although this is only applicable only and only if the address has never been attached to a physical name of an owner before.


At the meantime bitcoin still bears a good level of anonymity although some experts believe that it is not as anonymous as other cryptocurrencies such as Z-Cash. This means financial transactions made in bitcoin can go totally tax free even when trajected across very many borders. However, in some countries like the united states, it’s a required of the Security and Exchange Commission (SEC) that every bitcoin exchanges collects and verifies customer biodata during the process of registration.

 

This does not mean it is impossible to transfer$1m from California to Beijing totally tax-free thanks to the presence of other bitcoin infrastructures apart from exchanges. Platforms like localbitcoin.com provide an escrow mechanism where bitcoin business can occur as usual only with a lower charge in terms of fees.


Imagine the $20 Trillion-dollar tax Evasion markets


The constant quest of people to have a financial freedom has led to the creation of one of the world’s most liquid markets ever. The Tax Evasion market is estimated to be worth more than $20 trillion dollars and growing. This signifies that a lot of money is moved underground beyond the reach of the governments.


With a tool that bitcoin designed and carefully coded to evade taxes in the strictest situation at the lowest possible cost of transactions, this market is slated to grow even to another level. The major question looming still remains, why then is bitcoin not being widely used? Let’s put is like this, you transfer $100 million from California to buy a city property. If the money is not cashed immediately it remain subjected to price movements which is rather undesirable for bitcoin.


Bitcoin price movements means $1 worth of bitcoin could become $1.2 in just a matter of a few hours. Consider a transaction involving $100m, in a few hours it could become $120m or worst $80m is price moves in the negative sense. This is the main reason why bitcoin is not yet the currency of choice for moving lump sum amount of money around the world easily.


What would be the Government Response?


Should bitcoin average price stabilize, price movement would be insignificant meaning large amount of funds can be transferred via bitcoin without any fears of the deposits losing its value before being cashed out by the recipient. At this point much of these $20 trillion would preferably pass via bitcoins and hopefully the cryptographic algorithm protecting bitcoin will remain untampered with.


The question remains, what actions would the authority take to tame down bitcoin abilities and bring the government back in control. Cryptocurrency exchanges would become a risky venture to operate since most government opposing bitcoin will make them illegal. This means P2P platforms will be used to handle most of the transactions.


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1 Comment

1 Comment

  1. Withdraw Bitcoin To Bank Account

    June 6, 2018 at 7:21 pm

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#Bitcoin Price Analysis

BTC to USD, 19th May: Bitcoin Price Analysis, $6000 or $9000?

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Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum.

Technical Indicators:

Support Levels: $7500, $7000, $6600

Resistance Levels: $8000, $8200, $8300, $8500

Key Points:

  • Bitcoin price started to recover massively after moving above $6800 level.
  • The bulls pushed the price back above $7000 and even $7500 resistance level.
  • Bitcoin price was also able to break above the bearish pattern line which was being formed on the hourly chart with resistance around $7300.
  • Currently, BTC seems to be eyeing towards $8000 resistance level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum and might soon test $8000 resistance level to move towards $8500 and even $9000 levels if it remains above $7200 and $7000 support levels.

Bitcoin price gained bullish momentum last week and broke above $7000 resistance level. The buyers were also able to push the price above $7200, $7500 and $7800 resistance level. BTC even moved over the $8000 level to record a new yearly high at around 8360. However, bitcoin price started to correct downwards later on and fell below $8000 level. The selling pressure increased massively and BTC also broke below $7000 support level which turned the overall momentum into negative. However, Bitcoin price found decent support around $6650 level where buyers were able to stop further losses.

Bitcoin price soon started to recover back upwards and broke above the resistance formed around $7000. BTC was also able to break through $7200 resistance level as well as the bearish pattern line that was being formed on the hourly chart with resistance around $7300. Bitcoin price also moved above $7500 resistance level and is currently trading well above this range.

With BTC currently trading around $7800, the overall momentum seems positive and Bitcoin price might soon test the $8000 resistance zone above which it might test the $8200, $8300 and $8500 levels. However, if bitcoin price started to correct downwards again, it is very essential for BTC to maintain its position above $7000 to remain bullish. If BTC falls below $7000 and $6600 support level, it might turn towards $6000 and even $5500 level in the short term.

BTC to USD Price Chart 19th May

BTC to USD Price Chart 19th May

The chart shows that bitcoin price was able to recover nicely after falling towards $6650 level. The overall momentum seems bullish and BTC might test $8000 level to move towards $8200, $8300 and $8500 resistance levels. On the downside, BTC is currently supported at $7500, $7000 and $6600 level below which the momentum might turn bearish.

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#Bitcoin Price Analysis

BTC to USD, 15th May: Bitcoin Price Analysis, $8500 or $7000?

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Technical Indicators:

Support Level: $7600, $7500, $7200

Resistance Level: $8100, $8350

 

Key Points:

  • Bitcoin price started to correct downwards sharply after rising up to around $8350.
  • The sellers pushed the price below $8000 and BTC tested the $7600 support level.
  • A bearish pattern is being formed on the hourly chart with resistance around $8100 which might push the price back downwards.
  • Bitcoin price might test the $7600, $7500 and even $7200 support levels before it starts a fresh upside move.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to correct downwards and fell below $8000. BTC is currently supported at $7600 and $7500 and might soon test the $8100 and $8350 resistance levels again.

 

Bitcoin price broke above the $8000 resistance level yesterday with bullish momentum. The buyers even pushed the price above $8100 and $8300 resistance levels, however, there were a lot of sellers placed around $8350 resistance level and thus after reaching up to $8340, bitcoin price started to correct downwards. During the downward correction, BTC delined below $8200 and $8000 support levels.

 

As the price declined below $8000, the selling pressure increased and the bitcoin price was pushed back to the $7600 support level. BTC reached up to $7631 before the buyers were able to control the situation and stop further losses. Currently, Bitcoin is trading well above $8000 and trying to move towards $8100 level. Also, there is a bearish pattern being formed on the hourly chart with the resistance at $8100 which might push the price back downwards. Thus, it is very essential for bitcoin price to break above this level in the short term to stay bullish.

 

The current resistance lies around $8100 above which BTC might test the $8350 resistance level again. A close above this range would take bitcoin to the $8500 and $8700 levels. However, if BTC falls below the $7600 support level, it might fall back towards $7200 and even $7000 level below which the momentum might turn bearish.

 

BTC to USD Price Chart 15th May

BTC to USD Price Chart 15th May

The chart shows that the bitcoin price is currently trading above $8000 and trying move towards $8100 level. Most likely, bitcoin price might fall down towards the $7600 support level again before starting a fresh upward move. As long as bitcoin remains above $7600 level, it will stay in an uptrend and might soon test $8350 and $8500 resistance levels.

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#Bitcoin

Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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