Quote:
Originally Posted by JLMounce
This argument is used a lot with bitcoin (or any decentralized currency) because the transactions only exist as a consensus on a digital ledger. There's only a record the transaction took place. Nothing about who the participants were or what the transaction was for.
This is unlike the SWIFT system that knows who is involved in the transaction and what goods or services are being transacted for with fairly good granularity.
That doesn't however mean that digital currencies are exclusively used by the scourge of the planet. Plenty of fraud exists within the current banking system. Because of the difficulty in even measuring fraud in an anonymous system like Bitcoin, making such a statement is itself complete speculation.
I would also point out that the same inherent issues occur where cash is transacted.
|
Maybe you're the one to help me understand. So far to me bitcoin seems more fiat than standard dollars.
No one is compelled to take bitcoin as payment for a transaction. I cant buy gas or groceries with bitcoin. To spend a bitcoin legally I need to convert in into dollars.
Outside tax evasion, I don't understand the benefit.
Do you have an idea of what legal transactions are completed daily with bitcoin?
I can understand the desire to give the government a big middle finger, but I don't understand how this can stay viable long term. The government LOVES it's taxes.
thank you