3 crypto questions on fiscal borders, restrictions of pre-existing banking systems, and dependable access for early adopterssteemCreated with Sketch.

in cryptocurrency •  last year


1) How is (Bitcoin) as a global currency able to transcend the limits and restrictions of fiat currency over borders if access to the whole system remains tied in complicity to the regulatory bodies of bank, state, government?

So far as I can tell, the only way is to carry out what amounts to a cash deal on the street - particularly for the unbanked and those who wish to de-bank?? 

For those who are already exploring the inroads there seem to be a few other options, such as

  • generating earnings in Steem - a worthy option of course 
  • taking (Bitcoin) as direct payment for services - another great option, and perhaps the best way forward - but these have their limits for most people at this time. As do
  • fiddling about with faucets and other shenanigans
  • bonafide mining

This is reaching beyond the grasp of casual interest for wannabe participant in the bourgeoning blockchain-o-sphere though.

2) The biggest initial block in adopting cryptocurrencies seems ease of entry / access for new and early adopters. In my experience for example (in the UK) 

  • Circle denied me an account and would give no reason.
  • Coinbase did verify my ID (which feels invasive and I can't help hating having to do) but I bought my 1st little bit of BTC (to buy Steem.) Yay. 

But Coinbase are getting out of hand (fees and webcam ID) so I continue the search for the next foolproof access point to encourage friends and family who are interested to get on board.  

Yet this process remains bewildering with exchanges popping up all over the web, but under different country jurisdictions with restrictions, and many turning out to be dead ends in the shifting landscape. For example

3) Autonomy across fiscal borders. 

Lets suppose you are living in the UK where you have a bank account (with nothing in it) but you have a bit of land in Baja California you want to sell. Ideally perhaps (?) you might get paid in Bitcoin, but that doesn’t seem likely. The property has to be sold for US$ and go into a US$ bank account which you also have (with nothing in it.)

But really you want to avoid banks as much as possible, so do you have any options?

I expect you could buy Bitcoin with $ to store value, and/or then convert BTC into £ or €  as required?

But the question really is how can one regain control of ones own resources using cryptocurrency and avoid giving it up in every bank transaction fee and border in capital gains, duties and taxes, all to support systems we do not wish to be complicit in!?

Any thoughts or resources brother and sister Steemians?

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