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RE: Witnessing The Evolution Of Currency, Are You Ready For The Ride? - Blockchain Coffee “Tax”
My take on digital currency is both will run concurrently for awhile. Tax man has already got a handle on crypto when returned to the shores where you convert back to fiat, you need to add to gains/earnings, always remember to only declare profit (less original amount spent), Taxman always knows how to get their portion!
Looking at blockchain technology, I doubt it will not be used into many FinTech avenues, it is that good. Large corporations have started implementing, time will tell how long the masses accept this way of trading.
Yeah it’s not just a difference between tangible and digital currency‘s it’s a difference in the understanding of the institution that is printing our money! The institutions will have no choice but to implement some form of controls but the problem still remains much of cryptocurrency is untrackable.
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Keeping cryto out in digital system they will not be able to track, would only happen when purchasing or bringing back into fiat.
Every country is printing fiat into oblivion playing at a juggling act to keep the ball in their court.
@joanstewart that is true only when bringing back into Fiat but what about as we start gaining adoption through merchants? I can see how this will be an everlasting on going battle unless they put a lock down on the internet as a whole which takes my line of thought down a very scary potential future outcome for the digital world.
That juggling act they are all playing is severely offset with recent adoption of crypto that we have already seen causing huge fluctuations in the stock markets never seen before other then the big crashes yet they have not openly stated that the markets have crashed... why? well that is because if they admit the stock market has crashed several times of the last few years think of how many people will realize the only real free market is crypto which cannot be locked by the central entity... now think of those effects on FIAT as people realize what an inflationary currency is VS none inflationary crypto 🤔
Scary yet promising times are ahead!
Members sourcing assistance, paying each other in crypto is a way of barter and trade on blockchain.
Purchasing through large established merchants, VAT is added into invoice on purchase where I live so government gets the tax that way. Being a merchant dealing in crypto, for the sake of ease lets say Bitcoin, it must be a nightmare using spot rates to keep track on purchases for daily movements on/off the books if using GAAP system within the laws of the country.
Since gold no longer back the majority of fiat, money is a promise on paper it holds no wealth except what a government declares.
Stock markets are on the swings and slides, many adverse affects... the normal person does not even realize. Hence the sooner blockchain technology is introduced the less corporate corruption, lies, in our country "State Capture" where billions have been stolen.
Yes scary but promising times ahead, sooner blockchain is introduced the better!