> there has been more hesitancy around what to do with digital assets like Bitcoin due to volatility and a history of it being used in shady transactions like drugs and evading taxes.
Yes, all of those low-level tax evaders with their thousands of dollars in Bitcoin avoiding taxes via easily traceable transaction and plenty of digital forensic evidence! That's the real concern preventing bitcoin's adoption by legitimate businesses. /s
The IRS could employee <10 people fulltime to monitor these guys each year and not break even in returnable taxable income...
There are far bigger problems with cryptocurrency adoption/scaling that are tirelessly being worked on.
Money laundering and tax evasion via cryptocurrencies has hardly resulted in any level of significant criminality, despite the endless years of FUD/hype that it's attracted...
Freedom from law and oversight is mostly what the Cryptocoin anarcho-capitalist and libertarians focus on as the primary benefit. Satoshi's white paper stresses the feature of pseudo-anonymous transactions. Bitcoin tumbling has been going on since the very early days of the Bitcoin network. zKSnarks are an innovation to make this even more obfuscated and less traceable.
This is why a few of the most famous Bitcoiners are trying to establish a tax haven in Puerto Rico.
Dozens of American entrepreneurs, made newly wealthy by
blockchain and cryptocurrencies, are heading en masse to
Puerto Rico – a US overseas territory – this winter. They
are selling their homes in California and establishing
residency on the Caribbean island in hopes of avoiding
what they see as onerous state and federal taxes on their
growing fortunes, some of which reach into the billions of dollars.
Yes, all of those low-level tax evaders with their thousands of dollars in Bitcoin avoiding taxes via easily traceable transaction and plenty of digital forensic evidence! That's the real concern preventing bitcoin's adoption by legitimate businesses. /s
The IRS could employee <10 people fulltime to monitor these guys each year and not break even in returnable taxable income...
There are far bigger problems with cryptocurrency adoption/scaling that are tirelessly being worked on.
Money laundering and tax evasion via cryptocurrencies has hardly resulted in any level of significant criminality, despite the endless years of FUD/hype that it's attracted...