Hello, my fellow Steemians,
Did you know that 1 Bitcoin equals $10,800 American Dollars as of 1/23/18? Did you also know that Bitcoin is not taxed? So you get to keep most of that money, isn’t that amazing? I want to bring this up because even though it’s amazing the I.R.S. might be taxing it soon.
The I.R.S. might be taxing Bitcoin because the I.R.S. is already losing $500 Billion in unreported wages alone. Blockchain, which is getting the name “Underground Economy” is mainly conducted via cash. This is how people are able to send secure & anonymous payments safely without being taxed. Due to Bitcoin’s anonymity, the I.R.S. has absolutely no way of taxing the Bitcoin Blockchain. This is when they persuaded a Federal Judge to order CoinBase to reveal the identity of 14,000 accounts to be taxed. Bitcoin is the first digitized currency ever made that only works with computers & don’t have any government control at all. It doesn’t need banks or ATM’s even the Treasury Secretary, Steven Mnuchin says it could be “The Next Swiss Bank Account.”
Check out the link below!
https://www.nytimes.com/2018/01/22/opinion/irs-bitcoin-fear.html
Thank you for reading,
Frankie!