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"[Bitcoin is] an entirely new kind of currency that can’t be seized or frozen by governments" Simply not true. At the end of the day you need to change Bitcoins
by tobias3 15y ago
"[Bitcoin is] an entirely new kind of currency that can’t be seized or frozen by governments"
Simply not true. At the end of the day you need to change Bitcoins back to real money. The money that actually has some value because it (is supposed to) represents goods. The stuff you need in order to survive and live (food, clothes, ...).
Goverments can declare these "banks" that change bitcoins back to real money illegal - mabe because bitcoins can be used to launder money (because it's advantage is, that "you can transfer any amount anywhere instantly without any authority knowing or interfering"). In this case all your money is worthless.
But you can still write nice blog entries and get other people to buy the stuff from you ;)
- mdonahoe 15y agoPeople accept bitcoin as direct payment for things already, removing the need to switch back to dollars. Granted it's not a big selection
- tobias3 15y agoBut can you pay your rent in BTC or at the grocery store... As long as the essential things are not available via Bitcoins it is not an independent system and thus successible to goverment intervention. And even then. People tend to trust currencies issued by the government more and money is just an artificial thing based on trust.
- tzs 15y agoYou still need to switch some back to dollars, to pay sales taxes or VAT on the sales, and eventually to pay income taxes.