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Because the exchanges can go down and take your funds with them. A large part of the reason why Bitcoin was created was to ensure that there was a digital solu
by X6S1x6Okd1st 6y ago
Because the exchanges can go down and take your funds with them.
A large part of the reason why Bitcoin was created was to ensure that there was a digital solution for avoiding trusting the banking system
- henearkr 6y agoExchanges go down for a reason. If you don't want to be in it, you put yourself outside of the national economic scheme. I can see the reason why, but if everybody does the same then the whole economy goes "informal" and you deprive the state from any income. That what is happening in most West African countries (95% of the economy is in the "informal") and for exactly the same reasons (No trust in the state and want to avoid taxes. And note that money devaluation because of money printing is another form of taxation, with delaying time effects.) And the net effect in those African countries is that you cannot even enforce the law, there isn't at all any budget for anything. If you're robbed then you will have to pay the police yourself in order to have them do the work to catch the culprit and find your stolen goods.
- X6S1x6Okd1st 6y agoI use crypto currency and I pay taxes on it.
- henearkr 6y agoSorry my "you" was rhetorical, my purpose was not to single you out. If everybody using cryptocurrencies is like you and is still paying taxes, then that's effectively one problem solved.