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How is it accurate? If you have $10M worth of gold in country A and want to get it into country B without paying the 10% import tax, how does Bitcoin help?
by paxys 3y ago
How is it accurate? If you have $10M worth of gold in country A and want to get it into country B without paying the 10% import tax, how does Bitcoin help?
- Cthulhu_ 3y ago- Sell $10M gold for the sum of $10M - Buy $10M worth of Bitcoin - Transfer $10M worth of Bitcoin to country B, or just travel to country B - Convert $10M worth of Bitcoin to local currency That said, you'd have to do all the conversion of BTC to fiat through shady channels, as by now all of the legal / above ground exchanges report every transfer to the local and international tax offices. Second, any conversion will charge a percentage. In theory, BTC travels freely across borders without import taxes. In practice, it's useless if not converted to fiat, and all conversions are logged and taxed.