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>Bitcoin is unregulated. So are cash transactions. >practically impossible to tax So are cash transactions. >unappreciated by most governments So are cash

• SCAQTony 11y ago
  Cash is somewhat traced and regulated. A note has serial numbers and $10,000 withdrawals from a bank triggers the Bank Secrecy Act whereas you have to produce an ID and the withdrawal is reported. Crossing a border with large sums of cash has applicable laws as well. http://finance.zacks.com/federal-banking-rules-withdrawing-large-sums-cash-1696.html http://finance.zacks.com/federal-banking-rules-withdrawing-l... Cash transactions are taxed at the local level (read as gas stations, sales taxes) and reported or maintained as running record when deposited or withdrawn for the IRS to see. Yes, cash is unappreciated by most governments. The Bitcoin protocol or a variation will remain but changes will be made to it that the governments will agree too.
  • gruez 11y ago
    >$10,000 withdrawals from a bank triggers the Bank Secrecy Act whereas you have to produce an ID and the withdrawal is reported that's not because of cash itself, it's because of storing money in a bank account
  • VienneseCPA 11y ago
    > Cash is somewhat traced and regulated. So is Bitcoin. https://blockchain.info/ https://blockchain.info/ http://www.irs.gov/pub/irs-drop/n-14-21.pdf http://www.irs.gov/pub/irs-drop/n-14-21.pdf Enjoy.