Crypto News & ICO Reviews
I’d like to highlight something that Andreas A raised in his speech at the 5 year let’s talk bitcoin anniversary show.
He pointed out that he is paying his tax accountant more than he pays the IRS in actual tax. This is because of ridiculous requirement to file multi page documents in relation to each purchase or payment he makes in bitcoin.
This issue is a major stumbling block that severely penalizes law abiding citizens of the USA and like minded countries. Only wealthy Americans (I define this as those who can afford to buy and hold for the long term) will be able to participate. As it stands the great unbanked living in the third world are going to inherit the wealth that comes with this new tech and the middle class and below in the USA will not. The USA as a country will lose out economically to its Asian rivals who have opened the floodgates.
The USA needs to introduce laws swiftly around discretionary spending in bitcoin. They can look to Japan and Australia who have already introduced such measures.
Please upvote this thread to get this point heard. It is in my view one of the biggest hurdles to bitcoin adoption in many first world countries. It is not transaction fees or speed that is the major issue anymore.
If you agree please retweet on other social media wherever possible.