Witnessing The Evolution Of Currency, Are You Ready For The Ride? - Blockchain Coffee “Tax”
When thinking of our current financial system and what the next phase may be there are a few things that need to be known.
Originally all monies were intended to be backed by something more than just your faith in the governing body such as gold which required the banks holding a equal value of gold to dollars distributed.
Currency in the paper non backed form was a creation that led to bankers printing money and profiting off the lending to our governing bodies. The bankers control over the liquidity of fiat currency also led to the Great Depression in the US when intentionally pulling back money going to the hands of the people.
Under our current debt based financial model every time a new debt is formed it is actually printing new currency in to circulation and continuously watering down the value of fiat.
So we see today a thing called blockchain and I speculate to say it will be the down fall of what we know of the financial system called fractional reserve. People will either wake up to the fact their faith in a corrupt system is destroying the economy or face being left behind. I say this because blockchain and crypto combined is essentially a license to print money. In the same way many have faith in the value of fiat through daily use we have a strong collective of believers that crypto will control the future of what we know of digital transfers of wealth. The one big thing that sets crypto apart from fiat is the cost of production vs the rate of distribution, crypto has defined figures where fiat has no requirement to fully disclose anything.
The one question I am left with is as the pressure mounts for current financial systems how will they evolve to our new found system of controlling our own currency? They would be smart to start implementing the will of the people but I’m afraid they will fight and make the process of filing tax more painful than need be.
It’s hard for banks to monitor and control a currency not held within their system this leads me to believe crypto will see the line of legality before the dust settles and we see adoption!
Are you ready for the ride?
Let me know your thoughts in the comments below!!!
Thats it @d00k13 OUT
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Hi,
How do you do?
It was since a long time that I spoke with you. How's your life going on?
It was really a great freewrite.
Hey buddy doing pretty good, how about yourself?
My life is always in turmoil but I seem to be on the better side of it in a sense of headspace these days all thanks to the therapeutic out that I found in Steem ❤️
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I am fine..... with the same turmoil.... in my case 'unemployment' 🙃..... okay then.... my joy knew no bounds on seeing your reply.
Please don't worry, I will pray to the Almighty to shower His Choicest Blessings on you so that you life will be always filled with everlasting happiness!.
Stay Blessed.
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I wish you the best in your journey my friend, hopefully you can find financial stability ❤️
Stay Blessed my friend 🙏
My take on digital currency is both will run concurrently for awhile. Tax man has already got a handle on crypto when returned to the shores where you convert back to fiat, you need to add to gains/earnings, always remember to only declare profit (less original amount spent), Taxman always knows how to get their portion!
Looking at blockchain technology, I doubt it will not be used into many FinTech avenues, it is that good. Large corporations have started implementing, time will tell how long the masses accept this way of trading.
Yeah it’s not just a difference between tangible and digital currency‘s it’s a difference in the understanding of the institution that is printing our money! The institutions will have no choice but to implement some form of controls but the problem still remains much of cryptocurrency is untrackable.
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Keeping cryto out in digital system they will not be able to track, would only happen when purchasing or bringing back into fiat.
Every country is printing fiat into oblivion playing at a juggling act to keep the ball in their court.
@joanstewart that is true only when bringing back into Fiat but what about as we start gaining adoption through merchants? I can see how this will be an everlasting on going battle unless they put a lock down on the internet as a whole which takes my line of thought down a very scary potential future outcome for the digital world.
That juggling act they are all playing is severely offset with recent adoption of crypto that we have already seen causing huge fluctuations in the stock markets never seen before other then the big crashes yet they have not openly stated that the markets have crashed... why? well that is because if they admit the stock market has crashed several times of the last few years think of how many people will realize the only real free market is crypto which cannot be locked by the central entity... now think of those effects on FIAT as people realize what an inflationary currency is VS none inflationary crypto 🤔
Scary yet promising times are ahead!
Members sourcing assistance, paying each other in crypto is a way of barter and trade on blockchain.
Purchasing through large established merchants, VAT is added into invoice on purchase where I live so government gets the tax that way. Being a merchant dealing in crypto, for the sake of ease lets say Bitcoin, it must be a nightmare using spot rates to keep track on purchases for daily movements on/off the books if using GAAP system within the laws of the country.
Since gold no longer back the majority of fiat, money is a promise on paper it holds no wealth except what a government declares.
Stock markets are on the swings and slides, many adverse affects... the normal person does not even realize. Hence the sooner blockchain technology is introduced the less corporate corruption, lies, in our country "State Capture" where billions have been stolen.
Yes scary but promising times ahead, sooner blockchain is introduced the better!
Adoption of crypto sounds legal enough for me. 💰
Actually depending on the country it many may be classified as a security which means they will be illegal for tender and exchange without declaring much more details of every transaction, will be treated like stocks basically.
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and the cryptocurrencies are giving much to talk about and some governments, for example in Venezuela, an attempt is made as a measure to face the economic situation that we are going through.
Yeah that’s actually a great idea!
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Just read an article that stated India's government put a law into place that will put someone in jail for 10 years for being involved with crypto.
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Somehow I am not surprised!
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I'm ready @d00k13 😁 two thumbs up for being first. 👍👍
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Yeah buddy 🍻
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Excellent 🙌
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Hopefully, by the time crypto really gets noticed by the gov, it will be so well-established that the pushback won't matter.
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I hope so also but still fear they will continue to target the crypto related financial institutions to make the entire thing more difficult, good thing we have decentralized exchanges 👌
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Nice free write here and it's certainly an interesting time to be involved with it all. I suspect they will find a way to "regulate" it all so they can keep in control. Or make their own currency and force it upon the people to use, whilst keeping a massive share of the tokens for themselves.
Be interesting to see in 10 years time how this all pans out.
I’m honestly thinking this development will break the grey areas 😅 hard to see how they could regulate other than making it illegal or complete adoption so tax will just be paid at the till like everything else!
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Well they will want to collect tax which is what happens in the UK when you convert any crypto to GBP. You pay capital gains I think but not 100% sure as I've not done it yet!
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