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Cryptocurrency Could End Taxation

Cryptocurrency Could End Taxation

The advent of #Bitcoin and #blockchain #technology has made #governmenttaxation obsolete, given how difficult #cryptocurrency can be to identify and trace.

Throughout modern history, governments have survived through taxation, or the involuntary acquisition of the product of their citizens’ labor. The advent of government-controlled money made this process vastly simpler.....

At its root, taxation is based on compliance of the taxed. Now by no means does that mean that citizens would pay taxes if they could choose otherwise, but rather that they do so rather than face repercussions.

It would be logistically impossible for a governing body to collect funds from the entire citizenry without any meaningful compliance from the taxed. As it stands in the United States, the current taxation system is broken and ineffective.

With the likelihood of an audit very small for the average citizen, many are able to cut corners on reporting income with very few consequences.....

...The advent of #blockchaintechnology further complicates tax collection. Cryptocurrency is extremely impractical to trace.

To begin with, while all Bitcoin transactions are public and viewable by anyone, the ownership or control over wallets and addresses are not. Simply use different addresses, and financial investigation is effectively obfuscated from a superficial investigation.....

A new age is upon us, thanks to technology. Governments, once able to control currency and ensure they were able to claim a portion of their citizenry’s income as their own, will soon lose this power.

Thanks to cryptocurrency, we may see the #endoftaxation ...

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