Court officially declares Bitcoin a real currency - RT

reply to post by darkbake


Time to tax it into oblivion.

The powers that be do not have the technical know how to ban bitcoin (they don't even understand it). The system simply does not work that way. In effect even if every country in the world bans bitcoins it would not really effect the actual online system. The only method they could use is to ban every single website at the level of internet provider that mentions bitcoin, a logistical nightmare, and nearly impossible to implement now.

The way that it works is you don't go to bank with bitcoins and ask to exchange them. You can simply add your coins to an open market on a site of your choice, and if a person fancies say 10 BTC off you you give him your bank details for him to pay, then the 10 BTC is put in his bitcoin wallet, and hey presto. There's no difference between this transaction and any other bank xfer in the eyes of the bank or TPTB.

It's also for this reason that taxing it become impossible. Bitcoin is inherently open source and being developed all the time, for any tax all the people that are coding for it would have to implement such a thing ... which would not happen.

Regulation of some sort in the distant future does seem inevitable (however that will work), but it's far from the end of bitcoin.