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June 25, 2011, 07:36:07 PM |
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An organization which runs, uses, promotes, helps others learn, offers access to for no profit, and generally tries to advance Bitcoin, maybe could be classified as a tax exempt charity.
Its non-profit, is not classified as a business, has zero buildings, zero expenses since all computers and cpu time are donated by users (unless you want to count the electricity they're using, but you could also say that is their donation to the charity), has no resources. Not much laws apply. But if we wanted to be more official about it, could we get such a group of people classified as a tax-exempt charity?
There has never been anything like a bank thats also a charity, but Bitcoin fits the description. Its creator doesn't profit from it any more than others do, except by people knowing he has programming skill.
The central banks would certainly try to get Bitcoin shut down after it becomes popular enough, but how would people react to that if they were trying to shut down an official charity?
All donations would go toward advancing Bitcoin so more people/organizations can get zero-profit banking-like services, like only the cost of running the computers and electricity, and none of the patent claims or other fees you normally find in banks. Just the service of adding and subtracting numbers, which is all money really is. Computers are good at numbers, and we don't see why people should be involved.
Could Bitcoin be a tax exempt charity?
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