Cryptocurrencies have captured the attention of investors and world governments alike, especially given Bitcoin’s meteoric rise over the past 12 months. Cybersecurity expert John McAfee believes they may encompass the sum of all fears for governments the world over.
The blockchain technology that cryptocurrencies like Bitcoin and Ethereum are built on helps to solve the problems that plague traditional banking, by cutting out the middleman, thus reducing fees for consumers, while also decentralizing and securing transactions.
With no centralized exchange to control or influence, national authorities around the world will find it increasingly difficult to determine a given citizen's income and thus their income tax owed, undermining a critical source of government revenue, according to technology pioneer and head of MGT Capital Investments John McAfee.More of this here... Yes, of this is a fact. Taxation is one of the many things that the government can be in control of the people and without adequate collection of taxes there would really be a big problem. I am not actually advocating that people stop paying taxes but maybe we should have compromises when it comes to Bitcoin. While the government can have a hard time finding out if people are paying correct taxes with their Bitcoin transactions, we should be declaring them according to the established laws so that the government may not be formulating restrictions and burdensome regulations against us. We should relay the message to the government that even if Bitcoin can be out of their control, we are still willing to pay our taxes.
Have you paid your correct tax lately? John McAfee already did!
