On Tuesday, January 17, 2023 at 11:48:18 PM UTC-5, RichA wrote:
> 87000 new agents ove 10 years to crack down on "tax cheats." in reality, it's to monitor the millions of Americans who buy and sell things on online platforms. Sell more than $600 worth of product a year, it is taxed as income, in addition to the state sales tax already charged to end-buyers.

One more note about bitcoin then I will delete this posts tomorrow.

Traditionally any online purchase or transaction (most offline too) needs a 3rd party intermediary like a bank to verify a transaction. A business requires a merchant account that is tied to a bank.

The 3rd party, bank or credit card company, reports transactions to the IRS to assist in tax collection at fiscal year end.

With bitcoin, there is NO 3rd party. Transactions are verified mathematically with a crypto ledger that is spread across the world on thousands of encrypted duplicate computer ledgers. Without a bank or 3rd party reporting to the IRS, the government doesn't easily know who spent what, and how much tax is owed. It's like spending cash with a ton of added benefits.

This is what scares the living shit out of governments, they can't withhold, garnish or tax since bitcoin doesn't know who transacted with whom.

Banks have a policy known as "KYC" -know your customer-, to track fraud and taxes owed. Real cypto like bitcoin does not do KYC unless bitcoin is bought through an exchange company.

With a small cheap computer connected to the internet, I can transact anonymously across the world with anyone I choose with no fees, and only I know. No 3rd party like a bank or the government is necessary.

Using the same computer and internet connection, I can open a store front selling goods or services, and process the payments without any middle man. Think AMAZON without any fees. I can sell for bitcoin, keep bitcoin in my digital wallet, and spend or invest. I need no on-ramp, IOW, I don't have to sign up with a crypto exchange or brokerage and, tell them my name and SSN.. KYC is currently a requirement in the US for crypto commercial exchanges or to even buy crypto at a gas station ATM.

This technology will and has already begun to revolutionize the world of commerce.