I am new to the whole bitcoin concept, someone told me that I can use it for transactions and avoid tax while also minimising the risk of dealing with cash.
Is it completely that ghosted from the government?
Like they can't just access it and tax us?
Posted by Head_Flow_732
6 Comments
yes it is, bitcoin is untraceable, thats why no company in the world can trace them and throw you into jail
Bitcoin gains are taxable, similar to gains from stock market investments. See tax agency website of your country for details.
Nobody avoids taxes, unless you live in a country with no capital gains tax
The Blockchain is the ultimate form of permanent and unalterable record. All can be traced back to the beginning of time by anyone on earth
The answer for your question is yes, the Government cannot touch your bitcoin assets based on the podcast episodes that I’ve watched.
The speakers discussed that on this episode:
[https://youtu.be/rHqnSc4JVMM?si=HCQA2uhpT3T2TQ7s](https://youtu.be/rHqnSc4JVMM?si=HCQA2uhpT3T2TQ7s)
If you want to learn more about bitcoin, I suggest you to watch or listen to bitcoin podcasts. You’ll learn a lot.
Only sure things are death and taxes. It avoids neither.