Replying to Lucky Kite

Sure you can do that but the immutable public Blockchain is not yours and it is not private. Govnts can see every transaction. And in many countries in Europe you must declare your bitcoin (even zaps) for capital gains. So that private no KYC transaction you just used is only private if you break the law and refuse to pay taxes. Good luck in prison if you go that route
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Satosha 1y ago

There are two points here

- I don't know about other blockchains but Bitcoin is public by design . Because on Bitcoin network , most of the transactions would be between big wealth funds , nation states , corporations etc .. the fees will make it impractical for me to transact on Bitcoin network . These big transactions must be in public eye .. that is a feature NOT a down side .

- as regards to tax , KYC or not , Bitcoin is an asset . We must pay the taxes as per the legal requirements just the way we pay taxes when we sell real estate or stocks . I am sure you are not promoting tax evasion. Are you ?

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Lucky Kite 1y ago

I'm just pointing out that if Bitcoin is governed and monitored just like the fiat banking system, then what is its advantage over visa or paypal? The reason its is a valuable asset is because (some people think) it can be used privately - like cash - sometimes for criminal activity some not (privacy isn't a crime) . It can't be used privately though, and when eneough people eventually realism this it will lose its value. I don't promote rich people doing tax evasion, and I actually agree with you - I think Bitcoin is better than fiat for cracking down on it. I think it was invented for that purpose. But that IS NOT what most people (esp libertarians) who own bitcoin thought they were buying it for. And I suspect you already know that, because you'd be a fool to think people got into bitcoin so they can pay their taxes more efficiently.