The biggest political obstacles would seem like laws which require paying income tax on price appreciations every time you use bitcoin in a transaction.
What do you think the social obstacles are? The volatility? The complexity of how to use it? The challenge to understanding bitcoin?
That's a sales tax and I think that's what governments will need to do: Go back to taxing tea 3% instead of the 50% income tax.
I'd happily take that deal. The problem is that in addition to any sales tax, current US lax law requires you pay taxes on "capital gains" due to bitcoin price appreciation.
Yes because you are avoiding the hidden tax of inflation.
I'm talking about when inflation is no longer a viable option to fund government expenditures.
The sales tax will probably closer to 15%.
I think currently it is still a competence issue. Most people are so used to give custody to some issuer.
To many it is normal that one can forget passwords. This is a big change with private keys. And with values like money this is not too nice when it happens.
