This is an editorial by content creator and small business owner Robert Hall.
The general idea among Bitcoiners is that Bitcoin adoption will be a seamless transition to the Bitcoin standard. will not relinquish its power to control the economic affairs of those it considers slaves without fighting.
Bitcoin as a currency network is growing exponentially every year. An estimated 106 million people worldwide own bitcoin, and users are currently making about 300,000 to 500,000 transactions. Adoption numbers will continue to grow as Bitcoin matures and takes hold in the idea market.
I assure you that governments are also closely monitoring these developments. As bitcoin adoption grows, governments are using several tactics to scare people into owning it or to create tax laws designed to punish bitcoin owners. You should also expect full confiscation and the threat of going to jail.
If Bitcoin has fallen far behind your radar, chances are you’ve heard negative stories about Bitcoin in the mainstream press. Spread the word (FUD) and pique your curiosity to learn more about Bitcoin. Using sophisticated marketing techniques and narrative control, the power to plant ideas about Bitcoin in minds before doing research.
Below are some examples of FUD from well-known media publications.
All this took was a quick internet search to find these stories. But no longer. With inflation raging around the world and governments bowing to the pressures of declining currencies and a strong dollar, people will start looking for better ways to preserve their wealth.
This kind of economic environment is ripe for mass adoption of Bitcoin. This will force the government to put more pressure on citizens who own bitcoins. Once governments understand that they cannot stop the public from adopting bitcoin, they will most likely try to profit by creating forfeiture tax laws to profit from the rising price of bitcoin. High. Don’t you think that could happen? It is already a policy in India.
steal from the middle class
In May, Democrats and the Biden administration were considering taxing unrealized gains.
As you can see, this global trend looks set to escalate in the coming years.
If you can’t beat it, ban it.
A ban is the last and most brutal tool governments use to discourage Bitcoin adoption. This is when you can see they are afraid of Bitcoin. They pass laws outlawing Bitcoin ownership and making it a crime. Many countries around the world have followed this path, especially China.
Nigeria is another example of how governments attack Bitcoin. They can instruct financial institutions to block transactions involving Bitcoin. While this could disrupt Bitcoin adoption for a while, it is unlikely that Bitcoin adoption will stagnate for long.
A situation that worries many Bitcoin enthusiasts in America is a 6102-type executive order banning Bitcoin ownership.
Unfortunately, there is precedent for this sort of thing to happen. On April 6, 1933, President Franklin D. Roosevelt signed Executive Order 6102. Hoarding of gold coin, gold bullion When voucher Within the Continental United States. “
This effectively banned private ownership of gold in the United States. Executive Order 6102 required every citizen to turn over his gold to the Federal Reserve by May 1, 1933. Violators of this executive order are subject to fines of $10,000 (in today’s dollars he is $209,000) and from five years to ten years in prison.
This is the one thing that keeps all Bitcoiners up at night. What’s stopping them from doing something like this in the future? The precedent has been set. Other than that we are bankrupt and want to stay in power, I don’t know if they need an excuse to seize your Bitcoin.
Governments know who owns Bitcoin or can be found relatively quickly with the help of cryptocurrency exchanges. know your customers (KYC) regulations make it easy to see where you live and how much Bitcoin you own.
If you are unfamiliar with buying non-KYC bitcoin, now is the time to learn how.
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Bitcoin businesses must comply with KYC regulations created by the federal government. These rules negatively affect the lives of the innocent people they claim to protect. I am personally subject to KYC rules and regulations. I won’t name the company in question, but I’ve had certain businesses close accounts or fail to open accounts for reasons that have never been explained. It can happen.
State power is real and should not be taken lightly. The Bitcoin revolution is real and happening in real time, but there are questions you need to ask yourself. What would you do if the government outlawed owning bitcoin? Are you going to turn over bitcoin to the states? Are you willing to risk going to jail for your Bitcoin? Are you going to leave?
What if they outlaw bitcoin and need food and shelter for their families? Want to work in the black market? I don’t think these are questions the average Bitcoiner is asking themselves, but they should be.
The world is unstable and who knows what our future holds? Better to plan now than to get stuck.
In the meantime, stay humble and pile on the dirt.
This is a guest post by Robert Hall. Opinions expressed are entirely his own and do not necessarily reflect those of his BTC Inc. or Bitcoin Magazine.