Currently, financial institutions treat you like a criminal for withdrawing the cash you've already deposited.
The paper trails are already in place to clearly show where you're getting your funds. However, when you finance a house, boom—everything is scrutinized and examined several times before closing and sometimes even up to several years after, depending on how you financed the home.
It was a shock to learn back then that if I had stuffed the money in the mattress and came to deposit it when I was ready to buy a home, the bank would not accept that as valid funds because I wouldn't have been able to provide a paper trail for its source.
This morning, I realized that I'd have to maintain a fiat bank account to purchase groceries or pay a utility bill.
To have a fiat bank account, you must have a physical address.
To maintain a job, pass all electronic screenings without issue, and get money into that fiat bank account, your physical address on the application has to match what's on record at the DMV, government agencies, and credit bureaus, depending on which institution you're working trying to access.
The rent, mortgage, and property taxes must be paid to maintain the physical address.
To be genuinely free, at least in the United States right this second, you almost have to be a homeless vagabond, transacting in Bitcoin only (or other crypto), and be self-employed and unbanked.
Barter, Bitcoin, and gift economy. No permanent physical address. No bank account. No assets.
The extreme tradeoff to this is legal or government authorities threatening you with jail if you don't hand over your secret phrase or having the IRS do all your "missed taxes" for you (much like the Department of Child Support guesstimates how much money they think you should be making at your age with your educational background vs. how much you are) and then the IRS saying that you now owe back taxes into oblivion. They'll use this as justification to seize what they think is yours or, again, still have you imprisoned.
Hmmm. Choices. Choices.
When I solve or accept that problem, I will choose.
quotingI have to correct myself, they won't seize all your Bitcoin. They will just tax the shit out of it. That's much easier and can be done with existing infrastructure. Because if you don't comply, you can just go to jail because of tax evasion.
note1apy…h920
And you can't use it to make fiat purchases (via crypto debit card or something), especially large ones, if you haven't declared it beforehand. They'll ask "where's that money from" and you have to proove a legal source of income for it. Reversal of the presumption of innocence applies to tax matters.
Bad times for anonymous Bitcoin buyers, good luck finding a jurisdiction on earth that is still a long way behind. In the end, every nation will arrive at the same point. Even Africa, even the Arab world ... all of them. Just a matter of time. Maybe not El Salvador.
We have to build a circular Bitcoin economy. There's no other way.
If you just hodl, you're not helping the cause of achieving financial freedom for all. Then you're not really a Bitcoiner, you're just a private investor with a fiat mentality.
Greetings to Michael from me.
note1c9d…wtz2