Losing money in bank is not theoretical. I have to pay income tax, just because I receive money through bank account.
Using bank means paying
- income tax and insurance
- debt collectors
- fines
Any mistake can result in astronomical fines and wipe all savings.
If I earn less than minimum wage, I have to pay 100% tax or more. That's because there is minimum monthly social benefits contribution.
With cash and bitcoin they never know if I have money.
Maybe foreign bonds and offshore accounts are good solution for storing money.
>I have to pay income tax, just because I receive money through bank account.
No, you have to pay income tax regardless of how you receive money. Bitcoin just makes it easier for you to avoid the law and be a leech on society by not paying taxes.
Ah, got it, so you're one of those people, one who heard the news about the Panama Papers, and rather than being outraged, thought "Oh that's a good idea!"
Re:Living Only on Bitcoins
by matt_wulfeck on Sunday May 08, 2016 @11:07PM
(#11657353)
I don't know where you live, but here in the US the IRS simply has to ask you if you have a foreign (or crypto) bank account and you'd smart not to lie to them.
If they can't get the money because they don't have he private key they can simply put you in prison.
So you're trying to evade taxes and not pay for your share of social benefits? You will feel at home in the Bitcoin community.
Any recent event which wipes out FDIC accounts is going to devalue all that gold a surprising amount too.
Re:Living Only on Bitcoins
by matt_wulfeck on Sunday May 08, 2016 @11:08PM
(#11657356)
This is true, but you still have something you can trade for bread.
Any event catastrophic enough to wipe out money in FDIC-insured bank accounts would also affect your paper currency. If you're really worried about that eventuality, best to hoard gold.
EDIT: Let me clarify, I suppose it is a viable option if you are living paycheck to paycheck, but if you have accumulated wealth of any significance, it is not.