Are Governments Nervous About Cryptocurrencies?

Governments and people alike are nervous I would be because anything thing that is unknown or not normal can make people nervous. Our protective walls go up and say stuff like “That won’t Work” or “That is a Scam”. Some of my friends think I am crazy and that I should run away from Digital Currency.

Think back in 1983 when people heard that someday every body would have a computer in their house. LOL I thought they were crazy. I missed out on investing early on into the future of Computers and Software. So, part of me don’t want to miss out on this possible wave.

Now that Tesla and other businesses have invested in Digital Currencies that it may get more and more part of our normal way of life. Who knows maybe someday there will only be Digital Currency? Who would have ever thought we would carry around a phone and have more power than a personal computer did back in 1983?

We are in our early Retirement years we may not see the full roll out of Digital Currency in our lifetime. But it has been amazing the massive growth it has had. But of course, it has had some massive Dips in value also just like Stocks or Real Estate can have.

Digital Currency Investing may not be for someone who is totally into Stocks or Real Estate. But think if you owned Real Estate rental properties or sold properties and you were able to be one of the few that currently would accept Digital Currency as payment. Wouldn’t that set you apart from others? I think it would. After I said that I am thinking I may be onto another business venture myself with this idea.

Mark Cuban, I heard owns Digital Currency and someone said that he thought of it as the future and if he would start a new business it would have Digital Currency around it or in it. If you go use my favorite tool called Google you will see some of the Digital Currency, he is invested in.

Governments around the world are probably all scrambling trying to figure out how to handle this new Digital Currency world that is becoming more of a household name.

I know for myself I have now had two tax returns that I had to show my Digital Currency transactions and net gain or net loss. In the United States the IRS have it figured out it seems.

I currently mostly use Coinbase for most of my Digital Currency. They help provide me peace of mind but also Tax info to give to my CPA at tax time. Hopefully someday I will find where my Bitcoins that I had like ten years ago. I know it is probably just a pipe dream of mine.

As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.

We know people and Governments have reason to be nervous or anxious about Bitcoins and other Cryptocurrencies. I know the more I learn about it the more comfortable I am in the idea of owning more Digit Currencies. I don’t know if I will ever own more than 5 % of my Net worth in it though.

While cryptocurrencies – the largest faction being Bitcoin – are

regularly gaining popularity with the general population, governments

around the world are becoming increasingly worried. Typically,

conventional currencies associated with specific countries are

regulated by the government, essentially so that they can dictate,

track and monitor.

Value is given to a specific currency, and the residents of that country

must adhere to all of the regulations, simply because governments

possess the power. Now, if organizations other than the government

are immersing their own currency into society, it cannot be treated

like a government-issued currency.

So, taking all that into consideration, it’s no wonder the officials are so

anxious. Let’s consider each aspect of cryptocurrency that puts fear

into the heart of governments from practically every nation.

Loss of Control

For a government to lose a certain degree of control over something as crucial as currency, which has a direct impact on the overall economy, it’s very challenging for them to deal with. As cryptocurrencies are peer-to-peer networks, it places some control into the hands of the people of the country, and therefore, challenges the control of the government. As Bitcoin has become more popular globally, governments are feeling insecure about their ability to control their economy’s currency.

Hard to Regulate

Cryptocurrencies aren’t actual forms of money, it’s just software on a

computer drive. That, along with identities being hidden and

Blockchain technology being publicly-accessible, creates a difficulty

for governments when trying to regulate it. What makes it harder is

the fact that even though it’s just software, it’s often used to make

purchases and complete transactions, which are also features of real

money.

Worry of Illegal Activity

A valid worry for governments is the risk of illegal activity involving

individuals with hidden identities. For example, if people are using the

anonymity of Bitcoin to deal drugs, launder money, traffic children, or

fund terrorism, then people say that demands some serious attention.

Another aspect of crime, which we’ll touch on next, is the problem of

tax evasion.

Limited Taxability

It is no secret that a large chunk of a country’s economy is from the

taxing system that a government puts in place. Now, as we’ve already mentioned, cryptocurrency isn’t classed as actual money, so it can’t be taxed in the same way. However, it is considered an asset and is usually taxed in the same way something like gold is. But it’s often questioned if people actually declare the cryptocurrency they own.

Taxes can be a little more confusing with government requirements. My Accountant said I needed to get all of my info together for Digital Currency and put it on the IRS forms. I found Koinly.io and it made it easy for me. It did cost me $100 but well worth it. Check them out and save $20 discount. Just click here at https://koinly.io?via=0ACA8E2D

Even with Governments and people skeptical or worried about Digital currencies I do believe in the following two sites which have ways to earn Free Digital Currency. PI isn’t an official Digital Currency yet but I am hoping it will be someday. Coinbase is my main Bank as I look at it for our Digital Currency that we currently have. Which is a very small amount.

  1. Coinbase.com

I haven’t made a ton of money on this website yet. I have made some money on this website by watching some short films and taking a quiz after watching them.

They also have a way to earn Free Bitcoin when you Invite a friend to join. When your friend buys or sells $100 of crypto you both get free $10 in Bitcoin. Hopefully my friends will join up someday after they aren’t afraid of digital currency.

There are 42 different Crypto Currency on Coinbase website that you could buy or sell. I think of their website like my home Bank but for my Digital Currency. I have linked my home Bank to the website so when I sell Coins and want to transfer the money to my home bank I can and it is very easy to do. Same if I want to transfer money from my home bank to buy more Digital Currencies.

2.    Pi Network – First Digital Currency that you can Mine on your Phone. Use millsway as your Referral Code if you decide to join.

Our boys are having fun with this phone app and watching it grow. Pi makes crypto mining easy for them. The Breakthrough tech allows them to mine on their phone without draining their phone battery.

Bottom line I wish I could tell you that there was a get rich way to get free Bitcoins but I am not able to tell you that. There probably are some people that say they have ways to get Rich fast with Bitcoins but it could be scams.

Bitcoins is like anything that has value. Things can go up in value or down in value depending on the supply and the demand. I have even owned stocks that were worth a lot one year and the next year they are a penny stock. Crazy…

 I still feel if our boys use a small percentage of their Net Worth and Invest it wisely using Coinbase then they could possible to make some good returns on their money.

There are still so many unknowns for us about Digital Currency. I know that Darlene isn’t excited about them but our boys see it as the future. I feel it could be mainstream someday but maybe not in my lifetime. We are an Angel Investor in a Credit Card company that used Bitcoins to convert to Money so you can buy purchases with it. Time will tell if our Investment was a good on or a wasted one.

We want to give our boys the best chance to have their money last them thru their retirement years and have them reach their Financial Freedom goals. They need to live somewhat with a frugal mindset and spend less than they make so they can Invest towards their Financial Freedom goals.

Here are some positive quotes I like;

“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill

“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett

“There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

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Sources and Resources from Podcast (Available in Show Notes)

1. https://www.consumer.ftc.gov/blog/2019/11/scams-telling-you-pay-bitcoin-rise

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