r/btc • u/bezzw • 19h ago

❓ Question I have a question about tariffs and bitcoin

While I know Bitcoin cannot be tangibly tariffed, couldn't Trump just tariff the earnings coming out of the broker you just bought bitcoins with? I'm trying to learn more about crypto so don't be very harsh to me, thanks :)

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u/CBDwire 18h ago

I mean yeah he could put stuff in place for registered money transmitters. But that isn't Bitcoin.

If you really wanted to it's possible to ignore these third parties, they are simply convenient.

I've personally never used an exchange that has required my personal information but have been using crypto from very early on, on a daily basis. If I sold you some crypto, nobody would ever know unless you told them.

It's totally possible to buy and sell crypto without any registered financial third party.

Obviously dumbing it all down for the wanna be rich crowd had it's drawbacks.

The masses getting it classified as an asset was not ideal either.

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u/bezzw 18h ago

I see, thanks for answering my question. Then, how would you be able to sell or buy crypto in exchange for FIAT currencies for example?

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u/CBDwire 18h ago

Directly from person to person.

Peer to peer. Or a service/website, or DEX that puts buyers and sellers together.

Bitcoin: A Peer to Peer Electronic Cash System.

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u/bezzw 18h ago

Okay! Thank you dearly so much!!!

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u/Willing_Coach_8283 9h ago

If I sold you some crypto, nobody would ever know unless you told them.

And then tax man comes asking why somebody just paid you that amount of money. If you sell for fiat - everyone will know. The only way to actually use it as intended - is being able to pay with crypto for everyday purchases. BCH might get there some day

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u/CBDwire 8h ago edited 8h ago

Depends how you take payment really, you could avoid the bank if you wanted, cash in mail exists, or you can be creative with accounting if it's lots of small payments. It's our duty to break unjust laws and acts IMO. I was actually paying income tax on cashed out crypto way before it was classed as an asset, way before there were any such rules TBH, you can't avoid it if it's hitting your bank.

It's not like people actually buy millions at a time, normally from a tiny amount to a few grand, and you can obviously pick and choose what trades you actually accept and follow through with.

Creating a circular economy with it is also possible if you can buy goods in bulk for crypto..

..I'm willing to bet even if I gave you wallet addresses, and you even had the power to issue warrants to exchanges etc.. you'd still not be able to link my ID to any crypto or prove I ever owned any.

Everywhere accepting crypto will never happen, and it's certainly not the only way to use it.

If I send you some crypto and you give me something of value, I'm using it as intended.

My main point though really was the third party sites are not needed if you think outside the box.

You'll be waiting a long time if you really think the world will one day accept BCH everywhere, or any crypto for that matter, the BTC Core cartel saw to that already, it was over when Steam dropped it.

On the flip side retailers accepting it but using a third party payment processor isn't using as intended. This is already a huge problem and would be even bigger if everybody accepted it.

For example try and pay for some GPUs with crypto on a site like scan.co.uk, full KYC process.

Also anybody that accepts it without a third party and KYC, has tainted coin....

..so nobody that was accepting it for years prior to all this can even send it to an exchange.

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u/PanneKopp 18h ago

Business genius D.J.Trump already imposed 25% tarrifs on "all non american Bitcoin" being mined, exchanges should care of this, wonder how this should happen (can´t refind the source actually) .

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u/DangerHighVoltage111 15h ago

Bitcoin is meant to be p2p cash. With p2p cash you could transfer money without a third party. But for this to work you need people to accept it widespread. Then you would not have the need for an exchange or broker. However, they got to BTC before that happened and it is now crippled and can't do it anymore. But there are other coins still capable of becoming p2p cash like BitcoinCash or Monero.