Think of a time when you were talking about the lives of the wealthy with a group of people. Alternatively, think of when you were watching or listening to something and the topic of the rich comes up. Among the more common terms that come up during those discussions is ‘Swiss bank account’. Such a thing is synonymous to millionaires or, at the very least, the moderately wealthy.
However, the question that we should be asking is, “What exactly is it?” We know it relates to the rich, but what else?
As it turns out, Swiss bank accounts are not just for millionaires. Moreover, it is not just for criminals or government officials trying to conceal ill-gotten wealth. It is not limited to celebrities protecting their assets either. In fact, they are available to just about anyone and a lot of regular people have these accounts. People living in countries with volatile governments and banks, to be specific. These particular people often turn to Swiss banks largely because of their security and privacy.
The Swiss Banking Law of 1934 made it illegal for Swiss banks to reveal an account holder’s name. In a sense, this is akin to the confidentiality protections between doctors and patients or lawyers and clients. Above all else, these protections are what makes Swiss bank accounts so popular with banking customers all over the globe.
Similar to Swiss banking
Bitcoin allows the user to take back freedom from the govt and this is not lying well with the powers that be!
So what?’ Why should the federal government care if people have a bank account in their pocket? That is a technological achievement, and, in itself, is nothing close to a crime that government should be concerned with
In decades or perhaps even a century, Bitcoin or successor currencies and transaction mechanisms may narrow the field of taxable transactions,”. “Fully digital transactions will be too fluid to catch or may lack a recognizable physical jurisdiction. This will push tax collection toward physical things like housing, durable goods, and disposable goods.
Our best defense is going to be shifting to open source, non-proprietary communications and transaction tools. Such tools don’t have a head office that can be bought off, bullied, or required by law to render themselves insecure. It’s going to be hard to make that shift, but there’s no time like the present to get started
DISCLAIMER: Please be advised that nothing in this video shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor. All personal opinion is intended for general information purposes only.
Source Bitcoin Magazine