Let's Bitcoin takes off. Say you lived in the US and had an online service that dealt in the equivalent of ~20,000 USD or more income for you (personally). What are the laws for income tax on a currency like this? Can you get in trouble with the IRS by simply having tons of BTC that the market values at (currently) almost 5$ per BTC?
perhaps in the United States bitcoin has become a legitimate currency to conduct payment transactions and directly with high bitcoin value to be the government's reference to taxes, but for now in my country there is no tax system for bitcoin