Post
Topic
Board Bitcoin Discussion
Re: Bitcoin can / cannot replace the banks ?
by
gregy45
on 03/03/2021, 11:58:24 UTC
Experts agreed that digital money will gradually replace traditional ones. However, it is too early to talk about the complete replacement of paper currency within 10-15 years, most likely this will affect only large, developed cities and countries. At the same time, the digitalization of the payment system may occur in the developing countries of Africa, suffering from inflation. Moreover, now bitcoin is in great demand in them.
Despite the fact that many people know almost nothing about cryptocurrencies, there are also those who not only know about all the advantages of cryptocurrencies but also actively use them — in particular, for storing funds.

A cryptocurrency wallet is increasingly becoming an alternative to an offshore savings account. Funds are transferred to such a wallet, but are not withdrawn, and are stored there until the right moment. Such actions allow you to achieve several goals at once:
- complete anonymity — funds are not accessible, including to the tax authorities, who can only obtain information if the owner is voluntarily recognized;
- over the past few years, cryptocurrencies, especially bitcoin, have grown significantly in price and continue to grow, which makes it possible to earn money on the growth of the exchange rate;
- the ability to avoid tax liabilities.
Gradually, the cryptocurrency space is turning into a tax super-haven, which allows you to store funds with 100% anonymity.

Many representatives of the offshore industry are concerned that cryptocurrencies can completely replace offshore banks. And these concerns are not unfounded.

Time also works in favor of cryptocurrencies. If offshore banks have long been "under the gun" of governments and fighters against tax evasion, then the world of cryptocurrencies is still not fully understood and studied in space. And those who become pioneers in this space are likely to get the most benefit.