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2 points
Views: 199

Anyone for bit coin conspiracy

Posted by Chickawoogie on May 9, 2016 at 10:36 pm

Alaska and Ketchikan

After small readings and past experience. I'm looking now at the hype drawn to it in the beginning and ability to be worth more having its own exchange value. Now popping up hear and there having the ability to use it in stores now.are we somehow walking into a planned new currency to which every transaction is documented and taxed



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Catalyst 1 point

Every transaction is technically logged, but each Bitcoin wallet (that has one Private Key) can create an infinite amount of new Public Keys. Every time Bitcoin is transferred to another wallet it is publicly seen on the Blockchain on every computer in the world that has Bitcoin installed. This displays a Public Key that was created by the wallet. It can be used many times, and potentially be traced back to the user, and everything they did with that public key.

You can also create a new Public Key every time you send Bitcoin to another person, store, bank, or market. Private Keys cannot be decoded from the Public Key, so if you use a different one every time, nobody will be able to document/tax you for that along with everything else you've bought later on.

There are apps/programs/services that will automate this system for you. Unfortunately, if they aren't enabled by default then the masses will definitely be documented/taxed. Especially if they're dumb enough to give out their Private Key. You will probably start seeing it on paperwork.

Bromosapien 2 points

.... Whoa.
Bro. Just... Whoa.

 

You may be on to something...