Hello all steemit friends.
Today I am gonna discuss about a question which is raised in everyone’s mind and generally everyone wants to know the answer.
All of us whoever has interest in cryptocurrency have the belief in general that Bitcoin is anonymous or at least mostly anonymous, right friends?
One of the major benefits of using Bitcoin because we can move money around all over the world without revealing our exact identity, right?
However, it looks like those days might be numbered.
Yes friends the surprising truth is that Bitcoin is less anonymous than we think.
Yes friends, the main factor to take into consideration in this matter is Income Tax.
According to a report out recently the IRS is revealed the identities of Bitcoin users with the help of some special software companies so that they can find out the Bitcoin users who are failing to pay their taxes.
Now friends, who is IRS?
The Internal Revenue Service (IRS) is the revenue service of United States Federal Govt. responsible for collecting taxes and administering the Internal Revenue Code; providing tax assistance to tax payers and pursuing and resolving instances of erroneous of fraudulent tax filling. According to recent news a contract was discovered between the IRS and Chainalysis.
Who is Chainalysis?
Chainalysis is a software company associated with blockchains analyzing, and investigations. Head office/ situated in New York, Washington D.C. and Copenhagen. CEO,Co- Founder- Michael Gronager.
So, in the above said contract it was revealed that the IRS is paying Chainalysis to help identifying the owner of digital wallets. Friends, this is not a surprising fact.
But the important question is: HOW MUCH DO THEY REALLY KNOW?
-Now that is where it gets a little scary. According to a letter from the co-founder of Chainalysis to the IRS, it is discovered that the company has information on over 25 % of all Bitcoin addresses.
The IRS claimed that only 802 people declared as capital gain or loss on Bitcoin in 2015, which is shockingly a small number considering millions of transaction, took place during that period.
And actually a large number of people made lot of money during that period but did not report that income. Here comes a Bad News for some…
This new contract makes it look like those people who had not report their income (2013-2015) are about to have some Bitcoin related Tax Trouble in the very near feature.
But at present the IRS seems to be focusing on transactions over $ 20,000, appears that they are going after the larger accounts. This is the slight glimmer of hope and gives a little comfort to the small Bitcoin wallet owners.
So friends, finally I must want to say that STAY SAFE AND STAY INFORMED.
And friends, what’s your thought on this? Please give your opinion in the comment section below.
Thank You.
