Credit to: Tax Evasion : PayPal Pulls Out of Puerto Rico; Huge Opening for Bitcoin I can't help but wonder how long til the regulators decide this new policy disparately impacts minorities (hispanic) and fines them into oblivion?
I wouldn't call this a huge opening for bitcoin... you need to understand how bitcoin works before declaring it equal to something like paypal... bitcoin fluctuates in value dramatically sometimes... but generally it will swing multiple percent on an almost daily basis, because folks still haven't figured out if this is going to work, or be a good store of value... its backed by nothing, so a single country enacting legislation against it could impact it greatly, and as people are finding out, when someone steals your bitcoins, there are no protections and you just have to eat the loss... so I think a 2% penalty for simply being a citizen is still a much less risk than bitcoin that could drop an even greater amount on a daily basis... now some folks will say, you don't hold your money in bitcoin, you simply use it as a transfer method... well thats not any less risky or without its own troubles... because you still need a method of withdrawal and input... and even in america thats becoming a recorded transaction, and bitcoin itself, you can review every single transaction ever done in the block chain... so once the government learns which person is you, they now know what money you have transacted and can still levy any penalties on you... currently they view it as a commodity in america, but some states are already pushing to change that as a result of all the above problems... now lets ignore the thousand other reasons its risky... and lets just boil it down to transaction speed... its not like swiping a credit card and poof your money is there... it can take hours or sometimes days for people to get enough confirmations for the transaction to be accepted by the block chain... so there is inherent risk the mining pool with 51% plus control, could reject your transaction at any given time... thats another drawback to the way the cryptocurrency has turned out... all sorts of pitfalls and nobody there to legally protect or enforce whats "right"... I could go on for hours why this is an awful thing... the best way to avoid a 2% penalty currently the way things are written... open up a joint bank account with someone, that has international ties, and simply deposit an amount you want them to withdraw on their end... it wouldn't be considered a transfer, it'd simply be one joint account owner withdrawing money from their account, no penalty as the crummy way the laws are written... don't always try to find the hard and risky way around, look for the direct and easy way sometimes... (now granted certain international banking has fee's and expenses, so you'll have to work hard to find a bank in puerto rico that doesn't levy these simply as a cash grabs for business profits, but thats a whole other story and issue, since many banks there are struggling now) P.S. paypal was levying fee's against transfers, they skim money off the top of every transaction themselves for profit... so why not just skip paypal and use a direct method like a bank anyhow? there are so many other legal ways to transfer money between two people and avoid costs... bitcoin charges transaction fee's too you know, and it doesn't even guarantee your "dollar" will still be a "dollar" by the time the whole process is over in hours or days...
Granny says, "Dat's right - dat's Billy Graham's son, Franklin... PayPal Hypocrite, Does Business in Countries Where Homosexual Behavior Is Illegal April 7, 2016 | In response to PayPals decision to not open a new center in North Carolina because of the states law against men using womens bathrooms and locker rooms, Rev. Franklin Graham said PayPal is a hypocrite and noted that PayPal does business in countries where homosexual behavior is illegal, but it decided to fault North Carolina.
