Methods By Which Bitcoin Can Become Successful Where Switzerland Falls Short
In the recent years, the rich individuals and organizations trusted the places such as Switzerland, Panama and Lichtenstein to keep their income a secret. It was because of these countries laws related to banking and tax. Now, the laws related to the tax are changing in these countries and that is why the rich people are looking for the new ways to protect their income from taxes.
There are lots of new options for them such as Bitcoin’s Zerocash, Dark Wallet and other related products. With the help of Zerocash and Dark Wallet, the clients of the Bitcoin can proceed financial transactions with a little risk to reveal their identity.
There are many industrialized countries’ governments who want to stand up their banking industries, once considered finished by the peoples. The UBS, Credit Suisse and Julius Baer are fined by the US government. They also requested to give the account details of all the alleged US tax evaders in the Swiss bank.
As a result, there are 80 Swiss banks who have signed deals with the tax authorities of the United States to reveal the information on 34,000 accounts of the suspected US citizens. Also, a treaty is signed by the Switzerland with both the US and EU with a promise to share all the data.
If we compare bitcoin to the conventional baking system, the former one seems more clear. It is easy to track the source and owner of the account, if the transactions are done from the same address twice or more.
Also, there are many Bitcoin wallets that offer high protection. One of the examples is Zerocash in which transfers and payments can occur without the given payment’s origin. There are also a few others, such as Dark Wallet, Shared Coin and Tor Integration. There is different technology used by each wallet with the same result.
It can’t be imagined how the government will use these kinds of service and this trend will command for more protective banking services.