A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
I’m an Chinese international student using Coinmama as my bitcoin exchange (as they don’t request SSN for small transactions). I also have an American debit card account which It’s where all the dollars from my sold bitcoin would go. In this case how would I do my taxes and which countries law should I follow (I’m here on F1 visa)
A true use case for bitcoin: international remittances.
Banks enjoy healthy profits on currency exchange, often charging 5% for the act. Additionally there is a second charge - sometimes straight-fee, sometimes percentage based - for money sent to a foreign party which is called a remittance. Remittances may sound like an edge case, but according to Tages Woch link foreign remittances now exceed international aid for some countries; in total it is ~500 billion USD annually. Remittance fees are excessive and constitute a highly profitable drag on world-wide liquidity. According to the World Bank's remittance [pricing page], $500 to Mexico is between $8.38 and $26.08 per transaction. Assuming a 5% combined exchange and remittance fee, that means banks pocket 25 Billion a year in profit shifting bits around the globe. Personally I think that sending money home to Mom and Dad is the largest potential market, and simultaneously the biggest reason bitcoin may be legislatively killed.
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