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A Little Bit of Money

Thought Experiments on Cross-Border Payments - Of Couriers, Bankers, and Bitcoiners

Series 5: Using Bitcoin technology to regain trust of banking clients

Making Bitcoin AML-Compliant is not rocket science

A Little Bit of Money

Thought Experiments on Cross-Border Payments - Of Couriers, Bankers, and Bitcoiners

Series 3: Privacy and Secrecy are Two Sides of the Same Coin

A Healthy Level of Confidentiality

Thought Experiments on Cross-Border Payments - Of Couriers, Bankers, and Bitcoiners

Series 1: Innocent Until Proven Guilty

A Little «Bit» of Money in My Life

When the first speculations about Craig Wright being Satoshi Nakamota surfaced, the MIT Technology Review published a view from Emin Gün Sirer. The Cornell professor expressed his doubts that Bitcoin’s creator has been unmasked. In the meanwhile the BBC, The Economist, and GQ have joined the media party claiming that Satoshi Nakamoto was Dr. Craig S. Wright. Nevertheless, independently verifiable proof is missing, and so is cryptographic proof in public. The myth remains secret.

Digital money users do not have to pay value added tax (VAT) on Bitcoin transactions in Switzerland. The Swiss Federal Tax Administration (FTA) has announced there will be no VAT on Bitcoin transactions, according to Bitcoin Association Switzerland.

Despite the digital currency’s reputation connected with criminal activities, bitcoin is hardly a proper tool for money laundring nowadays. Even Jeffrey Robinson, the author of 1990s classical book on money laundring, states this. Bitcoin is too small for money laundring: “… when it comes to transforming dirty money into apparently legal income… which is the function of all money laundering processes… it simply stinks.”

This is the title of a guide to the monetary and banking system by English economists. It is a must read if you really want to understand how the system works, and what money is nowadays.