and how to get paid on it.
The main purpose of this website will be to create a lobby group to promote USA bitcoin business specifically targeting government regulations. The goal of our website will benefit EVERYONE using bitcoin worldwide. The website Invest America targets USA laws for the most benefit for everyone.
Bitcoin is misunderstood by the majority of government officials. Because they are misinformed, they are easily swayed by opinion, individuals with agendas, and companies with agendas. Our goal, with this website, will be to target legislation that will promote the understanding and usefulness of bitcoin. We will link to websites targeting specific bitcoin regulations.
We are unique because YOU can potentially be paid to help us promote the petitions. We will be using PAID viral marketing to build a special interest group for bitcoin legislation.
We will adjust this website occasionally to target the most important petition at the time. Eventually, we will link to a list of current and past petitions as the group grows. When you sign a petition you become a member of our database and we will notify you of any new potential petitions effecting bitcoin.
The first project will be to create a lobby group to get bitcoin defined as “money” by ALL USA regulatory agencies.
You can immediately sign the petition by visiting this link.
The reason for defining bitcoin as money is to make transactions easy for business from a regulations point of view. Virtually every bookkeeping process would automatically accommodate bitcoin. Specifically, transactions would be regulated the same as US Dollars. Dealings would be profit and loss and not require you to document inflation or deflation of the currency.
As example, as a merchant, suppose I receive $100,000 in cash for the sale of products and it cost me $60,000 in overhead, I would pay tax on the $40,000 profit. If the dollar changed so my $40,000 profit would now buy $100,000 in goods, I have no extra tax on that gain. Likewise, if the dollar changed so my $40,000 profit was only worth $25,000, I have no tax advantage. I now base my business on profit and loss and only watch the value of my currency to determine if I need to move the cash value into a different asset. This makes business easier to control by the merchant and easier for the customer because of less regulation.
If in the same example, my currency of trade was considered property, the taxable amount would constantly change with currency fluctuation until I spend it. In either case the business now needs to record EVERYTHING including the value of the property (bitcoin) at purchase and sale, names, addresses, and dates.
The below information is the basis for the petition. If you would like to participate, please link to the petition to sign the petition and we will send you an email containing a letter to your congressmen with mailing instructions.
The US Government should declare bitcoin as money and potentially accept it as payment for taxes.
Currently, the US government via the IRS, FINRA, CFTC, and just about every other government regulatory agency has different rules and definitions for bitcoin. This makes it virtually impossible for US companies to be innovative and competitive in the bitcoin industry along with a serious loss of tax revenue.
The author is not just somebody with an idea out of the hat. He has been looking at and working with bitcoin since 2013. He has built software to market any product or service, anyplace in the world, with any margin, with any currency, using any processor including bitcoin. He has not aggressively brought it to market because of the USA regulations on bitcoin.
Someone with vision needs to look at bitcoin as a method for USA growth, instead of all the independent government agencies trying to take power and hold control over individuals. I am signing this petition to direct my elected officials to draft legislation declaring bitcoin “money” for all government regulations.
Everyone is lying to you when they say bitcoin needs special controls to prevent fraud, money laundering and terrorism. By the very nature of bitcoin, EVERY transaction is recorded. It is the IDEAL transaction record for determining and PROVING fraud, money laundering and terrorism.
Controls are not needed specifically for bitcoin, because control already exists on all banking transactions. As example, if someone were to try to sell drugs for arms, agencies need to find the drug dealers and arms dealers. Either you catch them directly in the middle of a physical trade, already knowing the parties and location, or you know the parties and watch known BANK transactions. The ONLY way to get money in and out with bitcoin is VIA a BANK. It does them no good to create a fortune in bitcoin if they cannot cash it in. Eventually, SOMEONE takes the money out or puts it in, even if only to buy a sandwich, connecting one end of the chain. Due to the nature of bitcoin transactions, the agency can now instantly connect EVERY transaction to the BANK account. The point is that TRACKING is in place now via the banking system.
Government agencies stating bitcoin makes fraud and terrorism easier, present a fallacious argument. I hope the US government wrote down all the serial numbers for the $400 million to $3.3 billion cash given to Iran. If so, they could find out where a bill ended up if a BANK reported a serial number, but they would not easily know how it got to the individual turning it in at the bank. With bitcoin, EVERY transaction and penny is instantly available to regulators.
The IRS arguments that bitcoin leads to income tax fraud are once again designed to hide the real intent, which is, another way to keep the IRS employed. If you want to PROVE fraud, then bitcoin is great for the reasons stated above. EVERY transaction is recorded proving history and relationship. You could replace the majority of IRS investigative agents with one software program, provided you made it easy for US citizens to use bitcoin and pay taxes with bitcoin. The side benefits of allowing paying taxes with bitcoin include; arbitrage advantage in government trades, increased revenue as bitcoin increases in value due to supply and demand, bitcoin source generation for the US government, and undiscovered taxes from gamblers and others who might pay taxes with their current bitcoin holdings.
Agencies claiming they need consumer protection for bitcoin are once again just trying to justify greater employment for their agency. Bitcoin is not fraud, fraud is fraud. If everyone used bitcoin, proving fraud would be much easier. Regulate fraud, not bitcoin or the blockchain.
Because of the US government agencies using the above lies to justify their own employment, US innovation and business, along with the tax advantage to the US government is unrealized.
Most individuals and businesses do not mind paying taxes and following the rules, as long as the rules are identified, understandable, and not arbitrary or an impediment.
Imagine, I want to start a business selling sandwiches. The government demands I record the name and all contact information connected to the serial numbers of all bills collected. The government also demands the customer do the same thing. The customer must record the complete contact information attached to every serial number of bills they transact. Not only would most businesses forget opening using this method, the customers would not take the trouble to deal with the business. That is exactly how bitcoin is currently treated by the US government regulatory agencies.
If bitcoin was treated as money across the board, people could quickly transact business worldwide and would willingly move funds in and out of their bank accounts constantly. This would cause a new RAPID circulation of currency. If you are in the government, a vibrant economy increasing circulation of currency, means more revenue through increased tax activity. People, especially businesses, will move funds quickly through the bank, because holding the funds subject them to bitcoin volatility.
If bitcoin were money, the majority would move funds quickly through the bank. Imagine the difficulty of laundering money now. If a drug dealer trades for guns, and pays a low level guy bitcoin to pay for gas, the merchant instantly trades the bitcoin to his bank because of volatility. Good agents would be tracking the drug dealers using a gas station. When the dealer fills up with gas, the agent connects all transactions from the merchant account to the bitcoin address of the driver leading to the drug dealer accounts AND other financial associations. This could happen before the drugs and guns are transferred. Do not let agencies lie to you to justify their increased employment.
Free innovators by defining bitcoin as money. Bitcoin would rapidly become a trillion dollar industry creating incredible new revenue sources for the nations who embrace it. Bitcoin is to big for innovators to ignore. They are quickly moving technology to countries in favor of bitcoin. Take the lead and declare it money. The banks have already lost control and need to stop complaining about the technology, now it is time to make it easy for them to get back in business. Bitcoin will always need to go through a bank to realize the full potential. Remove KYC and AML from bitcoin and leave it with the banks and exchanges.
1. Declare bitcoin as money and potentially accept it as payment for taxes in the USA.
2. Optionally, define bitcoin consistently across all US government agencies. Defining bitcoin as property, an asset, or other form of currency, will require way more paperwork and regulation than defined as money, but ONE government definition will at least provide innovators a starting point to follow.
Please link to and sign our petition. This petition will benefit government, business and users.
If you would like to share to the cause to help pay for the websites, downloads, marketing and lobbying efforts, please send your request via the contact me link above left.
If you would like to potentially be paid to promote this petition by the sale of eBook advertising on this subject, sign the petition and then send us an email stating you have no sponsor.