Why the Federal Government Fears Bitcoin

Why the Federal Government Fears Bitcoin

The popularity of the new Internet currency, Bitcoin has the government annoyed. Would-be regulators claim their response is due to the potential use of the alternative currency by criminals and even terrorists.

From Forbes:

“But criminals are not criminals until they are convicted of something, and hiding the source of your money is not against the law, except for what you are legally required to disclose on your tax return. The source of your money is not a public matter, but a feature of your personal privacy, absent a specific legal disclosure requirement. The Justice Department has no business even asking you about the source of your money until it has sufficient probable cause to bring you in for questioning, and/or to file for a warrant for your personal financial records.”

While Bitcoin may never completely replace national fiat currency, it’s relative success leads the public to question the basis and management of money like the U.S. dollar.

“Instead of Natural Law, we have fiat law, which is whatever those who currently have the political power say it is. And instead of Natural Rights, the world today mostly recognizes only fiat rights, which are only the rights those in power say we have. America was rooted in Natural Rights and Natural Law, which so-called Progressives have been rebelling against for more than 100 years, certain they had better ideas more suited to the modern world.”

Read more at Forbes


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