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Why is it Better to Pay Your Taxes in Crypto

When it comes to crypto payments, we usually think of high-tech and developed business industries. While in fact, crypto can be used even by the government monopolists like the tax system.

In these articles we, the Reserveum enthusiasts, review different opportunities for creating a fair digital currency that would replace the current outdated money system.

What is the main point of the tax system?

It is about taking money from the country’s businesses and citizens for common needs: safety, education, medicine, well-being, government, etc. This is a huge money pool where everyone gives equally and receives the right to use the government services in return.

But does it actually work?..

Yes, but not to the full. Usually, the services we get in return for our taxes are not of very high quality, sometimes they’re no good at all. In many countries where medicine and education are free, their level could have been so much better. This is why, in fact, the taxpayers pay twice to get better services. In countries of underdeveloped democracy, communal services are also underfinanced. The only economic sector that is well-fed is probably the government management.

Why is it so?

There are two reasons behind that: centralisation and lack of transparency. There is a special organisation that distributes the funds – the Ministry of Finances – and these guys never report their actions to the taxpayers. Formally, there are some reports but it’s impossible to check them as they can write whatever they want there.

In other words, we gave the officials unlimited access to our pockets and don’t know what to do with it now. When the misuse of government funds comes up, a democratic society starts protesting and sometimes even gets what it wants. Still, the system remains closed to the outside observers so we can’t control where our money actually goes to.

The solution is easier than it seems.

With a classic money system, it is impossible to fight it: they don’t only hide the taxes distribution but all the stages that fiat money goes through, starting from a printing press. This is why we need to fully reconstruct the current financial system.

We have several interesting articles on uncontrolled money printing in the USA:

What we suggest first is introducing decentralised money. When every user sees how the system operates and can follow every transaction, there is no opportunity for tax misuse. Because the taxes paid in cryptocurrencies are going to be totally transparent. Every taxpayer can follow the history of their payment and its further movement, and make sure their money is not lost in someone else’s pocket but is directed to building a school, a road, or a city recreational space, for instance.

Blockchain technologies let people create such decentralised currencies, but so far they are only viewed as speculative instruments, though their potential is higher than that. The Reserveum company is striving to reorganise cryptocurrencies and improve the economy because the old mechanisms work worse and worse over time, while the opportunities provided by cryptocurrencies can solve all of the current problems.

An effective currency that our team is working on will be decentralised and absolutely transparent for all the participants. A special algorithm would manage minting, distributing, maintaining the rate, and other processes of this currency – a smart contract that would exclude people from the equation and not let them misuse the system. Unlike fiat money, the Reserveum currency will be protected from inflation, it is built into its nature: moreover, it will be deflationary, which means gradual growth of the currency rate.

The process of creating an effective currency at Reserveum is coming to its final stage, but if you have any special knowledge of the industry, it is still not too late to take part in creating the money of the future!

If you are as inspired by this project as our team and if you have any ideas of your own about creating an effective digital currency, you’re welcome to join us!

According to the analysis group findings: reserveum.org

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