Bitcoin-Only Shop launched in New Hampshire

The first cryptocurrency-only and retail trade establishment in the US, the Free State Bitcoin Shoppe has been founded in New Hampshire
06 April 2018   1300

The incorporators of the shop are Derrick J. Freeman and Steven Zeiler. They have explained that the visitors of the store can pay for commodities with cryptocurrencies like bitcoin. In a case they don’t have cryptocurrency, the salesman helps them download and finance their first wallet. They check using an Ipad in a Square stand processing New Hampshire-based free point-of-sale software Anypay.

Portsmouth of New Hampshire hasn’t been broadly known as a hotbed of crypto activity. It just may be, and it probably has anything to do with the Free State Project (FSP). Jason Sorens, Yale doctoral student wrote in general about a secessionist movement of the most personal sort. It led evolving into asking 20,000 freedom-loving people to create a political force in the state of New Hampshire, the “Live Free or Die” state.

A large portion of the people who moved to New Hampshire in search of freedom are bitcoin users. Cryptocurrencies affords us the opportunity to not just withdraw our support for values we detest, but to actively support coins whose communities actively embrace certain values we share. It’s amazing, and anyone not yet benefiting from participation in these communities is missing out. 

Derrick J. Freeman, founder, Free State Bitcoin Shoppe.
 

Being an activist and content maker in the liberty world, Mr. Freeman gained a tip in bitcoin after visiting a popular radio program, Free Talk Live.

I liked that this new kind of money was being circulated among my friends. I liked that it afforded me the opportunity to use a money that wasn’t created and controlled by the Federal Reserve. I like that it empowers people like me to opt for a more peaceful world by withdrawing support for empire-building and endless wars. 

Derrick J. Freeman, founder, Free State Bitcoin Shoppe.

Launched the last year Summer, the Free State Bitcoin Shoppe is open seven days a week. Although it’s obviously a profit-making enterprise, Mr. Freeman notes it also begs as an educational platform.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   135

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.