With the advancement of technology, everything these days is switching over to digital. This concept in even applied to the money and now we are using digital money. What is digital money will be the first question that may arise in your mind. It is nothing but a type of cryptocurrencies that can be transferred from one person to another and it can be used to make a payment.
These days, the concept of bitcoins is widely accepted by almost all merchants and retailers all over the world and now we are going to see what is bitcoin. It is nothing but a type of currency that can be used as a mode of payment throughout the globe and there is no tax involved when you transact bitcoins. What? No tax! Yes, absolutely there is no need to pay the tax, when you make a payment or you send or receive bitcoins. This is because there is no one to control or in simple words, we can say nobody owns the network of bitcoins.
Like email which has no one to own its technology, bitcoins are same as email and is controlled by the people who are using this bitcoins. Though bitcoin developers are changing its versions every now and then, they cannot change the protocol as it is open source software and people have their rights to choose the software and its version. Since this cryptocurrency is regulated by none, you can ultimately save more money in the name of tax.