Apr 21, 2013 2:40 PM

Here is my understanding of money and bitcoin. I have put the bit about income tax in there because I have been reading a bit about it lately and it seemed like a good starting point... THE INCOME TAX ACT is not proper legislation ( not available in the form of a certified copy from Queen's Printer) Our current "money" is legal tender - by using the legal tender it is seen as acceptance to be taxed for using it and the reason that income tax is only going to pay(or go back to) the central bank that created it. Privately owned banks have not got OUR best interests in mind, but seem to have the exact opposite in mind. The income tax act can't come from the "government" because they are not the ones creating our "money" REAL MONEY is the VALUE WE CREATE that enables US to exchange for things of VALUE created by other equal "beings" So by using and/or buying bitcoins we are taking the VALUE in the form given to us by the central bank ("money") and taking that "power" away from them. By trading VALUE(product or a service) created by us DIRECTLY for bitcoin is how we can eventually eliminate the need for the central banks.