Experiences Continue to Demonstrate Why Cryptocurrencies Have a Future!

I don’t want this post to become a rant but instead provide some more reasoning for why I personally am committed to expanding my exposure to cryptocurrencies as the technology and adoption progresses. The reality of the financial and monetary system came to roost close to home for me recently! Let me provide some perspective before getting into some details. About three years ago I was assessed an additional tax liability because of a supposedly nonallowable deduction on my tax return. However, I had been claiming this deduction for years and continue to do so today given that it is one of the most basic tax deductions allowed. However, given the particular contractual arrangements made in a transaction there was enough uncertainty for the tax authorities to make that decision.

My tax advisor said that it was probably not worth fighting for given the potential expense to defend in case the first steps of clarifying were not successful. However, I find that I pay a fair amount in taxes to many governments (want to avoid that discussion completely) so did not think it was fair for them to unilaterally make that adjustment. I decided to fight it. During the first steps of answering for the unpaid liability, they tried to intimidate me by threatening to make assessments for all tax years I had taken the deduction. That made me even more furious so I did my own research and with the help of my tax advisor, went to the next level in requesting an administrative review. After presenting a document to support my claim, we received notice that it would be under review. That was two years ago…

Source

I recently woke up to a text message that alerted me of having a zero balance on my bank account. It was a weekend so I first got online to assess the situation and saw two large deductions from my accounts at a financial institution. To add insult to injury, the financial institution charged me $75 as a fee for service for said transactions. After a 40 minute wait to speak with customer service, they confirmed to me that my account had been subject to a tax embargo by the tax authorities. Yes, that is right; no notice, just an out of the blue embargo with my rights being violated. My second thought (first was being thankful it was not identity theft) was how this would not have happened if my funds were in my hardware wallet!

This has made me realize how important the adoption and progress of blockchain technology and cryptocurrencies truly is for the hard working individuals that try to comply but are oppressed by the current financial system. I think it is absolutely crazy that something like this can happen without even a notice! While I have been looking to move funds around to lower debt, I realize how at risk we are at in this system where our assets can be seized without regards to ones rights. While I know the financial institutions is mandated to make these seizures I am also disappointed in their lack of concern in doing so. What if I had an emergency and needed the money? What if my rent was due? What if my family needed food? No care in the world but they got their money.

Source

Having experienced this lack of monetary sovereignty first hand, I am now more a proponent of Cryptocurrencies than I was before. I know rather have my funds protected than at the disposal of banks to seize without notice. However, the system created is one that does not make it easy to transact in crypto and I think we know why… I have now fully opened my eyes and see myself being 80-90% into cryptocurrencies in the next five years as the technology improves and adoption grows. Never again will I allow my monetary sovereignty be violated by unilateral decisions being made without my consent. I think the recent rise in attention of stablecoin cryptocurrencies provides an opportunity to start this journey for me. I will be researching these closely as I move more of my assets into crypto.

Follow me on Twitter: @NAICrypto

If you are like me and interested in continued personal growth, invest in yourself and lets help each other out by leveraging the resources they provide by using my referral link:
https://www.minnowbooster.com/referral/530636

Start your collection of Steem Monsters today at my referral link:
https://steemmonsters.com/?ref=newageinv

_{^{DISCLAIMER: The information discussed here is intended to enable the community to know my opinions and discuss them. It is not intended as and does not constitute investment advice or legal or tax advice or an offer to sell any asset to any person or a solicitation of any person of any offer to purchase any asset. The information here should not be construed as any endorsement, recommendation or sponsorship of any company or asset by me. There are inherent risks in relying on, using or retrieving any information found here, and I urge you to make sure you understand these risks before relying on, using or retrieving any information here. You should evaluate the information made available here, and you should seek the advice of professionals, as appropriate, to evaluate any opinion, advice, product, service or other information; I do not guarantee the suitability or potential value of any particular investment or information source. I may invest or otherwise hold an interest in these assets that may be discussed here.}}