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RE: New Bill Threatens Those Travelling with Cryptocurrency
Most I know don't use hardware wallets. Also, anything Grassley and Feinstein introduce is going to be DOA as all the senate hearing committees are headed by the GOP. Your crypto is password protected and they would need a court order to get that from you IF they figured out you had some anyway. Online wallets allow you access your coins from anywhere. There are so many holes in this net that I don't think it could ever be implemented. But this was a GREAT POST in terms of keeping things on your radar. Crypto allows one to bypass control and those in control don't like that at all! So upvoted!
I agree with your comments @mericanhomestead. While very interesting - this bill seems implausible in practice. I don't understand how they will be able to find out how much money you have on any debit card (nevermind crypto specific ones) or in a wallet unless you tell them. This bill looks like it was written by idiots who are clueless about technology.
Yes, idiots they are. They are going to have a tough time stopping it but that has never stopped them before.
...how's the war on drugs working out?
i'd say the war on drugs is working well for the gov - that was their intention to create more problem to be able to provide more solution and make some money at the same time, but i digress. While i agree that they are idiots, they are idiots with very big guns and a lot of psychological control over your fellow citizens. so that is an issue when people are incentivized to rat on each other. this is coming.
Let us hope the bill dies. I just won't carry a hardware wallet so I can avoid the hassle, and since it is a physical device the authorities will easily recognize that I'm a crypto user. Red flag right away.
Online wallets are great but since you don't control the private keys they aren't the safest place to store large amounts of bitcoin.
I personally have both Xapo and WireX cards and use them when I travel. Now I may have to reconsider taking them with me, again so I don't set off any red flags.
Yes they can't stop it, but it is sure going to be less convenient and people better be careful and knowledgeable of how they travel with their crypto or they could end up in a world of hurt.
Thanks for posting. :)