Bitcoin and Economy - page 20. | Bitcointalksearch.org

Shenzou

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

In reality people who are using bitcoin to evade paying taxes usually they may get away with it for now because they are not that many, but i am sure at a certain point when this number starts growing governments will notice this and they would start regulating it and forcing people who are engaged in bitcoin to pay their taxes, and this is one of the biggest issues that bitcoin faces today.

vlad230

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

I think you know by now that the USA and some European countries pay taxes on their crypto currency investments.

If you were referring to something long term like in the event that you will be paid in crypto instead of FIAT for your work then most certainly there will be an income tax applied to it and collected by the government. There is no loop hole around this.

livingfree

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

and we all know people who engage bitcoin don't pay taxes to the government

In some other ways, we are still paying taxes with our crypto profits but not directly as income tax. You are a consumer and in every goods you purchase there's tax on it.

Quote from: costanos02 on May 31, 2018, 06:01:46 AM

what will happen to a country where 80% of its citizens engage in cryptocurrency?

It doesn't matter if 80% or more than that of the citizens are into cryptocurrency. There will be a means for them to help the country by paying tax or there will be some sort of the same thing as tax to be implemented if the government sees something strange that they are lack of fund due to this.

darkangel11

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Quote from: brickafterbrickwalldpt on May 31, 2018, 02:37:29 PM

I don't understand why there aren't many countries which support cryptocurrencies. So far I know that Japan and South Korea are making their countries a good place for crypto investors.

You should do more research then.
There's a lot of crypto friendly countries. The list includes tax havens with full acceptance and support for BTC like Germany, Malta, Belarus, and countries that support ICO projects that include the USA, the whole EU, especially Switzerland, and Ukraine (outside the EU).

Quote

I hope that we will see some major countries using cryptocurrencies by the end of 2025. It is possible because more and more Bitcoin wallets are being released for Android and iOS which are really easy to use on the go. Cryptocurrencies will become very important in the next few years. That's why I invest in them.

Of course. Some countries are already launching their own cryptos. If these projects become successful others will follow.

brickafterbrickwalldpt

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I don't understand why there aren't many countries which support cryptocurrencies. So far I know that Japan and South Korea are making their countries a good place for crypto investors. I hope that we will see some major countries using cryptocurrencies by the end of 2025. It is possible because more and more Bitcoin wallets are being released for Android and iOS which are really easy to use on the go. Cryptocurrencies will become very important in the next few years. That's why I invest in them.

darkangel11

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Quote from: BrewMaster on May 31, 2018, 09:12:00 AM

Quote from: costanos02 on May 31, 2018, 06:01:46 AM

We all know that the development of a certain country comes from the taxes of its citizens,

wrong. revenues come from different resources specially in countries with natural resources such as oil rich countries, those with precious metals, ...

Actually, in most cases 50% of the country's budget comes from income tax. Of course oil rich countries like Kuwait are an exception.

Quote from: costanos02 on May 31, 2018, 06:01:46 AM

what will happen to a country where 80% of its citizens engage in cryptocurrency?

Nothing really. There are two most obvious ways a government can deal with it.
1. Poll tax or property tax. Which means that people won't have to pay income tax, but they will have to pay an increased property tax to keep the country's income on the same level.
2. VAT which is a very effective way of taxing, much better than income tax, which IMO is unjust. VAT can be set to the level that will allow the country to thrive without having to waste time and money going after income tax evaders.

mersal

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

While the price of something is moving to better value then it is very helpful to the economy either positive or in negative so my opinion is bitcoin is in the positive direction.

Kiss me

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

I think bitcoin and economy is a strong bond in its transaction turnover

spyerf

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

I do not really think that the development of a country comes from a resident tax. because many resources can generate for the development of the country itself. and if bitcoin users can get away from taxation, of course the government will start doing ways to set the bitcoin.

trako

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Yes, when income is not taxed, the income of the country will suffer a serious decline. But countries already receive all kinds of mandatory taxes from citizens. They even cut it from a bread you buy. In addition, the vast majority of tax returns in the form of public spending. The deterioration of the economy depends on the politics that are followed more than taxes.
In addition, the state can monitor bitcoin investments. This is a different issue for every state. Exactly, investing outside the country reduces the country's hot money cycle. And it affects the economy badly.

vintages

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Who says that some citizens of some countries don't pay tax for the bitcoin they own? You need to check up your information properly. Countries like Japan, USA, Singapore, India, South Korea, Australia, United Kingdom, United Kingdom, Canada and the others have been placed in taxation on traders and investors so its not a new thing.

dothebeats

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

We all know that the development of a certain country comes from the taxes of its citizens

You also need to consider the business that are established within a certain country's soil are obliged to pay taxes to the government and isn't exclusive to the working individuals/citizens of the society. The taxes of the citizens contribute to a large portion of a country's budget but it isn't the only source wherein the government get its funds from.

Quote from: costanos02 on May 31, 2018, 06:01:46 AM

and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

Wrong. Places like the US tax their citizens who engage in crypto-related activities, so as some countries in the EU. If ever a country has 80% of its citizens engaging in crypto trades, I know for a fact that before it goes widespread, the government would already have imposed tax rules regarding that so no one would ever use crypto as a safe haven to launder money and a means to evade tax.

Quote from: costanos02 on May 31, 2018, 06:01:46 AM

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

I hope so, but on the way things are right now, it seems quite improbable for the said scenario to happen even in the coming 10 years to happen. People only use bitcoin to amass more fiat whether we like it or not. They just use bitcoin as a stepping stone for fiat riches and nothing else, so with it, they'd probably ditch bitcoin after they've milked it well enough.

reda

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Bitcoin is future digital currency. So it any where to use. It reach the all country. It help to people growth and country growth. Bitcoin is connect the other country people so easy to gather other country important.

Economy is important of the country growth and it connect the all country business. But economy is not currency. If need for the other country growth information. Economy is help to gather other country growth. So if economy will be growth country will be growth and business also improve.

Ridwan Fauzi

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If bitcoin is used as a payment system as such it is not feasible for the government to require taxes for everyone who uses cryptocurrency/bitcoin. But the users use bitcoin as a trading and investment place I agree if the government to require tax on bitcoin users. Before cryptos users grow up to 80% the government will make a regulation, such as compulsory to pay taxes.

zakariajaki

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I think it all depends on the government of a country itself, my opinion of the government, to be more open to its citizens, and given the opportunity to further develop and the government is also more uptodate with the development of crypto world if no country will lose, or reverse if crypto is legalized by the government of a country, the state must also be required to safeguard and protect it every transaction and its security because one of the uses and functions of paying taxes should be like that,
but in my view the other country will not experience any loss when its citizens know and use crypto as a tool of transactions, because different from the character and system work.
I think his name taxes only deal with goods or material wealth or assets, while government and cypto is not affordable by it.
thank you it is only my opinion may be useful

Tomborneque_1102

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this is a good question. However, we also need to understand that Bitcoin is just another way of earning Money. I believe that this 80 % of the population will not be sticking to Bitcoin only. They will still have their Jobs, Business and some other source of Money which tax is included. But if the Government will see it as a future Problem, then we can assume that they will make some law and regulations which they can be used to put a tax in any bitcoin-related Business or transactions.

Wonder_woman

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

With a 80% of a country`s people engage to bitcoin or cryptocurrency it causes big decrease in economy because crypto does not pay tax at all and a country needs tax for it`s development. Also decreases job opportunity.

shulio

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Governments will find a way. There will be government related wallets that can be converted into fiat, and than government will take tax from that conversion.

eann014

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

Not today, because bitcoin now is getting lower every single day. Maybe before, when bitcoin is really in the uptrend last year then some people might get interested with bitcoin and now, bitcoin suddenly breaking our heart because of its price, Cry

it is getting low even more. Yes, we can still earn in some other coins, and there is still no tax at all. I don't think that 80% of citizens will go to cryptocurrencies because we don't even know if we're going to have a future here. Unlike in other companies and earning fiat, it is more likely into the reality than in cryptocurrencies. I think most people would think of that, especially to those who work outside for years and years now.

mu_enrico

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Quote from: costanos02 on May 31, 2018, 06:01:46 AM

<...>
we all know people who engage bitcoin don't pay taxes to the government.
<...>

I paid taxes to the government. Ever heard of "self-assessment" in taxation?

Quote from: costanos02 on May 31, 2018, 06:01:46 AM

<...>
what will happen to a country where 80% of its citizens engage in cryptocurrency?
<...>

Still related to my first statement, I think more and more government will move to self assessment method. So instead of the government sniffing our capital gain, they can just get our tax report without hassle. This system however, will rely on goodwill of both parties. But, if the government manage the country well, they don't have to worry about this "false report" thing..

Topic: Bitcoin and Economy - page 20. (Read 2988 times)