Crypto adoption - page 5. | Bitcointalksearch.org

magneto

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Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

The government would still be able to tax people on income tax and GST if bitcoin does end up becoming adopted further, and that legislation recognises bitcoin as a form of currency. There however may be double taxing happening in regards to charging both GST and CGT when buying stuff with bitcoin.

Furthermore, I don't think that increased bitcoin adoption would lead to more people getting scammed at all.

The government would obviously still have its own set of regulatory framework in terms of bitcoin investment services, which would restrict ponzi schemes from theoretically operating. Obviously this isn't possible practically all the time, but I think that it's up to the individual to recognise whether an investment is of a pyramid of ponzi nature anyways. Regulators can only do so much in this sense.

kram31

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TAXES! this is why government dont like cryptocurrency.
As it is very hard to get the transaction details and people can overcome the tax law.
How can a country survive and develop their mainland if there will be no taxes, nor enough taxes to collect?
We are living in crypto whose the transaction are not traceable to whom and from who the money from!

SparkleToken

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Great question!

Savemore

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Quote from: harizen on November 21, 2018, 03:03:50 PM

Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then?

Same system applied on how fiat are being taxed when purchasing products. You can have an overview of what will be the supposed process if you will read and understand some stuffs about taxation. It requires long writing so I suggest to read some Economics 101 about taxation.

Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

..how is the government gonna stop people from making pyramids, ponzis, and scams in general?

Government can't stopped it 100% but they can make a much more strict penalties for violators and sh*t people.

There are really people and organizations that will continue to do fraud and scams no matter what.

It is true that the government can't stop it because the people are continuing to patronize it. There are a lot of scammers in the market that is currently happening and it is the reason why government are creating laws and regulations to lessen the scammers.

Ewinsane

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One major thing a lot of us are really hopeful for and which I so much believe we will get to see in the long run as time goes on. I know this might be a thing that is difficult to achieve considering the fact that a lot of people mentality when it comes to adoption is to hold and invest to make money from the deflationary characteristics of most of these coins.

However, with those with products, I believe a time will come when the market would have grown hugely, we would have seen a lot of development when it comes to the product backing these coins and tokens being used and in that case, we will get to see a better and matured space.

Lpim01

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Quote from: iMark on November 24, 2018, 11:53:52 PM

Quote from: Dondont on November 24, 2018, 07:58:25 PM

Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

in my opinion it's not that easy, the proof is that since Bitcoin exists, this massive adoption still cannot be realized until now. Okay, let's say that this is a long run but isn't the run so far only limited to trade and regulation? ponzi and some pyramid schemes will be difficult to eradicate. so i thinks its impossible to do, others just trying to make another new one

I myself sure that in the future the government will have a system to control cryptocurrency, with their unlimited power, of course the government can do anything, including controlling users and crypto, for now all they can do is hold the development of crypto first

There is no problem if the government will control crypto, the main concern of the people is not to be abused with the authorities. If that will happen, we experienced many changes and might have a strict policy including taxes.

iMark

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Quote from: Dondont on November 24, 2018, 07:58:25 PM

Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

in my opinion it's not that easy, the proof is that since Bitcoin exists, this massive adoption still cannot be realized until now. Okay, let's say that this is a long run but isn't the run so far only limited to trade and regulation? ponzi and some pyramid schemes will be difficult to eradicate. so i thinks its impossible to do, others just trying to make another new one

I myself sure that in the future the government will have a system to control cryptocurrency, with their unlimited power, of course the government can do anything, including controlling users and crypto, for now all they can do is hold the development of crypto first

Dondont

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Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

in my opinion it's not that easy, the proof is that since Bitcoin exists, this massive adoption still cannot be realized until now. Okay, let's say that this is a long run but isn't the run so far only limited to trade and regulation? ponzi and some pyramid schemes will be difficult to eradicate. so i thinks its impossible to do, others just trying to make another new one

yvesp110

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Quote from: naidray on November 24, 2018, 11:28:12 AM

Quote from: Indrawan77 on November 22, 2018, 12:12:37 AM

This is a great question and also one of the reason why the government hesitate to adopt crypto, without the taxes tge country could fall down, that is why I agree that crypto being regulated, so there is a mutual benefit for all, the government could taxed the transaction, so they can collect the tax from the exchanges, and we will need to pay taxes every time we trade, or maybe the government can make regulation only one wallet for each person, by regulate it maybe we can decrease the ponzi and fraud

Basically, once we start seeing crypto adoption becoming something easy to utilize without having to convert to fiat, the taxation thing will be very hard to achieve in most cases.

Nonetheless, we still get taxed anyway on values when we get to purchase stuffs, and even if the market will grow into a usable one eventually in which the use of POS and cards become a lot more plausible in the crypto space, we might still see the government gaining from taxation one way or the other. Still, when it comes to capital gain tax, we all know the only easy way to achieve that is to make use of the exchanges, when it comes to converting to fiat, so that makes that side obsolete.

I got your point but according to me in easy words, according to me now people have started to use their cards and their money to buy bitcoin, several people are adapting many crypto currencies as we know there are many but for the best one is bitcoin which is now mixed in our society, we are using it to buy goods, to pay the fees and to buy goods to save money even banking are now having good bitcoin collection.

yulchatar

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I think that all the same crypto will exist on a par with fiat currency. Because get rid of fiat will not be so easy. In the same way as the introduction of cryptocurrency in the world. And, of course, taxes will be. Since if they don't exist, governments simply will not accept cryptocurrency.

naidray

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Quote from: Indrawan77 on November 22, 2018, 12:12:37 AM

This is a great question and also one of the reason why the government hesitate to adopt crypto, without the taxes tge country could fall down, that is why I agree that crypto being regulated, so there is a mutual benefit for all, the government could taxed the transaction, so they can collect the tax from the exchanges, and we will need to pay taxes every time we trade, or maybe the government can make regulation only one wallet for each person, by regulate it maybe we can decrease the ponzi and fraud

Basically, once we start seeing crypto adoption becoming something easy to utilize without having to convert to fiat, the taxation thing will be very hard to achieve in most cases.

Nonetheless, we still get taxed anyway on values when we get to purchase stuffs, and even if the market will grow into a usable one eventually in which the use of POS and cards become a lot more plausible in the crypto space, we might still see the government gaining from taxation one way or the other. Still, when it comes to capital gain tax, we all know the only easy way to achieve that is to make use of the exchanges, when it comes to converting to fiat, so that makes that side obsolete.

guoyu78

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Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

We are going incredibly well in adoption. Right now bitcoin is going so well that there are only 2 things left for bitcoin to make it any bigger. One is getting the shops and stores accept bitcoin so we can use it as a currency, the second is the big financial corporations to get in. First one will allow the everyday normal guys to spend their bitcoin on basic life stuff like milk and bread and what not and pay via bitcoin, which would allow us to have much better adoption rates.

Also when big financial companies get into bitcoin it won't be couple million dollars, maybe one or two company won't spend too much into bitcoin but when you combine all the money all financial corporations will pour into this collectively it will make it billions of dollars which would increase the demand for it and the price of it.

Vinaa77

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Quote from: cybernetik7 on November 22, 2018, 05:24:15 PM

I am sure about that some of cryptocurrencies like BTC and ETH may get a complete adoption. But these coins don't have the ability to make everybody tax free for payments. If online companies accept cryptocurrencies, governments can easily track most of the transactions are done. Like internet providers, these companies have to obey some regulations and goverments may have a control on crypto market without focusing on customers.

it is true because these two coins are the most popular in cyberspace because the news everywhere that these two coins have very high prices, so surely if many companies want to adopt these two coins will certainly be taxed by the government

@rt27

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People doesn't like to sacrifice their profit into another thing that they even don't know the basic foundation.
Only the risk takers wants to engage into challenging part of crypto which volatile and intangible system.
If cryptos will be adopted worldwide there will have an instant rapid growth of demands that could result to taking crypto more seriously than before.

aoluain

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Quote from: cybernetik7 on November 22, 2018, 05:24:15 PM

I am sure about that some of cryptocurrencies like BTC and ETH may get a complete adoption. But these coins don't have the ability to make everybody tax free for payments. If online companies accept cryptocurrencies, governments can easily track most of the transactions are done. Like internet providers, these companies have to obey some regulations and goverments may have a control on crypto market without focusing on customers.

It is too easy to say that there will be a tax problem for retailers and not for the individual.

I understand what the OP is asking if crypto gets so widespread that nobody is using
FIAT hiw is tax collected? Firstly crypto is not going to get that widespread that people
will use it, use it to buy stuff and that enough retailers will accept that tax will be a major
issue. This is in the case of decentralised crypto of course.

Capt00

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Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

Ever since even digital money has not yet discovered there are already a scam and fraudulent, even in time of barter items there was also fraud and scam. Collecting taxes maybe government directly to the wallet into the users by tracing every transaction users have. In that way, they can deduct high fees as a payment of taxes, the government can't stop being scam and fraud but they can avoid or control with it.

Dodoymabs

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Quote from: darkangel020716 on November 22, 2018, 10:04:12 PM

Quote from: Harlot on November 21, 2018, 02:44:29 PM

Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

Even if you are not holding actual fiat anymore you are still paying taxes, how do you think businesses that accept credit/debit card payments and Paypal transfer are paying their taxes even if they are receiving money anymore? Even if these companies are accepting cryptocurrencies the government has the ability to track all the transactions done and it maybe done easier especially when blockchain is involve with cryptocurrencies. There is really no escape on paying your taxes and mass adoption would only signify that the government allowed cryptocurrencies in their country.

Yeah this is true, the mass adoption of each countries in crypto currencies signifies that government allowed it to use legally. Meaning all the transaction that you converted your crypto into fiat are traced and already given taxes to the government. If you just simply analys the flow, government also gets a % of it.

I agree, there's definitely a percentage which belongs to the government. Local wallet always have a transaction fee and some of it are probably connected to the government.

Tonnakyray_21

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Bitcoin and blockchain are created to avoid government regulation. I think that it i one of the biggest advantages of Bitcoin. I would not like it it if was so regulated.

Ridwan Fauzi

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In the current state of cryptocurrency, I have great confidence if the government it wan't to adopt cryptocurrency as a payment system or as another function. And it may have been a contradiction for every fraud and ponzi scheme to be managed properly by someone who does not have full power. Except, there is a country that dares to help make a regulation to reduce fraud and ponzi schemes and is well managed then I bet they will be able to handle it. The decentralization system is very complex, it can only be overcome by regulations that cover only a country.

darkangel020716

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Quote from: Harlot on November 21, 2018, 02:44:29 PM

Quote from: FR1DGE on November 21, 2018, 01:48:08 PM

How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

Even if you are not holding actual fiat anymore you are still paying taxes, how do you think businesses that accept credit/debit card payments and Paypal transfer are paying their taxes even if they are receiving money anymore? Even if these companies are accepting cryptocurrencies the government has the ability to track all the transactions done and it maybe done easier especially when blockchain is involve with cryptocurrencies. There is really no escape on paying your taxes and mass adoption would only signify that the government allowed cryptocurrencies in their country.

Yeah this is true, the mass adoption of each countries in crypto currencies signifies that government allowed it to use legally. Meaning all the transaction that you converted your crypto into fiat are traced and already given taxes to the government. If you just simply analys the flow, government also gets a % of it.

Topic: Crypto adoption - page 5. (Read 1342 times)