Crypto adoption - page 6. | Bitcointalksearch.org

goldreset

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Quote from: sunsilk on November 22, 2018, 08:12:37 AM

These scams will exist forever, if these schemes will be eradicated on our generation there will be another type of scam that will be born soon. To fight these scammers, they have to implement higher sanctions for these scammers.

And for the taxation, they can simply apply the natural law of taxation that the local government have been doing to us. For local exchanges, they can do the job easily if its just for collecting the taxes through crypto profits.

Scams began since Barter trade. It just got more creative along with existence of gold... and then paper money. It will never end.

mrcash02

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Crypto would just replace the currently currency we use. And governments would tax it in a very simple way: You know that a business to exist has to be declared to the government, so the business' owner pays the respective taxes to the government (in this case in Crypto-Currency). Then he will have to declare who are his employees, how much they are being paid, etc... So the government can calculate where the money is going, how much each one has to be charged, considering the local politics and rules.

And if the person is a government's employee it can be even easier to be tracked.

Ponzies are forbidden in many places, people try to hide it like they try hidding fiat ponzies. It's not different and the tracking methods rely on intelligence of authorities on both cases.

Kemarit

legendary

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Quote from: FR1DGE on November 21, 2018, 12:48:08 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?

Remember coins like Bitcoin is not truly anonymous. Everything can be tracked in blockchain and I'm sure government will do everything on their part to run after people who doesn't pay crypto tax. There will be strict penalties for sure.

Quote from: FR1DGE on November 21, 2018, 12:48:08 PM

Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

Regulations. But then again it can only cover a certain portion and not everyone is free from ponzis or scam. But they will kept reminding us, so they have done their share. Its really up to us to whether we can be a victim of this criminals or not, used our common sense and due diligence or better yet not to invest on them so that we will not be another statistics.

Harrisonimo

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Quote from: FR1DGE on November 21, 2018, 12:48:08 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 question of how government can tax or trace earnings can be made easy if the government now agrees to be identified fully with cryptocurrency in its respective country. A particular fee can be placed on each transactions made of a particular amount in a month depending on the volume of what is being traded.

Tramirostronix

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Quote from: Akpuv on November 22, 2018, 05:08:48 PM

Once cryptocurrency becomes fully adopted, all the issues raised here will be taken care of. Extracting tax from tax payers through cryptocurrency will still be handled similar to fiat tax payments. There will be records to trace monies collected.

I agree, but it will not be the same control and because of whales some gov will be afraid to give to "strangers" the control of the system, no ?

Finestream

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Quote from: cybernetik7 on November 22, 2018, 04:24:15 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.

I think tax will always be there.Even if we will be using cryptos already in the near future,the government can always trace our transactions knowing cryptocurrency has always its transparency.Maybe the items or goods that we will buy,tax is already included in the price that we are paying.

Akpuv

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Once cryptocurrency becomes fully adopted, all the issues raised here will be taken care of. Extracting tax from tax payers through cryptocurrency will still be handled similar to fiat tax payments. There will be records to trace monies collected.

cybernetik7

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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.

Biscutard

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Quote from: FR1DGE on November 21, 2018, 12:48:08 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?

Most of these questions are found in legal section of this forum and i have something to say then if the government wants to get involve in all of this stuff in cryptocurrency market, they have to do something like how china did it on most scams in their country. Some country may take tax from your cryptocurrency gain while some are not, so it varies from different countries to see a certain rules.

South Park

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Quote from: FR1DGE on November 21, 2018, 12:48:08 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?

That is not as difficult as you may think, if cryptocurrencies become so popular that you can pay with them almost everywhere the government could create a policy that says that business owners need to open a cryptocurrency wallet with a bank, then the bank gives you your addresses but they also keep a copy of your private keys and then each time that you receive a payment in your business with cryptocurrencies they deduct a tax out of it.

Dudeperfect

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Well, in such case, the government would probably tax miners and miners will collect the tax from the users so that is one of the possibilities. However, it is not an obstacle to the growth of the industry but the real issue lies in the lack of mass maturity which causes huge losses to the users and especially the newbies. We must have to deal with those fundamental issues before dealing with other factors, in my honest opinion.

sunsilk

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These scams will exist forever, if these schemes will be eradicated on our generation there will be another type of scam that will be born soon. To fight these scammers, they have to implement higher sanctions for these scammers.

And for the taxation, they can simply apply the natural law of taxation that the local government have been doing to us. For local exchanges, they can do the job easily if its just for collecting the taxes through crypto profits.

unusualfacts30

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Quote from: FR1DGE on November 21, 2018, 12:48:08 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?

people expect way too much from the government than they're capable of. Global crypto adoption is years away since there are places where people are not tech savvy and they rely on fiat for their day to day operation. They cannot stop people from making ponzi schemes but I suppose people would learn from their mistakes and correct it accordingly. no government interference needed.

jamids

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Quote from: FR1DGE on November 21, 2018, 12:48:08 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?

That's the reason why the government won't allow a decentralized cryptocurrency to take over fiat because they wouldn't be able to control it. Unlike what is happening with fiat wherein they can control and trace the people behind the transactions, in cryptocurrency, only the addresses are easily traceable but not the people behind it. Government would think ways to still control it like creating their own cryptocurrency perhaps.

ShadowBits

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Quote from: FR1DGE on November 21, 2018, 12:48:08 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?

Then the Government could get the taxes from exchanges and on where we could buy crypto, then those exchanges would charge some additional charges for them to pay the taxes.

Gabali126

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Quote from: FR1DGE on November 21, 2018, 12:48:08 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?

There is no outright laws banning pyramid and ponzi schemes in so many countries. It is left for one to be careful so as to avoid scam or fraud.

biskitop

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the way to take the tax is that the government must cooperate with the crypto blockchain and smart contract to take part of the tax from each transaction made. I think it will be fair.

davis196

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If crypto becomes really big in the future(not very possible in the next 10 years),the governments will have to create their crypto wallets in order to collect crypto tax payments. Grin

However,I think that this question is asked many times before in the forum and you should search for older threads before you post.

sheenshane

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Quote from: Indrawan77 on November 21, 2018, 11:12:37 PM

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

I agree on putting regulation in every wallet to monitor every transaction by individual users of bitcoin, but in having regulation direct to bitcoin itself I think that is impossible to happen. That is already discussed here so many times but still, Bitcoin is not to be regulated at all.
Time to time Bitcoin will be having a massive adoption and I never shocked if someday I heard that news.

Indrawan77

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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

Topic: Crypto adoption - page 6. (Read 1402 times)