Crypto adoption - page 7. | Bitcointalksearch.org

exstasie

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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?

They'd leverage blockchain analysis to target tax evaders, which would scare a lot of people into paying their taxes. In the US, they'll probably re-work the tax code to force crypto exchanges to send 1099s to the IRS. Maybe they'll start accepting payment in BTC as well.

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?

They couldn't really stop people from doing those things before crypto existed. It's the same as it ever was. The SEC will issue warnings against these kinds of scams and they'll try to arrest the scammers and seize their assets.

goldreset

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1. We only need 10%.population adoption to see price soar.
2. Tax (like many here mentioned) thats why you won't see fiat disappear.
3. When it comes to regulations, they probably can only regulate centralized cryptos.
4. Since they probably can only regulate centralized ones, decentralized crypto will gain in demand.

Very soon you will see merchants in various trades begin to adopt crypto as payment options. It will save people a hell lot of money. Afrer all, why should any human pay another human for spending his own money?

Because its difficult to tax and track... govs may increase levy on people using fiat. This will resullt in more demand in decentralized cryptos.

I do expect to see a "war" between centralized cryptos vs decentralized cryptos.

Exciting, it will be. 😊😊😊😎😎😎

Dimon8

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After the next financial crisis, crypto currencies will be recognized as a secure payment method of payment. Already in many countries of the world they distribute peitomats. I think it is not just.

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

How would government collect taxes from crypto gains then?

One thing is for certain, once blockchain technology is adopted, Government will find a way of creating it's own digital currencies for its institutions and citizens, that way it will be able to control and tax the citizens at its will. Bitcoin may still continue to operate but it will not be the official currency adopted by the government institutions so yes, they will collect taxes from cryptos.

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?

Has it kicked out all Ponzi schemes yet under the fiat currency adoption yet?
Do you know how long ponzi schemes have been around?
Scam will always be there in different forms. It's like corruption.. it's human greed for money. So long as money or currency is there, there will always be scams too.

khaled0111

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If cryptos will be widely adopted and can be used as FIAT then then what is the purpose from exchanging a crypto with FIAT, that suppose that cryptocurrencies become regulated and there are no restrictions about using them.
Applying taxes is the major problem and it is the main reason why governments don't accept cryptos.

Slow death

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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.

but for this to happen we must have regulations that benefit cryptos, if in the future VISA and Mastercard will accept the bitcoin debit card that work in the world for people to use crypto to make purchases and payments. But what we see now is that Visa, Mastercard and banks look at cryptos as a major obstacle to their business and they do not accept cryptos.

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

How would government collect taxes from crypto gains then?

many people have answered this question, governments are like flies looking shit, they will always find methods to collect taxes

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?

there are several ways to reduce scam cases, governments can create laws on how the entire ICO process should follow and the guarantees that these ICOs should give to their investors.

kryptqnick

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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?

Easy, taxes are usually included in the prices. Cashing out had nothing to do with it. So, people who want to pay for pruducts in cryptos will pay the taxed prices already, so then things will go just like with fiat (I don't know how exactly, but some amount of cryptos will be transferred by tax wallet or something. It will also be a great way to insure transparency, by the way. The crypto wallet addresses where taxes go should be public, and so people will be able to track transactions and ask questions if they see anything suspicious. If we are talking about a private enterpreneur, taxed could be payed by transferring some amount of the crypto income to the tax paying service, so again, no issues here.

Sama517

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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?

Taxes will still be collected by the government as there will be receipts or invoices used to executive payments even with the cryptocurrency. I believe the government can come up with a good mechanism or strategy to ensure it collects every tax.

cindygirl

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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?

I believe that it's the job of the government to answer these questions, instead of subduing innovation because they are scared of how to control it. Taxes shouldn't be too hard if there are public blockchains.

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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?

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, 12:48:08 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.

Harlot

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

Sharon121212

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Well in as much as I am a crypto enthusiast I doubt cryptocurrency can't get a complete global adoption there a various reasons why cryptocurrency can get a complete global adoption and even if it where to it might be forced to lose it decentralized system and become under regulation to curtail scams and fraud.

Cryptocurrency is base on a blockchain technology which means it's runs on technology there are so countries that are not technically advanced or experience a whole lot of internet service issues this can pose a hindrance in transferring crypto funds while some citizens all can be to old and stubborn to change there traditional way of transaction, also some religious beliefs can also be of hindrance.

Cryptocurrency should have a bright future from the looks of things but it would not be easy to gain total global adoption

FR1DGE

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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?

Topic: Crypto adoption - page 7. (Read 1388 times)