Cryptocurrency usage will boost economy or make it worst ? - page 10.

bitgolden

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

The thing is, we have government that are every smart in their operation and they would not watch this happen, I don’t think the tax aspect of it has ever been of threat to the government because for any transaction to occur, it must definitely still go through exchanges, and for now, people use more of centralized exchanges which has taken over the cryptocurrency market.

All government just need is to regulate the crypto exchanges and make sure that they have all the details of the people that are transacting on those exchanges, which is why you can see that the first thing US did as a step to their regulation is to first ensure that they make binance to create an exchange for their citizens and this is going to be for tax purpose.

barabarian1

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in my opinion if a country applies cryptocurrency and some companies end up unwilling to pay taxes then the country's economy will be chaotic. because most countries use tax as the government's biggest income. it would be better to use cryptocurrency and blockchain but also still receive tax. and can also use cryptocurrency to pay taxes.

Periodik

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Yes, there will be an economic crash if all the big corporations and businessmen will start using cryptocurrencies as a mode of payment for the sake of avoiding paying taxes. The country will not move forward. Instead, it will be crumbling down to the ground. If this occurs, there will be chaos instead of order. The state will be converted into a state of the mob where the strongest rules. This is not something I wish to happen because of crypto.

Mike Mayor

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I think crypto will boost the economy. Fiat and the government have already failed us. It is time for us to do things for ourselves and for us to be in control of our own finances. Crypto cannot possibly make things worse than they already are so you may as well give it a go.

Quote from: erickastella on October 29, 2019, 07:51:00 PM

it is very possible to harm the local government but if the local government does or revises the tax law through crypto for the company then it can be avoided, because crypto is no stranger to the government so it could be that even though using crypto is still subject to tax by the government

Yes doing tax through their own cryptocurrency is the only way. You won't be able to tax people the way they use to. They cannot tax the crypto. You do however pay VAT on all purchases and that cannot be helped.

erickastella

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it is very possible to harm the local government but if the local government does or revises the tax law through crypto for the company then it can be avoided, because crypto is no stranger to the government so it could be that even though using crypto is still subject to tax by the government

huu78

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Maybe the same payment will not use the cryptocurrency because their price is not like a stable fiat. May only adopt the Blockchainnya system.
Where transactions are more transparent and can be tracked well. The tax will continue to pass in my opinion, otherwise, the country will suffer losses from the tax itself.
Even if the future of crypto will be a payment in various countries tax will also be the road to the nominal price that has been calculated using the crypto.

shield132

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

What if governments don't let them to start even using cryptocurrencies? Facebook decided to add Libra but it caused some conflict between facebook and US government.
On another hand who says it's possible to avoid paying tax by just adding bitcoin or cryptocurrencies? Don't you know that they can pretty easily tax you? Bitcoins are valued by usd, so you'll have to pay some percent of btc/usd. So from the very beginning, it's impossible to discuss about such thing because that will never happen. On another hand bitcoin payment in corrupt countries sounds very funny cause more likely they enjoy cash.

ashmodeus

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

my opinion , that businesses will be banned by government.
as developed nation, such as singapore,south korean,USA ,the taxation system has been implemented to the maximum extent possible, and I'm sure doing such a thing will get a banned in that country.
and also ,what kind of company would dare to do such a thing in a developed country.

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

In several countries, it has been proven that bitcoin is one of the tools to turn the wheels of the economy back in a country such as in Venezuela and several African countries. If you think that transactions with bitcoin are to avoid taxes, I think you have forgotten that tax employees also have intelligence and as part of the government, they are also developing with the times. An example of what happened in Indonesia, many tax officials who follow Indonesian artist accounts to check the assets they have and whether the tax obligations have been implemented.

There are no government institutions that are stagnant in their nature according to the challenges and opportunities they face. If indeed the crypto transaction volume and frequency is high, of course, the tax agency will see this trend as an opportunity to get income for the country.

So in my opinion, the use of cryptocurrency is beneficial for the economy because it provides a simpler, faster and cheaper payment alternative.

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I think cryptocurrency can only be used to make payment transactions while cryptocurrency is still driving the demand so that cryptocurrency will not affect the world economy, cryptocurrency is only as an alternative payment to facilitate transactions.

BitcoinHunt3r

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Quote from: Eugenar on October 28, 2019, 07:42:15 PM

Quote from: andycarrol on October 28, 2019, 07:45:55 AM

I think this will make the world economic conditions improve because any transaction you want will not be difficult anymore because all transactions will be very easy when all payments can be paid using cryptocurrency which is proven to be more efficient and its use is very easy and transactions become fast.

Mostly, transactions are secured since bitcoin's security structure is providing enough security protocols. But incase that government will no longer have the taxes collected from each transactions, they need to imprive the systems on how goods and products should be taxed.

Government will do anything to collect taxes from people. They could be jump into cryptocurrency too, and then try to look or maybe force their people to report their source of income or maybe any kind that related to it. But maybe with that, they will know advantage of cryptocurrency usage and it have possibility to make them support it. As long they still get taxes, they will support it.

LUCKMCFLY

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

~snip~

Governments are not dumb, they will have their Crypto regulation policies, they know very well that they can make such payments, which is why they can take those measures. For some developed countries, what they fear most is the stablecoins, especially the launch of Libra of Facebook.

China is desperate to launch its cryptocurrency, which is why they have talked very well about blockchain, although that does not mean that they will accept Bitcoin at all, I think it can be a strategy to sweeten its people, and the US is looking forward to it, I think that Bitcoin will be a great success whatever they launch the cryptocurrency, because it will give it more adoption.

Eugenar

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Quote from: andycarrol on October 28, 2019, 07:45:55 AM

I think this will make the world economic conditions improve because any transaction you want will not be difficult anymore because all transactions will be very easy when all payments can be paid using cryptocurrency which is proven to be more efficient and its use is very easy and transactions become fast.

Mostly, transactions are secured since bitcoin's security structure is providing enough security protocols. But in case that government will no longer have the taxes collected from each transactions, they need to improve the systems on how goods and products should be taxed. Specifically, in associating taxes to the transaction fees. But the main problem is that, we should associate the tax not locally to the blockchain or crypto's protocol, my idea is using an application that will calculate tax amount and to automatically make a separate payment transaction for the tax. The main problem to this is the amount of transaction fee needed to create a single transaction.

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Crypto would actually get rid of different middlemen whether that be an agent or a government and in the process make international and national trade more efficient increasing the productivity and decreasing cost. It would certainly take away the income of some people and taxes from government but that would in long term make us more hardworking and our government more capable as taking away the money both from producer and consumer is not a job but a crime.

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Quote from: ivakar on October 28, 2019, 09:08:30 AM

there are different opinions about crypto and how it is affecting economy
one say that this is bad, cause it is burning money or burning electricity for mining farms
other say - it helps to withdrawal from economy bad speculative money, also it helps to generate GDP, cause even those mining farms are buying electricity, and that mean growth of trade.
so which one side you are closer - this is the choice you have to make

every thing will have two side affect , not only in cryptocurrency.even in stock market will have positive and negative affect.so far cryptocurrency has good affect to graphic card industry.many of them could produce more graphic card than before.and also this market create many opportunity for young people, lot of them joined in bounty campaign and get additional income.

audaciousbeing

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

The lower part of your statement actually got my attention because countries that politicians spends their taxes for their own purposes even are more stringent with tax compliance than their developed nation counterparts because since that is the only source of ensuring their lifestyle continues, they will do everything reasonable to keep their bottom line and because tax payment is not a function of reciprocity, argument of politicians spending the tax does not fly because that what the law says. Now to the developed economy, majority of companies are run by board of directors that even the managing director or CEO can be booted out just by calling for extraordinary meeting which means the avoidance of tax via crypto use is not the decision of the MD to make and if brought to the board, you are sure to have a snitch among them.

Visbay

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Quote from: clickerz on October 28, 2019, 07:55:58 AM

Quote from: EdvinZ on October 28, 2019, 02:49:28 AM

Money transfers in cryptocurrency are very fast and their cost is often very low. This factor is very important for all partners in any business. In addition, the cryptocurrency excludes intermediaries in money transfers, which can freeze accounts, make money transfers for several days. I think the use of cryptocurrency can greatly improve the efficiency of all business processes.

Yes it will improve the efficiency of doing business and finally help the economy. Not directly , but its domino effects will do improve businesses. When sending payments is fasts and reliable, movement of products will follow. It can help a lot of people,and help stimulate economy.Its good to have an additional option in transacting businesses through blockchain technology.

Yes, that is true that bitcoin made out economy really good as it provides more earning the opportunity and gives people a chance to grow in wealth and make money from different resources. Buying crypto then holding it is the best way to obtain money from it. People for a chance to earn money from more than one resource and be rich faster I hope in few days crypto currency will make out economy even more good.

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

First what tax? You can't avoid sales tax because you'd have to sell under the counter. You can't avoid sales tax now when people are buying stuff with cash and you won't be able to do it if they pay with Bitcoins.
You run a store, somebody comes and pays in BTC. He can ask for an invoice and you say what? Not giving out these because I'm trying to avoid taxes? You hand it out but destroy your copy and act like the sale never happened? Crypto or not business taxes will still be there.

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Quote from: Wysi on October 27, 2019, 07:03:11 AM

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Let us take a look at those countries that enriches their relationship with crypto specially bitcoin, we can see how beneficial it is for them. Though that's the case, we cannot still completely claim that bitcoin can boost the economy of the whole world because it will be very different considering the larger scale and the system might not be able to cope up on the changes right away. It can also be abused by the government if they will be given the power to manipulate it which may lead to the downfall of the global economy.

BChydro

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Quote from: andycarrol on October 28, 2019, 07:45:55 AM

I think this will make the world economic conditions improve because any transaction you want will not be difficult anymore because all transactions will be very easy when all payments can be paid using cryptocurrency which is proven to be more efficient and its use is very easy and transactions become fast.

For international transaction there is no doubt that bitcoin is the best mode of transaction than the traditional banking system and if merchants and exporters and importers try to understand the ease of doing transaction and the trading freedom it gives then the banking system will have a hard time to get customers and hence we hear all the negative news from the bankers about the negative aspects of bitcoin.

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