Cryptocurrency usage will boost economy or make it worst ? - page 6.

wxa7115

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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?

I really think that if cryptocurrencies become a common way to pay for products and services then tax evasion will become quite common and governments will be unable to stop it, this will most likely lead those countries to try to regulate heavily this market or in some cases to ban cryptocurrencies but all of those attempts to try to control this market are going to fail and at the end governments will have no other choice but to become smaller.

Governments are simply too big, and this is not good for the economy because now the economy has to sustain a government that is trying to do too many things for which it was not elected, politicians are not going to like this one bit but I think that is where we are headed.

meliodas

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Quote from: supercanada1 on November 14, 2019, 11:34:45 AM

Quote from: joshy23 on November 13, 2019, 07:01:43 AM

Quote from: BigBos on November 13, 2019, 06:53:20 AM

IMO, legal companies that conduct business development through cryptocurrency still pay their taxes. even like binance, I think they will still pay taxes, because all the revenue they get will still be seen by the local government. so, the development of cryptocurrency will certainly benefit the government, it's just that the challenge is fluctual prices and also a big risk.

The government will not be harmed of any fluctuations as they are ensure to receive taxes from legit companies that involve with cryptos.
It's a good help for the economy as they will continue gaining, the very reason that many countries are now seeing the potentials of this industry.
If more adoptions and company that will embrace and adopt the market then more taxes will be provided to the government.

The only threat that governments have from bitcoin and other decentralized currencies is the loss of power and control over money. People who are holding these coins can definitely be not controlled by legal authorities. Their assets cannot be tracked or recorded. This also affects the tax system. The fluctuations have nothing harmful in them. They are required in order to get some profits from digital coins.

I don't think that the tax system will change because of the cryptocurrency because even though cryptocurrencies are decentralized, they still need to follow the rules and regulation of a certain country. Some of the countries that I know are already implementing taxation in cryptocurrency so they can also get benefits from this growing market.

Lagduf

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Quote from: Brunus on November 10, 2019, 05:23:21 PM

"Money" - whether fiat or crypto does not matter - has very little to do with the performance of the economy.
You can use gold, or whale teeth, or bits, but the point is that money is always a "representation" of value.
It is like asking "how much heat a thermometer?"

That's true but cryptocurrency doesn't represent as a country's own currency because it is decentralized meanwhile for a country to stabilize their economy they need to have control over the economy itself and the currency. The volatility might also contribute to make the economy unstable because the point of government having a currency is to give the citizens a tool to trade that's stable. Imagine a country that uses crypto for example alts that could drop its value overnight then it will mean a huge crisis for the country. currency definitely matter a lot and have something to do with the performance of the economy.

supercanada1

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Quote from: joshy23 on November 13, 2019, 07:01:43 AM

Quote from: BigBos on November 13, 2019, 06:53:20 AM

IMO, legal companies that conduct business development through cryptocurrency still pay their taxes. even like binance, I think they will still pay taxes, because all the revenue they get will still be seen by the local government. so, the development of cryptocurrency will certainly benefit the government, it's just that the challenge is fluctual prices and also a big risk.

The government will not be harmed of any fluctuations as they are ensure to receive taxes from legit companies that involve with cryptos.
It's a good help for the economy as they will continue gaining, the very reason that many countries are now seeing the potentials of this industry.
If more adoptions and company that will embrace and adopt the market then more taxes will be provided to the government.

The only threat that governments have from bitcoin and other decentralized currencies is the loss of power and control over money. People who are holding these coins can definitely be not controlled by legal authorities. Their assets cannot be tracked or recorded. This also affects the tax system. The fluctuations have nothing harmful in them. They are required in order to get some profits from digital coins.

youdacapt

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Quote from: matchi2011 on November 13, 2019, 10:15:17 PM

Indeed, if the company is legit and do have the accounting they can't hide anything from the government, though dishonest company can still manipulate their accounting books and bring only partial of their actual income but the government still will have the share thru taxes once
the company begins to adopt crypto as part of their payment process. Just like with other payment process crypto also help to boost the economy
when companies embrace the system.

crypto has high fluctuations, and if one time they get stuck when the payment arrives because the asset falls, what they do is use other new assets to maintain balance, but it will be very questionable where these funds come from. Accounting data for the government cannot be avoided, but they also need to think about avoiding liquidation so many things will be kept confidential. Until now, crypto is still not strong enough to be the responsibility of public companies.

dimox

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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?

if in some country accept bitcoin, there should be regulation about it and tax will be in there. so every people, business, corp, will pay tax about crypto.

corrupt country will corrupt, wether is fiat or crypto, the edges will be fiat.

Zeke_23

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Quote from: NathanJB on November 13, 2019, 09:51:50 PM

Quote from: aardvark15 on November 13, 2019, 11:09:37 AM

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?

Governments are going to be tracking cryptocurrency accounts. They probably already are but are a little behind in the technology. Bitcoin isn’t really anonymous because once you open an account at a store or exchange and provide your identification, all transactions can be traced.

Bitcoin is only partially anonymous, not fully. But it offers basic anonymity that is already enough for the majority of the people. What do you mean by opening an account at a store? When it comes to exchanges, it is best if you can do it all at a decentralized exchange. If not, you should at least limit your deposits and withdrawals up to a certain amount that falls within the limit of an unverified account.

I can't understand what he said about opening an account in a store, whether it is an online store or what?

Using an exchange that request their users to do KYC verification is safe and will remain you anonymous in the eyes of other people. It is the exchange policy to protect its user's identity. But yes, if doing kyc is against an individual's will, it's better to use an exchange that do not require KYC to its users.

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Quote from: zeingrind777 on November 13, 2019, 02:55:11 AM

In my opinion, the State and the government have the overall data of large companies. That means the company is under state control. So large companies will find it difficult to embezzle their taxes even though they accept the cryptocurrency as payment. And we also know the transparent nature of cryptocurrencies. So the government can also see how much the company earns even though they receive crypto as payment.

Indeed, if the company is legit and do have the accounting they can't hide anything from the government, though dishonest company can still manipulate their accounting books and bring only partial of their actual income but the government still will have the share thru taxes once
the company begins to adopt crypto as part of their payment process. Just like with other payment process crypto also help to boost the economy
when companies embrace the system.

NathanJB

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Quote from: aardvark15 on November 13, 2019, 11:09:37 AM

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?

Governments are going to be tracking cryptocurrency accounts. They probably already are but are a little behind in the technology. Bitcoin isn’t really anonymous because once you open an account at a store or exchange and provide your identification, all transactions can be traced.

Bitcoin is only partially anonymous, not fully. But it offers basic anonymity that is already enough for the majority of the people. What do you mean by opening an account at a store? When it comes to exchanges, it is best if you can do it all at a decentralized exchange. If not, you should at least limit your deposits and withdrawals up to a certain amount that falls within the limit of an unverified account.

aardvark15

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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?

Governments are going to be tracking cryptocurrency accounts. They probably already are but are a little behind in the technology. Bitcoin isn’t really anonymous because once you open an account at a store or exchange and provide your identification, all transactions can be traced.

joshy23

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Quote from: BigBos on November 13, 2019, 06:53:20 AM

IMO, legal companies that conduct business development through cryptocurrency still pay their taxes. even like binance, I think they will still pay taxes, because all the revenue they get will still be seen by the local government. so, the development of cryptocurrency will certainly benefit the government, it's just that the challenge is fluctual prices and also a big risk.

The government will not be harmed of any fluctuations as they are ensure to receive taxes from legit companies that involve with cryptos.
It's a good help for the economy as they will continue gaining, the very reason that many countries are now seeing the potentials of this industry.
If more adoptions and company that will embrace and adopt the market then more taxes will be provided to the government.

BigBos

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IMO, legal companies that conduct business development through cryptocurrency still pay their taxes. even like binance, I think they will still pay taxes, because all the revenue they get will still be seen by the local government. so, the development of cryptocurrency will certainly benefit the government, it's just that the challenge is fluctual prices and also a big risk.

zeingrind777

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In my opinion, the State and the government have the overall data of large companies. That means the company is under state control. So large companies will find it difficult to embezzle their taxes even though they accept the cryptocurrency as payment. And we also know the transparent nature of cryptocurrencies. So the government can also see how much the company earns even though they receive crypto as payment.

qwertyup23

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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 effects of cryptocurrency in the economy has its share of positive and negative advantage but the merit outweighs the burdens.

On the positive side, cryptocurrencies can provide an alternative way of earning income to all levels of society. It renders them the opportunity to earn while at the same time focus on their current job. Basically, treat this as another investment alternative present in the market. If the government where to impose tax on cryptocurrencies, this will fund the government on its revenue and potentially create job opportunities for people.

Mometaskers

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Cryptos are still taxable and I believe once a company declares they'll accept a certain cypto, the government would start tracking it. I don't think a company can simply start accepting a certain currency aside from the country's fiat without first asking permission from the government.

And for developed countries they have the capability to track these transactions or prevent the company from accepting certain currencies.

NathanJB

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Quote from: Ronaldcoin2017 on November 12, 2019, 11:14:05 PM

Crypto currency usage has a great impact to the economy i believe that is can boost the economy because crypto is really amazing and it helps a lot it really gives a great opportunity to everyone to earn a huge amount of profit through investing. So i think it will helps everyone to become independent to the government.

That is correct. If the people are earning in their crypto investments, that means they have acquired a certain level of purchasing power which will positively affect the economy. Incomes of merchants would rise if the people can afford to buy their goods and services. But crypto investment is also coming from the people's income or savings. If they don't have enough, they cannot afford to invest in crypto. There are certain existing conditions.

Ronaldcoin2017

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Crypto currency usage has a great impact to the economy i believe that is can boost the economy because crypto is really amazing and it helps a lot it really gives a great opportunity to everyone to earn a huge amount of profit through investing. So i think it will helps everyone to become independent to the government.

jostorres

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Quote from: radjie on November 08, 2019, 07:20:24 PM

every government certainly will not be silent if many large companies in the country use crypto as a means of payment. taxes will still be imposed by every government, but the use of cryptocurrency will not be limited and for people who use cryptocurrency can certainly help improve their economy.

It will be more useful especially in the aspect of helping to control inflation because most of the cryptocurrency to be used all have their limited supply which would not make it to be flowing round anyhow like the way fiat is flowing without control and anyone can just wake up to print it, the use of cryptocurrency will see that is comes to an end, and moreover, there will be more transparency in the world for governments that are using cryptocurrency since it is all built with blockchain technology.

Any government that chooses to use the blockchain technology on their financially system will really have a prospered system, but in this cryptocurrency things, the only problem I have with it is that many countries will want to come up with their own currency rather than agreeing to use one.

Palider

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Taxes are enforced everywhere so even if large companies use tax evasion they can't do it. Because they are legal companies and all their income must be audited because if they do not do so they can be fined by the government and possibly shut down their company or they will be compensated for their fraud.

Brunus

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"Money" - whether fiat or crypto does not matter - has very little to do with the performance of the economy.
You can use gold, or whale teeth, or bits, but the point is that money is always a "representation" of value.
It is like asking "how much heat a thermometer?"

Topic: Cryptocurrency usage will boost economy or make it worst ? - page 6. (Read 2177 times)