Do you think Bitcoin can ruin a Country? - page 16.

senin

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Quote from: FlightyPouch on January 30, 2017, 10:28:52 PM

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

The assertion that bitcoin can not be taxed is not entirely true. Bitcoin and other crypto currencies have already been successfully taxed in some countries, such as Japan and the United States. In this regard, bitcoin can not cause any harm to the state. Bitcoin can only have a negative impact on the economy of any state because of its volatile nature if it is recognized as the only national money. If he simply walks in parallel with the national money, then such negative influence will not be observed.

Leyss

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Quote from: FlightyPouch on January 30, 2017, 10:28:52 PM

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

The reasoning that bitcoin can destroy the country, in particular, because it can not be taxed, is wrong. Bitcoin, like any other digital crypto currency, may well be taxed, and an example of this is Japan. There, bitcoin since April last year is recognized as a legal tender and the profit it brings is taxed. This is beneficial for citizens and the state. So in this regard, there is no conflict between the crypto currency and the state, bitcoin works to strengthen the state, and not to destroy it.

Atajio

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Quote from: FlightyPouch on January 30, 2017, 10:28:52 PM

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

Я cчитaю, чтo кpиптoвaлютa этo выxoд для cтpaн 3-гo миpa, для cтpaн co cлaбoй экoнoмикoй. Кpиптoвaлютa, пpи дoлжнoм peгyлиpoвaнии, мoжeт дaть cтaбильнocть pядoвым гpaждaнaм!

Finmaster

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Quote from: hurain on January 31, 2017, 03:25:05 AM

Quote from: FlightyPouch on January 30, 2017, 10:28:52 PM

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

bitcoin is not going to ruin a country, bitcoin is providing opportunities to its people for investment and trading, so bitcoin can be a good tool to increase the status of a country economically. i think if government take serious step about bitcoin and regularize then they can also impose tax on it and will certainly collect good tax from bitcoin.

Governments started to make moves for collecting taxes from Bitcoin and other cryptocurrencies. they trying to find the way how to do it, i think that eventualy it will be just like a trade with foreign currencies.

Fantastic33

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Bitcoin cannot ruin a country, but people can. Btc is very beneficial if we use iton the right way. Bad people can use bitcoin in doing bad this such as illegal transactions on drugs and deadly weapon, scam, and other things. People are the ones responsible on what the future of the country will be.

hacekd

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An obscure future still overshadows the owner of Bitcoin itself. Some rules in some countries that prohibit the circulation of Bitcoin and other virtual currencies should be an "alarm" for us that the future of Bitcoin is still not clear.

Take careful consideration before you decide to invest your money into Bitcoin or other virtual currency.

Gix

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In my opinion, countries will start issuing their very own cryptocurrencies soon.

Bitcoin is being somewhat accepted by countries just to make people get used to it and make a smoother transition.

Imagine the drama when they tried to make people use a paper/banknote instead of coins back in a days Shocked

Irvinn

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I do not think I know that bitcoin can not under any circumstances destroy the state. I do not even know who could have come up with such a thing. The state has enough of its tools to protect its interests. If it feels threatened with its existence by bitcoin, it will be immediately banned. Therefore, it would be better if bitcoin does not conflict with the state, the forces are too unequal in this case.

BTCeminjas

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Quote from: Bagaji on March 27, 2018, 01:24:56 PM

I don't believe that Bitcoin can ruin a country if the adopte Bitcoin as there national currency though am finding it difficult to believe if any country will accept or adopt Bitcoin as there national currency let a lone Bitcoin ruin there country economy as a result of fluctuations.

Well, you have a point. So far as what I have known here our country bitcoin are not declaring as a legal and not illegal they are neutral on these cryptocurrencies and one of them that too much known here is bitcoin. I think there's no reason bitcoin can ruin here because when it comes to tax I think we can pay on that by cashing out on remittance.
But as of now, I know each country hardly accept bitcoin because it is untaxable currency and that's what they want that to manipulate their people's money.

Bagaji

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I don't believe that Bitcoin can ruin a country if the adopte Bitcoin as there national currency though am finding it difficult to believe if any country will accept or adopt Bitcoin as there national currency let a lone Bitcoin ruin there country economy as a result of fluctuations.

futureofeth

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Bitcoin cannot ruin the country but it is going to play a major role in the world because of already G20 national conference issues well thought about their interest towards cryptocurrency. I think most of the countries are supporting the Cryptocurrency as legal.

mekusproj

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Using Bitcoin by governments could reduce cost of governance to a large extent. No need employing security men to police or guard bullion vans conveying cash, zero cost of printing physical cash, no need building expensive vaults, etc.

Money's that would have been used for this would then be channeled to other sectors of the economy.

Jake Carlo

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Yes

Qartersa

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Quote from: nethan1btc on March 27, 2018, 03:00:05 AM

Quote from: biboy on March 25, 2018, 11:50:49 AM

Quote from: malbterxic on March 25, 2018, 03:44:08 AM

If we talk about the prospect of legalizing bitcoin in the country, then I think that this is possible within a small country with a small economy. In this case, the government will have the opportunity to regulate the system. Most importantly, it will offer acceptable conditions for taxes and severe penalties for violation.
Such a country in a short period of time can become very rich.
But the established economies of large countries can be seriously damaged.

Right now, I don't see any negative feedback about bitcoin ruining a country, we cannot tell it at this time since the people who knows bitcoin in one country is still at a low percentage as bitcoin is still just starting its name, so we cannot tell at this early time.

Yeah, so far there is nothing to worry about the possible ruining a country due to by having bitcoin. In fact bitcoin really gives big help to those people who become part on the crypto currency community that can earn them which can add on for their financial aspects. I believe bitcoin will live longer here in the cyberworld and gives more comfortable to each and everyone of us here in the bitcoin community.

I beg to disagree. I believe Bitcoin can ruin a country if more than half of the population uses it and relies on it solely for daily sustenance. This is because it can make the economy concentrated thereby there would be less production in any businesses. Also, this would have a negative effect on the businesspersons point of view because there would be less transaction in the food chain as the consumers can automatically transact with the suppliers directly. If you think broadly too, how can the government sustain knowing they cannot even properly tax those who do business with cryptocurrencies? In this case therefore I am just rooting for the increased spending power of the people.

nethan1btc

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Quote from: biboy on March 25, 2018, 11:50:49 AM

Quote from: malbterxic on March 25, 2018, 03:44:08 AM

If we talk about the prospect of legalizing bitcoin in the country, then I think that this is possible within a small country with a small economy. In this case, the government will have the opportunity to regulate the system. Most importantly, it will offer acceptable conditions for taxes and severe penalties for violation.
Such a country in a short period of time can become very rich.
But the established economies of large countries can be seriously damaged.

Right now, I don't see any negative feedback about bitcoin ruining a country, we cannot tell it at this time since the people who knows bitcoin in one country is still at a low percentage as bitcoin is still just starting its name, so we cannot tell at this early time.

Yeah, so far there is nothing to worry about the possible ruining a country due to by having bitcoin. In fact bitcoin really gives big help to those people who become part on the crypto currency community that can earn them which can add on for their financial aspects. I believe bitcoin will live longer here in the cyberworld and gives more comfortable to each and everyone of us here in the bitcoin community.

KrishaBitcoin

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W12 – Blockchain protocol

Quote from: FlightyPouch on January 30, 2017, 10:28:52 PM

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

Bitcoin can ruin a country but not of mean by not able to collect tax on Bitcoin because it can collect tax thru exchange but rather it can ruin a country if the certain country did not regulate in which it can freely use in illegal activities like money laundering, smuggling, drugs, weapons and even to use it to scam people by using the Bitcoin platform. These can be avoided if Bitcoin will be regulated in which it can be fully monitored the transactions and at the same time they can able to collect Bitcoin tax thru exchanges.

makolz26

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Quote from: biboy on March 25, 2018, 11:50:49 AM

Quote from: malbterxic on March 25, 2018, 03:44:08 AM

If we talk about the prospect of legalizing bitcoin in the country, then I think that this is possible within a small country with a small economy. In this case, the government will have the opportunity to regulate the system. Most importantly, it will offer acceptable conditions for taxes and severe penalties for violation.
Such a country in a short period of time can become very rich.
But the established economies of large countries can be seriously damaged.

Right now, I don't see any negative feedback about bitcoin ruining a country, we cannot tell it at this time since the people who knows bitcoin in one country is still at a low percentage as bitcoin is still just starting its name, so we cannot tell at this early time.

It is not actually ruining one country, but the media are the one ruining the mindset of people, actually bitcoin becomes a big help not only bitcoin but cryptocurrency does, but what media kept saying is that cryptos are really scammed and will eventually collapsed so they are ruining the mindset of investors so that they will not take the risk to invest in it.

biboy

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Quote from: malbterxic on March 25, 2018, 03:44:08 AM

If we talk about the prospect of legalizing bitcoin in the country, then I think that this is possible within a small country with a small economy. In this case, the government will have the opportunity to regulate the system. Most importantly, it will offer acceptable conditions for taxes and severe penalties for violation.
Such a country in a short period of time can become very rich.
But the established economies of large countries can be seriously damaged.

Right now, I don't see any negative feedback about bitcoin ruining a country, we cannot tell it at this time since the people who knows bitcoin in one country is still at a low percentage as bitcoin is still just starting its name, so we cannot tell at this early time.

malbterxic

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Activity: 224

Merit: 10

If we talk about the prospect of legalizing bitcoin in the country, then I think that this is possible within a small country with a small economy. In this case, the government will have the opportunity to regulate the system. Most importantly, it will offer acceptable conditions for taxes and severe penalties for violation.
Such a country in a short period of time can become very rich.
But the established economies of large countries can be seriously damaged.

Zabrielle

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Activity: 294

Merit: 105

For all the issue why do we have to think that a currency will ruin a country? I think the reason why bitcoin is not legal not even ban in some of the countries because the government are actually studying how to deal with this new cureency popping out. I think they carefully examining what the right thing to do with it. If this one is for the good of all people. Lets hope for the best guys.

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