Do you think Bitcoin can ruin a Country? - page 17.

Woolles890

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

Well, I just thought, if bitcoin becomes a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax is 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?

I do not think Bitcoin is destructive to a country, Bitcoin actually helps a country get better. The presence of Bitcoin in a country must have a very positive impact on the users and the country itself.

Greenkarki

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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?

No it is not going to ruin the country, the reason behind this is why countries not accepting bitcoin is it will dominate the local fiat. It gives great opportunity for the investors of bitcoin. If bitcoin enters, the countries would grow economically. There is no chance in ruining any state or country. Just look at the benefits it would bring to the nation.

Kambal2000

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Quote from: makolz26 on March 17, 2018, 02:08:22 PM

Quote from: Harlot on March 17, 2018, 12:54:06 PM

Quote from: SixOfFive on March 15, 2018, 05:07:46 PM

It can harm a country economy and its national income if it will be a currency of any country. It is because it is decentralized currency and it is difficult to apply tax on it. This is one of the major reasons why government of some countries is in confusion on its legalization status.

If you are a business establishment or a business that gives services that accepts Bitcoin it would be hard to evade taxes as you have physical products that would be tracked back to you. The only problem that a government will be facing are people who's sole income would be coming from trading and other means that doesn't require any necessary product. What they can do is to simply create a fake business in order to make the money look legal on how they earn it. That is one thing that a country's government is avoiding because if a considerable amount of their citizens are doing that then their economy might fall.

As to what I thinking it cannot ruin one country because although you are not paying the tax on it but still your purchasing power has increase so your ability to buy goods and service will contribute for the growth of one company and that company will pay tax for their income so it has a big positive impact not negative.

It cannot ruin one country in fact it can help the country to become successful especially if their countrymen were almost all were doing cyrptocurrency, There is no way that it can ruin although we know the fact that criminals had the chance to hide their identity with the help of bitcoin, but we cannot avoid it even without bitcoin since crimes are everywhere, what matters is that bitcoin helps many people.

makolz26

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Quote from: Harlot on March 17, 2018, 12:54:06 PM

Quote from: SixOfFive on March 15, 2018, 05:07:46 PM

It can harm a country economy and its national income if it will be a currency of any country. It is because it is decentralized currency and it is difficult to apply tax on it. This is one of the major reasons why government of some countries is in confusion on its legalization status.

If you are a business establishment or a business that gives services that accepts Bitcoin it would be hard to evade taxes as you have physical products that would be tracked back to you. The only problem that a government will be facing are people who's sole income would be coming from trading and other means that doesn't require any necessary product. What they can do is to simply create a fake business in order to make the money look legal on how they earn it. That is one thing that a country's government is avoiding because if a considerable amount of their citizens are doing that then their economy might fall.

As to what I thinking it cannot ruin one country because although you are not paying the tax on it but still your purchasing power has increase so your ability to buy goods and service will contribute for the growth of one company and that company will pay tax for their income so it has a big positive impact not negative.

Harlot

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Quote from: SixOfFive on March 15, 2018, 05:07:46 PM

It can harm a country economy and its national income if it will be a currency of any country. It is because it is decentralized currency and it is difficult to apply tax on it. This is one of the major reasons why government of some countries is in confusion on its legalization status.

If you are a business establishment or a business that gives services that accepts Bitcoin it would be hard to evade taxes as you have physical products that would be tracked back to you. The only problem that a government will be facing are people who's sole income would be coming from trading and other means that doesn't require any necessary product. What they can do is to simply create a fake business in order to make the money look legal on how they earn it. That is one thing that a country's government is avoiding because if a considerable amount of their citizens are doing that then their economy might fall.

makolz26

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Quote from: churrosndips on March 17, 2018, 02:27:09 AM

I don't believe that bitcoin can ruin a country. Bitcoin is not a tool for destruction. It is presented as an alternative to actually free a country from the constraints it is placed upon it by the current system. As a tool, a country will need to understand it's nature to ensure that it is able to use it properly. If a country gets ruined, majority of the blame should go to the people in power, not on any tool such as bitcoin.

You are right, how can it ruin one country when in fact it can help any individual to have some opportunity here and the ability to change someones life, we are making our story here and if you are negative and does not want bitcoin then nothing will really happen to you and to your country if that what people thinks.

reliable

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Quote from: Ghondronk on March 16, 2018, 03:52:21 AM

The Bank of England considers crypto currency or virtual currencies such as Bitcoin to pose a risk to financial stability in the UK if adopted on a wide scale. This warning is presented in a report on potential economic issues, arising from the spread of digital currency.

On similar line my country might be thinking as well as the committee report is being awaited and most probably this would be the reason for non acceptance if they do not consider it in the mainstream and do not want the people to encourage such things which does pose risk to economy of the country.

churrosndips

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I don't believe that bitcoin can ruin a country. Bitcoin is not a tool for destruction. It is presented as an alternative to actually free a country from the constraints it is placed upon it by the current system. As a tool, a country will need to understand it's nature to ensure that it is able to use it properly. If a country gets ruined, majority of the blame should go to the people in power, not on any tool such as bitcoin.

Linggis

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

Well, I just thought, if bitcoin becomes a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax is 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?

Without the tax, it is certain the country will not progress and will even be destroyed. Because the tax is the purpose to help the country's economy to be even better. But I think Bitcoin will not damage a country, it will actually make the country better if, for example, Bitcoin taxed in the country.

Mamoot

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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?

Bitcoin is essentially no risk because the scheme of its use is still small. But according to the Bank of England, it can change if Bitcoin grows significantly.
by withdrawing taxes from its bitcoin or other cryptocurrency if indeed the country is punishing the existence of a virtual currency in its country, perhaps it will be a separate asset for its country.

Ghondronk

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The Bank of England considers crypto currency or virtual currencies such as Bitcoin to pose a risk to financial stability in the UK if adopted on a wide scale. This warning is presented in a report on potential economic issues, arising from the spread of digital currency.

burner2014

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Quote from: rolerVX on March 15, 2018, 09:55:43 PM

Hahaha. You have some points on that my friend. If bitcoin will rule one country then the country could be destroy. Absolutely it will if if referring to tax of everybody. Tax is meaningful to country's improvement of infrastructure, buildings, educational programs, and more projects of one country. Okey, we see tax as a fuel to engage one country to all the needs of everybody just to meet the needs tax is a must.
But bitcoin can some up all. If the government let the system of bitcoin role them and they upgrade the mindset of everyone clearly. Then I think tax is applicable and more possible good things to improve. It is all base on how the government form the system, and how to implement.

What are you trying to say? Op were asking if bitcoin can ruin a country which I doubt, when in fact it helps the country a lot. Why? Think of it one country would have the chance to grow their economy due to people who once jobless now have the chance to do a job even not in company, so not all people which we think jobless was really a jobless some are here, some were doing trading.

rolerVX

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Hahaha. You have some points on that my friend. If bitcoin will rule one country then the country could be destroy. Absolutely it will if if referring to tax of everybody. Tax is meaningful to country's improvement of infrastructure, buildings, educational programs, and more projects of one country. Okey, we see tax as a fuel to engage one country to all the needs of everybody just to meet the needs tax is a must.
But bitcoin can some up all. If the government let the system of bitcoin role them and they upgrade the mindset of everyone clearly. Then I think tax is applicable and more possible good things to improve. It is all base on how the government form the system, and how to implement.

SixOfFive

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It can harm a country economy and its national income if it will be a currency of any country. It is because it is decentralized currency and it is difficult to apply tax on it. This is one of the major reasons why government of some countries is in confusion on its legalization status.

Guryon_master

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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?

There is only one that can ruin a county and that is corruption and if bitcoin becomes a source of a corrupt personalities no doubt that it can also be part of destroyer of a country.

Irvinn

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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?

I think that the statement that bitcoin can not be taxed is wrong. An example of this can be called Japan, where they introduced a profit tax from the crypto currency and everything works fine, the country makes a profit, the population becomes richer due to the presence of a crypto currency. Bitcoin is difficult to regulate and monitor the fulfillment of certain rules by citizens and the payment of taxes. It's right. However, taxation is primarily designed for the voluntary payment of taxes.
Therefore, if you look at the problem of paying taxes on profits from crypto currency, bitcoin can not cause significant harm to the state.

La Maree Noire

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Bitcoin isn't about ruining smth. Bitcoin is more about giving new opportunities to people which can let them be independent, self-confident. And, of course, it provides all of us with the chance to have a better future

unangsajah

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I think bitcoin will not break the order of a country, instead bitcoin will bring a change in a country, because with bitcoin we can make payments between countries so quickly and safely. And bitcoin will bring social and economic change to society, as it will increase employment. for example in the Bounty field.

tyas pur

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

Well, I just thought, if bitcoin becomes a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax is 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?

Yes, of course, Bitcoin will ruin a country. If Bitcoin has been legalized but not taxed in that country, Bitcoin certainly will ruin the country. But if it is legalized and taxed, Bitcoin will help the country better.

Zabrielle

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No i dont think so bitcoin will ruin a country. There are government who will legalize everything. If cryptocurrencies are treats to a certain country then for sure government will stop all of it. Thats the reason why the government is skeptical and have been observing how cryptocurrencies works. And if cryptos are legalize, taxes will be impose. Paper money will for sure be staying around because there are still countries not familiar with digital world. I mean the people who live in a some of countires who are not familiar with internet.

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