Do you think Bitcoin can ruin a Country? - page 29.

himo4466

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BTC

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?

SingAlong

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With the right regulation, laws to protect its citizen and not to be abused by others then it will not. I suggest a strict KYC for any local exchangers

imsotiredofmoviereboots

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Bitcoin will not but if we are talking about those scamcoins on the crytpocurrencies therefore it will. Satoshi's vision is to help people and the economy of it's country. Scammers use it's name to scam many naive to crypto so it's the only situation that I see that people would blame btc and judging that it will ruin a country.

rjefferson

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This is where it gets complicated. Bitcoin is decentralized and in order for the government to work with it and adopt, well then they have to regulate it somehow to collect taxes and monitor illegal activity

samcrypto

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For me bitcoin designed to help the country to become more better, to adopt new system that may lead to the growth of every economy and not to ruin it because at the end of the bitcoin bitcoin is nothing with its people. So this is a big NO for me.

ferdaus

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I do not think so. BTC does not have any connection with the government. So I do not see that Bitcoin could destroy a country. I think they are ready in the worst conditions regarding the use of Bitcoin already, as they decide to accept Bitcoin as their currency.

SvenBomvolen

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Bitcoin is under the taxation already. From the time when Bitcoin gone through 1000$ point all governments paid attention on it and the tax system of many countries is counting Bitcoin as wealth which should pe taxed. But the taxi cation of crypto profit is on a young level now and they just can't catch everybody today, only a huge amount holders. But I think in time we will have to pay the necessary tax even from our signature campaign earnings.

kimochidesh

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There are expects to this:
1. It can ruin a nation. As there no proof of transaction so no tax, illegal activities like drug abuse and terrorism will increase. And Govt can't help us as they are short of fund.
2. BTC can be used as a mode of investment. New Crypto-coins help entrepreneurs to acquire funding from all over the world. This will create more employment and built a strong economy.

ftoole

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when using VPN, the speed will drop significantly and how much it affects the mining? the ban must be bypassed

dusty rhodes

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it can save people from their countries crappy currency

by itself it could not ruin though it would take the country messing up so bad that people are leaving the currency which is not bitcoins fault but rather the people who were running the country

warrior333

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I highly doubt that bitcoin can destroy the economy of the country. But bitcoin may force politicians to run the country differently. Before the advent of bitcoin, people were forced to use a Fiat which is under the control of the government. They had no alternative. Now if the government will see that most people go on bitcoin it will be forced to compete with bitcoin and people will live better.

etraderhart

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A country continues to function through its governing body; its governing body comprises of different other branches, which are all of which paid to do their job. To do this, along with maintaining security, they have to collect taxes. The lack of regulation of bitcoin may lead to many untaxed transactions.

Another situation would be a revolution similar to what is happening in Venezeula. Because of the growing problem of inflation, the people have resolved to using Bitcoin to buy their everyday needs, but the government is taking it as a negative thing and wants it to stop. The people revolted.

Let's head a little into the future. Bitcoin becomes legal, and accepted. Governments are even starting to use them. What's to stop a greedy politicians from taking advantage of the anonymity system of the blockchain? Money laundering is a thing, and if a lot can get away with it through the banking system, no doubt they can get away with it through Bitcoin, as well.

Overall Bitcoin is a good thing, if regulated right.

Gotottack

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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?

You have a good point there regarding tax but it will be rendered moot once the government can make measures on how to regulate cryptocurrencies. The taxing power of the government is plenary and is without regard on how much you will be left with. Surely, the government can fast track the making of taxing regulations through the issuance of IRRs to ensure that it still gets a cut out of the people's earnings in furtherance of its duty to its citizens. In this sense, it cannot destroy a government.

IAMYOURLEADER

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Transparency and Trust is the most common issue in our government system so I beg to disagree because btc will help to correct that. Greedy politicians are the ones who ruins the country and btc exist to end it. Anything is trackable on the internet so it wouldn't be hard to tax people on their bitcoins and catch those who commit money laundering. I know IT experts can resolve that problem easily.

Byatt

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in some ways bitcoin helps many individuals already to be in good shape, anyway some of them encash it and used it for a traditional business in which from encash the bitcoin to rebuild another business physically they pay tax to the government. its rotating at some point. money from bitcoin helps also to the government.

franco123

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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 don't thinks so. Bitcoin can be a country's secondary currency. But it will never replace their primary currency which is their fiat currency. And with that, Bitcion will ruin the countrt but instead provide opportunity to be a mean of payment. That can even improve the economy of the countrt since the monry will circulate. However, the country or the government of the country can ruin Bitcoin. This is simply banning it or imposing tax or strict regulations for it.

wahb

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Quote from: Opquar on October 10, 2017, 10:57:52 PM

Bitcoin can certainly be used in a damaging way. It can be used to avoid taxes, as you've said, but most are concerned about money laundering and currency outflows. If done on a large enough scale, it can potentially do long term damage to an economy.

No I don’t think so. How is it possible? How can a currency ruin a country? Bitcoin is not an atomic bomb. It is just a digital currency and also the source of income for many people. Many people have earned such a huge amount from bitcoin that before a few years ago they have very little money but now they are millionaires. It is just of bitcoin because the profit ratio of bitcoin is very high.

supandi wiharja

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Earn crypto for being contacted

In my opinion, the presence of bitcoin is unlikely to damage a country, the presence of bitcoin will actually help the economy of a country, because in this case i think that bitcoin has many benefits for everyone who uses it.
I hope governments in all countries know about bitcoin and they support bitcoin in their country to help the welfare of its citizens.

onrise

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Quote from: changcloy on October 11, 2017, 12:33:17 AM

for me bitcoin is a big help to people like me who are a stay at home mom to those people who cannot able to work, bitcoin is a blessing for me at least i can help my partner and i can have my own income. so i disagree that bitcoin can damage a country.

Infact rather than ruining the country actually cypto currency if regulated properly by the government can actually be a boon for both people and the country too. I know few friends who are in college and have started to earn through bitcoin which helps them to use it as a pocket money and also few who are now full time in this business related to btc. So overall it is helping people to earn a livelihood.

Arkham Knight

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No. It actually bridge the trust gap and for me that is the biggest thing that bitcoin can contribute to the economy of the country. Everything is going to be transparent so that corrupt government officals can't rob our taxes anymore.

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