Topic: Do you think Bitcoin can ruin a Country? - page 35. (Read 28332 times)

To the OP.

No.

The question you should be asking is, can cryptos save a country?

If bitcoin is made in the currency of a country then there is a possibility that the country will experience an economic crisis, because the value of bitcoin eye is very volatile. And so far bitcoin uses a decentralized system that certainly can not be controlled by any party. This will make it difficult for the government to anticipate corrupt acts to launder money.

bitcoin is not going to ruin the country's status just because of its uniqueness. if Bitcoin has become the national currency of any country, payment process will get rich, transparent and faster. in addition, that country's currency's value will be in millions zero taxes.

I sincerely do not believe that bitcoin or any of the current crop of digital assets will ever become legal tender.

This may prove to be false but, I don't see it happening any time soon.

We have seen how gentle and gingerly the central banks conduct themselves when adjusting interest rates... when making decisions to pull certain denominations of their nations currency out of supply and so on.

It is a very delicate area, and let's all be certain - there is nothing 'delicate' about the digital asset market.

You have to understand that the majority of the population of a specific country does not hold and use their national currency because they 'choose to.'

They use their national currency because it is, usually, the only way they can pay off their bills, their debts and taxes.

So stability is 'the' most important factor in the realm of a national currency.

Because of this, it is a fragile and brittle area that must be handled with the lightest possible touch.

On the contrary, most of the participants in the digital asset world are 'voluntary' participants who accept and, more importantly, 'expect' a certain amount of risk and turbulence.

There is a higher threshold for pain, and therefore there is a higher resistance to instability.

If someone punches you in the face and you didn't see it coming, you're going down. No doubt about it.

But, if you expected to be punched in the face - you are more likely to brace yourself and establish some form of impact absorption to prevent yourself from going down.

Between November 25th 2013, and January 12th 2015 Bitcoin shed 87% of it's value.

A huge punch in the face. But, not only have we recovered - we have surged passed all previous highs.

However....

....if this had happened to the Dollar or any national currency of the same stature - mass turmoil will have erupted at a scale so epic, that our way of life as we know it will have been severely compromised in the most gruesome of ways.

Think Weimar Germany, or the hyperinflation that occurred in Russia in the early 1990's.

Today, digital assets are still in the earliest stages of formation. Digital assets are still brutish, rough and untamed - but growing and advancing at a rapid pace.

National currencies and the structures that surround them are more complex, more fine tuned and better suited to perform the role of legal tender

in the first place no country or government will let this to happen as they will not have any control since bitcoin designed not to be centralized so
it cant be controlled by anyone no middle bodies that will intercepts and government won't do anything to control the value since each countries
have bitcoin users and with the fluctuations it will bring the such government to unstable status,.

I think it seems very risky if bitcoin becomes the currency of a country, because this will certainly bring economic instability from the country, if the supply of bitcoin is only about 21 million maybe the next few years supply of bitcoin has spread to every bitcoin users.

Bitcoin will have only 21 million supply and with time the demand will increase. Price will increase as an outcome. Therefore, I doubt bitcoin can become a currency of a whole country because if it becomes everyone will hoard it and wouldn't spend it as their money is growing. This is not practical at all.

Clearly. for bitcoin still has regard, especially bitcoin has an adequately high regard, I acknowledge, with bitcoin, a lawmaking body can set up a state. In light of present circumstances, regardless of the way that the country similarly require the money, however bitcoin can be significant as an alternative cash, and it is sensible for use in another country, in light of the fact that bitcoin is all inclusive. 

I don't see the way how Bitcoin can become a currency in the country. At least it will not happend in close future. There are many people who don't trust Bitcoin, and there are more who don't even know how to use it. More over, Bitcoin isn't stable enough, to become a currency, so it's too risky to do it so.

Bitcoin cannot ruin a country. For what it's worth, its actually helping a lot of countries gain a lotta fame. Like, have you looked at Japan? They're so far ahead from us and so greatly involved in the digital world. We need to focus more on the positives rather than the negatives.
We know that Bitcoin can't be under the control of any government, it is completely concealed from those rules and regulations and runs on its own.

I think if country legalize and accepted bitcoin and they make bitcoin their currency, I think the government will collect tax to it. A country is not a country without a tax. And I think YES it can ruin a country. Why ? Because there are lots of greedy person that exist in the world. Bitcoin value rises and will keep rising. In bitcoin scam exist , what more in a country who legalizes bitcoin.

In my opinion, even if bitcoin becomes the currency of a country then it will still be taxed.
There are various laws in many countries that may result in income taxes, sales, payroll, profits, or other forms of tax liability arising with Bitcoin. So, whether bitcoin can ruinn the country?

What do you think?

Correctly said if you are buying bitcoins through fiat currency then automatically it comes to taxing as in this trade fiat currency is involved. But what ever you are earning freely that is non taxable but it differs on each country taxation system

I think the question would be better asked if the people of a country majority started using bit coin. Rather then if a country adopted it. The chances of a country adopting it due to its in ability to be traced and therefore taxed isn't just unlikely is near impossible imo. But the idea of it being the majority used currency would be interesting. Although this article is kind of interesting and related. https://news.bitcoin.com/fedcoin-u-s-issue-e-currency/.

I think what Pouch was referring to was the sale of items purchased by bitcoins, which is taxable of course, so he was wrong on that front as well. Take a bank debit card to the store and buy something, you get taxed. Take a BitPay card to the same store and buy the same item, you get taxed. Taxing happens at the point of purchase on THE ITEM purchased, regardless of the currency used.

I really don't see how Bitcoin could destroy a county. Bitcoin is very similar to fiat in the fact that you can regulate it's usage at shops and maybe even online. Because of this, governments should find it relatively easy to tax Bitcoin, and if people are being paid in Bitcoin, it will be just like income tax that we have currently. However, there is no way to regulate it's use online, for example, this forum's users offer a wide range of services and goods, but there is no way for governments to earn any money off it. That is because people can just send Bitcoin to one another and don't have to go through a company that would make them pay a fee or even tax them.

No country would just convert to Bitcoin as it's primary currency without first establishing some sort of taxing regime. Governments are in it for the money, why would they just throw all that they have away?

that is right, I think people here are earning a good amount of bitcoin from trading and other sources, a lot of people are even earning from signature campaign, there are so many other ways through which people can make good money. it is true that bitcoin is also providing different services including mobile recharge, utility bill payment and online shopping and even in some place people have the opportunity to use bitcoin in their local shops for shopping and even to use it in restaurant.

Bitcoin is giving different chances to people to change their lifestyle by trading and investing through Bitcoin and also providing more career opportunities.  These days bitcoin is providing several services as trading, online shopping, online recharge etc. Bitcoin has converted user-friendly.

I can only think about one scenario in which Bitcoin can ruin the economy of a country. Take the case of either Venezuela or Zimbabwe. If Bitcoins become popular, then the citizens will refrain from using the useless national currency, and will use BTC for trade. This in turn will further devaluate the national currency, destroying the economy in the end.

I'm not sure that printing is a big expense. And not only bitcoin could help to avoid it, we already have visas, mastercards, online transfers, etc