Topic: If a country adopted bitcoin as their national currency, would the US still be a - page 2. (Read 5199 times)
March 26, 2018, 03:51:45 PM
The United States never recognizes bitcoin as a currency. Even if bitcoin will be recognized by any country as the base currency. There is a certain list of freely convertible currencies. Not included in this list it is impossible to have the official exchange rate of the coins. The state, too, will never make bitcoin the main currency because it is contrary to the laws of the economy.
March 26, 2018, 07:07:16 AM
As Bitcoin got stronger we can see the beginning of some regulations and laws that could be changed. But this is still not enough because they need to see Bitcoin as a serious thing that couldn't be ignored anymore. That time will come, hopefully.
March 20, 2018, 03:28:23 PM
Well, as far as I know bitcoin can never be the national currency, because it is decentralized meaning the government has no control over it, even if they can already control it still it won't be a legal tender as this is just limited supply and cannot by physically seen.
March 20, 2018, 12:14:15 PM
Some country will not use Bitcoin as their national currency now or in the immediate future because people must be educated regarding Bitcoin and it will take time. How can they purchase foods and other essentials for their living if they don not know how to navigate or acquire bitcoins, they must be teached of the ways of Bitcoin. For other big countries like US, London and etc., maybe it is possible for them.
Never, the government does not agree to the use of crypto-currencies as the main currency. The main condition for the economy of any country is the control over the production and turnover of currency. Governments are doing everything to get the maximum taxes from cryptocurrency users but not to let them into the economy of the state. At the moment they are good at it.In addition to that, the era of crypto has changed the financial transactions for the better. Furthermore, there is a significant evolution in the users of crypto over time. So I think If the governments or countries cannot destroy those digital currencies, then it is very possible that they will accept and recognize all of them.
March 20, 2018, 07:37:27 AM
Some country will not use Bitcoin as their national currency now or in the immediate future because people must be educated regarding Bitcoin and it will take time. How can they purchase foods and other essentials for their living if they don not know how to navigate or acquire bitcoins, they must be teached of the ways of Bitcoin. For other big countries like US, London and etc., maybe it is possible for them.
Never, the government does not agree to the use of crypto-currencies as the main currency. The main condition for the economy of any country is the control over the production and turnover of currency. Governments are doing everything to get the maximum taxes from cryptocurrency users but not to let them into the economy of the state. At the moment they are good at it. March 20, 2018, 02:13:28 AM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
I think they would still classify it as a commodity rather than a national currency. For a currency to be recognized as a 'currency' other countries must accept its existence on the market. Considering that only two (2) adapt bitcoin as a currency in their country, I doubt that other countries would see it also as a currency. Be reminded that there exists a huge margin between developed, developing, and underdeveloped countries in terms of economic and technological standards. If an underdeveloped country cannot embrace the implementation of a digitalised currency, then this may potentially pose a threat to their market.
If another country declares bitcoin as their national currency, and the US recognises that country as a nation. The US will have to declare bitcoin as a foreign currency.
I doubt that their hegemonic status would validate that declaration considering that other countries must also embrace its implementation. The US might see bitcoin as an alternative currency rather than a foreign currency but it also depends on the laws of their country regarding cryptocurrencies.
March 19, 2018, 09:40:29 PM
Some country will not use Bitcoin as their national currency now or in the immediate future because people must be educated regarding Bitcoin and it will take time. How can they purchase foods and other essentials for their living if they don not know how to navigate or acquire bitcoins, they must be teached of the ways of Bitcoin. For other big countries like US, London and etc., maybe it is possible for them.
February 27, 2015, 05:21:15 PM
That depends on how widespread bitcoin is accepted as part of the other country's national currency. For example, if they use bitcoin as a form of backing to issue the fiat currency, it will officially make bitcoin tied up and recognized as an accepted form of payment. And all of these still relate back to the acceptance rate. Furthermore, if you have not only a country but several countries all adopting the same system, it will no longer be a commodity anymore.
February 27, 2015, 03:49:35 PM
when any country make bitcoin their official currency then it will called a currency of that specific country
but i don't think any country will do this, may be they used bitcoin concept to create their digital currency but hardly possible they will accept bitcoin
but i don't think any country will do this, may be they used bitcoin concept to create their digital currency but hardly possible they will accept bitcoin
February 24, 2015, 02:38:48 PM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
Any country with some sense will not make Bitcoin their official currency. But however it is quite possible to make it one of the major currencies of the nation.
The volatility of price will just make it too risky to manage. Imports, exports, forex will be too complicated.
The price will go too high and what if some whale cashes out?
If a nation accepts it as a currency, then it should be deemed as a currency at least by current definition. Otherwise the dealings of US with the country will be
February 24, 2015, 01:43:57 AM
1. The IRS generally passes rules that enhance the collection of taxes. That is their job.
2. If a foreign country magically adopted BTC as its currency it is unlikely the IRS would change its taxation policy. (Why would it?)
2. If a foreign country magically adopted BTC as its currency it is unlikely the IRS would change its taxation policy. (Why would it?)
February 21, 2015, 03:50:49 PM
Bitcoin may never be adopted as a country's currency but it should definitely be recognized as atleast a virtual currency having a value of its own. It will take time for bitocin to grow and once it becomes a recognized currency, PP and other websites will adopt it.
February 21, 2015, 03:45:02 PM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
Wouldn't happen many countries have also classed as many different things from currency, to shares to bonds it gets very messy with bitcoin in different parts of the world. UK is a whole different game all together compared with the US. However it is not national as theri main currency but have classed as alternative currency in some parts of the world. US just want to b greedy and regulate it like in their exchange that come out and to be honest its not doing good.
February 16, 2015, 07:52:56 PM
Bitcoin is a currency, the US dollar is a commodity now, pretty much just an oil certificate.
February 13, 2015, 07:24:31 AM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
Bitcoin is a commodity for tax purposes? What's that means? If i have income in bitcoins then i have to pay taxes in bitcoin? Why its a commodity then?
http://www.irs.gov/pub/irs-drop/n-14-21.pdf - This document confirms what I am saying (but could be superseded by new guidance or regulation in the future if it hasn't been already). It also references other IRS documents you can search for.
http://www.irs.gov/pub/irs-pdf/p17.pdf - Until/unless the classification of virtual currency is changed this document is a good reference because it talks about capital gains and losses in depth, chapter 14 of the 2014 tax year version of this document is where the meat is, although there may be definitions earlier in the document. Note I include this document because it is not referenced in the previous document (although it may be referenced in the other documents that are referenced in the first link).
February 13, 2015, 03:31:46 AM
Bitcoin will never be a national currency, or at least no one of these actual nations. Any democratic govern will want to take possession of it, but it is decentralized and they cannot... It is complicated as situation.
YES. It is much more suitable to an international, non-national, non-political currency.There are some weird legal and regulatory effects of a country making it a national currency in many jurisdictions, they aren't particularly beneficial for Bitcoin, just a different set of laws. Some are kinda good, others not so much.
I agree with you, bitcoin will stay a valid alternative for send large quantity of money with the lowest fees in the "World". It is also a great technology (thanks to the blockchain) and maybe only some microNation can use it as a "national" currency like Woodland Patchwork (http://mw.micronation.org/wiki/Woodland_Patchwork).
February 12, 2015, 07:25:19 PM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
Bitcoin is a commodity for tax purposes? What's that means? If i have income in bitcoins then i have to pay taxes in bitcoin? Why its a commodity then?
February 09, 2015, 03:47:26 PM
Bitcoin will never be a national currency, or at least no one of these actual nations. Any democratic govern will want to take possession of it, but it is decentralized and they cannot... It is complicated as situation.
YES. It is much more suitable to an international, non-national, non-political currency.There are some weird legal and regulatory effects of a country making it a national currency in many jurisdictions, they aren't particularly beneficial for Bitcoin, just a different set of laws. Some are kinda good, others not so much.
February 07, 2015, 06:37:32 PM
Bitcoin will never be a national currency, or at least no one of these actual nations. Any democratic govern will want to take possession of it, but it is decentralized and they cannot... It is complicated as situation.
February 07, 2015, 06:25:14 PM
It will be hard to any goverment declare Bitcoin their national currency, they will make one before that.
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