Topic: Let's suppose that Bitcoin became universal (used everywhere you go) (Read 25650 times)
October 11, 2019, 10:52:19 PM
This will mean the long anticipated mass adoption has finally been realized. There will be no doubts about the fact that this universal adoption will cause a significant positive change in the entire cryptocurrency cap. Bitcoin will then become one of the valuable and difficult to attain assets because of its limited number, 21M. Imagine a high demand coming from more than 7.5B people on an asset of 21M in number.
October 11, 2019, 08:20:35 PM
Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
Without taxes, people would follow no one since the government cannot exist because there's nothing to fund the administration to do its duties to its people. That's why we cannot replace stable currencies exisiting in countries. One case plausible is that bitcoin itself would be regulated by the government. We'll still pay taxes in form of BTC but we won't be anonymous anymore since the government will keep a record of the population and will need their bitcoin addresses to see if they pay taxes. Other downsides include the market volatility and not being able to retrieve funds when lost (no insurance). The good side is, all transactions are transparent, so corrupt practices are traceable. Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
October 11, 2019, 06:15:53 PM
Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
These was great, actually these is all we want after the years. Bitcoin's goal is to act as a payment like other currencies that we can use in our daily lives. On the other hand, bitcoin is already using for transaction before like in exchange with service. Before the bitcoin goes viral, it is used for illegal transactions in deepweb. Probably in exchange with drugs and other illegal stuffs.
October 11, 2019, 01:05:11 PM
Despite the fact that Bitcoin has already been recognized as a means of payment in some countries, it is difficult to imagine that it will be used globally as a payment method. Until now, bitcoin is more used as an investment, making a profit through trading and various speculations. But I hope in the future there will still be a worldwide recognition of bitcoin as a means of payment.
Actually, it already is.
One of the reasons why Bitcoin came about, it can be used wherever you are in the world (assuming the internet still have coverage). And from there, various types of services have been added or have been available, for its wide utilization. Though adoption still isn't "that" big as it should be, many countries are already (or having plans on) including it as means of payment, in exchange for goods or "regular" services.
October 11, 2019, 10:19:51 AM
Bitcoin suppose become universal payment with many country have different money transaction kind, by using bitcoin they have adopt the same payment transaction with many country have different payment money, change country payment form USD become bitcoin and give benefit for every country with bitcoin become stable coin and have higher price,
October 08, 2019, 01:30:09 AM
Do you think once bitcoin is accepted as currency, taxes will be removed? I don't think so, tax is the blood of the government. A country will crash down if there is no tax. I think even if bitcoin will be adopted, tax will remain. Maybe we can pay our taxes via crypto when that time comes.
October 07, 2019, 08:29:58 PM
Many states would not allow this to happen. Or they would introduce additional mandatory taxes, perhaps even in bitcoin. Each citizen must pay a certain part for infrastructure maintenance.
And considering that this is a blockchain factor of corruption, it would be minimized because there are records of all movements of funds. It would be interesting.
And considering that this is a blockchain factor of corruption, it would be minimized because there are records of all movements of funds. It would be interesting.
If you're a citizen of a certain country, then it will be obvious for you to pay your taxes. I'm not sure the math on it but it has to do with your "earnings" and "property". So, surely no one will get away with this, assuming that the government is going to be thorough about this.
Yes, maybe it will be minimized. BUT it would result another type of corruption. I'm not sure about the details of details but I've read/watched some news that politicians are involved in money laundering, by taking advantage of Blockchain to transfer the "illegal money" to their accounts, thanks to "anonymity" it is harder to track.
Regarding taxes, states must find a way to get tax from these digital currencies because they need it. I don't think the idea of tax-free society is possible
The government already did, they're just taxing companies that regulate cryptocurrency. The idea of a "tax-free-society" is possible according to what he said:
But aren't humans social beings?
Doesn't it mean that human society can exist with neither government sticking around nor taxes being levied? In my opinion, this is a pretty solid assumption with the conclusion being that it is impossible for the government (the state) to exist without taxes. But society can do pretty well on its own since quite a few had existed long before both governments and taxes came about
Doesn't it mean that human society can exist with neither government sticking around nor taxes being levied? In my opinion, this is a pretty solid assumption with the conclusion being that it is impossible for the government (the state) to exist without taxes. But society can do pretty well on its own since quite a few had existed long before both governments and taxes came about
BUT the idea of "tax-free-country" is impossible.
October 07, 2019, 08:16:59 PM
if the use of cryptocurrencies in general applies, I don't think cryptocurrencies will escape tax breaks.
each government will provide regulations on each transaction to be taxed. I don't mind withholding tax as long as
the percentage of deduction still low.
I hope that if globally accepted, every types of cryptocurrency can be used anywhere and at any time, without any territorial restrictions.
each government will provide regulations on each transaction to be taxed. I don't mind withholding tax as long as
the percentage of deduction still low.
I hope that if globally accepted, every types of cryptocurrency can be used anywhere and at any time, without any territorial restrictions.
October 07, 2019, 07:33:01 PM
Bitcoin may be a universal currency, but I think that in such an era every country will have its own crypto currency. So my dream is that each country will have its own national crypto currency, but the worldwide currency will be bitcoin. Regarding taxes, states must find a way to get tax from these digital currencies because they need it. I don't think the idea of tax-free society is possible
It is very unnecessary for the different countries in this world to have their own cryptocurrency because there is no need for that, we already have bitcoin and other type of cryptocurrency that they can use to do transactions. It will just create more congestion to the market of cryptocurrencies if each and every country will create their own version of crypto. 
October 07, 2019, 05:06:14 PM
Bitcoin may be a universal currency, but I think that in such an era every country will have its own crypto currency. So my dream is that each country will have its own national crypto currency, but the worldwide currency will be bitcoin. Regarding taxes, states must find a way to get tax from these digital currencies because they need it. I don't think the idea of tax-free society is possible
October 07, 2019, 04:51:28 PM
Many states would not allow this to happen. Or they would introduce additional mandatory taxes, perhaps even in bitcoin. Each citizen must pay a certain part for infrastructure maintenance.
And considering that this is a blockchain factor of corruption, it would be minimized because there are records of all movements of funds. It would be interesting.
And considering that this is a blockchain factor of corruption, it would be minimized because there are records of all movements of funds. It would be interesting.
October 07, 2019, 12:38:07 PM
If it gets to the point it can be used everywhere, that's a good thing. Particularly if you get paid in Bitcoins.
Even if you're not, you can still do some sort of auto-buy bitcoins every pay day or at set intervals.
If you work for any legit company, they will already deduct whatever taxes you would be owing, so don't worry about that, even if they pay you in bitcoins. If you run a business, you should be setting aside enough for the taxes you know they will ask you to pay.
There are many non-custodial services now that will accept bitcoins and pay your bills. There are also other places that get you giftcards so that's an indirect way of paying for stuff. Some big retailers either accept bitcoins directly or through a payment processor, OR a third party service exists to do that for you.
Even if you're not, you can still do some sort of auto-buy bitcoins every pay day or at set intervals.
If you work for any legit company, they will already deduct whatever taxes you would be owing, so don't worry about that, even if they pay you in bitcoins. If you run a business, you should be setting aside enough for the taxes you know they will ask you to pay.
There are many non-custodial services now that will accept bitcoins and pay your bills. There are also other places that get you giftcards so that's an indirect way of paying for stuff. Some big retailers either accept bitcoins directly or through a payment processor, OR a third party service exists to do that for you.
October 07, 2019, 09:41:38 AM
if this happens, then the level of trust in fiat will decrease and many people will avoid taxes with bitcoin in each case, especially payments.
inflation will be far greater than expected. Subjectivity refers to the same direction of economic media and actually this would be very good if regulations had been implemented, but its popularity would not be as big as before the regulation.
inflation will be far greater than expected. Subjectivity refers to the same direction of economic media and actually this would be very good if regulations had been implemented, but its popularity would not be as big as before the regulation.
Just because you're earning Bitcoin doesn't mean you will not pay taxes. Taxes run the government, the government provides services, and the services help the economy, economy provides the needs of people, then the people pays the taxes.
Well, the thing is, governments only provide permits to companies that regulate cryptocurrency. And those companies pay taxes as a mean of "business".
so also the users will be benefited by bitcoin and the government too
The only ones who get benefits are the users, as it is an asset and not a business.
if bitcoin can be used throughout the world it will create a balance of the business world, because there will be no more inflation and no currency that always controls the other currencies. the business world will be truly stable and people will be greatly facilitated if they want to sell goods between countries.
Inflation is part of the Economic "stability". Currencies that controls other currency are just probably the means of saying that they're more powerful "Economically" than the other party.
June 22, 2019, 06:11:48 AM
Well, taxes also don't automatically get removed from your bank account either...
It would be the same if Bitcoin became universally used. Governments would just accept payment in Bitcoin, but you would be responsible for making those payments and reporting your income etc.
Also, isn't it nice that they have this big ledger (blockchain) to see what kind of income you have received.
It would be the same if Bitcoin became universally used. Governments would just accept payment in Bitcoin, but you would be responsible for making those payments and reporting your income etc.
Also, isn't it nice that they have this big ledger (blockchain) to see what kind of income you have received.
True, it would be nice for them(governments) to track and observe everything by the help of blockchain
On the other hand, it’s still very low chance them to accept all kind of payments in BTC. June 22, 2019, 05:29:28 AM
Now with the IBM partnership will MPCX release the platform earlier?
February 14, 2019, 04:49:19 PM
Let's ask ourselves how many people use Bitcoin at all? I guess not so much, because the biggest number of people is concentrated on crypto trading for getting real fiat profit from that. Everyone is expecting the price will fly high and keeping their coins or trade it on a daily level.
February 14, 2019, 01:16:21 PM
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Lol, who told you that you won’t pay tax? If the government is going to allow their citizens to be making use of Bitcoin, they will also create a way to tax them. But I don’t really like it, especially if it’s going to be volatile. You better pay me my salary as fiat, I will prefer it that way than being paid with Bitcoin. How this gonna be possible? Please shed for me some light on this.
February 13, 2019, 04:57:28 PM
Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
To allow this things to happen that will equally mean your government is a dumb. Well, don't worry they are not dumb but very wise, before this things could happen they will make sure they've taken their part from your holdings or you will not have any chance of acquiring them at all. They will surely ban bitcoin or impose a more strict regulations on it for them to manage very well. Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
February 13, 2019, 05:49:00 AM
if bitcoin can be used throughout the world it will create a balance of the business world, because there will be no more inflation and no currency that always controls the other currencies. the business world will be truly stable and people will be greatly facilitated if they want to sell goods between countries.
if this happens, then the level of trust in fiat will decrease and many people will avoid taxes with bitcoin in each case, especially payments.inflation will be far greater than expected. Subjectivity refers to the same direction of economic media and actually this would be very good if regulations had been implemented, but its popularity would not be as big as before the regulation.
February 13, 2019, 05:44:38 AM
if bitcoin is used universally it will have an impact on the absence of tax collection on people or business entities and this causes the government to worry about the country's economy. but for bitcoin holders it is an advantage because there is no added value when transacting and processing is fast.
if the government has legalized bitcoin and crypto it doesn't matter if there is a tax collection because it is mandatory. so also the users will be benefited by bitcoin and the government too Jump to: