Let's suppose that Bitcoin became universal (used everywhere you go) - page 10.

gamalzour

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Quote from: Aveatrex on May 24, 2018, 05:26:17 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

If it becomes global I will be using it everywhere I go, but that doesn’t mean that I won’t be withdrawing to fiat cause the price of Bitcoin is volatile and will continue to go up and down so whenever the price is about to go down I will immediately withdraw to save myself from the loss and wait for when the price will start going up again and then I will invest back to make profit.

Ucy

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A tax system could be coded in all Blockchains so that countries can tap into it to create fair taxes without taking away/ interfering with censorship resistance and immutable features of Blockchains. I would accept the idea but I doubt the community and developers will accept it.
It is for this reason that I think all Nations would prefer to have and control their own virtual Currencies.

KuromaYoichi

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Quote from: Aveatrex on May 24, 2018, 05:26:17 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

Well of course they are going to collect tax from your purchase, they can just take the tax later from the companies and the companies will add the tax to the item's price. They are also going to collect tax from your income and it's not like they will allow crypto to be used when they don't have the solution yet to the tax problem.

tepakpak

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It will be good for our economy and make us easy in doing our transactions in everyday life, but your income from bitcoin should be stable as well as country. Regarding taxes must still exist but in accordance with our income and no pressure.

bajingluncat

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the government is not a collection of people with no knowledge, I think the regulations in every country will always be flexible and can be replicated according to the times, so if btc becomes the only currency and transaction tool in this life, then the government will change the tax rules, will look for loopholes and devices that can detect where they can apply the taxes, I think it will not be difficult for them, I hope it can happen in the future, maybe if the countries in the world already use btc fully though taxes will be applied but at least any facility will be easy to reach, even though I'm a little pessimistic because this change is big enough and that is definitely very influential, so it will definitely take a long time and the government must work hard enough to make it happen

Valzzz005

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Quote from: Aveatrex on May 24, 2018, 05:26:17 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

In the event that we just discuss the capability of the bitcoin, at that point it is extremely unlikely that we can deny this reality that bitcoin can turn into the general money as well as lead the world in much better way. The main obstacle which is there in the way is that there are such huge numbers of different components which becomes possibly the most important factor at time of choosing the worldwide money and that it will require a considerable measure of investment for things to get for the bitcoin.

setupbounds

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Quote from: michellee on July 18, 2018, 01:18:32 AM

I imagine bitcoin become universal, I think it will make bitcoin to be accepted in all country and the chance for bitcoin to be used as a new currency is wide open. we might see that will be many stores online and store offline that will accept bitcoin as the new payment system so they can have the more potential customer that will buy in their shop. and in the customer side, if they are travel to the other country, they don't have to carry a credit card or debit card or physical money, they only need the hardware wallet which we can use our Android phone and they can make a transaction if they want to buy something.

If we only talk about the potential of the bitcoin, then there is no way that we can deny this fact that bitcoin can not only become the universal currency but it can also lead the world in much better way. The only hurdle which is there in the way is that there are so many other factors which comes into play at time of deciding the global currency and that it will take a lot of time for things to get in favour of the bitcoin.

melfwaz

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Quote from: slyfox on July 23, 2018, 03:15:12 PM

Quote from: mimienamphine on July 15, 2018, 06:49:26 PM

Well,this is one of the greatest aims of the crytocurrency industry but the long run effects like loss of taxes cannot be underestimated. But let me ask largely, is our taxes really used the right way?People are using our taxes for their advantage. Making and fating themselves.We still have a lot of problems the tax payer go through yet the taxes are collected daily,weekly and monthly. What are they used for.I believe that we will be able to manage things one day without taxes.

Taxes are simply too high, in the past there were not as many taxes and people relied more on themselves, their families and their communities and now people are delegation everything to the government and that is not right, with that excuse the governments around the world have become gigantic and are now a threat to our freedom and our economic well being.

It will happen one day, no matter how much time it will take but it is guaranteed because the world is turning towards cryptocurrency and gradually the use and trade has been started. One day bitcoin will take over the market and all other currencies will disappear from the market and the entire world will use just one digital currency. It will bring ease in life.

Harrisonimo

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Quote from: Aveatrex on May 24, 2018, 05:26:17 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

I am very sure that some modalities will be worked on if and when all earnings are made via bitcoin alone. Government must surely find a way to get their taxes. Without the government getting their pay from the citizens, there might not be a way to get the real economic growth ascertained.

scoin9

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If Bitcoin starts being used universally it would notice an astronomical rise in value which would be very revolutionary for the industry, however the infrastructure of Bitcoin system must be improved to handle the scale of usage that this kind of news would bring.

aliraza6663

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You are totally wrong with your economics, with crypto currencies or say Digital currencies a person spending can be easily monitored instead of current fiat system. Governments will have more control over circulation of digital currencies and spending of people.

Currently when i got to shopping, on the behalf of governments the manufactures added GST in the product price and governments are dependent on the statements of that manufacturer regarding total production, sale and profits. So what if you go to store buy a product and pays at the counter, and at once with you bitcoin wallet you pay shop keeper the price and pays the tax to government by splitting your transaction.

wolfgang56

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Quote from: Aveatrex on May 24, 2018, 05:26:17 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

I don't think that's gonna happen especially to the third world countries because there are too much poverty in their country and they can't go with the flow if ones country go cashless. Maybe for only those people who can afford, they can go cashless, like on what is happening now, some stores already accepting bitcoin as payments.

snkneo

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Quote from: Aveatrex on May 24, 2018, 05:26:17 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

I'm sure many people will pay there taxes, and the government would crack down on those who are not. It's the only reason why I see they might "ban" it, because then it becomes a concern of national security.

Spend.com

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The bitcoin protocol was initially designed as a cash system. Bitcoin Cash would be a great example of a payment protocol used for a currency. Bitcoin itself, I would classify as Gold 2.0.

huhhuh18

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That will even give them the easiest way to monitor your income and tax you. The public ledger staking of blockchain makes every transaction visible, open and transparent to everyone and so they'll easily get you to pay taxes. Governments love taxes and so they wont let you have your money freely even if you have Bitcoins. So far as you have money, they'll want to get something from you.

pharaon

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It is difficult for me to technically suggest how it can be understood that we will use crypto-currencies around the world. Everything depends on the country in which we live, and if the crypto-currencies are accepted as a means of payment, in any case new laws and legal norms will be created, so it is necessary that a certain time passes when it is in reality.

slyfox

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Activity: 350

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Quote from: mimienamphine on July 15, 2018, 06:49:26 PM

Well,this is one of the greatest aims of the crytocurrency industry but the long run effects like loss of taxes cannot be underestimated. But let me ask largely, is our taxes really used the right way?People are using our taxes for their advantage. Making and fating themselves.We still have a lot of problems the tax payer go through yet the taxes are collected daily,weekly and monthly. What are they used for.I believe that we will be able to manage things one day without taxes.

Taxes are simply too high, in the past there were not as many taxes and people relied more on themselves, their families and their communities and now people are delegating everything to the government and that is not right, with that excuse the governments around the world have become gigantic and are now a threat to our freedom and our economic well being.

Btcschool

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Quote from: abc_crypt on July 02, 2018, 02:07:50 PM

I think that between the government and the holders of the crypto currency will be concluded some agreement, which will be something like a new kind of taxes. Or the government will also accept payment of taxes in the crypto currency.

I am waiting for that time anxiously. May be I will never see that time because of the limited life but I am sure that my children will see that era. Just imagine the picture of the world; the whole people will use just one currency and no need to take regular currency in your pocket. Just one click and you can buy anything anywhere in the world. That’s just wow.

BTCballa

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Quote from: Aveatrex on May 24, 2018, 05:26:17 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

In one hand I think it would be so much more comfortable but in another hand I think it would colossal harm for the world existing economic system that is present right now, so I'm not the one to judge.

basyang

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Quote from: Aveatrex on May 24, 2018, 05:26:17 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

It depends on the government if they will allowed bitcoin in their country. Its possible to have a tax for bitcoin in every transaction if it will implemented and Government would not allowed if it will not have a tax deduction. My country can not survive if we only use bitcoin in daily basis, and it is kind of impossible that it is the only thing we could use to pay because I think most of people here in my country prefer to used cash or a physical money so I think bitcoin can only used as an options in a daily mode of payment but not the only one used as a payment.

Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 10. (Read 25623 times)