Let's suppose that Bitcoin became universal (used everywhere you go) - page 15.

spyerf

full member

Activity: 378

Merit: 103

Quote from: Ulan01 on June 16, 2018, 04:50:49 AM

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

the state's economy depends not only on the income tax of everyone. there are many more that can be used. so not so influential on him. but the government will not let it go, and I think the government will make arrangements with the crypto currency especially bitcoin.

but I think that is enough to affect if all residents do not pay taxes, because the population in one country is not small. and it is true that the government will make system arrangements for its handling, so that its economy will remain stable.

Ulan01

jr. member

Activity: 178

Merit: 5

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

the state's economy depends not only on the income tax of everyone. there are many more that can be used. so not so influential on him. but the government will not let it go, and I think the government will make arrangements with the crypto currency especially bitcoin.

Kelvinid

sr. member

Activity: 2828

Merit: 344

win lambo...

Quote from: slyfox on June 15, 2018, 06:30:55 PM

Quote from: tabas on June 07, 2018, 03:39:06 AM

Most countries are depending on taxes so it's going to make the survivability of the country lesser and can make the citizens suffer.
But bitcoin profits are taxable and they may implement to the people who are earning through to declare their income.

I do not know how the budget of the governments of your country is distributed but in my country most of the budget goes towards maintaining the government, social programs and health programs, when in reality the last two things are not a responsibility of the state if you were to cut most of that funding governments could operate with 60% to 80 less taxes.

I think the projects are just the same with my own country.If bitcoin will be universally used,i'm sure the government will find ways how to get taxes from those bitcoin users,maybe from the employer itself,taxes are already deducted from our salary.Or if self-employed,we should be responsible enough to pay our own taxes.

Hazaki

full member

Activity: 406

Merit: 156

I don't think that this could be possible at all because bitcoin isn't the currency that'll be able to fit such a huge demand . We didn't yet reach the whole 21M coins in terms of mining and even if w reach them , people around the world think that at least there are 4 to 5 Million coins that have been lost / burned in transactions / stolen / stored in cold storage or blocked accounts such as MtGox's one . So in order to use a currency on a daily basis and on worldwide , you need a currency that hasn't a number limit and that is regulated by a centralized 3rd party that will ensure that all the countries get their taxes in one way or another , and this will be contradictory to the purpose of the blockchain technology and cryptocurrencies in general , thus it's very unlikely to happen .

slyfox

member

Activity: 350

Merit: 10

Quote from: tabas on June 07, 2018, 03:39:06 AM

Most countries are depending on taxes so it's going to make the survivability of the country lesser and can make the citizens suffer.
But bitcoin profits are taxable and they may implement to the people who are earning through to declare their income.

I do not know how the budget of the governments of your country is distributed but in my country most of the budget goes towards maintaining the government, social programs and health programs, when in reality the last two things are not a responsibility of the state if you were to cut most of that funding governments could operate with 60% to 80 less taxes.

Surge_Dev

member

Activity: 266

Merit: 10

As in any monetary system in the world, it has its own emission center, which generates "coins" and is ready to change them to the currencies that we are accustomed to. anonymity of your deposits and transfers is the main feature of all crypto currency. There is a sender and there is a recipient, and between them there is no intermediary in the person of the central bank.

yvesp110

hero member

Activity: 1092

Merit: 501

Quote from: tabas on June 07, 2018, 03:39:06 AM

Most countries are depending on taxes so it's going to make the survivability of the country lesser and can make the citizens suffer.
But bitcoin profits are taxable and they may implement to the people who are earning through to declare their income.

No doubt that the tax do plays a very big role in maintaining as well as for the survival of the country and if the people will stop paying taxes, the government would have to suffer a lot and in result the people will suffer. If the people will start earning through bitcoins, the government will get tax in bigger amount because the people will earn bigger profits so they will easily pay heavy taxes.

EtherATM

member

Activity: 224

Merit: 11

Quote from: Indrawan77 on May 25, 2018, 02:13:11 AM

It will be great for us, we can easily buy everything and we can used btc in any countries, but it won't be too good for the country, the government need to arrange well so there is no tax evasion, and it also need to be controlled so crypto usage cant caused another inflation to the country, the best way to settle this one is to set up regulations

Probably if so, it will bring us a big benefit with using bitcoin for payment. We can use for paying goods, services or that sort of thing. Generally, when bitcoin is accepted in most parts of the world, it will help people solve many fanancial problems. However, when bitcoin is supported worldwidely for payment that we will have to pay tax like fiat currency. It’s much more possible, because we all know that most of governments try to prevent people from using bitcoin, they will never let bitcoin be used easily or without tax.

HeartDesire

newbie

Activity: 32

Merit: 0

The fundermental challenge of bitcoin and it's users is Tax & regulation we can't shy away from this reality, every country survives on Tax apart from their mineral resources. If bitcoin becomes universal today Govt will be forced to come in, it will bring development to many countries and the rate of poverty will drop in our society.

7Dyoknga5

jr. member

Activity: 210

Merit: 1

dApps Development Automation Platform

It will be possible if cryptocurrency is recognized by the government. It will be a long process as not all people are aware of its use as well as the potential problems it might have.

Of course regulation of the cryptocurrency by the government will be needed before it will be recognize in which many of the users are separted. Most don't agree on crypto's to be regulated.

tbterryboy

sr. member

Activity: 1988

Merit: 322

Quote from: yesyes18 on May 26, 2018, 11:28:18 AM

It would have been awesome though, nevertheless we should note that governments are always intrusive. They'll still find ways of taxing should BTC become the sole currency globally. They'll find a way of getting something from citizens so far as there is the presence of a currency, whether fiat or crypto. I think this has started already, they are finding ways of taxing crypto

Government will never stop being intrusive and as long as the space keeps doing well without them getting any benefit from it or pretty much affecting the economy as a whole, then a lot of things will start coming up with hard measures against the space. As you have mentioned, taxation by then would have become a normal thing which everyone would have gotten used to and the FUD we keep having now would have subsided and by then, I can imagine what the value of bitcoin would be like.

neonshium

hero member

Activity: 1134

Merit: 515

Quote from: realcrypto on May 26, 2018, 09:42:50 AM

If bitcoin is globally accepted, adopted and used in every form of financial transaction across the globe it will be the best thing that has ever happen to the world financial system. Before the global acceptance government will have a blockchain department that will develop a system that will take care of the taxation directly or indirectly.

Obviously, would be the best thing for everyone in this space presently and the whole world at large but in that case, I am sure the only way that would ever happen is seeing the government regulating the space and benefitting hugely as well from tax payers to develop the economy.

This is the reason I will always we cannot in anyway run from regulation. It is either we accept it and there is a peaceful co-existence, or we do not and there is a war which we all know it is pretty impossible for us to win.

Lorna111

member

Activity: 280

Merit: 11

Quote from: Indrawan77 on May 25, 2018, 02:13:11 AM

It will be great for us, we can easily buy everything and we can used btc in any countries, but it won't be too good for the country, the government need to arrange well so there is no tax evasion, and it also need to be controlled so crypto usage cant caused another inflation to the country, the best way to settle this one is to set up regulations

It will be a great thing to happened once Bitcoin is accepted globally, If the global financial market accepted Bitcoin as mainstream currency then the issue on Regulation is already address, the benefit we see now is an indicator that the future of crypto currency trading is more acceptable to the growing investors coming in the trading market. i am looking forward that the Digital Ages is the thing in the future market trading.

tabas

hero member

Activity: 3024

Merit: 745

Top Crypto Casino

Most countries are depending on taxes so it's going to make the survivability of the country lesser and can make the citizens suffer.
But bitcoin profits are taxable and they may implement to the people who are earning through to declare their income.

Aamir1

hero member

Activity: 756

Merit: 500

Quote from: arpon11 on May 25, 2018, 02:22:56 AM

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

Bitcoin earning can be taxable and you are not going to have much problems outside availability of internet for day to transactions. I think our governments incurred Alot of cost by investing into the products of fiat money and bitcoin can eliminate such cost.

Governments will also accept bitcoin in the future, because as I know first they study blockchain technology and when they realize that the future is that of cryptocurrency they will allow their people to trade in bitcoin legally. On the other hand if government does not legalize bitcoin people can never use bitcoin in local markets for their daily needs.

patarfweefwee

member

Activity: 420

Merit: 14

Essentially you will still pay taxes. You have to declare your income and crom that income includes income coming from crypto currencies. Now if crypto currencies are adopted then taxation will also follow it. Crypto currency goal is to decentralize currency so no one will have control over the value of money.

Kiweikoo

hero member

Activity: 1036

Merit: 500

Quote from: sharnel18 on May 26, 2018, 09:05:16 AM

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

For me its impossible because if i am not mistaken the government uses people tax to improve our country and they use it in some other financial needs of our country.

Well, this is the reason why regulation will be the norm of the day with the usage of bitcoin and taxes will be imposed on its usage and this is one certain thing we cannot run from if we really want this space to evolve.

As long as the government is benefitting from those taxes and people are seeing the need where decentralization pays at the end, a lot of interest will start developing for the usage of bitcoin and that is where the growth and mainstream adoption will even start from.

slyfox

member

Activity: 350

Merit: 10

Quote from: BitHodler on May 29, 2018, 08:52:08 PM

Quote from: slyfox on May 28, 2018, 11:59:50 PM

There are only two possibilities, first that the scenario you are presenting never happens, after all no government can survive without taxes and the developers of bitcoin will never allow that in the code, the second scenario is that happens and governments will need to learn to exist without taxes, so governments will have to be very small compared to what we have now.

In both cases it's not viable for the government. Theoretically they could survive without tax income, but it would require them to be productive on their own, and not many countries work like that.

The system is largely build up to use every entity in the economy as cash cow, which is something that has been going on for decades now. I don't ever think the government will change a working system.

The mass will follow the government's path, where the few brave and smart people will look to distance themselves from it. Governments know that, and as long as they have the sheeples (the mass) following them, they are secured.

It is not viable you are completely correct on that but in the past governments used to survive without taxes but were a lot smaller and I think there are two possible things could happen the governments keep getting bigger and if that is the case then your bitcoin holdings will be taxed like anything else, or governments become smaller and they do not need to tax bitcoin anymore.

BelieveInBTC

member

Activity: 280

Merit: 15

BookiePro.Fun - The World's Betting Exchange

The taxc problem is the main reason some governments don't like Bitcoin. They will lose almost their whole income because of cryptocurrencies. However, there should be a solution to that, but to be honest I don't have any idea how this could be solved. If the transactions are almost anonymous then it will be really difficult to charge taxes or know which person is evading paying them. It won't happen in the next few years but we have to start thinking about it.

denny27

full member

Activity: 546

Merit: 101

★Bitvest.io★ Play Plinko or Invest!

Bitcoin indeed have potentially been a currency that's universally used and used in everyday life, but in my opinion because its existence exists only in cyberspace., it will not really be able to replace the overall fiat. I think this would be the only alternative, and if the country responds well to bitcoin, of course the tax preparation certainly will be applied in bitcoin or in fiat after cashing it out.

Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 15. (Read 25623 times)