Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 16. (Read 25652 times)
June 06, 2018, 08:53:49 AM
When supposed the bitcoin will became universal, and it is used whever you go , that is the best thing to happen for the cryptocurrency ,because where ever you go bitcoin is being used, so we have no more problems bringing fiat money for exchange, because it is universal life could be easy going around the world with one currency used.
June 06, 2018, 08:51:38 AM
Well that will be at ease. The era of new world is beginning that is why this might be very possible. But if you ask for taxes, we will still paying for it. All the products we buy hav e taxes, they put it and they will pay it to the government. So we have no excuses in paying taxes. Its so nice to experience that kind of possibility someday. Everyone can pay using only their phones without thing if they have enough money in wallet.
June 06, 2018, 08:15:03 AM
I think you are exaggerating too about the payment bitcoin. I believe that the payment will be universal wallets of many coins. For example, the Ethereum NEO wave, etc. with a speed of 5000 000 transactions per second. That will greatly exceed bitcoin transactions or perhaps Visa and master / Bitcoin will remain crypto gold, as the asset of which is a good storage and multiplication of money.
I agree to that. There is a lot of coins to choose from to be used as a mode of payment and that is why we should not just focus and put our money in bitcoin because there are coins in the market that have the potential like bitcoin and they are just waiting for you to be discovered so you better do some research and find the other coins aside from bitcoin and add them to your portfolio because they might be the other coins that are good for payments. 
June 06, 2018, 07:07:20 AM
You may not be paying taxes when using bitcoin now but once you place them in your bank account and once bitcoin is legalized or regularised then we will eventually pay taxes with them. The government will find a way or make a way for that to happen for sure.
What do you want,paying taxes or banned bitcoin?even in regular work that we earned smaller than what we got here is were paying taxes so it would be better paying here in cryptocurrency our taxes.I think you are exaggerating too about the payment bitcoin. I believe that the payment will be universal wallets of many coins. For example, the Ethereum NEO wave, etc. with a speed of 5000 000 transactions per second. That will greatly exceed bitcoin transactions or perhaps Visa and master / Bitcoin will remain crypto gold, as the asset of which is a good storage and multiplication of money.
Op is not exaggerating instead hes being realistic on what are we looking for future,because the main coin that will be using then is this Bitcoin and altcoins is just secondary June 06, 2018, 07:01:12 AM
I think you are exaggerating too about the payment bitcoin. I believe that the payment will be universal wallets of many coins. For example, the Ethereum NEO wave, etc. with a speed of 5000 000 transactions per second. That will greatly exceed bitcoin transactions or perhaps Visa and master / Bitcoin will remain crypto gold, as the asset of which is a good storage and multiplication of money.
June 06, 2018, 06:37:44 AM
You may not be paying taxes when using bitcoin now but once you place them in your bank account and once bitcoin is legalized or regularised then we will eventually pay taxes with them. The government will find a way or make a way for that to happen for sure.
It's a common misconception that if governments haven't legalized or regulated Bitcoin, that you don't have to pay tax. Bitcoin in all cases holds value, and regardless of what the status of Bitcoin is in your country, there is always a category you can fit Bitcoin into. It's the government we're talking about; they won't ever allow you to have one single tax advantage, period.
In the tax form there is even something that I call a dump corner, where everything that isn't mentioned explicitly, or you don't know how to properly declare it, you can have it be subject to tax in that category. There is literally no way to legally game the system. Governments have had centuries of past history to set up a proper and working tax system. Governments are more mafia than the actual mafia itself.
June 06, 2018, 06:18:14 AM
You may not be paying taxes when using bitcoin now but once you place them in your bank account and once bitcoin is legalized or regularised then we will eventually pay taxes with them. The government will find a way or make a way for that to happen for sure.
it's true that taxes will arise when bitcoin has been used wherever it is for the security and profit of each country not only that the use of banks will be reduced because bitcoin wallet available only requires internet only if it happens then the use of conventional currency will also decrease or even disappear . June 06, 2018, 05:56:11 AM
Because the income of the majority country of the tax to be paid the population so the state should be able to provide an opportunity for the population to start investing in bitcoin in order to earn additional income every time.In addition to selling an item to foreign countries including one of the ways the state to receive income.
No doubt that the majority of the country’s income is from taxes but still people don’t are doing favour to the government because tax is the right of the country and every person of the state should give it to the government for the farewell of the country. If people are paying taxes, that doesn’t mean that they owe the right to have bitcoins allowed because it needs a proper procedure to be allowed in any country. June 05, 2018, 01:10:50 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
Taxes can always be redesigned to take payment from the seller. You can have an item sold at $100 where $25 is actually tax which goes to the government straight away. They would probably require some smart contract embedded in all retail POS systems. Hopefully this will also cause them to tax us less because of all the innovations in finance which result in lower operating costs throughout the government.
June 05, 2018, 01:02:22 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 think if that happens the government will make a move to put more regulations or maybe they can ban bitcoin for good but I think the government will not allow this to happen because in the first place they don't even know how to put a proper tax to the bitcoin users and it's hard to identify who are the bitcoin users. 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
June 05, 2018, 12:51:08 PM
Before this happens bitcoin also need to be accepted by all forms and sectors of government or businesses all over the world. Because being termed as a universal currency also needs support not only by the users but also from the merchants, business and the platform it could take on transaction and investment to. It could rather be a multi purpose currency that a universal one if it fails to be accepted by all. But i think it is always good to see bitcoin to be a universal crpytocurrency in the future.
June 05, 2018, 12:15:23 PM
You may not be paying taxes when using bitcoin now but once you place them in your bank account and once bitcoin is legalized or regularised then we will eventually pay taxes with them. The government will find a way or make a way for that to happen for sure.
June 05, 2018, 11:58:38 AM
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 if it becomes our main currency it shouldn't be an investment at that timeline also. Because if it is volatile then no one will agree that it should be the currency to be used by all. I think it can be taxable if the government accepts it and has a legalized job for it. But all in all the economy might be at risk since bitcoin needs further fixing and tweaking so that's why most of the country around the world is banning it so that it will lessen the risks it might cost them. 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
June 05, 2018, 11:51:50 AM
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
Maybe that is the moment when thw government start regulating cryptocurrency income and asset. I think in some countries cryptocurrencies are being taxed. If mass adaptation happens, the government will surely adjust to adopt changes.
June 05, 2018, 11:46:54 AM
Assuming it would not get banned by government, it would only make more sense for people to favour bitcoin over money. Especially business, no hassle with doing internet transactions. Not to mention, goodbye Paypal haha.
June 05, 2018, 11:23:24 AM
That would be the dream. Many bitcoin or crypto users would want this to happen and would prefer this kind of payment system. It’s going to be easy and convenient for them if this were the case. As of now, there are even btc users who are looking for places where they can use and purchase with their btc like airplane tickets, retail stores or places online because this will be convenient for them. If this somehow turns into reality and their won’t be the need for high transaction fees and long confirmation times then it would be like living the dream.
June 05, 2018, 10:11:44 AM
If bitcoin where to become a world currency and which does not make you pay taxes, it would result to almost all governments collapsing. Government can exist because of the taxes paid by its citizens. It would be better for Bitcoin to co-exist with our current currencies.
Obviously, we know that is certainly something we do not expect will be happening at all in the long run. With bitcoin becoming a currency widely used, the government of most countries all over the world will try to implement the payment of taxes on its usage in whichever way you want to as that is where they are going to be benefiting hugely from. Like you said in your last statement, there certainly will be a co-existence in the long run, and bitcoin being universal will actually make a lot of sense for the space anyway. June 05, 2018, 07:15:37 AM
I don't get your point.I presume that we will be using bitcoin as universal virtual currency for bills payment,shopping,etc...but you did not mention what will happen to our regular currency or fiat money.To give you an insights when this thing happens,it would advantageous to us if ever our fiat money or regular currency is still in used or available in our country.But if not,I believe that government will find ways to make bitcoin taxable to compensate the needs of the society.
June 05, 2018, 07:03:33 AM
I love that idea of unity, by the way there is already a projects like Sparkster ICO that enables us to develop some blockchain things and services without being a pro in the area
June 05, 2018, 06:54:58 AM
Wow that's wonderful if everywhere we can use bitcoin to pay bills, buy anything. But actually the bill amount and the purchase price of any product will be inclusive of taxes, so no need of worrying of taxes.
Yeah that would be great but there are still a lot of countries who have not recognized Bitcoin and have banned it rather. Even if Bitcoin gets legalized by these countries, they might implement regulations and regulation means taxes. But paying taxes in income earned by Bitcoin is not that bad. The tax will according to international law and not country might implement their own percentage of taxes. Jump to: