Let's suppose that Bitcoin became universal (used everywhere you go) - page 20.

valentine401

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Quote from: Aveatrex on May 24, 2018, 04:26:17 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 that case we should still need the fiat but then people can choose on what kind of payment method they prefer, they can choose on both cryptocurrency and paper money so that every can still earn cryptocurrency and live a wealthy life by trading in the market to earn income.

richminded

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Quote from: Aveatrex on May 24, 2018, 04:26:17 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 some country people who get profit from bitcoin is still taxable, just like in U.S so I see this as a good market if bitcoin is accepted in many countries but don't expect bitcoin will replace cryptocurrency because the government will not allow it since fiat money place a big role in the economy of one country.

billknight

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If Bitcoin becomes popular around the world then I think everyone will save a lot of time. Because we can pay for anything outside the store with just a few simple Bitcoin submissions

dollarneed

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Quote from: Aveatrex on May 24, 2018, 04:26:17 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

instead it makes it easier for the government to keep an eye on their citizens, let's assume that everyone has a static address to transact as we know the transaction on the blockchain is public and permanently recorded out there so it will prevent money laundering, and the government can easily check your assets so you cannot evade paying the taxes. However, it's not decentralized anymore.

East2011

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Quote from: xhomerx10 on May 24, 2018, 04:35:02 PM

Quote from: Aveatrex on May 24, 2018, 04:26:17 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

Wrong. If you pay with Bitcoin at a business, the business will collect the tax owing on your purchase (it will be part of the total price). If you get Bitcoin as income, generally the company you work for will remit the taxes to the gov't. If you don't pay your property tax, your property will be confiscated and sold for taxes owing. You don't have to worry about governments; they'll get their money out of you one way or another.

Well explained. But how can the poor people use bitcoin in their daily lives. If they don't even have gadgets and they don't have access in the internet.

huige007

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Quote from: SplendidHunter on May 28, 2018, 02:26:19 AM

This would be great, we dont need then ever go to an exchange, loose a fee percent and whatever else difficulties with currencies...

Bitcoin is still an international currency and can be used in almost every country across the Europe and in America. It is however banned in many countries as well due to their own reason and cannot be accessed in those countries. But Bitcoin really has that power to be called an international currency because it was harshly criticized in the start and despite the hurdles in it way, it came a long way. In my opinion which is an excerpt from all the articles I read by the crypto experts, Bitcoin has a great future.

Cinemo

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Quote from: Aveatrex on May 24, 2018, 04:26:17 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

That is not impossible to be happen cause we are all know that bitcoin can buy things and also bitcoin is decentralized we can buy any cryptocurrencies using bitcoin cause there are various cryptocurrency that can use in various way. In that case we can ise bitcoin as a universal purposes cause anything .will do or will help

timerland

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Quote from: Aveatrex on May 24, 2018, 04:26:17 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

Taxes can still be collected, even if you're using bitcoin to transact.

Bitcoin is only a currency, just like every major fiat currency over the world. Bitcoin and taxes are not mutually exclusive. Just like cash, if someone uses bitcoin, and they are obliged to pay x amount of tax, then they still have to pay it.

It's not like bitcoin is a magical tax-haven. If bitcoin was to go mainstream, trust that the government will defend their revenue by implementing new rules and such. Don't worry about a country failing because of bitcoin, it's simply illogical.

Harrow30

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Quote from: Aveatrex on May 24, 2018, 04:26:17 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 and when bitcoin/cryptocurrencies become accepted globally, then there will be an agreement with the government of the countries on how they will get their taxes deducted. The best possible way is via the transaction fees; meaning the developers/programmers will be worked with or absorbed where necessary. So, this is achievable even with the blockchain technology.

Dudeperfect

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Well, that's not the case. Even in the case of the fiat system, you are supposed to declare your earnings and pay the appropriate tax on it. As per the claim of income tax department of my country, less than 1% cases are taken from scrutiny every year so the same system can be applied in crypto too. You have to declare your income and pay appropriate tax on it and if they found anything suspicious then the government will take it for scrutiny.

Supercrypt

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Quote from: thefaucetrunner on May 24, 2018, 05:14:22 PM

Governments couldn't manipulate Bitcoin to affect their own economies and inflate it to make their bills effectively smaller. They would be giving up a huge amount of control.

A control they are losing already and cannot do anything about it. I agree with the OP as there would be some pretty good level of tax evasion. God may bless satoshi! Grin

The rules may be hard for a lot of countries, the government may want to instigate some level of fear, but the fact is that tracking down P2P transactions is going to be pretty hard since everything is done over the net, and except anyone is making use of exchanges, wallets are not tied to anyone's name.

A way to go get back at them for all the bondage they have placed us all these while. I hope this does not end up to be just a dream anyway.

mylyn2327

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Quote from: Aveatrex on May 24, 2018, 04:26:17 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 ever it will happen Government won't just sit down but they will do something to put regulations on usage of bitcoin/cryptos. And I don't think it will happen, because surely government will opposed to it.

Cacingkemi

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The government will get a payment us for taxes from the many trading stores will be recorded in the ledger of the addy that he manages and daily monitoring will be done,does't rule out there will definitely addy privacy that can make a person hide without tax.Excellence It will facilitate taxation if the blockchain can be used by the government various public transactions can be seen by him.

breathlessz

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Quote from: Choyor on May 28, 2018, 06:44:46 AM

Quote from: Aveatrex on May 24, 2018, 04:26:17 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 do not think everything goes well when Bitcoin is used in every day of our daily interest or in the interests of doing business without taxing the government. for example if we receive a wage from the company automatically the company will pay taxes to the government, while the government will question where from the income we get.

if in my country this is hard to implement, because bitcoin has not been legalized, so company can not pay employee salary using bitcoin. though not directly taxed, but in my country there is an income tax so we have to report the total income for a year

Choyor

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Quote from: Aveatrex on May 24, 2018, 04:26:17 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 do not think everything goes well when Bitcoin is used in every day of our daily interest or in the interests of doing business without taxing the government. for example if we receive a wage from the company automatically the company will pay taxes to the government, while the government will question where from the income we get.

ibuddy122505

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Then literally you would go to the shopping mall or restaurant and paying bills with Bitcoin just by using QR code. The whole point here is an easy, cheap form of payment. They're all about simplicity. I'd say give it time to become established that bitcoin universal currency.

vite

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In some countries you have to pay tax for your income as well as pay Value Added Tax, Goods and Service Tax, etc. These kind of taxes are imposed on people. if every countries accept BTC then i can go to any country and pay using same currency and pay only one tax for whatever services i get. It will be great. Lets hope that day come soon enough.

SplendidHunter

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This would be great, we dont need then ever go to an exchange, loose a fee percent and whatever else difficulties with currencies...

roflmao129

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It is hard to imagine that world since the people only care about profit while having bitcoin. They will not spend their bitcoin with any price. Instead of spending, they will hold thier bitcoin forever, just like gold .Therefore, it is hard to use bitcoin everywhere on this world

doomloop

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Quote from: lokanot0 on May 26, 2018, 04:24:29 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.

Who does not want government to collapse? Well if we talk about the real situation, so we need to collaborate with governments in order to run state properly because there are thousands of theories supporting this fact that people need some ruling authority in order to stay in order and maintain peace. Sovereignty also belongs to state in many cases which means someone is needed to execute it.

Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 20. (Read 25652 times)