If that happens then demand and supply will rise a lot and all the crypto currency will start getting costlier day by day.
This means the use will rise, people will trade them on larger scale and thus it could start affecting the economy of the nation. If that happens then this dramatic effect will be caught by the government in first place and they will even start making changing on the law suits and thus regulating the crypto currency for taxes.
The example of this can be seen from the India where the news is coming that 18% taxes will be imposed over the crypto trades.
Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 21. (Read 25646 times)
May 27, 2018, 06:25:48 AM
May 27, 2018, 06:19:36 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
First of, that's not true that Bitcoin payments can't be taxed. If we suppose that every payment is made in BTC then VAT (Value-added tax or goods and services tax (GST) which is the same thing) will be paid automatically every time a customer makes a purchase of goods or services. The only difference from how it is dealt with now would be that the tax is paid in BTC instead of fiat. Also, I agree with above posters who say that volatility will stop being an issue if Bitcoin will be used universally.
May 27, 2018, 06:04:59 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.
Yes i somehow agree with you. Well without taxes also the governmeny doesn't have their source of income, am i right? Each country's improvement depends on taxes mostly, and aside from that the government wouldn't allow it technically so i guess taxes couldn't be removed, or they will find some alternate solution. 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.
May 27, 2018, 05:40:19 AM
That is a very fine to hear that bitcoin will became a universal , where ever you go , it makes our transaction more easy and the payments anywhere you made is so fluid, and you do not have problem in making activities anywhere around the world.
If Bitcoin became universal, I don't think volatility will be a problem since Bitcoin will be a digital currency that will be used everywhere and everyday by its users. With Bitcoin becoming a universal digital currency, it is also saying that Bitcoin has a great price and a lot of Bitcoin investors and users are already a millionaire, Satoshis will be really expensive and that is just Satoshi.
May 27, 2018, 05:37:04 AM
That is a very fine to hear that bitcoin will became a universal , where ever you go , it makes our transaction more easy and the payments anywhere you made is so fluid, and you do not have problem in making activities anywhere around the world.
May 27, 2018, 12:34:14 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.
There would still be some people who would see it as an easy way to evade tax system and probably be able to cover up their tracks and get away with it. Governments still get value added tax from goods purchased anyway and that is something. 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.
Moreover, I believe there may be some system in place eventually to help track some of those things, but this is based on assumption as I cannot think of one. Who has the tax paying helped anyway, except for some set of thieves using our taxes to enrich them-selves? In summary, no one cares about the government anymore?
May 26, 2018, 02:26:25 PM
The said currency is not yet ready for the universal adoption, it is vulnerable to market fluctuations, corrections, and manipulation that you can imagine using prices of goods and services will also fluctuate according to the price of bitcoin, well if that happens, Government will find a way to tax and regulate cryptocurrency it is not that hard to impose such restrictions.
It is ready. What you're seeing now (fluctuation) would disappear after the adoption. Worldwide adoption would mean millions of new users and millions of businesses accepting it. The user base would have to grow 100 times in a year or so. How many people use Bitcoin every day? This is still a very small market that's why you can't compare it to other currencies.
May 26, 2018, 10:28:18 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
May 26, 2018, 10:20:53 AM
The said currency is not yet ready for the universal adoption, it is vulnerable to market fluctuations, corrections, and manipulation that you can imagine using prices of goods and services will also fluctuate according to the price of bitcoin, well if that happens, Government will find a way to tax and regulate cryptocurrency it is not that hard to impose such restrictions.
May 26, 2018, 08:42:50 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.
May 26, 2018, 08:05:16 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
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. 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
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.
May 26, 2018, 03:52:56 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
Actually if you start using it everywhere then you will simply have to pay the taxes. Because whenever you will pay your bills in the hotels, pub, club, healthcare or basically anywhere then obviously those services will get taxes from you in the form of VAT, GST, IGST etc as they have to pay it to the government for running the business they have.
Ultimate you are already paying tax and when it will come down to your individual tax at the financial year end then you will have to show up all those bills and thus its ultimate your fault if you dont pay tax.
So it doesnt matter if you pay with BTC, or any other crypto or Fiat itself.
May 26, 2018, 03:41:14 AM
The establishments and service they offer are taxable. Here in my country every goods you buy are taxable already so as a consumer you shoulder the tax. A country will most likely to be manipulated if it will depend fully to bitcoin. And its impossible to educate all the citizens about bitcoin, some will choose the traditional currency.
May 26, 2018, 03:02:22 AM
Even if bitcoin will be used in all transactions, there should be a tax.It will never happened that there is no tax collected.Tax is very important for the goodness of the country and for the people.So if bitcoin will be universal for sure in every transactions made there should be a tax collected.
May 26, 2018, 02:21:53 AM
If bitcoin is already used like to pay utility bills, salary, shopping, etc. in daily life there will be tax for the country. Like my country is obliged to pay taxes per cent every time making payments with bitcoin, and this will go into the state revenue. If you see more and more people adopted bitcoin, of course, require paying taxes every payment with bitcoin will make the country get a profit, its potential is very high. So surely there will be a tax for the use of bitcoin.
May 26, 2018, 12:47:00 AM
if bitcoin becomes universal, then all incoming transactions from and to your account will be taxed, because the rules will be equated with fiat rules.
and possibly a bitcoin account is no longer anonymous, in respect of taxes, any form of bitcoin account creation must enclose a national ID or other recognized ID in the country.
and if the address of our bitcoin account is publicly known, it is very easy for the public to know the flow of our funds
and possibly a bitcoin account is no longer anonymous, in respect of taxes, any form of bitcoin account creation must enclose a national ID or other recognized ID in the country.
and if the address of our bitcoin account is publicly known, it is very easy for the public to know the flow of our funds
May 25, 2018, 11:29:15 PM
I understand this as a concern, and this is why some countries still forbid crypto.
The government is afraid of losing taxes, maybe one day bitcoin and alt coin holders have to pay taxes.
The government is afraid of losing taxes, maybe one day bitcoin and alt coin holders have to pay taxes.
I agree with you, government are afraid of cryptocurrency because we are not paying taxes. So if the government will legalized the crypto in our country for sure they will also put taxes to a coin holder so that they have money to corrupt, how sad that they are many selfish people just to have money
May 25, 2018, 09:48:02 PM
I think the government will manage taxes for all transactions using Bitcoin, blockchain technology is very helpful to the government to check all user wallets / accounts, I think it is very difficult to escape from observation because blockchain technology is transparent.
May 25, 2018, 08:52:38 PM
There are many ways to collect taxes, things like VAT can be installed on the side of merchants, social security taxes can be collected by employers and so on, so you don't have to have every single citizen under control to collect taxes. In some cases Bitcoin will make taxation harder, but it won't bring an end to it, especially now that the privacy is pretty weak, so officials would be able to track many users. But this question is way too theoretical, Bitcoin will never fully replace fiat, in fact it will probably will make up for 5-10% of economy at best, but it will be fine, it's important to just have an alternative to fiat and banks, the people will have to decide for themselves what they want to use.
Jump to: