Let's suppose that Bitcoin became universal (used everywhere you go) - page 22.

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Quote from: Max.junior1 on May 25, 2018, 08:40:34 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

This is fine if every country accepts bitcoin as a method of payment. Maybe people can use bitcoin for their daily needs, and I think it's a very beautiful atmosphere. But in fact, Not all Countries accept bitcoin as a currency.

Bitcoin is being use as way of life and bitcoin has ability to change our life, crypto currency way of payment is the most; liked one now a day, it is easy to buy goods of our daily needs using bitcoin, it saves our time and it gives us safety as well, now many people are able to pay bills and school fees for kids even if they are at world so it is all possible only because of bitcoin.

andriarto

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in my country prohibit bitcoin for transactions, means of bitcoin is absolutely not taxed. but after we redeem bitcoin into fiat currency then the tax office has started looking for your income tax

omfg.xekcep

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Well, and what is a problem? People pay taxes for any activities which imposed taxes you may ask an accountant and he will explain you how it works. Let us suppose that I need to do any work and I hire you to do this work and after that I pay you some money (cash) and neither you nor me pay taxes and it does not mean that dollar is bad I mean that taxes not apply to a currency.

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Quote from: Aveatrex on May 24, 2018, 05:49:05 PM

Quote from: shield132 on May 24, 2018, 05:42:17 PM

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

You made my day...
Bitcoin just broke whole goverment yeah? Because they can't tax businesses which use bitcoin? Cmon man, if things would be like that, believe me, bitcoin could be more widely used than fiat because no one likes paying taxes and while people do dirty job in order to hide incomes, if there was bitcoin as a legal way, business owners would make you to turn into bitcoin in any way for their sake.

It's hypothetical.I didn't say that Bitcoin broke governments (not yet at least).I'm talking about the futur of Bitcoin and yeah no one likes to pay taxes but your country cannot guarantee it's survival if people don't pay taxes and alot of people use Bitcoin as a way to evade paying taxes.

Quote from: xhomerx10 on May 24, 2018, 05:45:12 PM

Quote from: Aveatrex on May 24, 2018, 05:41:16 PM

Quote from: eternalgloom on May 24, 2018, 05:33:46 PM

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.

I agree with you but escape taxes is easier through Bitcoin since it's pseudo-anonymous while you can't escape that long with traditional system since the government can check your real income if somehow you didn't report it.

Quote from: xhomerx10 on May 24, 2018, 05:35:02 PM

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

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.

Yes,but you forget that when you buy something the government get money through VAT and not only from the company you've purchased from.
In addition to that,governments won't be able to tax direct payment between individuals.

I didn't forget the VAT, that's the tax I'm referring to in red above. It's not called VAT in every country. We call it sales tax in North America and it can be federal, provincial/state, county, city or some combination of those imposed.

Yeah but still,if Bitcoin becomes universal taxes would be harder to manage by governments.

EDIT:Guys don't judge me too hard,we're just discussing.

No worries, we are just discussing.
If you go to the shop and buy beer for example, there is 1 transaction,
You are paying for the goods including sales tax, value added tax or
whatever it is called in a perticular country.

If i sell you a camera, that is between 2 individuals face to face and
there is no way it is taxed now with FIAT so the same would apply
with bitcoin.

As an employee my employer deducts the relevant taxes before i get
what is left.

You have to look at employers and merchants, for example store owners
as tax collectors for the government, that applies to now with fiat and
potentially with bitcoin.

bering

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there is no such thing that if people use bitcoin then people won't pay tax so i think country will not survive without tax because tax is their main source income to build some facilities to their citizen and government will avoid use bitcoin as the currency because it's risky and too volatilities

Virtual miner

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No, it will not happen that way. Obviously the government is not so stupid to let this happen. It will do something or make such regulatory framework for ensuring timely tax compliance by all, like it may ask you to show your returns, I mean they will make sure how they want to get taxes out of the public. Don’t worry about them. They are not going to introduce cryptos without regulations.

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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

That's why the government is trying their best to regulate Bitcoin since they cant put a stop on using this. They (government) will still have a slice of the pie because local exchanger's like what we have in my country have to go through the Central Bank before they can start operations and I don't think the government will not settle for just a plain registration without earning a revenue.

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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

Right about this,the tax evading will break this all if we dont help the government about this,this is a breakthrough if we can use this great coin for all aspects and this a gift from satoshi nakamoto.

And since japan has been doing this and look at them,one of the most highest respected country and highest technology,so what will be all the countries if this become reality..

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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

Essentially, if everything is denominated in Bitcoin there would be no change to how taxes work. When you pay income tax, your employer would still be required to withhold all the applicable taxes and pay them to the state and national government, and at the end of the year you would still be required to file taxes and pay whatever shortcomings you owe or file for your overpayment refund. When buying things, sales taxes would still be charged by the business and you would still pay the sales tax, which the business would then be responsible for forwarding to the government. In short, there's absolutely no reason to think or expect that switching to a fully Bitcoin-denominated economy would result in any changes to the tax system whatsoever.

Max.junior1

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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

This is fine if every country accepts bitcoin as a method of payment. Maybe people can use bitcoin for their daily needs, and I think it's a very beautiful atmosphere. But in fact, Not all Countries accept bitcoin as a currency.

Todychopper77

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I agree, if universal then all is easy to do to buy anything, and everything becomes easier, I support it when it happens

arpon11

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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

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.

Indrawan77

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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

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Quote from: Twentyonepaylots on May 24, 2018, 10:31:23 PM

Quote from: EnricoGomez on May 24, 2018, 10:15:51 PM

Pretty sure that if bitcoin or any other cryptocurrencies are to be adopted, governments will have to impose regulations concerning it to still impose tax which is ought to be hard as it is anonymous and decentralized. Either maybe it just depends on honesty of the people or they will have to create a system.
Though it would be really quite hard to pay bitcoin due to its high volatility, prices for services and product will always have to constantly adjust.

It will be a great idea when Bitcoin adopted as universal currency. Let, take the effect on Business community, Banking and other financial institution, and the government. Everyone are now having a second thought on paying taxes, but always remember, at any given time we transact business after our earning from profits on Bitcoin project investment, we cash out, take the money and spend or have it into another investment, we are always billed the add on taxes, whether on foods, utilities, we paid taxes, after its transaction. We are under and following the Laws imposed by its Government, with taxes collected the government, and used them for what ever project as plan by its government.

The entry of Bitcoin or crypto currency in the trading market change or had some impact on the business world, the financial community, the government, Bitcoin still facing the resistance, we can see the issue on Regulation on digital currency transaction. On the issue on taxes on Bitcoin transaction, the government is on guard as always imposed the proper taxes we paid for what ever transaction or even, when we buy foods, utilities for our daily needs, we are taxed. We can not leave with out the Government and taxes imposed to all of us. we are not the government, i see no reason, not pay taxes for as long it is with in the law.

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Quote from: EnricoGomez on May 24, 2018, 10:15:51 PM

Pretty sure that if bitcoin or any other cryptocurrencies are to be adopted, governments will have to impose regulations concerning it to still impose tax which is ought to be hard as it is anonymous and decentralized. Either maybe it just depends on honesty of the people or they will have to create a system.
Though it would be really quite hard to pay bitcoin due to its high volatility, prices for services and product will always have to constantly adjust.

It will be a great idea when Bitcoin adopted as universal currency. Let, take the effect on Business community, Banking and other financial institution, and the government. Everyone are now having a second thought on paying taxes, but always remember, at any given time we transact business after our earning from profits on Bitcoin project investment, we cash out, take the money and spend or have it into another investment, we are always billed the add on taxes, whether on foods, utilities, we paid taxes, after its transaction. We are under and following the Laws imposed by its Government, with taxes collected the government, and used them for what ever project as plan by its government.

EnricoGomez

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Pretty sure that if bitcoin or any other cryptocurrencies are to be adopted, governments will have to impose regulations concerning it to still impose tax which is ought to be hard as it is anonymous and decentralized. Either maybe it just depends on honesty of the people or they will have to create a system.
Though it would be really quite hard to pay bitcoin due to its high volatility, prices for services and product will always have to constantly adjust.

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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

Then try to go to japan for real experience,though japan has a Yen for currency but they are using bitcoin as currency too,so better check their living and their governments how does functions.

Maybe in some small countries or those third world ,may be takes harder to adapt but in just a few years they might be ready and used this one

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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

that really what happen in the future. in my prediction bitcoin will rise up again,. regaining its greatness also his value. then it will be used all over the world. we are using someones work and we dont know who really he is. who is satoshi nakamoto. can someone tell me who he is. it would be great era for us

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

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

Greece appears to survive despite having one of the highest tax evasion rates in the world.

Wait. Maybe that isn't a good example.

Lower taxes could have benefits. It could put pressure on governments and politicians to budget more responsibly and not be as wasteful. It could encourage the public to be more aware of how their tax money is spent and not be so quick to support programs which would result in tax hikes or overspending. An example of this is unviersal healthcare in the united states. Many want single payer healthcare but not many seem to recognize unfunded programs like universal healthcare must be funded by additional tax hikes.

With the USA being $21 trillion in debt and the EU not doing much better, lower taxes could have the potential to encourage more responsible and efficient state management of tax revenues and budgeting. That's not necessarily a bad thing, I'm thinking.

One of the reasons behind the crypto industries high growth could be it being deregulated and not being strangled by high taxes the way other industries often are. There could be benefits to bitcoin not being highly taxed we could acknowledge.

kujaroth

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Bitcoin taxes could be added on the food and services you take. For example the Value Added Tax (VAT) is implemented in some countries so almost all of the citizens are contributing taxes anytime they are purchasing those services.

Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 22. (Read 25623 times)