Let's suppose that Bitcoin became universal (used everywhere you go) - page 23.

Tynovten_

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I'm sure that the economy will remain normal, because in the religion of taxes one of which should not be held, but not in the eyes of the tax authorities it should exist and this is the problem why some governments don't ccept bitcoin because the tax hasn't been touched

rosepetals

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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

This idea would probably happen in the near future,bitcoin already become a digital currency that make every person used as a mode of payment.Although its not been used entirely in the whole world but the near fact that it already started to gain acceptance, its popularity will continue to be spreaded and people would used this digital currency in an entire place.

moynul2050

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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.

darkangel11

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Quote from: Aveatrex on May 24, 2018, 04:49:05 PM

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.

Not at all, they'd simply have to adjust. Since it would be easier for people to hide income, the government would have to drop income tax (which is unjust anyway) and increase other taxes like VAT. If there was no fiat (which I doubt is ever going to happen) and the world used purely cryptocurrencies, the governments would have to gather money by taxing sales and property. It used to be done this way and is still being done all around the world.
I think I'd rather pay more for every product in the store, or for owning real estate, than being robbed of a percentage of my income each month.

thefaucetrunner

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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.

Aveatrex

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Quote from: shield132 on May 24, 2018, 04:42:17 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

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, 04:45:12 PM

Quote from: Aveatrex on May 24, 2018, 04:41:16 PM

Quote from: eternalgloom on May 24, 2018, 04:33:46 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, 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.

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.

xhomerx10

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Quote from: Aveatrex on May 24, 2018, 04:41:16 PM

Quote from: eternalgloom on May 24, 2018, 04:33:46 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, 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.

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.

shield132

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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

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.

Aveatrex

sr. member

Activity: 840

Merit: 375

Quote from: eternalgloom on May 24, 2018, 04:33:46 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, 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.

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.

xhomerx10

legendary

Activity: 3808

Merit: 7912

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.

eternalgloom

legendary

Activity: 1792

Merit: 1283

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.

Aveatrex

sr. member

Activity: 840

Merit: 375

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

Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 23. (Read 25652 times)