Let's suppose that Bitcoin became universal (used everywhere you go) - page 3.

Harley29

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Quote from: Visbay on January 03, 2019, 12:54:06 AM

Quote from: freeisland on January 02, 2019, 01:13:11 AM

Quote from: lamadu3 on December 25, 2018, 12:54:58 PM

I think in this case the government would start accepting Bitcoin taxes. Although the idea of abolishing taxes I like more because its spend not on purpose.

Not every country does that. There are some countries around the world that have been using the tax being collected from the people on very good projects and this has improved the living standards of the people of that countries.

Well of Course there are allot of countries who regulated bitcoin and their people are living standard life only because of bitcoin which gives good opportunities of earning for them. According to me bitcoin is already a universal currency because it is applicable all over the world without any problem.

Yup mate it is the main cause why gradually the adoption and the use of bitcoin is increasing more and more. That’s really nice to see our daily life getting better with the help of bitcoin. According to me even now it’s almost famous internationally there is huge trading is being across the world.

PlusOne88

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I think that wouldn't be the case and I agree with you that a country might not be able to live without taxes imposed. Supposing that would happen, a possibility of taxes imposed on each bitcoin transactions can be possible. In our country we have exchanges that supports bitcoin and it is a legal business where I think paying taxes to the government is done not in a direct way like if done per bitcoin transaction but are taken annually or monthly based on gains or income.

Visbay

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Quote from: freeisland on January 02, 2019, 01:13:11 AM

Quote from: lamadu3 on December 25, 2018, 12:54:58 PM

I think in this case the government would start accepting Bitcoin taxes. Although the idea of abolishing taxes I like more because its spend not on purpose.

Not every country does that. There are some countries around the world that have been using the tax being collected from the people on very good projects and this has improved the living standards of the people of that countries.

Well of Course there are allot of countries who regulated bitcoin and their people are living standard life only because of bitcoin which gives good opportunities of earning for them. According to me bitcoin is already a universal currency because it is applicable all over the world without any problem.

freeisland

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Quote from: lamadu3 on December 25, 2018, 12:54:58 PM

I think in this case the government would start accepting Bitcoin taxes. Although the idea of abolishing taxes I like more because its spend not on purpose.

Not every country does that. There are some countries around the world that have been using the tax being collected from the people on very good projects and this has improved the living standards of the people of that countries.

horrifiedx1

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Quote from: lamadu3 on December 25, 2018, 12:54:58 PM

I think in this case the government would start accepting Bitcoin taxes. Although the idea of abolishing taxes I like more because its spend not on purpose.

in my country even though it has not been legalized by the government, but when we withdraw funds from a local exchanger, it turns out that tax has been added. because the exchanger is official, and has been registered with the government. but I think that is natural, because of the tax on the prosperity of a country

darewaller

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

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.

No country is going to adopt cryptocurrency as their currency unless they are just trying to be stupid, well that’s never going to work. The only thing they might do is try to make use of the blockchain to build their currency, something that will be more stable, but that’s doesn’t change anything except the fastness in making transactions and maybe reducing the cost (but I know government, the cost will be high) but you will still pay tax and other things. So, nothing really changes.

Quote from: lamadu3 on December 25, 2018, 12:54:58 PM

I think in this case the government would start accepting Bitcoin taxes. Although the idea of abolishing taxes I like more because its spend not on purpose.

That will be possible but it will take more time. In the case of bitcoin being accepted by government when it will become universally being used by people, I believe bitcoin might be trading in billions by considering how many people will be are adopting it and how much demand it will be having by that time.

lamadu3

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I think in this case the government would start accepting Bitcoin taxes. Although the idea of abolishing taxes I like more because its spend not on purpose.

devinks

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Quote from: owlman on December 22, 2018, 03:31:49 PM

Of course, Bitcoin is growing in popularity, it has been adopted in some countries as a means of payment, but I find it difficult to imagine that Bitcoin will be used everywhere, because for this the global economy and banking system should change dramatically, and this will not happen so quickly and easily.

in my opinion not all countries will adopt bitcoin as a means of payment, of course only certain countries. bitcoin is difficult to regulate and control, so this is the reason the state government does not adopt bitcoin.

forked human

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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 already said it’s not possible, the government will not allow that to happen. Even if it does happen they will always find a way to tackle it and stop those people who have refused to be paying their taxes. They can even decide to end cryptocurrency once and for all and causing those making use of it to lose all their money, or if possible they will decide to take everything.

Periodik

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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

It works this way. Everytime you do transactions you are actually paying taxes. When you eat at restaurants, you are not only paying for your meal alone. You are also paying for its tax. When you buy groceries, you are not only paying for the goods, you are also paying taxes. Even when you make withdrawals, you are also paying tax. Wink

When Bitcoin becomes the main currency for sure there will also be corresponding steps that the tax agencies of your government will take, that would perfectly fit with the nature of the crypto system.

The governments are tax experts. That's where they are good at.

Jamjamz30

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Tax is one of the primary source of budget of every government. Without tax, some countries will be affected greatly and might not perform well. So, in return the people, us will be greatly affected.

For the tax issue using bitcoin. The tax may be included in the transaction fees and prices of the commodities. Then the company will be the once who will remit to the government.

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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

There would be pros and cons regarding this matter if you think your country does have sufficient proof on surviving whether bitcoin become a universal currency or not, but I think for my country it will cost to much and the progress would be siper slow, we are part of the third world country and still up to now there were some instance that a group of people were not able to used and dont even afford a single smartphone.

logicgate

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Quote from: marcelocoin on December 22, 2018, 10:17:11 AM

if in the future we had a WIFI worldwide powered by solar energy, we would have more advantages of using bitcoin or tokens for universal use of buying and selling things!

Yes it is not only to think or to suppose but it is our future. I am sure in future we will be able to buy goods with bitcoin at any place and in any part of the world. It is age of digital currency so we will have to move with time and those areas in which bitcoin is not legal so they will again work and promote the use of bitcoin to make it universal currency which is not so far.

owlman

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Of course, Bitcoin is growing in popularity, it has been adopted in some countries as a means of payment, but I find it difficult to imagine that Bitcoin will be used everywhere, because for this the global economy and banking system should change dramatically, and this will not happen so quickly and easily.

GunsLair

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In any case, if bitcoin starts to be accepted everywhere, governments will find a way to get the most out of it. That is, most likely, it will be the main condition - if you use bitcoins, please, pay taxes.

FlightyPouch

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Quote from: automaticmoney on December 18, 2018, 01:17:34 AM

Bitcoin may be useful in the entire internet industry in the next coming year so we may expect bitcoin mass adaptability in e-commerce industry in the next coming years

What? Internet industry? How does that work? Bitcoin is Bitcoin and most of the time, it not that used in the real world or in online transactions since we all know how hassle it is to use Bitcoin with it's transaction fees and it's transaction times, instead I would rather use other modes of payment. Bitcoin is not that useful but it gave a lot of profits in the past.

marcelocoin

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hi =D

if in the future we had a WIFI worldwide powered by solar energy, we would have more advantages of using bitcoin or tokens for universal use of buying and selling things!

Fesatmas

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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

Of course the government will ban the use of bitcoin in the country because basically the state also needs income. With any taxes and fees imposed by the government, it will certainly develop a good country according to what the people want.

Betwrong

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Quote from: Ahimoth on December 17, 2018, 06:45:16 AM

Quote from: Betwrong on December 17, 2018, 05:21:41 AM

Quote from: automaticmoney on December 04, 2018, 01:17:30 PM

as per twitter ceo statement bitcoin will be internet only currency and even snapchat founder to said the same bitcoin will be major internet currency for online payments

Even today Bitcoin is used not only for the internet purchases. You can pay some bills and taxes with BTC in Switzerland, for example, and Malta, if I'm not mistaken, is on the way. Also there is an Australia-based startup that helps the residents to pay their domestic bills using Bitcoin. There are numerous hotels, cafes and shops around the world accepting Bitcoin in exchange for their goods and services. But I don't think Bitcoin can replace fiat completely in the foreseeable future because the world economy is not ready for that yet. Most people in power still don't take crypto currencies seriously and that's why we have the situation described in the OP. But even if Bitcoin will be used mostly as internet currency, its market cap can be 20 times higher than it is today.

if bitcoin become universal used then surely the transaction will become faster, especially when transferring money. But I think its better if the bitcoin used only as asset because its value is always changing which if you hold it for long time surely can get huge profit from it than using it as a payment in some transaction. But then again if Bitcoin become universal used then surely many of us will be glad because we can make transaction fast and secure.

Firstly, I can't see how those two things, level of usage and transaction speed, are related in the way you describe. Secondly, Bitcoin can't be used as an asset only, it should be used as a payment system or otherwise it would have no value. The price of Bitcoin has not been just miraculously rising without no reason. It has been rising due to wider adoption, and people wouldn't adopt it if they weren't seeing it as a great payment system of the future world.

bayu7adi

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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

the total supply of bitcoin will not be more than 21 million, and tends to decrease over time, if bitcoin uses satoshi units, maybe it will make transactions easier, but it is still dangerous when the wallet owned by satoshi nakamoto makes a transaction
there is an issue that satoshi wallet saves around 980k BTC, and this has the potential to become a disaster for BTC asset holders, especially when BTC becomes legal

Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 3. (Read 25650 times)