Let's suppose that Bitcoin became universal (used everywhere you go) - page 5.

Snaic

full member

Activity: 658

Merit: 102

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

Decentralized cryptocurrency will never be prevailing in the financial relations of society. She is simply not capable. Apparently, it will be used primarily between individuals and only partially when paying for goods and services for settlements with legal entities. I personally would not want us to completely switch to the use of cryptocurrency, because I do not want to depend on technology. They create a lot of additional problems. The simpler the financial relationship, the better. Paper bills are the result of several millennia of improvement in our financial relations. This is the most convenient and fast form of payment for small and medium-sized purchases.

martinholly167

sr. member

Activity: 658

Merit: 250

Quote from: biletskiy on December 13, 2018, 11:24:57 AM

Quote from: omegasoldier on December 03, 2018, 01:46:17 PM

Bitcoin can never substitute for traditional fiat currency.
It was designed for different purpose and can hardly fit requirements put forward to fiat currency. If anything, there should be some new Cryptocurrency that will fit society needs and it will not be Bitcoin.

No, it cannot replace fiat, but I can admit that in 5-7 years, the cryptocurrencies will be used ion most places, including the land stores (not online shops only). For me, it will be very convenient.

I think so , but maybe only in developed countries. As we know that bitcoin transactions have fees and its quite high in developing countries where people average income is low like around $200-500 a month.
Maybe it will be good to go if it can be 10 times lower than the current fees https://bitcoinfees.info/.

criza

full member

Activity: 574

Merit: 108

If bitcoin will becone universal and can be used everywhere we go, definitely it will have pros and cons. And one advantage that thos forum claims is that, in using bitcoin as a means of transacting payments, whether for sending or receiving, will exempt us from the paying taxes. Well, personally, I think that it won't. The products we purchase using physical money includes in the price already the tax, this tax is so called the value added tax (vat). If that's the case, do we think that the prices of the products we are going to purchase using bitcoin won't have tax added? I do not think so. Furthermore, I think that the government will also adapt. Products we purchase may not include tax but I am sure that that we will still pay taxes, and it can be by means of bitcoin.

tenakha

hero member

Activity: 1470

Merit: 509

Quote from: TheReverend on December 13, 2018, 03:19:46 PM

although bitcoin is adopted everywhere, it does not mean that fiat money is no longer valid, the government still applies it because not all payments can be made by crypto, so crypto only adds payment tools, does not replace fiat money as a currency,so we still use fiat, and still pay taxes.

Why do you think all payments can not be with cryptocurrency? I do not think any unnecessary paper is valuable more than Bitcoin and Bitcoin's measure of a crop can not be measured with paper money. In fact you can find that cryptocurrency is the updated model of paper money.

TheReverend

full member

Activity: 462

Merit: 100

although bitcoin is adopted everywhere, it does not mean that fiat money is no longer valid, the government still applies it because not all payments can be made by crypto, so crypto only adds payment tools, does not replace fiat money as a currency,so we still use fiat, and still pay taxes.

jatin729

full member

Activity: 812

Merit: 108

Well it is already an universal, we can exchange it anywhere in the world. You take an example of any famous exchange where people from different nations are trading without any restrictions. It is not legal tender as of now but if it become legal tender than it will be great for those who travel alot and no need to have forex with us all time just need one wallet with some bitcoins that's it.

biletskiy

full member

Activity: 434

Merit: 100

Quote from: omegasoldier on December 03, 2018, 01:46:17 PM

Bitcoin can never substitute for traditional fiat currency.
It was designed for different purpose and can hardly fit requirements put forward to fiat currency. If anything, there should be some new Cryptocurrency that will fit society needs and it will not be Bitcoin.

No, it cannot replace fiat, but I can admit that in 5-7 years, the cryptocurrencies will be used ion most places, including the land stores (not online shops only). For me, it will be very convenient.

deppil

hero member

Activity: 1008

Merit: 501

Quote from: nur rochid on December 02, 2018, 06:42:31 AM

Quote from: krishnaverma on December 02, 2018, 03:29:19 AM

I am confused after reading your post. From what I can intercept, you are saying that use of crypto will completely eliminate the taxes. But I believe that if we have global acceptance of crypto, it will bring more transparency in tax system.

Also, how can you assume that a country will legalise crypto without judging or analysing the merits and demerits in relation to taxation part.

before there is a clear regulation, of course this can eliminate taxes in every investment, but if there are regulations from government, i think government also does not want to lose

although bitcoin can indeed be used anywhere by anyone (universal) but without regulation. bitcoin will never be (officially) universal. and to reach the regulation itself is not easy for bitcoin you know.

resty

full member

Activity: 501

Merit: 147

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 know all things must be be changed for a better future, if ever bitcoin become primary use for the entire world I don't believed that they do not do anything for better service to people of course there is some changes of the feature of bitcoin to serve better to people. Our experienced now is to try how bitcoin works to our life but if gods well bitcoin become primary currency many different options to change this to the purpose of all people would benefited this BITCOIN CRYPTO CURRENCY.

Koenraad Lange

newbie

Activity: 84

Merit: 0

Quote from: automaticmoney on December 12, 2018, 01:00:05 AM

more likely to become universal currency we may dream of future Bitcoin may be internet currency where every internet purchases happen with bitcoin we may see this happen soon by 2020

If that happens, of course the bitcoin owner is very happy because wherever bitcoin can be used. It may take a long time to arrive at such conditions, at least one or two decades to come. It is also assuming that all countries are willing to accept bitcoin, of course, after experiencing modifications from the rules agreed upon by all countries.

GrayFullbuster

full member

Activity: 658

Merit: 103

If the bitcoin became universal currency where most of the people are using it, then the payment system will not become hassle anymore. Through blockchain technology, the transaction of every payment are fast than before.

jonsky05

jr. member

Activity: 229

Merit: 1

🔰FERRUM NETWORK🔰

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

Well it will be great if that happen because it will not hassle for us but we need to think somethings to be considered if the decentralize will occupied all of in our lifes like salary and etc. And it's a very long discussion and many things will be need to consider.

chenhaonan

member

Activity: 434

Merit: 10

The idea of using cryptocurrencies is not to evade taxes. This view is wrong. I invest in cryptocurrencies because I think cryptocurrency is a true free currency and he won't depreciate your coin because of your bank. This is the biggest advantage of cryptocurrency. You can observe all the countries in the world. The government often makes large amounts of banknotes to stimulate the national economy, which will lead to a reduction in your wealth.

katerinaliisa

jr. member

Activity: 378

Merit: 1

I think that in this case the goods will be very expensive. In General, I think that the Fiat currency is still needed. If it is removed in the near future, the economy will have big problems.

Crafts12

full member

Activity: 405

Merit: 105

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 bitcoin will be adopted and use anywhere and anytime worldwide or in my country, I think the government will put tax on it due to the massive use of it. Governments will not allow the mass usage of it in paying system if it will not have tax because where will they get funds to build public institutions or buildings?

pinoyden

full member

Activity: 756

Merit: 102

Quote from: pant-79 on December 04, 2018, 02:15:55 PM

Quote from: buwaytress on November 28, 2018, 04:20:33 AM

Quote from: pant-79 on November 26, 2018, 04:56:09 PM

The widespread adoption of Bitcoin doesn't at all force the entire world to give up absolutely all standards adopted in a long time.
If it is about the fact that Bitcoin will replace absolutely all the money in the world, that I assume that everything with taxes will remain as well. If you received payment for work in Bitcoin, then you must pay the appropriate tax. The movement of Bitcoin in this case is not difficult to track: Bitcoin entered from the employer to the employee, so the employee must pay the appropriate tax.
But the scenario of such a future is unlikely, since Bitcoin was originally created as a protest to the banking system and it is not known by whom, so it is unlikely to be accepted for use as a world currency. For these purposes, another currency will be created, one that may be controlled completely.

Tax has absolutely nothing to do with Bitcoin and I'm still amused at how people think using Bitcoin relieves you of that entirely social duty to contribute to your own society's and country's development and maintenance. Whether or not your state misuses or abuses that revenue is an entirely different matter - if you choose to live within the borders of a state, then you choose to be governed by its laws, and are required to make your own contribution to its upkeep with your money. Your money being Bitcoin doesn't change that.

That is what I'm talking about. The adoption of bitcoin doesn't change the generally accepted everywhere norms. And if you legally need to pay tax, then it just needs to be done. And in this all the main thing is that the country in which you live oblige you to do this or not.

Generally accepted anywhere ? No thats not true . bitcoin is not yet adopted globally because there are still other countries that bans the use if it and there were also people that refuses to use it even if bitcoin is not banned on their place .

You were also talking about tax ? but why ? I mean bitcoin or any other cryptos cannot be possibly taxed due to the fact that they arent regulated by banks or governments , etc ... There is no point of paying a tax just because you are using a bitcoin and besides , how can you be so sure that the tax that you pay will be going directly to the implementation of the city's project when we all know that goverment officals are corrupt.

automaticmoney

member

Activity: 420

Merit: 18

more likely to become universal currency we may dream of future Bitcoin may be internet currency where every internet purchases happen with bitcoin we may see this happen soon by 2020

aeternus

sr. member

Activity: 686

Merit: 250

Quote from: omegasoldier on December 03, 2018, 01:46:17 PM

Bitcoin can never substitute for traditional fiat currency.
It was designed for different purpose and can hardly fit requirements put forward to fiat currency. If anything, there should be some new Cryptocurrency that will fit society needs and it will not be Bitcoin.

And what do you think that fiat has that bitcoin doesn't have and that is going to be impossible for bitcoin to get? Because the only problem that I see bitcoin having is that it is very slow compared to cash and that it cannot deal with a huge amount of transactions but as we know the developers are working very hard on solving those issues and will eventually solve them.

Pab

legendary

Activity: 1862

Merit: 1012

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

Let's suppose that Bitcoin became adopted everywhere So it is only suppose and will be for just theory for very long time as for now Bitcoin is not so much accepted but most people has to pay taxes for bitcoin trading
Something not correct to me. Govs don't want to legalese bitcoin in any way but they are taxing us
In my country i can buy almost nothing with bitcoin and same is in most of world countries

pant-79

hero member

Activity: 994

Merit: 502

Quote from: buwaytress on November 28, 2018, 04:20:33 AM

Quote from: pant-79 on November 26, 2018, 04:56:09 PM

The widespread adoption of Bitcoin doesn't at all force the entire world to give up absolutely all standards adopted in a long time.
If it is about the fact that Bitcoin will replace absolutely all the money in the world, that I assume that everything with taxes will remain as well. If you received payment for work in Bitcoin, then you must pay the appropriate tax. The movement of Bitcoin in this case is not difficult to track: Bitcoin entered from the employer to the employee, so the employee must pay the appropriate tax.
But the scenario of such a future is unlikely, since Bitcoin was originally created as a protest to the banking system and it is not known by whom, so it is unlikely to be accepted for use as a world currency. For these purposes, another currency will be created, one that may be controlled completely.

Tax has absolutely nothing to do with Bitcoin and I'm still amused at how people think using Bitcoin relieves you of that entirely social duty to contribute to your own society's and country's development and maintenance. Whether or not your state misuses or abuses that revenue is an entirely different matter - if you choose to live within the borders of a state, then you choose to be governed by its laws, and are required to make your own contribution to its upkeep with your money. Your money being Bitcoin doesn't change that.

That is what I'm talking about. The adoption of bitcoin doesn't change the generally accepted everywhere norms. And if you legally need to pay tax, then it just needs to be done. And in this all the main thing is that the country in which you live oblige you to do this or not.

Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 5. (Read 25650 times)