Let's suppose that Bitcoin became universal (used everywhere you go) - page 8.

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Quote from: Impulseboy on October 14, 2018, 03:29:17 AM

I think when bitcoin became a universal currency and there will not be a physical money anymore it will be the time when the government is finally regulating bitcoin and the start of taxing bitcoin transactions. How much it will cost, we never know, but we can expect the government to put taxes on it once cryptocurrency replaces fiat currency.

It will not happen but IF such a situation could take its place, the price of Bitcoin would stop to be volatile. Suppose, BTC would be cheaper then but people could feel at ease using it.

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maybe bitcoin can be used to make payments as you mentioned it but you must be able to see that bitcoin has a very high risk because the total supply is very limited so it will make the price unstable and dangerous if used to make transactions or payments.

romantic007

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Well I think that if BTC becomes universal to the point where most people pay for everything with it then most likely governments would make regulations for crypto.

Bobby park

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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

Hm. I think it can be used all over the world why? Because even in my country, cryptocurrency is not popular and many people do not use crypto or they don't believe on how ot works. However, I want also to foresee the boom of bitcoin because I want it's price to grow up and make my btc as a payment tool wherever I am.

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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

I think if it is already bitcoin that we are going to use and take away fiat, Government will also collect tax from it. A country with tax is impossible. Source of fund of our Governnent and every other Government is tax.
Regarding the use of bitcoin universaly, I think it has and advantage and disadvantages. So no need to convert dollar to peso and vice versa. But not all people have android phones and internet connections so I think not all people can get used to it.

denuhaqiqi

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the government will always take action with little risk and they can control to be able to maintain the stability of the country's finances. think of many people, not individuals. so they must be wiser in making decisions about crypto. rules they will always make to protect the country, and through that regulation they determine how much they can apply to taxes. it is impossible for the government to leave it free to circulate without any income for the country. we can enjoy technology and progress now, because there is a tax role that we pay to the country. and the state uses it to build infrastructure and facilities supporting this technological progress.

Christopher_Hayes

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Well, what are taxes for? It's so the government can fund infrastructure, among other things. If the physical currency is no longer existing and it's replaced with bitcoins, then that means that the government has accepted and legalized it. If this is the case then that means bitcoins will have taxes by then. How do you think it's going to affect the bitcoin users if they start putting taxes on bitcoin?

Impulseboy

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I think when bitcoin became a universal currency and there will not be a physical money anymore it will be the time when the government is finally regulating bitcoin and the start of taxing bitcoin transactions. How much it will cost, we never know, but we can expect the government to put taxes on it once cryptocurrency replaces fiat currency.

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Quote from: Vohoanghiep on October 13, 2018, 07:31:30 PM

I think when the government approves and controls Bitcoin. Instead of collecting taxes, they can collect fees from transactions. Besides, they will never let things become anonymous, always having the necessary publicity. This gives them the ability to control and manage anyone's finances, which will not be a problem when they approve it

The government could also impose strict rules and regulations on the crypto-currencies exchanges that are operating in their countries, so whenever there is any users who sell away their bitcoin on the crypto-currencies exchange, there could be some sort of tax collected by the crypto-currencies exchange and these taxes collected could be passed to the government officials who are in charge of collecting tax.

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I think when the government approves and controls Bitcoin. Instead of collecting taxes, they can collect fees from transactions. Besides, they will never let things become anonymous, always having the necessary publicity. This gives them the ability to control and manage anyone's finances, which will not be a problem when they approve it

rasp

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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

Well if we talk about bitcoin, we still pay a kind of a tax to miners (a fee for making transactions). That's how the system goes - we still need to pay money for ensuring our transactions. Imagine one day the system stopped - we would not be able to make a single transaction..

strideynet

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I think this will not happen, perhaps the technology will be applied, but not at the General level for any weather

melch100

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Quote from: BitTraderCute on September 27, 2018, 12:05:08 AM

Quote from: icecream sandwich on September 23, 2018, 12:08:09 AM

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, i think taxes will be removed. With that idea, the government will be having a hard time where to get the money for their country. There is always a good and bad side of having bitcoin as primary money.

that is impossible if taxes will be removed.meanwhile this is main source income for government to provide public facilities for their citizen.bitcoin could be universal payment if government legalize it with some rules and compensation.such as taxes.

Well let's see if bitcoin can really become universal because I think only few of the world populations are into bitcoin now and there are still a lot of peple that didn't know what bitcoin is

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Quote from: icecream sandwich on September 23, 2018, 12:08:09 AM

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, i think taxes will be removed. With that idea, the government will be having a hard time where to get the money for their country. There is always a good and bad side of having bitcoin as primary money.

that is impossible if taxes will be removed.meanwhile this is main source income for government to provide public facilities for their citizen.bitcoin could be universal payment if government legalize it with some rules and compensation.such as taxes.

gambitcoin53

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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 question is, does every country in the world are linked to internet or online? as i can see it, it is impossible for bitcoin to be used on a daily basis or it can replace fiats like how we transact in almost everything we can do with money, from buying commodities online and specially on a physical stores, if possible, i think we should link buying candies online, imagine the long wait for every transaction just to buy simple things, simple commodities like bread, condiments and other common purchases that fiats are availing today.

taxes are not the basis of a country to survive, it is just one of the many fund generating machinery of a country, there are investment, gold reserves, international monetary fund, forex, stocks, donation, and other ways to get funds in order to run a govt or country, not just taxes.

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And if bitcoin became universal, then it will help people who are traveling in around the world, and they don't have to feel difficult to go to the money changer to convert the dollar into local fiat. They only need to use bitcoin to buy anything in that places without thinking about the money, and this will make their journey simple. But there will be a tax that will be applied to that bitcoin user, and I hope the taxes are not too bigger than the tax for the income of every people. Maybe it will happen in the future, and when this is happening, we can travel to other places, and we only need to keep bitcoin in our wallet, and we can use QR code to make the transaction.

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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

Just think that currently the country will not legalize Bitcoin if they will not benefits from it and the top reason of it is to collect Bitcoin tax. Every purchase and direct spending will be subject for additional charge and that its the tax. You cannot be proceed to do such transaction if you will not agree to the tax that will be included in you summary of payment therefore it is impossible that tax cannot be collected from Bitcoin users.

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In my opinion, until Bitcoin is at a certain equilibrium point, it will be difficult to use it as a primary payment instrument for digital transactions. This will turn around if Bitcoin has become a digital currency that is used universally without conversion to conventional banknotes, although I believe it will definitely get tremendous challenges from banking institutions that have survived hundreds of years. Until we reach this condition, Bitcoin will still be an interesting discourse as an alternative payment in the future.

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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.

Right. But I hope that there won't be taxes and such so that bitcoin will be very useful to all. There will be no hassle on paying. And lastly, our land will be bountiful.

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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

Well, i think taxes will be removed. With that idea, the government will be having a hard time where to get the money for their country. There is always a good and bad side of having bitcoin as primary money.

Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 8. (Read 25646 times)