Let's suppose that Bitcoin became universal (used everywhere you go) - page 9.

Rrotess

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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.

asilabumer

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Quote from: Kakawate on September 11, 2018, 06:55:39 AM

If that day would come, then definitely there will be tax to be payed from our cryptocurrencies, because it is clear that the government wouldnt allow cryptocurrencies to rule the world without them getting something in return, so its for sure that cryptocurrencies will be taxed, but that is only what I think, there are still other bigger matters to be discussed that the government has to put their minds on, as well as the whole crypto community. But, let say that bitcoin becomes our universal coin, or money, then that would be great, having to go anywhere without bringing any cash with you, that is just safe and convenient.

Taxation is definitely a problem that comes when bitcoin is accepted by the government and used everywhere we go, and that's never what I and many here expect, what I and many of us expect from bitcoin is a free and tax-free source of income. And when bitcoin is so popular as this topic says, wars in the market will become more difficult, to make money is also tiring, I really never enjoy this, now is the best, everything is always in balance

Kakawate

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If that day would come, then definitely there will be tax to be payed from our cryptocurrencies, because it is clear that the government wouldnt allow cryptocurrencies to rule the world without them getting something in return, so its for sure that cryptocurrencies will be taxed, but that is only what I think, there are still other bigger matters to be discussed that the government has to put their minds on, as well as the whole crypto community. But, let say that bitcoin becomes our universal coin, or money, then that would be great, having to go anywhere without bringing any cash with you, that is just safe and convenient.

slyfox

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Quote from: LimePleasant on August 14, 2018, 08:58:44 AM

I don't think there is enough Bitcoin to make it possible the way you've presented it.

This is the same argument that people use against gold and it doesn't make sense, there is enough bitcoin to manage the whole economy of the world, but that means that each bitcoin is going to become incredibly valuable, why do you think that many people in the forum are always giving the message that you should hold your coins? The reason they do that is because of the argument that you give.

Xenophoto

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Quote from: maculeth on September 06, 2018, 08:35:03 PM

yes, if bitcoin really becomes universal and is used by everyone in all countries in the world, then taxes are very important. because the country will lose greatly if every online transaction is not taxed. especially if it's a transaction from abroad. essentially, tax is very important.

But how will it be taxed, then? The only transactions that can possibly be taxed are the ones that are done with the local exchange that you have in your country. Transactions that are done outside that cannot be taxed. It will appear as an off-the-grid transaction to them as what they can trace is only limited to the local exchange transactions. Maybe they are going to require the people to use local exchanges and those who are using wallets outside that will be considered criminals? I really don't see how taxation will appear in the crypto world but then again that's one of the reasons why bitcoin was created so solving such 'problem' will make bitcoin a failure. On the other hand, all of the goods are already taxed. Their prices are already increased for the tax. The only thing that will be mainly affected are money centers which we use to send money abroad and locally. They will all be gone by the time Bitcoin becomes universal as we can all send money through the Internet. Banks will be greatly affected as well as all of us can now safely store our money.

BCSHonda

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Quote from: pieppiep on September 04, 2018, 06:26:02 AM

if it all happens then the condition of the total supply of bitcoin will be increasingly limited and may also run out because everyone from various countries buy bitcoin so I am sure the condition of bitcoin prices will be able to experience price increases because it will be increasingly very rare and more and more people are difficult to get bitcoin.

This can also be interesting in the movie. Actually I think it can not happen. And if there are also just experiments in some places, not widely. Because cash is still very important to human life.

deppil

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Quote from: marcbitcoins on September 06, 2018, 07:37:26 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

If Bitcoin can be use for actual spending anywhere then this mean that Bitcoin is legal in which part of the regulation that the government will impose tax too.If we are paying tax from our fiat earnings then it will be applicable to Bitcoin earnings too, it will be the same declared income earnings but just in different platforms in which this it the main reason of why the government will really benefit if they legalize Bitcoin which is because of Bitcoin tax.

Yeah you're right because in a country there are rules, a store can't accept payments with things that don't have a definite legal basis, when bitcoin is accepted anywhere, that means the government has legalized and regulated bitcoin, that means tax is applied on bitcoin

maculeth

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BountyMarketCap

yes, if bitcoin really becomes universal and is used by everyone in all countries in the world, then taxes are very important. because the country will lose greatly if every online transaction is not taxed. especially if it's a transaction from abroad. essentially, tax is very important.

DonFacundo

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Well I like bitcoin to become universal, we can buy anywhere, no longer converting fiat if you go in some countries, but the problem of bitcoin is the volatility, what if bitcoin dump many people will losing money and about the tax with using bitcoin I think we still pay the tax if the government want to.

marcbitcoins

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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

If Bitcoin can be use for actual spending anywhere then this mean that Bitcoin is legal in which part of the regulation that the government will impose tax too.If we are paying tax from our fiat earnings then it will be applicable to Bitcoin earnings too, it will be the same declared income earnings but just in different platforms in which this it the main reason of why the government will really benefit if they legalize Bitcoin which is because of Bitcoin tax.

cahbagus555

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Quote from: EVOS on July 20, 2018, 08:12:09 AM

if bitcoin is already used worldwide, and the state does not tax on bitcoins.
the state will not die, because the state can still take tax on other things like Motor taxes, building taxes, etc.

But government already attach taxes on goods we consume. Government earning is from taxes and if bitcoin mass adoption happen, government should not worry about taxes because every goods we buy, its already attaced taxes by government. Government will survive if bitcoin used for payment

Ucy

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Compare rates on different exchanges & swap.

People are still taxed when sending or receiving payment through centralized platforms but that won't be enough.
[ I believe this issue will be sorted out when Cryptocurrency becomes mainstream.]

I have thought about a situation where developers are encouraged by Crypto community and governments to include some kind of tax system in their decentralized coins in exchange for governments support of the coins in their country.
People will be automatically taxed with the inbuilt tax system . The censorship resistance, privacy, immutablity feature of the coin will still be intact... meaning that government won't be able to seized your coins while taxing you.

The tax system won't be imposed on any coin/developer but no country will legalized your coin unless you implement it.

Rrotess

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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.

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

pieppiep

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if it all happens then the condition of the total supply of bitcoin will be increasingly limited and may also run out because everyone from various countries buy bitcoin so I am sure the condition of bitcoin prices will be able to experience price increases because it will be increasingly very rare and more and more people are difficult to get bitcoin.

qwirtiii

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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

We supposed to use bitcoin is just as a fastest way of paying and sending money but i think fiat money is can't remove by anyone because that is important in our daily living.But we dont pay taxes in government that is a good and nice because some people getting poor because of that taxes. Some countries even they own their land and houses government are looking for their taxes on that.,

Rrotess

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Activity: 264

Merit: 10

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.

LimePleasant

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Activity: 64

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I don't think there is enough Bitcoin to make it possible the way you've presented it.

slyfox

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Activity: 350

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Quote from: snkneo on July 23, 2018, 04:42:02 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

I'm sure many people will pay there taxes, and the government would crack down on those who are not. It's the only reason why I see they might "ban" it, because then it becomes a concern of national security.

But that is exactly the problem how are they going to crack down on bitcoin users, even with all the regulations put in place it is not like you cannot buy bitcoin face to face that way you do not leave a trace of your transactions, and even if they could create sting operations what it is going to stop the bitcoin holders to move to a country with friendly laws towards bitcoin.

checkmatesir

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$CYBERCASH METAVERSE

Quote from: Btcschool on July 23, 2018, 01:29:49 PM

Quote from: abc_crypt on July 02, 2018, 01:07:50 PM

I think that between the government and the holders of the crypto currency will be concluded some agreement, which will be something like a new kind of taxes. Or the government will also accept payment of taxes in the crypto currency.

I am waiting for that time anxiously. May be I will never see that time because of the limited life but I am sure that my children will see that era. Just imagine the picture of the world; the whole people will use just one currency and no need to take regular currency in your pocket. Just one click and you can buy anything anywhere in the world. That’s just wow.

In my opinion it is good because dollar monopoly will end and there would be just one digital currency all over the world and that would be bitcoin. The whole world will use just one currency all over the world and there is no need of any exchange and other hurdles to transfer your money from one place to another. Just one click will do this for you.

Topic: Let's suppose that Bitcoin became universal (used everywhere you go) - page 9. (Read 25650 times)