Trump tax on foreign remittances could open market share for Bitcoin

bitart

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Quote from: wxa7115 on April 09, 2017, 02:53:44 PM

Quote from: squatz1 on March 20, 2017, 06:02:41 PM

The biggest thing that I see with this is that if Bitcoin attempts to fill this void, it may cause regulations by the government just because they know this is the reason that bitcoin is being used for those people. It's not something that is going to help Bitcoin in the least and I wouldn't want to see it fill this void.

It's not going to help Bitcoin at all and it may see a bit of a surge for a little while in the means of more people using it but it will just make it harder for the rest of the people that want to use Bitcoin for a way that is accepted by the government.

It'll fuck Bitcoin if it fills this void, don't do it and heed the warning.

It is only natural for people to try to find the best way to take advantage of their resources, if you want to buy a car and in a car dealership and the car cost 20k and in another the same car costs 15k then it makes sense to buy the cheaper one, it is that simple.

If people choose bitcoin for this international money transfer, it won't really affect price, because if someone buys bitcoin and transfers it to the family, the family will convert it into fiat as soon as possible, because they need the money in fiat, not in bitcoin. If people in these countries will be able to spend their bitcoins in shops, etc. then it will increase the demand and the price as well. Bitcoin needs to build up more acceptance, that's a key.

wxa7115

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Quote from: squatz1 on March 20, 2017, 06:02:41 PM

The biggest thing that I see with this is that if Bitcoin attempts to fill this void, it may cause regulations by the government just because they know this is the reason that bitcoin is being used for those people. It's not something that is going to help Bitcoin in the least and I wouldn't want to see it fill this void.

It's not going to help Bitcoin at all and it may see a bit of a surge for a little while in the means of more people using it but it will just make it harder for the rest of the people that want to use Bitcoin for a way that is accepted by the government.

It'll fuck Bitcoin if it fills this void, don't do it and heed the warning.

It is only natural for people to try to find the best way to take advantage of their resources, if you want to buy a car and in a car dealership and the car cost 20k and in another the same car costs 15k then it makes sense to buy the cheaper one, it is that simple.

ekoice

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Quote from: HabBear on March 20, 2017, 02:40:25 PM

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

Dont know how many foreign people working in US know about bitcoin.If they all come to know about bitcoins,then they would surely adopt bitcoins to avoid tax on their remittances.It would make user base of bitcoin to grow and overall,it would help for bitcoin progress.

Slark

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1. It's it potentially great move, immigrants will try to seek alternative ways of sending money home which should indirectly boost bitcoin's popularity.
2. If government learn that instead of traditional FIAT remittance people switched to cryptocurrencies they might try to prevent/regulate BTC.
3. For now Bitcoins is not big enough and worth the hassle to regulate it, as you can't really use it directly.

bryant.coleman

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Quote from: buwaytress on March 23, 2017, 04:38:45 AM

Quote from: HabBear on March 20, 2017, 02:40:25 PM

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

Great idea, and if you look at many countries which supply workers to the developing world, so much money is being sent home via remittance. It is Philippine's single largest contributor to income as well, and a large percentage of GDP. But changing fiat to bitcoin and for the families back home to change it back to fiat would mean they already lose out at least 5% of their income - and then how do you avoid tax on currency exchange?

Perhaps the way to go is to encourage employers to pay wages in bitcoin.

If that is the case, then the Philippine government can set up exchanges where people can convert their coins to Pesos. But I am afraid that the government will not do it for free. There will be a hefty fees for such conversion. Anyway, this is a very distant scenario, as the government is yet to recognize Bitcoin as a currency. But if Trump finds out that a lot of people are doing this, then he will just slap another tax at the source. The workers will receive their salary after the new tax is deducted.

ekoice

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Quote from: HabBear on March 20, 2017, 02:40:25 PM

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

Thats a great idea.People could save huge amounts by avoiding tax.It will lead to mass adoption of bitcoin which inturn would help for the progress of bitcoin.Those who know about bitcoins are lucky enough.This news should be made to reach all foreign people working in US.

buwaytress

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Quote from: HabBear on March 20, 2017, 02:40:25 PM

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

Great idea, and if you look at many countries which supply workers to the developing world, so much money is being sent home via remittance. It is Philippine's single largest contributor to income as well, and a large percentage of GDP. But changing fiat to bitcoin and for the families back home to change it back to fiat would mean they already lose out at least 5% of their income - and then how do you avoid tax on currency exchange?

Perhaps the way to go is to encourage employers to pay wages in bitcoin.

qwertycoins

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Quote from: Xester on March 22, 2017, 07:51:43 AM

For sure the price of bitcoin will skyrocket but if you are thinking about escaping tax then that will be impossible. If the government of America will find out that they are losing taxes from remittances they will evaluate that facts and they will notice that the remittances is sent through bitcoins. Then the government will simply place taxes at exchanges when you convert your bitcoins to fiat currency within America.

This is the possible downside. The exchanges within US are regulated. It's not difficult for them to be taxed.

bryant.coleman

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Bitcoin is not an attractive option to send remittance payments from the United States. During the past few years, the IRS has arrested multiple people in the United States, for trading in Bitcoins. The surveillance is very strict, and if they notice that Mexicans are using Bitcoins to send payments to their villages, then don't expect the IRS to stay still and watch. And if illegal immigrants do something like this, then you can expect an immediate deportation order.

Labumi

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This is indeed a very great opportunity in adding a user so that the more famous and bitcoin is widely used in any transaction. But it would be quite difficult as well to provide the best information to those who are still hard enough or not well acquainted with the internet. Many people who know bitcoin simply put, if they introduced with novelties is sure his mind directly go to the bad things and this could be the thing that must be completed first or look for a solution, because otherwise it will only interfere with our mission

Xester

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Quote from: HabBear on March 20, 2017, 02:40:25 PM

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

For sure the price of bitcoin will skyrocket but if you are thinking about escaping tax then that will be impossible. If the government of America will find out that they are losing taxes from remittances they will evaluate that facts and they will notice that the remittances is sent through bitcoins. Then the government will simply place taxes at exchanges when you convert your bitcoins to fiat currency within America.

avikz

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Trump is going to prove all USA citizens had voted for a wrong man. Just wait and watch. His Muslim hatred is going to have many consequences. So I won’t be surprised if he starts taxing on international remittances soon.

Definitely it would open up a new possibility to bitcoin and we will surely see a huge increase in the market cap of bitcoin if it happens. It will also increase the price of bitcoin as the acceptance will be higher and money inflow will increase as well. But bitcoin will have to solve a lot of things before it can actually happen. The transaction confirmation is one in the agenda which needs to be fixed which will increase the reliability of bitcoin. If the reliability remains as an issue, I doubt people will be using bitcoin in that larger scale what we are projecting.

pearlmen

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Quote from: HabBear on March 20, 2017, 02:40:25 PM

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

It is true but what you are assuming is that there are only two ways to send money that if the other way is to be taxed then the next is bitcoin I believe that is far from reality because quite a number of people are still not aware of bitcoin neither are they ready to take the risk of attempting to use it especially when the position of government is still indecisive concerning the subject matter. I believe only a few might come into bitcoin as a result of that while others will look foe alternative means.

Pamadar

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Quote from: Idrisu on March 22, 2017, 01:32:55 AM

I believe if Donald Trump administration decided to tax remittances payment from another countries, Bitcoin and crypto currencies will be the only option for such payment as many people will try to take the advantage of bitcoin as a decentralized currency to transfer such remittances. Like the op rightly said if that happens then expect a high bump.

it will be a good catch for us who already inside crypto currency as we can guide our country man to use certain crypto to send their remittances instead of paying taxes, and like what OP said we will really expect big jump if this happen bitcoin and all other crypto currency will be valuable
with more users to embrace the service.

Idrisu

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I believe if Donald Trump administration decided to tax remittances payment from another countries, Bitcoin and crypto currencies will be the only option for such payment as many people will try to take the advantage of bitcoin as a decentralized currency to transfer such remittances. Like the op rightly said if that happens then expect a high bump.

OROBTC

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Quote from: HabBear on March 20, 2017, 02:40:25 PM

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

For this to work, people in Mexico (etc.) need to be able to turn THEIR BTC into pesos! So far, most of Latin America has very low usage of Bitcoin.

I agree with a couple of the above who comment that the US .gov may attempt to increase BTC regulation to stop BTC remittances. But so might .govs in LatAm, who interfere (as a rule) more than the US does.

But, should Trump go through with his idea, I hope that remitters here DO find a way to use BTC to send money to their home countries.

Mometaskers

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Well I haven't sent bitcoin outside my local exchange so I don't know how high the tx fee can get but I suppose many people still use bitcoins for remittance even if it get congested sometimes. This tax would encourage those same people to stick with bitcoin. It could also encourage other to switch from traditional remittance services.

Quote from: squatz1 on March 20, 2017, 06:02:41 PM

The biggest thing that I see with this is that if Bitcoin attempts to fill this void, it may cause regulations by the government just because they know this is the reason that bitcoin is being used for those people. It's not something that is going to help Bitcoin in the least and I wouldn't want to see it fill this void.

It's not going to help Bitcoin at all and it may see a bit of a surge for a little while in the means of more people using it but it will just make it harder for the rest of the people that want to use Bitcoin for a way that is accepted by the government.

It'll fuck Bitcoin if it fills this void, don't do it and heed the warning.

I understand the hesitation. Only time will tell if this will happen or if people will even flock to bitcoin to send money back to their families. What we know for sure though is that people will always find ways to prevent others taking their money. All it takes is one man to find bitcoin a way to skip the tax and he'll be telling that to every one he knows.

cakravothy

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I think if trump open about tax on foreign remittances
much people can use alternative about sending payment difference country, low fee and without tax
and bitcoin the best solution, i think can incraese bitcoin market and incraese volume transaction bitcoin
and incraese bitcoin user too

centralbanksequalsbombs

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Bitcoin :open immutable decentralized global fair

ANYTHING fiat (central banks) and governments will do...will open up the market share for Bitcoin! There is no action that will stop the further explosion of Bitcoin.

Bitcoin has emerged.

davis196

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Quote from: HabBear on March 20, 2017, 02:40:25 PM

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

Bitcoin can make that happen,but any altcoin can be used for the same purpose as well.
The idea of a remittance payments tax is incredibly stupid.Is Trump that stupid?
Anyway,if this happens,all those people will use btc only to get fiat money (fiat>bitcoin>fiat).
They won`t adopt bitcoin and use it as a real currency.

HabBear

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Quote from: genny2kuk on March 20, 2017, 10:15:52 PM

Making bitcoin more user friendly will go a long way in encouraging the Mexicans, and other nationals to adopt bitcoin for remittances. However, the Feds won't let that happen without a fight.

You can be sure that regulations will be put in place to discourage mass adoption of Bitcoin. But in the end, it's the will of the people that always prevail.

Come one, man. The Feds don't give a fuck about Bitcoin. If they did they'd approve the Winklevoss ETF. Besides, Bitcoin doesn't have to appear mainstream for immigrants to use it to send money to their family...they just need to know (1) that bitcoin is a cheaper option, (2) that something like Coinbase is an easy way to receive transmit the money, and (3) the risk associated with keeping fiat in Bitcoin for a long period of time.

You and I can't make bitcoin more user friendly than it is. What's more friendly than connecting a checking account to Coinbase...sending your funds to whatever wallet via coinbase...and then having the recipient redeem the funds to their local checking account?

genny2kuk

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Quote from: HabBear on March 20, 2017, 02:40:25 PM

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

Making bitcoin more user friendly will go a long way in encouraging the Mexicans, and other nationals to adopt bitcoin for remittances. However, the Feds won't let that happen without a fight.

You can be sure that regulations will be put in place to discourage mass adoption of Bitcoin. But in the end, it's the will of the people that always prevail.

squatz1

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The biggest thing that I see with this is that if Bitcoin attempts to fill this void, it may cause regulations by the government just because they know this is the reason that bitcoin is being used for those people. It's not something that is going to help Bitcoin in the least and I wouldn't want to see it fill this void.

It's not going to help Bitcoin at all and it may see a bit of a surge for a little while in the means of more people using it but it will just make it harder for the rest of the people that want to use Bitcoin for a way that is accepted by the government.

It'll fuck Bitcoin if it fills this void, don't do it and heed the warning.

szpalata

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I think you're right but we need to get the word across to them maybe by opening up topics in local threads on this forum where people will be able to read and understand in their own dialect. I think that way they will learn to accept and use Bitcoin and abandon government taxes if he so imposes on them.

HabBear

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If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

Topic: Trump tax on foreign remittances could open market share for Bitcoin (Read 993 times)