Topic: What's preventing bitcoin from worldwide adoption? - page 2. (Read 6012 times)

We cant really tell yet but it could really able to sustain after all of those negativities that its been experiencing which is something not surprising for government or those fiat believers to throw off against Bitcoin.

There's always an opposite into something which had existed and really focused out or have those features or quality that it isnt really that appealing into their eyes specially on something  that cant really be controlled.

You could really hear off those emphasis of its negatives rather than saying on both pro's and cons which usually make people believe that it was totally true but well its not really that a worrisome thing
because people would eventually find out the truth and the real thing which it wont really completely stop towards in overall progress and acceptance of it.

I find it a good example when you compare the situation of Bitcoin with that of hemp, where it has been demonized since its appearance and given greater responsibilities than it is, such as that it contributes to the responsibility for the global warming of the planet, forgetting the industries that produce a huge amount of carbon dioxide and how criminals and money launderers use it as if other currencies did not They are used for the same purposes. Cannabis has for decades been shunned as a narcotic that corrupts minds, forgetting its properties as a medicinally beneficial plant, which has made it a profitable commodity in the hands of gangs, criminals and all outlaws. And just as we started almost a decade ago to return cannabis to the white market and benefit from it in regulated legal frameworks, Bitcoin has already begun the journey to surface legally after the journey of demonization.

The adoption of bitcoin is taking place all around. But the level of adoption is happening in a much slower phase due to the opposition from the governments. Slowly some countries that made bans over cryptocurrency have started to regulate the usage of bitcoin. However some countries have made it a difficult thing for the common people using cryptocurrencies. Heavy taxation too can affect the adoption.

Once after the pandemic the usage of cryptocurrency all around the world have increased. This has happened in terms of real-time usage as well as in terms of trading volume increase. During the same time period India was recorded to have the increase of 100 million users. I'm not sure of this data, but the 30% tax on cryptocurrency as well as 1% tax per transaction have slump the trading volume on the Indian cryptocurrency exchanges. The law came into effect on 1st July and since then the average trading volumes have come down to $5.6million from the range of $9.5million.

Simply put, if two traders anywhere on earth decide to buy/sell a car in Bitcoin, then they cannot be taxed. The caveat I am trying to add is that once people establish a business based in one or another national jurisdiction doing this then they can be taxed. Also, once people trade their Bitcoin in for any national currency the state agency responsible may impose income or capital gains tax on that. But as long as Bitcoin remains Bitcoin & in the hands of private individuals it cannot & should not be taxed. From my understanding the logic of taxation is that in partaking of a national economy & its exchange medium or currency you are using a service & there is an implied cost. The amount & kind of taxation that is acceptable will probably be the stuff of intense debate for all posterity. But to tax Bitcoin as is you would have to be the centrist state agency ruling over its jurisdiction which is the internet hence it is able to be 'decentralised'. I am not saying that state agencies would never be able to extort or steal Bitcoin & call it taxation because unfortunately anything is possible, but that it will never transparently become standard practice overall because it is contrary to legitimate authority & unethical. This is why the established 'international order' & crony capitalists & their state media have been sidestepping BTC until lately when they have started throwing all manner of kind of childish FUD its way. They don't understand it. It scares them. The opportunity for universal profiteering is unprecedented & the sleepers & party poopers are being forced to reveal themselves 

I totally get what you are saying and I am not arguing against your point from a theoretical perspective. The reality, however, will turn out to be quite different. Before the governments forego any significant tax income, they would rather build cross boarder alliances in order to set up a tax regime that ensures nobody can get away with amassing wealth while not paying any tax.

Please elaborate further once more for me: so you say that when I buy Bitcoin at 10,000 a piece, and I use that Bitcoin to buy a car for 20,000 a piece, should I, according to your viewpoint, be taxed by my government or not? Could you give one or two examples when you think a tax should apply and when not?

All the referred to points had been preventing bitcoin from international adoption. Vicinity and the salary is a great deal worried in relation to the low adoption. Anywhere those who earn desirable to are into bitcoin utilization while the relaxation simply desire to make investments, however they were not capable of do it for extraordinary reasons. As stated in one of the quote, 1/2 the world populace is residing with an incomes of less than a dollar. For them what we are speak me approximately is a ways.

cryptocurrency is a cash but the problem is that people did not understand the usefulness of cryptocurrency whatever cash can purchase cryptocurrency can equally purchase it but why people ignore cryptocurrency is that they feel that it is a short way of using for embezzlement of funds so that is why the document cryptocurrency to be legalised or to be adopted generally

Sure they can tax associated income as you say in the form of capital gains or whatever, but my broad point still stands. Bitcoin itself as a standalone thing, unlike any other currency, cannot be claimed & thus taxed by a state agency. It relies on the internet & belongs to the users. Think about a state agency claiming jurisdiction over the internet & trying to tax Bitcoin like they do national currencies, I think that is unrealistic.

As much as I would like to let you know that I fully agree, the issue with what you just said is that it is unrealistic for Bitcoin to develop into its own economic system without any tax burdens whatsoever. I would rather say that whatever generates income is taxable (under most circumstances). If Bitcoin makes you income, a tax applies. I don't think a world would work out properly without taxes. There was an interesting sentence a while ago about the rich saying they are fine with higher taxes and carry a heavier burden than the poor. Then it was added that the state donation account was just in the thousands. If the millionaires and billionaires are fine with higher taxes, why not just send money to that state controlled donation account? In a sense it is the same when I am fine with higher tax, I can either pay higher tax or impose a tax on myself through donations that I commit to. Yet that account is usually literally empty. People aren't going to support public goods the way we wish they were. Economic self-interest isn't bad per se, but it needs moderation and coordination. Tax is a tool to achieve that. I am not saying I am all for taxes in whatever form they occur, but I don't see how an economic system would support a social system without taxation requirements.

This is the most interesting thing about Bitcoin. It is beyond the current system of 'international law' to control. All it is is a currency, & this is a system that declares the world as capitalist, themselves as liberal. So, a currency made of open-source technology based on the internet, what nation has a right to tax that? Sure, different nations can try banning it or regulating mining or taxing profits made from Bitcoin via exchanges or transactions under their jurisdiction, but what other than cronyism & pessimism & greed could be their motive? What ethical basis can there possibly be for criminalizing or legislating BTC? You can see how desperate & unscrupulous they are when they start blaming it for global warming =/

Fact is, nobody has a right to police the internet. It is in international waters, so to speak. And internet currency has made everyone take this more seriously than ever, so that workable international law & the international constitution necessary to base it on are appearing on the horizon like never before. Some people dream of this signalling a totalitarian new world order, because of their subjective experiences with national governments & regimes of the past. But I have faith in the people. As cannabis returns to the white market for global trade & Bitcoin is increasingly established as a worldwide medium of exchange, poverty everywhere is going to decrease.

The laws are fine? I would rather say that laws are clearly insufficient in most cases or not very favorable regarding crypto to say the least. Actually, from where we are now I expect laws to get even worse over time, much stricter and kind of hindering worldwide adoption in some areas. Bitcoin's utility is massively suppressed by most tax laws around the world for example. If spending Bitcoin on little things even triggers taxable events, using Bitcoin would end in a total mess for most users.

They should rather foster utility with new laws while offering Bitcoin users a fair deal in terms of transparency and taxation, but that is not what lawmakers are after. 

I believe that the laws are fine, the gas fee situation will be fixed in the future for sure without a doubt. Look at Lightning Network on bitcoin right now, it spends only a few satoshis and it is incredibly fast as well.

It is not ideal right now because of security concerns and that is why we are not seeing that everywhere, but it is being worked on right now which means that when the time comes we are going to have a system where it's only like 1-5 cents per transaction and that would be amazing and it could be working towards paying right away anywhere you go as well since you wouldn't have to wait neither, it is both fast and cheap.

I agree and it is also psychologically hard to adopt a change that will fundamentally change the way people store value and perform payments.
You see.. humans have anxiety systems that ideally should help them identify danger. Changing the financial system from its foundation is indeed  something that provokes a lot of thoughts. But that is not a bad thing. it just means we need to take our time and not hurry when making important decisions.

You have a valid point. Bitcoin is not for everyone and we have to accept that truth. I just don't know why some members here and user of bitcoin can't swallow that idea. After all, we have our own preferences in life and in the things we want to do. Some people just don't like to be part of bitcoin and that's it. Despite its advantages, they knew in themselves that they can't just enter it and that's okay. Perhaps there are other fields and areas of financial platform that they are more comfortable with. Still, to each his own. We can educate, but we cannot impose our own beliefs.

But do you know if you today Government and World Bank passes judgement or gives order that Bitcoin is now generally acceptable as payment in all various country, use as fiat including in day life expenses, individuals has no options than to use, now taking of transactions fees it is only less than $1 and max of $2.5 depending on the gas fee at such point. As time goes we could be used to it.,
The honest truth of it is the "Volatility". 

It's internet money so can be used everywhere there is internet which is pretty much global like sklopan says. And some myopic reactionary elements in the international economy feel threatened by it. They fail to recognise that as a medium of exchange with arguably universal value Bitcoin streamlines all economics & fiat trading. Also as the default global currency the USD relies as we know not on a gold standard but basically on America's 'national security' & 'standing in the world' which boils down to enforcement. War is a racket like Smedley Butler said & the value imposed by the collective consciousness onto dollars is largely as a result of military & structural power. So when something like Bitcoin emerges that can be & as said is perceived as a threat the response can be in some ways violent or reminiscent of violence.

I think it really depends in which area of the world you are. These days banks usually have an option to wire money instantly from A to B, and if you use your debit or credit card it is instantly anyway. From that point of view Bitcoin is still lacking behind. If those things can be fixed it might be a big plus.

Regarding volatility, the real problem also is taxation. I don't know how it works in most countries, but as far as I know if you own Bitcoin and it appreciated 5% in value and you use it to buy something, you are actually required to file a tax report for the portion of Bitcoin you used and the according 5% appreciation in value. That makes it a pain in the * to use it. That is one big issue I see that makes the use of Bitcoin overcomplicated.

In general, bitcoin has already become a global currency. Especially if you pay attention to how some countries began to deal with this)

Stop thinking about government's restrictions for this time. We have to take a look at people's minds to see why they ain't embrace Bitcoin and worldwide adoption for it. Can you guess it? Yes, it was because not everyone wants to be a holder or I meant a Bitcoin investor because of Bitcoin or crypto volatility. It is relatively easy to see the high volatility discourages people from using it. If you think Bitcoin can be comparable to gold, you're wrong. Gold has a lot of other uses which make it not likely to go down, or lose its value.

The government and its regulations are one of the inhibiting factors for adoption, it's true. But you also need to know that some people are still unable to convince themselves to adopt bitcoin as a means of payment due to fluctuations and possible problems with expensive transaction fees. Transaction speed is also sometimes one of the things considered by anyone who wants to adopt bitcoin even though LN is quite reliable as a means of micro-transactions with better speed.

So far, the adoption of bitcoin has increased everywhere, but many people will still consider this payment option especially as long as bitcoin is accepted as a means of payment. It's still has to be converted manually if shop owner are not willing to accept the risk of price fluctuations. I wouldn't say this is a major issue, but just a few things to support about why bitcoin has not been fully adopted by every country.