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Author Topic: Do you think Bitcoin can ruin a Country?  (Read 24528 times)
FlightyPouch
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January 31, 2017, 03:28:52 AM
 #1

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

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hurain
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January 31, 2017, 08:25:05 AM
 #2

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?
bitcoin is not going to ruin a country, bitcoin is providing opportunities to its people for investment and trading, so bitcoin can be a good tool to increase the status of a country economically. i think if government take  serious step about bitcoin and regularize  then they can also impose tax on it and will certainly collect good tax from  bitcoin.
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January 31, 2017, 08:34:50 AM
 #3

Oh yeah definitely! maybe a country with more than 50M population, in that way their currency becomes more valuable than diamond.
Not to mention the lack of liquidity will be their demise if not lack of taxation.

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FlightyPouch
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January 31, 2017, 01:00:07 PM
 #4

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?
bitcoin is not going to ruin a country, bitcoin is providing opportunities to its people for investment and trading, so bitcoin can be a good tool to increase the status of a country economically. i think if government take  serious step about bitcoin and regularize  then they can also impose tax on it and will certainly collect good tax from  bitcoin.
Yes, that is right, it is really providing opportunities to people, but im not talking about the individual and helping them to make a bright or good future. I am talking about the blood of the country, taxation. Though you have a point, but i think, not all people can earn bitcoin so they can increase their status,

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January 31, 2017, 01:10:29 PM
 #5

Human being can ruin the country not bitcoin, because bitcoin is providing different types opportunity where we can some amount of money with the investment we made on it. Today bitcoin has provided many facilities like trading, altcoin, online shopping, online recharge etc bitcoin has become created user friendly in between us.

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January 31, 2017, 01:34:27 PM
 #6

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?
bitcoin is not going to ruin a country, bitcoin is providing opportunities to its people for investment and trading, so bitcoin can be a good tool to increase the status of a country economically. i think if government take  serious step about bitcoin and regularize  then they can also impose tax on it and will certainly collect good tax from  bitcoin.


I agree with you,,,  bitcoin is very useful for our lives, so many business opportunities created by the existence of the bitcoin.
in terms of tax rules bitcoin each country has different regulations of course,

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January 31, 2017, 05:09:10 PM
 #7

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

Your argument is a very correct one and that is a very cogent weakness that I am sure the governments are capitalising on to wage against the popularity. Another way bitcoin can ruin a country is the untraceable nature of transactions. In the case of fiat when a particular account is flagged for fraud the account is barred and the person linked to it can be apprehended but same cannot be said of bitcoin with bitcoin the money is gone forever.

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January 31, 2017, 05:29:37 PM
 #8

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

Well i think of it that bitcoin will not ruin a country and it would need approval to once's country if they accept bitcoin or make bitcoin their money and the government will think of a way to have a tax in bitcoin that's how the government works and really today it doesn't apply because bitcoin isn't that big today but someday it will reign supreme someday and our salary will be bitcoin soon and later on the government will take half of our bitcoin so that for the tax and know this that the government will also be corrupted >.<
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January 31, 2017, 10:34:38 PM
 #9

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

Your argument is a very correct one and that is a very cogent weakness that I am sure the governments are capitalising on to wage against the popularity. Another way bitcoin can ruin a country is the untraceable nature of transactions. In the case of fiat when a particular account is flagged for fraud the account is barred and the person linked to it can be apprehended but same cannot be said of bitcoin with bitcoin the money is gone forever.
I though there are these so called blockchain that being showed after a transaction is done used by some traders and campaign manager to have a proof of paying them, right?

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January 31, 2017, 10:37:18 PM
 #10

Think of it, Bitcoins do not have a tax.

maybe you need to rethink that when you cash out your giant bitcoin profits. depending on where you live you're gonna find it certainly does have tax and your ass will be nailed to the wall if they find out you haven't paid it.


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January 31, 2017, 10:39:58 PM
 #11

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

Well i think of it that bitcoin will not ruin a country and it would need approval to once's country if they accept bitcoin or make bitcoin their money and the government will think of a way to have a tax in bitcoin that's how the government works and really today it doesn't apply because bitcoin isn't that big today but someday it will reign supreme someday and our salary will be bitcoin soon and later on the government will take half of our bitcoin so that for the tax and know this that the government will also be corrupted >.<
Yeah I also had a thought of that. Government has its ways to solve things concerning the country and these about taxation and stuffs. If that is the case I know it will be really corrupted someday by someone, we dont know, a government official or anyone who has skills on doing it. But having transactions in bitcoin is very secretive, its like having a good secret and noone will no it unless it you need to tell them. I guess that will be abused by some government officials.

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January 31, 2017, 10:41:43 PM
 #12

Think of it, Bitcoins do not have a tax.

maybe you need to rethink that when you cash out your giant bitcoin profits. depending on where you live you're gonna find it certainly does have tax and your ass will be nailed to the wall if they find out you haven't paid it.



Really? Woah, never thought of that, well what I was just paying is the fees on sending money, is it counted as a tax?

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January 31, 2017, 10:44:06 PM
 #13

Really? Woah, never thought of that, well what I was just paying is the fees on sending money, is it counted as a tax?

again, depends what country you're in. in the US for instance you're expected to pay capital gains tax on profits realised. so if you paid alot less than what you sell them for you're expected to declare that profit and pay the tax on it. they also seem to want you to pay tax when you spend it as well if you paid less for it but i've no idea how that would work and i wouldn't bother mentioning it. 

the fees are to the bitcoin network. no tax there.

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January 31, 2017, 10:58:43 PM
 #14

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

Taxes are applied somewhere but not everywhere, bitcoin can damage a bit the economy (if they can't know if their citizens are using a lot the bitcoin) of a country but not the country itself.

The fees on the network are only fee and can't be taxes because it was not designed to pay for taxes in this way, at least for now it's not bad for people who use bitcoin but the issue is when they withdraw the money here is the problem.

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January 31, 2017, 11:22:34 PM
 #15

Bitcoin have real chance to make world better for humans and bring us to new type of world where everything will be better and it will not be poor like in this moment which most of us do not like but rich rude humans which want poor humans to stay poor will hate that moment and I will laught them in face Tongue
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January 31, 2017, 11:48:55 PM
 #16

compare btc daily volume on ~200 million vs forex 5 Trillion

BTC doesn't even move the needle I would say NO

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February 01, 2017, 04:45:36 AM
 #17

Why would bitcoin ruin a country if it becomes its currency? No leader in a country in his proper thinking would allow bitcoin to be used as its main currency and not being taxed... It's simple as that, when it becomes a currency, then it will be regulated, besides, if you buy items using your bitcoin ( if it is already your currency ) there is already a tax in it, services too, taxes are in it...

So it can't ruin a country... Leaders will always look at its country's future before trying out new things...   Smiley

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February 01, 2017, 04:56:55 AM
 #18

i think bitcoin is not gonna ruin a country but bitcoin will help the economy of a country with giving more benefits to citizen when they use bitcoin in daily life but this is not yet realize by government or they know before. its like using fiat in a country but we have more benefits that we can use it in many places in other country.

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February 01, 2017, 05:08:09 AM
 #19

No way it can! suppose you have heap of money in your account but in order to use it like buying goods or something you must follow the rules in your country such as tax and others.Bitcoin is a way of exchange nothing more or less. So its up to you how to use it.
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February 01, 2017, 07:37:16 AM
 #20

All I can say is a BIG NO. Bitcoin use isn't going to be burden to the government when it becomes its currency. In fact they can save a lot in funds on printing money, they can now use it to print more books and papers for children. But the on the other hand, when government is going to handle bitcoin it can't be called as bitcoin anymore. It will be more of a centralized digital currency.  Smiley

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