Do you think Bitcoin can ruin a Country?

[Jerzzz]

bitcoin is not a ruin to the country bitcoin is useful for community service like me i need a part-time job can help ordinary people should to know it was a good work and I was believe that bitcoin is big help to get occupation.

[MoreBlocks]

While the crypto phenomenon has progressed rapidly, I am highly doubtful that it could ruin a country due to the fact that technology survives thanks to others companies.  So as the prices rise electric will go up, internet the whole works

[Granxis]

I think no, Bitcoin is a bitcoin it is not ruin the country. If we think that the Bitcoin ruin the country because don't have taxes its no! .in other hand it gives an opportunity to improve the economy and trading as well.

First of all, countries that do not receive tax are present, but they are not affected by this situation, but bitcoin which is difficult to follow for tax-buying countries will be a serious problem and it is not a prohibited site but a network infrastructure.

[Herdirfauzi]

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.

Yeah right what you say, the bitcoin is now a lot of facilities can be for investment, trade, altcoin, online shopping etc. many there is a newborn project using bitcoin as a supporter

[Herdirfauzi]

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.

bitcoin thus will not ruin a country. because of the bitcoin provides an opportunity to the world for investment,. so the bitcoin became a good tool.
If the Government is serious about the bitcoin will act, then they can also treat the tax on it. will surely collect taxes either bitcoin

With their bitcoin not just for investment, but can be used for trading, online shopping, as I see now-bitcoin is growing with the many facilities provided by the companies. But in my country there are still many people who do not know what bitcoin is and there are also those who know it and not with the explanation.

[inanilujimi]

I think if the currency of a bitcoin country could damage the country.
Corruption will ridicule no one will know whoever the perpetrators.
And many more bad effects.

[darkangel11]

I think if the currency of a bitcoin country could damage the country.
Corruption will ridicule no one will know whoever the perpetrators.
And many more bad effects.

Corruption is already easy to hide and the way to fight it is not through monitoring the transactions, but making it difficult for clerks to do stuff under the table. Giving and taking money is easy. It's much harder to issue signed documents and manage to hide it for years to come.
Do you know why in some countries like Japan there's almost no corruption and in other like Mexico or Thailand it's everywhere? Think about it, anonymous money won't make corruption suddenly appear.

[bubblebit]

I don't think the government of that state/country wouldn't do anything in regulating BTCitcoin in that country if that happen. They will pass a law and putting taxation on any transactions in it. If majority or a good amount of users being monitored by government that using this currency its either they will legalize it or banned it. It matters if what country we're talking about and its policies to evolutions of technology.

[cryptojac17]

I don't think the government of that state/country wouldn't do anything in regulating BTCitcoin in that country if that happen. They will pass a law and putting taxation on any transactions in it. If majority or a good amount of users being monitored by government that using this currency its either they will legalize it or banned it. It matters if what country we're talking about and its policies to evolutions of technology.

If in this case that bit coin will ruin a country / state then what the use of bit coin currency? it is important that this currency should be recognized in any country. At this instant we should think how to legalize the currency, even though it entail with lot of taxes in every transaction but the security of the investor is very important. There should be a third party intervention that will act as moderator in case of problem, scam or any related case. The government is the only institutions that will protect its citizen.

[fullhdpixel]

If some people use bitcoin as a very profitable business asset in all its activities, but certainly there are those who use bitcoin for crimes such as for money laundering of corruption and the financing of this terrorist activity which became negative rumors about bitcoin, whereas bitcoin has a function that Both for the economy of its users and able to help reduce unemployment that is currently soaring dramatically, because of how difficult the real work facilities available.and bitcoin to be a lifesaver for those who do not have a decent income so as to finance their needs by using bitcoin.

I think bitcoin will have some noticeable effect on the country’s currency. If everyone in the country happens to invest, their might be a slight reduction in the value of their currency.

But after making some profit, and let me say they all started withdrawing at a time, you will notice a boost in the country’s currency value and it will also have more value than before, I believe. Lastly, I don’t think Bitcoin can ruin, although it will be having some effects.

[JTASSOCIATES]

I think Bitcoin cannot ruin a country why this much confident is Bitcoin again and again writing that its become bread earning of lot of family not only that its life changer also it will give you the opportunity to the people who want to work hard and independently. so at any cost Bitcoin wont ruin any country obviously its going to develop the country.

[MarkuS_81]

I think no. Bitcoin is a bitcoin it's can't ruin the country. It's different.

[Netnox]

Theoretically yes. I can imagine about a million scenarios. For example, Bitcoin can be used for criminal activities such as illegal drug purchases, bribing and ransom payments. And it can also be used for tax evasion (although I would not label it as a crime).

[darkangel11]

Theoretically yes. I can imagine about a million scenarios. For example, Bitcoin can be used for criminal activities such as illegal drug purchases, bribing and ransom payments. And it can also be used for tax evasion (although I would not label it as a crime).

It's already being used for criminal activity, just like any other fiat currency. Crime is and has always been a part of our world and it won't disappear if we start exchanging silver coins again. It won't ruin a country just as it hasn't ruined countries before.

Tax evasion? You can only do it to a certain level and countries have laws that make it not worth the risk (in most cases). If you sell $10k worth of bitcoins a year you can avoid paying taxes, but the loss of your government won't be that big, because you will eventually spend the money and buy products in stores that pay taxes. Your money will fueal the economy one way or the other. If you go big and hide your profits, you're risking getting caught and losing everything.

[Netnox]

Theoretically yes. I can imagine about a million scenarios. For example, Bitcoin can be used for criminal activities such as illegal drug purchases, bribing and ransom payments. And it can also be used for tax evasion (although I would not label it as a crime).

It's already being used for criminal activity, just like any other fiat currency. Crime is and has always been a part of our world and it won't disappear if we start exchanging silver coins again. It won't ruin a country just as it hasn't ruined countries before.

Tax evasion? You can only do it to a certain level and countries have laws that make it not worth the risk (in most cases). If you sell $10k worth of bitcoins a year you can avoid paying taxes, but the loss of your government won't be that big, because you will eventually spend the money and buy products in stores that pay taxes. Your money will fueal the economy one way or the other. If you go big and hide your profits, you're risking getting caught and losing everything.

For now, let's ignore its usage in ransom payments and drug trade. Let's concentrate on tax evasion. Suppose I am a government official living in Russia. I got a bribe of BTC1,000 from someone. I didn't cashed out the coins immediately. Instead I waited for one year and then I went for a vacation to Switzerland. I converted the coins to Swiss Franc, and deposited them in a bank in Switzerland. Now how is Russia going to benefit out of this exercise?

[Cryptoticker]

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?

I would say it's more possible that "normal" cash ruins a country

[Nameless27]

Based on my unreliable memory, since Stone Age crimes has been around. Even before a year bitcoin show its presence those criminal acts has been distributing destruction in any county. We can't point bitcoin alone for the reason that the government can't controlled it. Is it logical enough that even those old dollars been used in that activity and we never heard from the government to banned it.

[cryptojac17]

Theoretically yes. I can imagine about a million scenarios. For example, Bitcoin can be used for criminal activities such as illegal drug purchases, bribing and ransom payments. And it can also be used for tax evasion (although I would not label it as a crime).

It's already being used for criminal activity, just like any other fiat currency. Crime is and has always been a part of our world and it won't disappear if we start exchanging silver coins again. It won't ruin a country just as it hasn't ruined countries before.

Tax evasion? You can only do it to a certain level and countries have laws that make it not worth the risk (in most cases). If you sell $10k worth of bitcoins a year you can avoid paying taxes, but the loss of your government won't be that big, because you will eventually spend the money and buy products in stores that pay taxes. Your money will fueal the economy one way or the other. If you go big and hide your profits, you're risking getting caught and losing everything.

For now, let's ignore its usage in ransom payments and drug trade. Let's concentrate on tax evasion. Suppose I am a government official living in Russia. I got a bribe of BTC1,000 from someone. I didn't cashed out the coins immediately. Instead I waited for one year and then I went for a vacation to Switzerland. I converted the coins to Swiss Franc, and deposited them in a bank in Switzerland. Now how is Russia going to benefit out of this exercise?

I don’t think bit coin can ruin a country instead it will improve the economy of the country why ? Because of the buying power and versatility of this currency it will compete US dollar and be more than that because it is is a virtual currency you can carry it anywhere in the world with out any legal obligations, if many citizen’s in country having bit coin  in their wallet it will make a country better in economy because a country having much dollar reserved  is considered rich country as comparable to a country rich in bit coin reserve.

[e-veksel]

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, in my opinion the nature of bitcoin and other cryptocurrency have a similarity with the idea of ​​the national bank, wich were expressed by P-J Proudhon, the french theorist of anarchism, who lived in the 19th century. Unfortunately, he was taken to prison for his progressive ideas - the government was afraid of it. But the concept of the national bank was very intresting - the bank must give to people a possibility to exchange goods and services bypassing the state, without paying taxes. I hope, you agree with me, that taxes is a crime by te state, in fact it is a kind of extortion. So, if you ask my opinion: yes, cryptocurrency can destroy the country, and even not one of the county, but the whole idea of the state, of the public authority. And it would be justly.

[mankind server]

for me there might be a positive and a negative effect. if bitcoin becames a currency in a country (we know that bitcoin as of now is tax free) it can be a cause of a freat downfall o the economic status. because we all know that tax is used to improve the country, without tax the country would fall. but on the other hand, bitcoin can be used for faster transactions for example: business around the globe