Do you think Bitcoin can ruin a Country?

[Amph]

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

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

he clearly said, in the case bitcoin is the number one currency of that country, so you must assume the same marketcap

in this case government would have an hard time dealing with tax collection, many will just evade easily

at that point the government need just to enforce the law on the transaction, and track them all, to take its portion of money

this is what EURO is going to do with the exchange right now, they want to trace every activity

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[Immakillya]

I think not. Bitcoin have no connection on government. So i dont see that bitcoin could destroy a country. If the tax is what you are trying to say. Its okay because tax is given when you exchange bitcoin to cash. Actually it can save you from currency devaluation. I find bitcoin useful and destruction.

[bering]

basically bitcoin cannot ruin the particular countries and also the government is not stupid that they will never ruin their self and if they decide to accept bitcoin as their currency i think they already prepare to worst situations regarding use bitcoin and before they regulation bitcoin i think they will find a way how to get tax from every bitcoin transactions

[mkmdoc]

Though bitcoin has many advantages but government will not agree as main payment method because bitcoin currency is deviated to all parts of the country. Many people are keep saying that china has most coins, if every country accepts bitcoin than china will become leading country in all economic field.

[coynedterm]

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?

Since few of countries accepted bitcoin officially but still most of the countries are not accepting bitcoin directly .
But I think if any country accept the bitcoin directly ,.where we can buy anything from bitcoin then it may be possibility of slow growth of the country's government income and income tax . Because the most of the tax for the government  officers is coming from the tax only , So if bitcoin will be used by the most of the person then taxes will killed by bitcoin about 70-80% .
But here a better thing to think is that people will individually grow their buisiness with bitcoin because of its ease of use and less transaction charge for worldwide payments .

[btcdiggingmaster]

I don't think so, till now some countries are not still using the bitcoin for many reasons. Suppose if governments accepts bitcoin means it will be treated as like gold, because gold is completely based on trading market, price fluctuation are common in gold also. Bitcoin is one compete to gold.

[marketone]

I think not. Bitcoin have no connection on government. So i dont see that bitcoin could destroy a country. If the tax is what you are trying to say. Its okay because tax is given when you exchange bitcoin to cash. Actually it can save you from currency devaluation. I find bitcoin useful and destruction.

Without any government support no currency will ruin the world, till now bitcoin don't have any relationship with banks like gold. But many people have feeling that once government accepts bitcoin, atleast it will become one of their payment method for all transactions.

[LLec]

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?

Just when you mentioned about taxing bitcoin the thing going on in Switzerland and Xapo came to mind.
They are allowing bitcoin wallet and exchange to operate there but with added fees. Could this be in light of their own governing tax laws?
Everybody knows they are lax when it comes to their tax code on the wealthy and how millionaires and billionaires keep their wealth of money in these swiss bank accounts so to keep it out of the hands of their local tax man's hands.
I wouldn't doubt if Trump has a hidden swiss account in hiding from those sneaky invading tax inspectors.

[rifiuti]

Yup. Cut the internet and they are done.

[legendbtc]

Yup. Cut the internet and they are done.

Bitcoin is completely running through internet only and it is completely digital currency, if you cut the interest than how can it become more popular. Today bitcoin is very famous because of internet only, but it cannot ruin a country completely.

[Dr.Osh]

I never thought something like that, even I think that bitcoin is a technology that will make the country will grow. maybe there will be some adverse effects, but when bitcoin is used for positive things, it will make a positive impact on an increasingly large and widespread. it will affect the country for the better.

[olushakes]

Bitcoin can ruin the financial system of a country if there is absolute freedom of its usage from government in several ways which includes

1. It means there won't be payment of taxes which forms large chunk of government income to finance expenditure, the agency saddled with tax collection therefore becomes useless and the staff there won't be useful again.

2. Moving out money without trace then becomes the order of the day by either individuals or corporate bodies.

[komo]

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?

Tax? Many good country success with no tax. I think bitcoins will be nice if ruin in 1 country. My country maybe (INA)

[mkmdoc]

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?

Tax? Many good country success with no tax. I think bitcoins will be nice if ruin in 1 country. My country maybe (INA)

Yes i can agree with you with no taxes in some countries but it is completely different scenario with governments who are asking for taxes. Bitcoin fees are very low now but government should support it. Some big countries are surviving only because of taxes so in future bitcoin will not ruin a country.

[chickenado]

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?

Of course if they accept bitcoin without having a tax they're country will ruin. But I want to know How many percent tax they'll not get if bitcoin become a currency of one country? What if the government add some tax for the bitcoin? How? By adding tax in any person in their country. They can get many tax from that idea. But of course many will not agree in that case, so government will not accept bitcoin as a currency of their country.

[Monnt]

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?

The answer to this is no. The government runs on taxes. If Bitcoin became so much of a predicament, the government would start watching very closely, and congress would pass new laws on bitcoin. If you live in the US, there are taxes for capital gain. No matter where you live in the world, it is quite obvious that bitcoin will not ever ruin a country. Imagine this, we would have to print less money, saving some trees. Also, Bitcoin can stop currency devaluation.

[Lionidas]

It can cause division in it's supporters calling it the currency of the next messiah and in the Warren Buffet co-conspiritors saying it is the anti-currency.
So you decide.
Because as we all know divisional sides can divide a nation. Just look at east and west berlin.

[bitllionaire]

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?

The answer to this is no. The government runs on taxes. If Bitcoin became so much of a predicament, the government would start watching very closely, and congress would pass new laws on bitcoin. If you live in the US, there are taxes for capital gain. No matter where you live in the world, it is quite obvious that bitcoin will not ever ruin a country. Imagine this, we would have to print less money, saving some trees. Also, Bitcoin can stop currency devaluation.

yes bitcoin is not going to ruin any country. but to me i think it is giving more financial support to the countries. bitcoin is giving opportunities to jobless people to invest a minor assets and get a god profit. and if a person even do not have any investment, then he can join a signature campaign in bitcoin cointalk.org from where he can get some bitcoin. and i think if government will put tax on bitcoin then the government can also get good income tax from bitcoin.

[theoulis]

dictators are ruining countries!
false politics are ruining countries!
greedy leaders, mad leaders, you name them.
Moreover, every transaction has and should have a vat taxation. no other tax is needed, just give people the opportunity
to transact with each other!

[Hydrogen]

The two main tax issues which ruin a country are.

Wasteful state spending -- the united states spending $6.5 trillion on their war in the middle east with no tangible positive returns and nothing to show for it.

Inefficient state spending -- public schools in the united states having per student costs rivaling the expense of harvard tuition.

Tax collection is seldom an issue, unless we're talking about countries like greece where tax avoidance is extremely widespread.

Also most avenues of tax collection, income taxes and so on are not bitcoin enabled which limits the degree to which taxes can be avoided.