Do you think Bitcoin can ruin a Country?

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Bitcoin can't ruin a country unless it was accepted as official country but I know it will not gonna happen. It is only a payment option in the internet to make transactions cheap and faster. Just take a look the positive side it brings, it can help the economy to betterment. It is now being use of many people and I can say that it will never destroy a country.

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[Wesimon]

Why would it ruin a country?

If ever bitcoin became a currency of certain country, tax will be applied to it. Though bitcoin has a character of anonymousity but still the government wont allow such currency not to have tax from people. Since bitcoin doesn't require so cash or physical attributes it will be an advantage to the government to manipulate the income of the people easily.

[maxtra]

No it can't

The value has fluctuation but it won't be able to ruin a country. I think so

[wahb]

Bitcoin can't ruin a country unless it was accepted as official country but I know it will not gonna happen. It is only a payment option in the internet to make transactions cheap and faster. Just take a look the positive side it brings, it can help the economy to betterment. It is now being use of many people and I can say that it will never destroy a country.

yes bitcoin is not going  to ruin a country, and specially if a country will consider it as legal currency. bitcoin is providing opportunities to people to make money from bitcoin and through this why it is increasing the economic condition of a country. for example in my country the economic condition is not as such satisfy, but now bitcoin is providing opportunities to people to change their own and their country economic condition.

[thecryptoconsultant]

i don't know but i know that germany will probably get deep packet inspection. and we pay tax on all kinds of storage hardware because it could be for music and the like. following this logic you can expect a tax for downloading the bitcoin client. funny discussions to come..

Hi all!

This is a fun point mentioned by Noob22, This forum is global and when we talk about country we have different ideas in mind. I am actually preparing an article on the topic, I am European but I am quite familiar with the United states. The function of the state is totally different one to the other. Meaning that bitcoin or other privacy focused cryptocurrencies won't stop a country to do this regalian functions (US version of a State) but it can prevent the redistribution of wealth within a country (European vision of a State). 

It is also interesting that the current cryptocurrencies are backing the libertarians but there might be room for much more.

In preparation to this article I was reading some document issued by the European Union that was mentioning a license to mine bitcoin 

To receive more information on the topic, please register to the newsletter at thecryptoconsultant.com

Victor

[matuson]

Bitcoin can't ruin a country unless it was accepted as official country but I know it will not gonna happen. It is only a payment option in the internet to make transactions cheap and faster. Just take a look the positive side it brings, it can help the economy to betterment. It is now being use of many people and I can say that it will never destroy a country.

Actually bitcoin does not help the country. You can really create a system in which you will have to pay income taxes in bitcoins, but this is only one part of the problem. To a large extent the economy of a country sangsit from the regulator of the money supply. How it can be done with bitcoin. It's not real.

[hawthelegend]

A country's demise should not be blamed on bitcoins if ever it should happen coz it brings more than the opposite of what you are stating. Tax can be put on anything and if the government just does what is right their country would be much much more greater than what it is now. And they know it. Rhe thing is, they would completely lose control over a lot of things and they also know this, so that is why they try their best to avoid it, but in some countries, they understood already that they cant do shit to stop it for day by day, more and more people are getting into bitcoins and other crypto currencies. And if they still block it, it would raise ro many eye brows and could lead to various country problems. And rebellions can be considered as one.

[fuer44]

Maybe if there is already clear regulation from the government, bitcoin is safe and may benefit the country. Because there may be certain taxes from the government.

[thecryptoconsultant]

But not all governments have regulations about bitcoin, France actually still considers it as a war weapon because its encrypted

[akar87]

For this time, seems not yet negative or positive effect for a country, because the scale of its use still small. However, it may change if users or circulation bitcoin grows significantly.

[dihari]

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?

If it's all about the taxes that the main government income, well I would say yes. With its anonymous system and too transparent I think it's not good for a country using bitcoin as currency.
But it can be side currency for an alternative to push the economic growth globally, and you how easy is bitcoin to transfer between countries in the whole world.

[ecnalubma]

Bitcoin can't ruin a country or any country using it as primary currency, if the government misuse it that will cause a downward spiral effect on the economy but i think that will not happen because the government is smart enough to regulate such things.

[asyakashi]

Do not be too worried, there are many other tax sources that become the income of a country. Suppose the land, buildings and others. 

[corroze]

Obviously existence of bitcoin will not damage a country, whether its economy or security
But with bitcoin can help create jobs for those who do not have a fixed income that can meet the needs of his life. Even recently some countries have successfully adopted bitcon and declared its legality.

[shohelalam]

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?

Yes You Are Right... if bitcoin become a currency of one county it can be destroy because the county can not take any vat tax from bitcoin. and the country improve by vat, tax. after that country will destroy. and also come money Lon daring Issue.

[darkangel11]

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?

Yes You Are Right... if bitcoin become a currency of one county it can be destroy because the county can not take any vat tax from bitcoin. and the country improve by vat, tax. after that country will destroy. and also come money Lon daring Issue.

Sorry, but you're clueless. Some countries don't have VAT and they aren't destroyed by the lack of it. Some like Japan and Canada have only 5% VAT, so losing this wouldn't lead them to an economic collapse.
Also, bitcoin will never reach 100% of transactions in a country. That country would have to completely drop fiat and traditional banking and that will never happen.

[thecryptoconsultant]

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?

Yes You Are Right... if bitcoin become a currency of one county it can be destroy because the county can not take any vat tax from bitcoin. and the country improve by vat, tax. after that country will destroy. and also come money Lon daring Issue.

Sorry, but you're clueless. Some countries don't have VAT and they aren't destroyed by the lack of it. Some like Japan and Canada have only 5% VAT, so losing this wouldn't lead them to an economic collapse.
Also, bitcoin will never reach 100% of transactions in a country. That country would have to completely drop fiat and traditional banking and that will never happen.

But how much excise tax is there in Canada for booze or tobacco ? And how much does this represent to budget balancr? And what is the ratio of corporate income tax? This could also disapear with crypto currencies.

Victor

[hawthelegend]

Bitcoin can't ruin a country. Not unless it was accepted as official currency in a country. but I know that it is not gonna happen. It is only a payment option in the internet to make transactions cheaper and faster(that is if its issues gets fixed in the future). Just take a look the positive side it brings, and you will see that it can help the economy to betterment. On the contrary, It is now being used by many people. and I can honestly say that it will never destroy a country. Instead, make it better.

[darkangel11]

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?

Yes You Are Right... if bitcoin become a currency of one county it can be destroy because the county can not take any vat tax from bitcoin. and the country improve by vat, tax. after that country will destroy. and also come money Lon daring Issue.

Sorry, but you're clueless. Some countries don't have VAT and they aren't destroyed by the lack of it. Some like Japan and Canada have only 5% VAT, so losing this wouldn't lead them to an economic collapse.
Also, bitcoin will never reach 100% of transactions in a country. That country would have to completely drop fiat and traditional banking and that will never happen.

But how much excise tax is there in Canada for booze or tobacco ? And how much does this represent to budget balancr? And what is the ratio of corporate income tax? This could also disapear with crypto currencies.

Victor

First of all excise is unjust and should disappear, because it's a tax added on top of other taxes, to make the use of certain goods more expensive for some reason.
That said, this tax, just like VAT can be easily executed because it's added to the price. It doesn't matter if we buy a bottle of booze with fiat or bitcoin, the price will remain the same and the tax will be paid anyway, if not by the consumers then by the manufacturers.

[Blackwhite69]

i dont think so because bitcoin don't pay taxes, we all know that taxes is for government  used so there is no big possibility to ruin our country , besides , it can help bitcoin users to invest money .

I don't agree because what would happen if all residents in that country not using their currency? how the country progresses if there is no tax?