Do you think Bitcoin can ruin a Country?

[AMHURSICKUS]

May be no. As you can see bitcoin has no tax and that tax is very important to a country because using this we can support common resources, we can ensure our road are safe and well maintained. If this bitcoin will be use as a currency of a country. I'm sure they will make any sollution, if we stiil apply the no tax policy. So that this country wil not ruin.

[Sithara007]

May be no. As you can see bitcoin has no tax

Who told you about this? You are liable to pay taxes on your profits from Bitcoin (only if you convert your coins to fiat). And the biggest problem is that this profit will be regarded as ordinary income. So if you get a 40% profit over an investment of $10,000 ($4,000 profits), then you may end up paying up to $1,600 as tax.

[Philopolymath]

This is such a loaded question...
We first must understand what a country actually is...

A COUNTRY is a Political BOUNDARY....It is a Territorial MONOPOLY...
The OWNERS of the Monopoly get to create any law they wish and stick it to the PEOPLE who live inside the Boundary..
And DICTATE the trade and relationships they have with OTHER TERRITORIAL MONOPOLIES

Nothing can destroy the land the territory...though nukes and war or other Countries trade Policies can make it uninhabitable unbearable for the locals.

WHAT BITCOIN CAN DO IS DESTROY THE POWER BASE OF THE MONOPOLY...
The power of the monopolies is 100% dependant on FINANCIAL EXPLOITATION of it OCCUPANTS

So if the questions is..
Can BITCOIN RUIN CORPORATE/GOVERMENT MONOPOLIES OVER ITS PEOPLE

IT SURE AS SHIT CAN !!! AND HOPEFULLY WILL!!!
THAT IS EXACTLY WHY IT WAS CREATED..TO DO JUST THAT !!!

[PointHope]

So if the questions is..
Can BITCOIN RUIN CORPORATE/GOVERMENT MONOPOLIES OVER ITS PEOPLE

IT SURE AS SHIT CAN !!! AND HOPEFULLY WILL!!!
THAT IS EXACTLY WHY IT WAS CREATED..TO DO JUST THAT !!!

Indeed, countries, borders, government and associated laws against people are the problems.

Bitcoin has opened the door for 7 billion self governments to exist.

Soon countries and their associated elites will be obsolete.

7 billion citizens of the earth will rise up and take responsibilty for the protection of the earth from the horrendous waste and oppression created by the militarized elite owned governments.

[AmaitKumar]

With the enhancement in modern technology, Bitcoins can never ruin a country. In fact, with the emergence of Bitcoins one can easily send and receive Bitcoins within couple of seconds. To mine Bitcoin their is no use of third party. One can easily mine bitcoins in an easy and effective way.

[BitcoinNational]

Every currency can ruin a country. Depending on how it is used and who hold it.

I don't think bitcoin will ever be the currency of a country, it could coexist though.

[richmcrich]

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?

There is no way bitcoin can ever ruin a country. The only thing that can happen is that there would be a lot illegal stuff going on in the country and then corruption would be the main thing since loads of cash can be looted and transferred with bitcoin

[Kiweikoo]

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?

There is no way bitcoin is going to ruin a country since it doesn’t participate in the affairs of the country
directly, only the citizens of that country can ruin the country and this depends on how they use the crypto currency.

[wearepoor]

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?

There is no way bitcoin is going to ruin a country since it doesn’t participate in the affairs of the country
directly, only the citizens of that country can ruin the country and this depends on how they use the crypto currency.

No i don't think that it will be ruin the country. If the government of any country legalize the bitcoins as currency then government has the right to monitor the bitcoins related activities; also they can collect the tax from the bitcoin related business and income.

[seattletu]

If at any point bitcoin turned into a currency of certain nation, tax will be imposed to it. Despite the fact that bitcoin has a character of anonymity yet at the same time the administration wont permit such cash not to have tax from individuals. Since bitcoin doesn't require, money or physical traits it will be preference to the legislature to control the earnings of the general population effectively.

Bitcoin is giving chances to individuals to profit from bitcoin and through this why it is expanding the financial state of a country.So surely bitcoin is not going to destroy a nation.

[xsudo23]

If we encourage the use of bitcoin government will impose tax on many if it's transaction aswell and tax is a important for running of the country. But it does provide a lot of opportunities for people to earn money from their homes, or as a alternative income. If bitcoins replaces cash, I think it will be easier to impose tax on it since all the transactions will be online unlike cash which is used as blackmoney a lot. So if

[byteball]

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?

Ransom payments and illegal trade will be upgraded regardless.
For the bribe example, consider the alternatives:

1) said government official buys 9 flats in newly developed high rise apartment buildings. They have inept plans and are not designed to be sold to real dwellers. There's just no actual demand for that kind of accomodation, and will never be. He pays taxes, utility bills several years (as he needs to maintain positive Celsius temperature to prevent ruining the central heating!) but what he's got is just a wasting asset, that he hopes to flip to a "greater fool" at a profit. He may become a philantropist landlord and let the flats out very cheaply, but that is not likely, as he is very greedy!

2) said official hid his money in Cyprus until the next Soros attack hits there. What is the profit for Russia? He will become even more greedy, anxious to replenish his "stash" once again.

At least with crypto he will not lose everything, if he is not stupid, and he may get enough for all of his family, cronies and pets.

[DanetonBit]

I think bitcoin is a blessing to any country that is bold enough to implement it. theres more to be gained in the new economy!

[nostra3]

It could be damaging, because use of bitcoin virtual currency in a country can disturb the stability of currency exchange rates, including in Indonesia for example. If this is rampant, then the rupiah exchange rate will also be affected. One effect is seen in fluctuations in the value of the virtual currency. Bitcoin has a fairly rapid up and down phase. So it will be difficult to control.

[Pasabm]

Yes, bitcoin can destroy a country. Because it can disrupt the stability of currency exchange rates, many other factors also affec

[cryptomajestic]

  ::
Do not think so,Can enhance development

[rmilly]

I definitely agree. Bitcoin can only solve problems. The biggest obstacle would be how to regulate it and track it, especially for the IRS. Every country runs on tax money.

[cvan]

I'm curious to see what countries are planning on doing with bitcoin and crypto in general. Glad to see countries like Switzerland being progressive. We will see in a few years.

[BitcoinIsTheAnswer]

How can bitcoin ruin a country ? I mean thats not possible unless there is dictature and that nothing has to do with bitcoins.

[Dexion]

I think this is returned to everyone, if this bitcoin is in the hands of the evil will certainly damage a country ,, because bitcoin transactions are difficult to track ,, but it will be different if there is in the hands of a good person ,,