Do you think Bitcoin can ruin a Country?

[/GeertJohan]

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?

Both can be possible.. It may ruin a country or not..
But not all the time it happen.. It lean on to how they are using it..
When the bitcoin become a currency of one country it help to their economic status will improve and they definitely provide tax of it.. Because the value of bitcoin is higher than all digital currency.

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[Martina1]

It could only happen if some people or organized groups' real intention is to bring down btc.They are going to use btc in huge drug deals, money laundering, ransom and other criminal activities where btc can be used. Bitcoin was never made to ruin a country but if  you are going to use it for bad cause then it is just simple than it also leads to bad effects.

That is exactly what I was thinking about. Many people I know still saying that bitcoin is a scam and the people who are using btc are sheeps because the system is using them and they dont believe in cryptocurrencies at all. But if btc and other cryptocurrencies are going to be legal everywere in the future, it will be a lot of criminal and illegal use of btc.

[Lancusters]

It could only happen if some people or organized groups' real intention is to bring down btc.They are going to use btc in huge drug deals, money laundering, ransom and other criminal activities where btc can be used. Bitcoin was never made to ruin a country but if  you are going to use it for bad cause then it is just simple than it also leads to bad effects.

That is exactly what I was thinking about. Many people I know still saying that bitcoin is a scam and the people who are using btc are sheeps because the system is using them and they dont believe in cryptocurrencies at all. But if btc and other cryptocurrencies are going to be legal everywere in the future, it will be a lot of criminal and illegal use of btc.

This argument which is used by banks and governments. So they are trying to create a negative image of bitcoin in society in order to then deny him. Who can prove a specific example that criminals use bitcoin? It is not. You can easily cash out bitcoin using a large amount. It will be noticeable. All criminals use cash.

[kimochidesh]

Just Imagine a country without any govt. or with a lame administration. No rules...Money is the real law and Rich can do what he wants.
To run a nation administration smoothly, it got 2 requirements: 1st is People trust and 2nd is Enough funds. If any of these is missing, whole admin system will collapse. If BTC users will not pay their taxes honestly, the nation will get deficit of funds, and whole admin system will collapse. Crime rate in such country will increase like anything. In such scenerio, JUNGLE rule will apply to humans also....Only Best can survive.

[Dreamchaser21]

Bitcoin will not ruin a country it may help it's economy instead. Imagine what bitcoin can give a country.

That's true basically bitcoin was used to transact more easily and to stay away the banks who are really fraud. I really think bitcoin creates for one purpose and that is to give us more secured in every transaction, I also believe that using bitcoin will not ruin any country bitcoin designed for a better nation and ordinary people will benefited on this.

[Sithara007]

i think bitcoin cannot destroy our country even if i am just starting this forum bitcoin can save our taxes and save our goverment from corruption.

Well, that is the problem for the government. Bitcoin can save you from paying taxes to the government. You can hide your income and wealth in the form of crypto-currency and the government authorities will not be able to detect them. But if everyone does the same, then the country will collapse.

[Blue2012]

For me i see that bitcoin has a big help to boost the economy of one country and not ruin it, bitcoin has brings good benefits to all people, you can earn with this currency without hassle for applying. We can also used this as business like loading our mobile phone and bills payment.

[Coffee135]

i think bitcoin cannot destroy our country even if i am just starting this forum bitcoin can save our taxes and save our goverment from corruption.

Well, that is the problem for the government. Bitcoin can save you from paying taxes to the government. You can hide your income and wealth in the form of crypto-currency and the government authorities will not be able to detect them. But if everyone does the same, then the country will collapse.

To taxes for the state of bitcoin users for the state no problem. It is enough to efficiently control the flow of Fiat to Bank accounts. Only in the case if will be able to use bitcoin directly, without the need to exchange for Fiat, the state may have problems. Only this is still very far away. It is necessary to create conditions for the use of bitcoin in trade.

[pangolier]

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 a cryptocurrency that will be use to pay worldwide also a good way to invest your money, so for me Bitcoin will do nothing wrong to a country that will use it us a formal currency that will be use in daily transaction and with this it will even improve that country because of this is a worldwide currency and may even affect the world by balancing its value making it equal to all nations. just think of this one a currency that is equal to all nations that will use it. 

[bosede1]

Bitcoin has a currency, just want to ask if you pay tax on the currency you are holding in your country? Bitcoin has a currency does not stop a country from growing or developing because as far as I am concerned n  my country is not our currency that brings development. And before any government take that step then many things would have been in place. I am not seeing Bitcoin has a currency ruining a country.

[Kronos21]

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 a cryptocurrency that will be use to pay worldwide also a good way to invest your money, so for me Bitcoin will do nothing wrong to a country that will use it us a formal currency that will be use in daily transaction and with this it will even improve that country because of this is a worldwide currency and may even affect the world by balancing its value making it equal to all nations. just think of this one a currency that is equal to all nations that will use it. 

Bitcoin poses a threat only to the banking system. States have to their credit more money than is now bitcoin. We can't spend bitcoin in stores. In order to buy something we have to exchange it for Fiat. This means that bitcoin supports the state economy. What's wrong if people have more money and warm up the economy with their purchases.

[ace4549]

No, in fact bicoin will help all countries to start or establish a civilize society. Through this many people will raise from the poverty line and help the government as well to manage well the system in all aspects.

[stomachgrowls]

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 a cryptocurrency that will be use to pay worldwide also a good way to invest your money, so for me Bitcoin will do nothing wrong to a country that will use it us a formal currency that will be use in daily transaction and with this it will even improve that country because of this is a worldwide currency and may even affect the world by balancing its value making it equal to all nations. just think of this one a currency that is equal to all nations that will use it. 

Bitcoin poses a threat only to the banking system. States have to their credit more money than is now bitcoin. We can't spend bitcoin in stores. In order to buy something we have to exchange it for Fiat. This means that bitcoin supports the state economy. What's wrong if people have more money and warm up the economy with their purchases.

You are just seeing on the one side of the story which you are pertaining on active spending of people who holds bitcoin on that particular place.This is possible but on rare cases because not all people who hold bitcoin will actively spend their bitcoin in exchange on their own local fiat.What if we divert such situation?What if people on that place tend to switch to bitcoin fully and hoard them and not spending it? For sure it would really decrease circulation and supply.Not only that Bitcoin can ruin a country in terms of taxation. People can evade tax because of it.

[migolmigol]

The main purpose of Bitcoin will never ruin a country. It actually helps the country circulates it's money and improve it's economy. But what can actually ruin a country are the people who uses and will be using Bitcoin for illegal transactions. Some people might take advantage Bitcoin and use it for money laundering and secret transactions for illegal drugs and services.

[b1946ac]

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?

Cash doesn't have build in taxation. Neither does do banks, well they automatically tax the interest you earn, but not wages or deposits going in.

I don't think it matters what currency you use, the government will still enforce tax on it, so society will still be paid for no matter what currency that society uses.

I recently found this article about how the IRD finds tax dodgers, it's an interesting read.

[ahmadhidayat27]

Perhaps what you think becomes a reality because if its application is done without offset the consideration and legal basis that binds bitcoin of a country certainly difficult to develop. The application of tax on bitcoin is mandatory if the country makes bitcoin as a legal means of payment. On the other hand if the amount of taxes imposed too much it will be miserable his own people.

[sunsilk]

The main purpose of Bitcoin will never ruin a country.

You need to go back again and study on what's the real purpose of bitcoin. It may "never" ruin a country but it's main goal is to oppose the centralized system of government.

The government can take it lite or seriously with this matter but most of the countries now are seeing bitcoin as something helpful to their economy.

It actually helps the country circulates it's money and improve it's economy. But what can actually ruin a country are the people who uses and will be using Bitcoin for illegal transactions. Some people might take advantage Bitcoin and use it for money laundering and secret transactions for illegal drugs and services.

And don't forget about funding terrorists too, these are the ways that bitcoin will ruin a country. If it's used in a wrong way.

[astrid.uchiha24]

No, in fact bicoin will help all countries to start or establish a civilize society. Through this many people will raise from the poverty line and help the government as well to manage well the system in all aspects.

I disagree on this, no offense but not all countries can be improve by bitcoin. Local currency is the very foundation of the trade especially the state, there are infos that some currencies can't compete with bitcoin due to its strong price and if they keep on accepting bitcoin for exchange and trades some of those currency might fall and tend to become useless in the future that is why there are countries that prohibits the trade of bitcoin and other cryptocurrencies.

[the rise]

No, in fact bicoin will help all countries to start or establish a civilize society. Through this many people will raise from the poverty line and help the government as well to manage well the system in all aspects.

I disagree on this, no offense but not all countries can be improve by bitcoin. Local currency is the very foundation of the trade especially the state, there are infos that some currencies can't compete with bitcoin due to its strong price and if they keep on accepting bitcoin for exchange and trades some of those currency might fall and tend to become useless in the future that is why there are countries that prohibits the trade of bitcoin and other cryptocurrencies.

China is even very afraid of the inflation potential caused by bitcoin, if bitcoin is allowed then everyone will only think of investment and be dominated by investors who only want quick profits without strong analysis. If you see potential fluctuations, fiat will obviously lose to bitcoin and this is indeed very dangerous.

The positive side of bitcoin is to improve the quality of human resources higher in an easy and fast way, the government will be greatly helped by this. There must be a quick step to set up all crypto business and take steps as has been done by japan by making an official e-currency (e-jpy) which becomes the main coin in every public transaction above bitcoin.

[Amial]

I think maybe they will collect taxes in bitcoins ahahaha