Do you think Bitcoin can ruin a Country?

[a-dalora]

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?

Taxes are not directly related to currencies.

If I am able to enforce tax paying, then I am able to destroy a currency.

Use mine or get out of legal business

[Akaiito_Official]

Well, I think that if cryptocurrency will some day become an official currency of any country, then definetly tax regulations will be as well marked in the smart contracts.  There are the rules how countries are economically build up and, of course, none of the countries will harm themselves by implementing new currency and leaving itself without the budget to live for. And, if to be honest, economically, it makes sense. The main thing here is, that taxation system should exist, but it should be reasonable.

[katinko]

I think it can harm but not totally ruin a country because if all people in one state using bitcoin no one will pay for taxed and government cant control transaction in blockchain that is why some country are scared to make it happen they already declare banning bitcoin in their country.

[donaroma]

Of course not. Nowadays Bitcoin is so popula and bitcoin is futur mony on the world

[david_019]

No! And I think no profitable thing for the community that will ruin / or destructive. But if greedy one will be the one that manage it that could be possible, that's why on the other side it's a good thing that government is not being involve in bitcoin.

[JPCRYPTO2012]

Bitcoin is bad and good in many ways, If you use bitcoin in illegal way, then probably you are ruining your own country. But no matter what we are gaining here in bitcoin and cryptocurrency, the fact is bitcoin is a threat to a country government. Bitcoin has no tax which they can't regulate it, that is the fear of every country. That they think someday bitcoin.will be the reason of decreasing economic growth. Cause they are afraid, that their people will change investing fiat to bitcoi, their money will be weak,and the economy will fall. Imfact, bitcoin can be use to hide wealth and assets they can easily run for their taxes declaration, and end up tax evasion and money laundering. But their is no problem if any country would make bitcoin legal unless they are ready for the chsnge and willing to adopt and spend time to research to legislate and create new law that will protect the country for possibilities of economic crisis, if bitcoin will be use for illegal purposes. This is all just my opinion.

[goaldigger]

Maybe because bitcoin is an international currency and the government have a difficulty to make a system of taxation to it. I think bitcoin is just an addition budget to the government and it doesnt affect the economy of the country.

[ethereumhunter]

I don't think that bitcoin can ruin a country because bitcoin is not a weapon or something that have the ability to destroy but maybe it will give some impact to the country. but if bitcoin can help people to a better life then I think every people can solve poverty and it is good for the country because at least the government can solve poverty too. I think we can learn from people which don't have anything but they have a strong will to change their lives and they join into cryptocurrency world and finally, they can earn some money for their life. it is good for that person and if other people can follow his step then we can see many people will be helped by bitcoin.

[rbindac]

Bitcoin has no tax which they can't regulate it, that is the fear of every country. That they think someday bitcoin.will be the reason of decreasing economic growth. Cause they are afraid, that their people will change investing fiat to bitcoin, their money will be weak,and the economy will fall. Imfact, bitcoin can be use to hide wealth and assets they can easily run for their taxes declaration, and end up tax evasion and money laundering. But their is no problem if any country would make bitcoin legal unless they are ready for the chsnge and willing to adopt and spend time to research to legislate and create new law that will protect the country for possibilities of economic crisis, if bitcoin will be use for illegal purposes..

[kumarcp]

Yes I think bitcoin will rune the country

[Rcpogzhn]

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

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

Volume is not the main thing to be considered here. If this is gonna be the future(which I wish) there must be legal regulations. If some people are gonna use it for money laundering or smuggle the dirty money, thisis gonna be a huge problem even for 200 billions. Forex is totally legal so if it is 97459743 trillion, there is no problem. People are gonna accept this blockchain system but it is gonna take time and after legalisation in the most of the world, it is gonna blow like the banks. Even faster cuz there is no need for a building everywhere.

[Budugbass]

Basically I think Bitcoin itself is innocent until it can ruin a country, it depends on its users I guess. Any activities and any efforts made with bitcoin would be affect to the country.
Supervision and response from the government have a greatly affects to this thing, for the countries that has legalized bitcoin too.. I think it's still possible can ruin the country because of the activities that users does.

[meringueberry]

Bitcoin can be detrimental to any country as long as it is remained uncontrolled. The uncontrolled growth of Bitcoin is definitely dangerous for economies as well.

[splat44]

Of course not. but if someone will manipulate it then there will be a big problem here i think bitcoin has a great impact in the economy as well as technology and its a matter of time and day!

[BigTeeths]

It's the next step to our technology and improve the economy so do not believe those FUDs that surrounding btc that they are just used to help drugs dealing and money laundering easy because it's not totally anonynmous.

[Netnox]

Bitcoin has been in existence for more than nine years now. Till now, it has not ruined any country of territory. I would agree that some criminals are taking advantage of the anonymity of Bitcoins to engage in criminal activities such as drugs trade and ransom demands. But it Bitcoin was not there, then they would have used some other form of payment.

[reymartH]

If bitcoin or another cryptocurrency become widely adopted, the entire banking system could become irrelevant. While this may sound like a wonderful concept in light of the recent behavior of the banking industry, there are two sides to every story. Without banks, who will you call when your mortgage payment gets hacked? How will you earn interest on your savings? Who will provide assistance when a transfer of assets fails or a technical glitch occurs? While the financial crisis gave bankers an even worse reputation than they already had, there is something to be said for institutions that oversee timely, effective, and trustworthy asset transfers and their associated recordkeeping. There’s also the issue of the fees banks earn for the services they provide. Those fees generate a lot of revenue and a lot of jobs across the global banking industry. Without banks, those jobs disappear, as does the tax revenue those banks and their employees’ paychecks generate. Money transfer business would also disappear in a virtual world. Nobody needs Western Union or its competitors if everybody is using bitcoin.

[Hamphser]

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

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

Volume is not the main thing to be considered here. If this is gonna be the future(which I wish) there must be legal regulations. If some people are gonna use it for money laundering or smuggle the dirty money, thisis gonna be a huge problem even for 200 billions. Forex is totally legal so if it is 97459743 trillion, there is no problem. People are gonna accept this blockchain system but it is gonna take time and after legalisation in the most of the world, it is gonna blow like the banks. Even faster cuz there is no need for a building everywhere.

But come to think off that the main feature on most crypto currencies is decentralized which means it cant really be controlled this is why it wont really be an easy thing for it to be legalized or even regulated because they cant do such thing. I don't know why its being compared to Forex considering that the volume gap would really be huge knowing that Forex is been here for how many centuries for sure because it do involves on trading up local centralized currencies.

[brontosaurus]

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?

It cannot ruin a country but can surely ruin an economy. Bitcoin is still not an practical option which could fit in our traditional economy system due to a very basic reason which is they aren't taxed. So we really need to focus on a system where crypto can be a basic mode of transaction settlement. But currently yes they will ruin it as there would be money laundering all around and no centralized welfare system. Streets would be filled with garbage and people will be absolutely uneducated.

[Namaste Coin]

I don't believe any country will adopt Bitcoin as it's sole currency. What is highly more likely is each country will create their own, as a few already have started doing. Perhaps after that, a new global coin will be developed that may or may not incorporate the values of the other currencies. Only time will tell and it is definitely going to be interesting!