Trump tax on foreign remittances could open market share for Bitcoin

[bryant.coleman]

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

Great idea, and if you look at many countries which supply workers to the developing world, so much money is being sent home via remittance. It is Philippine's single largest contributor to income as well, and a large percentage of GDP. But changing fiat to bitcoin and for the families back home to change it back to fiat would mean they already lose out at least 5% of their income - and then how do you avoid tax on currency exchange?

Perhaps the way to go is to encourage employers to pay wages in bitcoin.

If that is the case, then the Philippine government can set up exchanges where people can convert their coins to Pesos. But I am afraid that the government will not do it for free. There will be a hefty fees for such conversion. Anyway, this is a very distant scenario, as the government is yet to recognize Bitcoin as a currency. But if Trump finds out that a lot of people are doing this, then he will just slap another tax at the source. The workers will receive their salary after the new tax is deducted.

[Slark]

1. It's it potentially great move, immigrants will try to seek alternative ways of sending money home which should indirectly boost bitcoin's popularity.
2. If government learn that instead of traditional FIAT remittance people switched to cryptocurrencies they might try to prevent/regulate BTC.
3. For now Bitcoins is not big enough and worth the hassle to regulate it, as you can't really use it directly.

[ekoice]

If Trump decides to tax remittance payments from people in the US to people in other countries, these people could seek ways to send the money without paying the tax. I believe Bitcoin can make that happen!

In the US the remittances to Mexico alone total $27B annually. Imagine if that kind of volume all of a sudden was being flowed through Bitcoin. That would be incredible!

How do we spread the word that this is an option if Trump begins to tax these Dollars?

http://money.cnn.com/2017/03/20/news/economy/mexico-remittances-trump/index.html

Dont know how many foreign people working in US know about bitcoin.If they all come to know about bitcoins,then they would surely adopt bitcoins to avoid tax on their remittances.It would make user base of bitcoin to grow and overall,it would help for bitcoin progress.

[wxa7115]

The biggest thing that I see with this is that if Bitcoin attempts to fill this void, it may cause regulations by the government just because they know this is the reason that bitcoin is being used for those people. It's not something that is going to help Bitcoin in the least and I wouldn't want to see it fill this void.

It's not going to help Bitcoin at all and it may see a bit of a surge for a little while in the means of more people using it but it will just make it harder for the rest of the people that want to use Bitcoin for a way that is accepted by the government.

It'll fuck Bitcoin if it fills this void, don't do it and heed the warning.

It is only natural for people to try to find the best way to take advantage of their resources, if you want to buy a car and in a car dealership and the car cost 20k and in another  the same car costs 15k then it makes sense to buy the cheaper one, it is that simple.

[bitart]

The biggest thing that I see with this is that if Bitcoin attempts to fill this void, it may cause regulations by the government just because they know this is the reason that bitcoin is being used for those people. It's not something that is going to help Bitcoin in the least and I wouldn't want to see it fill this void.

It's not going to help Bitcoin at all and it may see a bit of a surge for a little while in the means of more people using it but it will just make it harder for the rest of the people that want to use Bitcoin for a way that is accepted by the government.

It'll fuck Bitcoin if it fills this void, don't do it and heed the warning.

It is only natural for people to try to find the best way to take advantage of their resources, if you want to buy a car and in a car dealership and the car cost 20k and in another  the same car costs 15k then it makes sense to buy the cheaper one, it is that simple.

If people choose bitcoin for this international money transfer, it won't really affect price, because if someone buys bitcoin and transfers it to the family, the family will convert it into fiat as soon as possible, because they need the money in fiat, not in bitcoin. If people in these countries will be able to spend their bitcoins in shops, etc. then it will increase the demand and the price as well. Bitcoin needs to build up more acceptance, that's a key.