Will Bitcoin Undermine Developments?

[DavidAgwa]

Considering there is no involvement of 3rd parties in bitcoin transactions including Governments how exactly will it regulate,say taxes? we all know this will be quite a hard almost impossible task,so will this undermine developments?

[megynacuna]

Considering there is no involvement of 3rd parties in bitcoin transactions including Governments how exactly will it regulate,say taxes? we all know this will be quite a hard almost impossible task,so will this undermine developments?

No, on the contrary the government can develop another system of collecting taxes and not just income tax, for instance before any worker is paid from any institution they can make sure taxes are deducted before they roll out their payments on the blockchain.

[senin]

Considering there is no involvement of 3rd parties in bitcoin transactions including Governments how exactly will it regulate,say taxes? we all know this will be quite a hard almost impossible task,so will this undermine developments?

The government can simply oblige citizens to indicate in the declarations the income item in the crypto currency and voluntarily pay taxes from such income. Thus, all those who do not want to pay voluntarily will be at risk of liability and, as a rule, criminal. Indeed, it is difficult to trace and prove in this case the fact of non-payment of taxes on income in the crypto currency. However, given the general availability of the transaction log, with a strong desire and a good analysis of transactions, and even when interacting with other governments, it becomes possible.

No, on the contrary the government can develop another system of collecting taxes and not just income tax, for instance before any worker is paid from any institution they can make sure taxes are deducted before they roll out their payments on the blockchain.

The government can simply oblige citizens to indicate in the declarations the income item in the crypto currency and voluntarily pay taxes from such income. Thus, all those who do not want to pay voluntarily will be at risk of liability and, as a rule, criminal. Indeed, it is difficult to trace and prove in this case the fact of non-payment of taxes on income in the crypto currency. However, given the general availability of the transaction log, with a strong desire and a good analysis of transactions, and even when interacting with other governments, it becomes possible.

[Juggy777]

Considering there is no involvement of 3rd parties in bitcoin transactions including Governments how exactly will it regulate,say taxes? we all know this will be quite a hard almost impossible task,so will this undermine developments?

This is not at all difficult considering if you look at Asian countries Japan has regulated and so has India, though India is not officially regulated Bitcoins, what I have seen is they ask for legal documents, so whichever country it is if you link it with your legal documents, it's easier to find how much you have and put a income tax slab on it, thats pure profit to the government, considering they don't need to own the technology all is automated and done by outside parties.

[YuginKadoya]

Considering there is no involvement of 3rd parties in bitcoin transactions including Governments how exactly will it regulate,say taxes? we all know this will be quite a hard almost impossible task,so will this undermine developments?

This is not at all difficult considering if you look at Asian countries Japan has regulated and so has India, though India is not officially regulated Bitcoins, what I have seen is they ask for legal documents, so whichever country it is if you link it with your legal documents, it's easier to find how much you have and put a income tax slab on it, thats pure profit to the government, considering they don't need to own the technology all is automated and done by outside parties.

Technology sure is a great thing all of the transaction now are automated, and considering the government here they will surely implement tax, and they don't need to control that system or technology, and yes this is profit for the government the only thing they will do is implement it to that company that want's to do business, well it is all fiscal policy and well The microeconomic aspects concern issues of fairness, even if it is not directed to bitcoin, the company that are using bitcoin are affected by it,

[panju1]

Considering there is no involvement of 3rd parties in bitcoin transactions including Governments how exactly will it regulate,say taxes? we all know this will be quite a hard almost impossible task,so will this undermine developments?

Points where you spend bitcoins or convert it to fiat (like exchanges) could be asked to comply with regulations. The aim of the government would be to unmask users using strict identification norms at these exchanges.

[cipotok]

No, because bitcoin will provide a lot of benefits, because if bitcoin taxes, of course the government will collect profits from this tax.
So there's no reason bitcoin will make a loss

[Przemax]

You oversetimate the good will of the governement. My government is actually very happy for citizents breaking the tax law - they can get a way more taxes that way. They will use such a high fines that it would ten time the amount of taxes you would have to pay.

You can easily track if someone had profit on the bitcoin speculation and charge them with tax evading fines.

[cipotok]

Of course
Because every digital world always grows and develops to advance a system or a block.
The same with bitcoin if the more advanced course we can get the benefits can also be high bertamabah bitcoin value and the easier we get bitcoin ..
So let's pray that bitcoin will grow and grow.

[ivrynx]

yes biitcoin will still undermine development, i think that this time it will further show that it is the only cryptocurrency that will surpass time, some others still exist however considered obsoletr since a few tl none are using them. i hope in time, people will realize the power of bitcoin.