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Author Topic: Let's suppose that Bitcoin became universal (used everywhere you go)  (Read 1865 times)
Aveatrex
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May 24, 2018, 09:26:17 PM
#1

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks

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eternalgloom
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May 24, 2018, 09:33:46 PM
#2

Well, taxes also don't automatically get removed from your bank account either...
It would be the same if Bitcoin became universally used. Governments would just accept payment in Bitcoin, but you would be responsible for making those payments and reporting your income etc.

Also, isn't it nice that they have this big ledger (blockchain) to see what kind of income you have received.


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xhomerx10
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May 24, 2018, 09:35:02 PM
#3

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks

 Wrong.  If you pay with Bitcoin at a business, the business will collect the tax owing on your purchase (it will be part of the total price).  If you get Bitcoin as income, generally the company you work for will remit the taxes to the gov't.  If you don't pay your property tax, your property will be confiscated and sold for taxes owing.  You don't have to worry about governments; they'll get their money out of you one way or another.

 

Sidehack is making progress! Buy him a burger to keep his energy up - 1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
Aveatrex
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May 24, 2018, 09:41:16 PM
#4

Well, taxes also don't automatically get removed from your bank account either...
It would be the same if Bitcoin became universally used. Governments would just accept payment in Bitcoin, but you would be responsible for making those payments and reporting your income etc.

Also, isn't it nice that they have this big ledger (blockchain) to see what kind of income you have received.
I agree with you but escape taxes is easier through Bitcoin since it's pseudo-anonymous while you can't escape that long with traditional system since the government can check your real income if somehow you didn't report it.

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks

 Wrong.  If you pay with Bitcoin at a business, the business will collect the tax owing on your purchase (it will be part of the total price).  If you get Bitcoin as income, generally the company you work for will remit the taxes to the gov't.  If you don't pay your property tax, your property will be confiscated and sold for taxes owing.  You don't have to worry about governments; they'll get their money out of you one way or another.

 

Yes,but you forget that when you buy something the government get money through VAT and not only from the company you've purchased from.
In addition to that,governments won't be able to tax direct payment between individuals.

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shield132
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May 24, 2018, 09:42:17 PM
#5

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
You made my day...
Bitcoin just broke whole goverment yeah? Because they can't tax businesses which use bitcoin? Cmon man, if things would be like that, believe me, bitcoin could be more widely used than fiat because no one likes paying taxes and while people do dirty job in order to hide incomes, if there was bitcoin as a legal way, business owners would make you to turn into bitcoin in any way for their sake.

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xhomerx10
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May 24, 2018, 09:45:12 PM
#6

Well, taxes also don't automatically get removed from your bank account either...
It would be the same if Bitcoin became universally used. Governments would just accept payment in Bitcoin, but you would be responsible for making those payments and reporting your income etc.

Also, isn't it nice that they have this big ledger (blockchain) to see what kind of income you have received.
I agree with you but escape taxes is easier through Bitcoin since it's pseudo-anonymous while you can't escape that long with traditional system since the government can check your real income if somehow you didn't report it.

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks

 Wrong.  If you pay with Bitcoin at a business, the business will collect the tax owing on your purchase (it will be part of the total price).  If you get Bitcoin as income, generally the company you work for will remit the taxes to the gov't.  If you don't pay your property tax, your property will be confiscated and sold for taxes owing.  You don't have to worry about governments; they'll get their money out of you one way or another.

 

Yes,but you forget that when you buy something the government get money through VAT and not only from the company you've purchased from.
In addition to that,governments won't be able to tax direct payment between individuals.

 I didn't forget the VAT, that's the tax I'm referring to in red above.  It's not called VAT in every country.  We call it sales tax in North America and it can be federal, provincial/state, county, city or some combination of those imposed.

Sidehack is making progress! Buy him a burger to keep his energy up - 1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
Aveatrex
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May 24, 2018, 09:49:05 PM
#7

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
You made my day...
Bitcoin just broke whole goverment yeah? Because they can't tax businesses which use bitcoin? Cmon man, if things would be like that, believe me, bitcoin could be more widely used than fiat because no one likes paying taxes and while people do dirty job in order to hide incomes, if there was bitcoin as a legal way, business owners would make you to turn into bitcoin in any way for their sake.
It's hypothetical.I didn't say that Bitcoin broke governments (not yet at least).I'm talking about the futur of Bitcoin and yeah no one likes to pay taxes but your country cannot guarantee it's survival if people don't pay taxes and alot of people use Bitcoin as a way to evade paying taxes.

Well, taxes also don't automatically get removed from your bank account either...
It would be the same if Bitcoin became universally used. Governments would just accept payment in Bitcoin, but you would be responsible for making those payments and reporting your income etc.

Also, isn't it nice that they have this big ledger (blockchain) to see what kind of income you have received.
I agree with you but escape taxes is easier through Bitcoin since it's pseudo-anonymous while you can't escape that long with traditional system since the government can check your real income if somehow you didn't report it.

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks

 Wrong.  If you pay with Bitcoin at a business, the business will collect the tax owing on your purchase (it will be part of the total price).  If you get Bitcoin as income, generally the company you work for will remit the taxes to the gov't.  If you don't pay your property tax, your property will be confiscated and sold for taxes owing.  You don't have to worry about governments; they'll get their money out of you one way or another.

 

Yes,but you forget that when you buy something the government get money through VAT and not only from the company you've purchased from.
In addition to that,governments won't be able to tax direct payment between individuals.

 I didn't forget the VAT, that's the tax I'm referring to in red above.  It's not called VAT in every country.  We call it sales tax in North America and it can be federal, provincial/state, county, city or some combination of those imposed.

Yeah but still,if Bitcoin becomes universal taxes would be harder to manage by governments.

EDIT:Guys don't judge me too hard,we're just discussing.

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thefaucetrunner
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May 24, 2018, 10:14:22 PM
#8

Governments couldn't manipulate Bitcoin to affect their own economies and inflate it to make their bills effectively smaller. They would be giving up a huge amount of control.

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May 24, 2018, 11:39:25 PM
#9

Yeah but still,if Bitcoin becomes universal taxes would be harder to manage by governments.

EDIT:Guys don't judge me too hard,we're just discussing.

Not at all, they'd simply have to adjust. Since it would be easier for people to hide income, the government would have to drop income tax (which is unjust anyway) and increase other taxes like VAT. If there was no fiat (which I doubt is ever going to happen) and the world used purely cryptocurrencies, the governments would have to gather money by taxing sales and property. It used to be done this way and is still being done all around the world.
I think I'd rather pay more for every product in the store, or for owning real estate, than being robbed of a percentage of my income each month.
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May 24, 2018, 11:55:39 PM
#10

I understand this as a concern, and this is why some countries still forbid crypto.
The government is afraid of losing taxes, maybe one day bitcoin and alt coin holders have to pay taxes.

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May 25, 2018, 12:18:46 AM
#11

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
This idea would probably happen in the near future,bitcoin already become a digital currency that make every person used as a mode of payment.Although its not been used entirely in the whole world but the near fact that it already started to gain acceptance, its popularity will continue to be spreaded and people would used this digital currency in an entire place.

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May 25, 2018, 12:38:45 AM
#12

I'm sure that the economy will remain normal, because in the religion of taxes one of which should not be held, but not in the eyes of the tax authorities it should exist and this is the problem why some governments don't ccept bitcoin because the tax hasn't been touched

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May 25, 2018, 12:50:53 AM
#13

Bitcoin taxes could be added on the food and services you take. For example the Value Added Tax (VAT) is implemented in some countries so almost all of the citizens are contributing taxes anytime they are purchasing those services.
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May 25, 2018, 12:52:52 AM
#14

I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks

Greece appears to survive despite having one of the highest tax evasion rates in the world.   Smiley  Wait. Maybe that isn't a good example.

Lower taxes could have benefits. It could put pressure on governments and politicians to budget more responsibly and not be as wasteful. It could encourage the public to be more aware of how their tax money is spent and not be so quick to support programs which would result in tax hikes or overspending. An example of this is unviersal healthcare in the united states. Many want single payer healthcare but not many seem to recognize unfunded programs like universal healthcare must be funded by additional tax hikes.

With the USA being $21 trillion in debt and the EU not doing much better, lower taxes could have the potential to encourage more responsible and efficient state management of tax revenues and budgeting. That's not necessarily a bad thing, I'm thinking.

One of the reasons behind the crypto industries high growth could be it being deregulated and not being strangled by high taxes the way other industries often are. There could be benefits to bitcoin not being highly taxed we could acknowledge.

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May 25, 2018, 01:41:53 AM
#15

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
that really what happen in the future. in my prediction bitcoin will rise up again,. regaining its greatness also his value. then it will be used all over the world. we are using someones work and we dont know who really he is. who is satoshi nakamoto. can someone tell me who he is. it would be great era for us

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btc78
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May 25, 2018, 01:44:31 AM
#16

Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
Then try to go to japan for real experience,though japan has a Yen for currency but they are using bitcoin as currency too,so better check their living and their governments how does functions.

Maybe in some small countries or those third world ,may be takes harder to adapt but in just a few years they might be ready and used this one

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May 25, 2018, 02:15:51 AM
#17

Pretty sure that if bitcoin or any other cryptocurrencies are to be adopted, governments will have to impose regulations concerning it to still impose tax which is ought to be hard as it is anonymous and decentralized. Either maybe it just depends on honesty of the people or they will have to create a system.
Though it would be really quite hard to pay bitcoin due to its high volatility, prices for services and product will always have to constantly adjust.
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May 25, 2018, 02:31:23 AM
#18

Pretty sure that if bitcoin or any other cryptocurrencies are to be adopted, governments will have to impose regulations concerning it to still impose tax which is ought to be hard as it is anonymous and decentralized. Either maybe it just depends on honesty of the people or they will have to create a system.
Though it would be really quite hard to pay bitcoin due to its high volatility, prices for services and product will always have to constantly adjust.

It will be a great idea when Bitcoin adopted as universal currency. Let, take the effect on Business community, Banking and other financial institution, and the government. Everyone are now  having a second thought on paying taxes, but always remember, at any given time we transact business after our earning from profits on Bitcoin project investment, we cash out, take the money and spend or have it into another investment, we are always billed the add on taxes, whether on foods, utilities, we paid taxes, after its transaction. We are under and following the Laws imposed by its Government, with taxes collected the government, and used them for what ever project as plan by its government.

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May 25, 2018, 02:43:00 AM
#19

Pretty sure that if bitcoin or any other cryptocurrencies are to be adopted, governments will have to impose regulations concerning it to still impose tax which is ought to be hard as it is anonymous and decentralized. Either maybe it just depends on honesty of the people or they will have to create a system.
Though it would be really quite hard to pay bitcoin due to its high volatility, prices for services and product will always have to constantly adjust.

It will be a great idea when Bitcoin adopted as universal currency. Let, take the effect on Business community, Banking and other financial institution, and the government. Everyone are now  having a second thought on paying taxes, but always remember, at any given time we transact business after our earning from profits on Bitcoin project investment, we cash out, take the money and spend or have it into another investment, we are always billed the add on taxes, whether on foods, utilities, we paid taxes, after its transaction. We are under and following the Laws imposed by its Government, with taxes collected the government, and used them for what ever project as plan by its government.

The entry of Bitcoin or crypto currency in the trading market change or had some impact on the business world, the financial community, the government, Bitcoin still facing the resistance, we can see the issue on Regulation on digital currency transaction. On the issue on taxes on Bitcoin transaction, the government is on guard as always imposed the proper taxes we paid for what ever transaction or even, when we buy foods, utilities for our daily needs, we are taxed. We can not leave with out the Government and taxes imposed to all of us. we are not the government, i see no reason, not pay taxes for as long it is with in the law.

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May 25, 2018, 06:13:11 AM
#20

It will be great for us, we can easily buy everything and we can used btc in any countries, but it won't be too good for the country, the government need to arrange well so there is no tax evasion, and it also need to be controlled so crypto usage cant caused another inflation to the country, the best way to settle this one is to set up regulations

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