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Author Topic: Let's suppose that Bitcoin became universal (used everywhere you go)  (Read 1120 times)
wolfgang56
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July 23, 2018, 09:49:11 PM
 #261

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
I don't think that's gonna happen especially to the third world countries because there are too much poverty in their country and they can't go with the flow if ones country go cashless. Maybe for only those people who can afford, they can go cashless, like on what is happening now, some stores already accepting bitcoin as payments.

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July 24, 2018, 11:27:53 AM
 #262

You are totally wrong with your economics, with crypto currencies or say Digital currencies a person spending can be easily monitored instead of current fiat system. Governments will have more control over circulation of digital currencies and spending of people.

Currently when i got to shopping, on the behalf of governments the manufactures added GST in the product price and governments are dependent on the statements of that manufacturer  regarding total production, sale and profits. So what if you go to store buy a product and pays at the counter, and at once with you bitcoin wallet you pay shop keeper the price and pays the tax to government by splitting your transaction.
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July 24, 2018, 12:16:44 PM
 #263

If Bitcoin starts being used universally it would notice an astronomical rise in value which would be very revolutionary for the industry, however the infrastructure of Bitcoin system must be improved to handle the scale of usage that this kind of news would bring.
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July 24, 2018, 04:10:56 PM
 #264

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


I am very sure that some modalities will be worked on if and when all earnings are made via bitcoin alone. Government must surely find a way to get their taxes. Without the government getting their pay from the citizens, there might not be a way to get the real economic growth ascertained.

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July 26, 2018, 09:57:09 AM
 #265

Well,this is one of the greatest aims of the crytocurrency industry but the long run effects like loss of taxes cannot be underestimated. But let me ask largely, is our taxes really used the right way?People are using our taxes for their advantage. Making and fating themselves.We still have a lot of problems the tax payer go through yet the taxes are collected daily,weekly and monthly. What are they used for.I believe that we will be able to manage things one day without taxes.
Taxes are simply too high, in the past there were not as many taxes and people relied more on themselves, their families and their communities and now people are delegation everything to the government and that is not right, with that excuse the governments around the world have become gigantic and are now a threat to our freedom and our economic well being.
It will happen one day, no matter how much time it will take but it is guaranteed because the world is turning towards cryptocurrency and gradually the use and trade has been started. One day bitcoin will take over the market and all other currencies will disappear from the market and the entire world will use just one digital currency. It will bring ease in life.
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July 26, 2018, 11:23:30 AM
 #266

I imagine bitcoin become universal, I think it will make bitcoin to be accepted in all country and the chance for bitcoin to be used as a new currency is wide open. we might see that will be many stores online and store offline that will accept bitcoin as the new payment system so they can have the more potential customer that will buy in their shop. and in the customer side, if they are travel to the other country, they don't have to carry a credit card or debit card or physical money, they only need the hardware wallet which we can use our Android phone and they can make a transaction if they want to buy something.
If we only talk about the potential of the bitcoin, then there is no way that we can deny this fact that bitcoin can not only become the universal currency but it can also lead the world in much better way. The only hurdle which is there in the way is that there are so many other factors which comes into play at time of deciding the global currency and that it will take a lot of time for things to get in favour of the bitcoin.

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July 26, 2018, 12:09:04 PM
 #267

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
In the event that we just discuss the capability of the bitcoin, at that point it is extremely unlikely that we can deny this reality that bitcoin can turn into the general money as well as lead the world in much better way. The main obstacle which is there in the way is that there are such huge numbers of different components which becomes possibly the most important factor at time of choosing the worldwide money and that it will require a considerable measure of investment for things to get for the bitcoin.
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July 26, 2018, 12:41:21 PM
 #268

the government is not a collection of people with no knowledge, I think the regulations in every country will always be flexible and can be replicated according to the times, so if btc becomes the only currency and transaction tool in this life, then the government will change the tax rules, will look for loopholes and devices that can detect where they can apply the taxes, I think it will not be difficult for them, I hope it can happen in the future, maybe if the countries in the world already use btc fully though taxes will be applied but at least any facility will be easy to reach, even though I'm a little pessimistic because this change is big enough and that is definitely very influential, so it will definitely take a long time and the government must work hard enough to make it happen

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July 26, 2018, 01:28:10 PM
 #269

It will be good for our economy and make us easy in doing our transactions in everyday life, but your income from bitcoin should be stable as well as country. Regarding taxes must still exist but in accordance with our income and no pressure.
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July 26, 2018, 02:35:36 PM
 #270

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
Well of course they are going to collect tax from your purchase, they can just take the tax later from the companies and the companies will add the tax to the item's price. They are also going to collect tax from your income and it's not like they will allow crypto to be used when they don't have the solution yet to the tax problem.


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July 27, 2018, 12:36:46 PM
 #271

A tax system could be coded in all Blockchains so that countries can tap into it to create fair taxes without taking away/ interfering with censorship resistance and immutable features of Blockchains. I would accept the idea but I doubt the community and developers will accept it.
It is for this reason that I think all Nations would prefer to have and control their own virtual Currencies.


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August 01, 2018, 06:42:11 AM
 #272

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
If it becomes global I will be using it everywhere I go, but that doesn’t mean that I won’t be withdrawing to fiat cause the price of Bitcoin is volatile and will continue to go up and down so whenever the price is about to go down I will immediately withdraw to save myself from the loss and wait for when the price will start going up again and then I will invest back to make profit.

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August 09, 2018, 07:27:58 AM
 #273

I think that between the government and the holders of the crypto currency will be concluded some agreement, which will be something like a new kind of taxes. Or the government will also accept payment of taxes in the crypto currency.
I am waiting for that time anxiously. May be I will never see that time because of the limited life but I am sure that my children will see that era. Just imagine the picture of the world; the whole people will use just one currency and no need to take regular currency in your pocket. Just one click and you can buy anything anywhere in the world. That’s just wow.
In my opinion it is good because dollar monopoly will end and there would be just one digital currency all over the world and that would be bitcoin. The whole world will use just one currency all over the world and there is no need of any exchange and other hurdles to transfer your money from one place to another. Just one click will do this for you.

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August 10, 2018, 10:29:53 PM
 #274

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

I'm sure many people will pay there taxes, and the government would crack down on those who are not. It's the only reason why I see they might "ban" it, because then it becomes a concern of national security.
But that is exactly the problem how are they going to crack down on bitcoin users, even with all the regulations put in place it is not like you cannot buy bitcoin face to face that way you do not leave a trace of your transactions, and even if they could create sting operations what it is going to stop the bitcoin holders to move to a country with friendly laws towards bitcoin.
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August 14, 2018, 01:58:44 PM
 #275

I don't think there is enough Bitcoin to make it possible the way you've presented it.
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August 23, 2018, 07:49:03 AM
 #276

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

We supposed to use bitcoin is just as a fastest way of paying and sending money but i think fiat money is can't remove by anyone because that is important in our daily living.But we dont pay taxes in government that is a good and nice because some people getting poor because of that taxes. Some countries even they own their land and houses government are looking for their taxes on that.,
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September 04, 2018, 10:04:31 AM
 #277

I think this will not happen, perhaps the technology will be applied, but not at the General level for any weather

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September 04, 2018, 11:26:02 AM
 #278

if it all happens then the condition of the total supply of bitcoin will be increasingly limited and may also run out because everyone from various countries buy bitcoin so I am sure the condition of bitcoin prices will be able to experience price increases because it will be increasingly very rare and more and more people are difficult to get bitcoin.


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Ucy
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September 06, 2018, 10:36:01 PM
 #279

People are still taxed  when sending or receiving payment through centralized platforms but that won't be enough.
[ I believe this issue will be sorted out when Cryptocurrency becomes mainstream.]


I have thought about a situation where developers  are encouraged by Crypto community and governments to include some kind of tax system in their decentralized coins in exchange for governments support of the coins in their country.
People will be automatically taxed with the inbuilt tax system . The censorship resistance, privacy, immutablity feature of the coin will still be intact... meaning that government won't be able to seized your coins while taxing you.

The tax system won't be imposed on any coin/developer but no country will legalized your coin unless you implement it.


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cahbagus555
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September 07, 2018, 12:29:24 AM
 #280

if bitcoin is already used worldwide, and the state does not tax on bitcoins.
the state will not die, because the state can still take tax on other things like Motor taxes, building taxes, etc.

But government already attach taxes on goods we consume. Government earning is from taxes and if bitcoin mass adoption happen, government should not worry about taxes because every goods we buy, its already attaced taxes by government. Government will survive if bitcoin used for payment

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