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Author Topic: Let's suppose that Bitcoin became universal (used everywhere you go)  (Read 954 times)
marcbitcoins
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September 07, 2018, 12:37:26 AM
 #281

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 Bitcoin can be use for actual spending anywhere then this mean that Bitcoin is legal in which part of the regulation that the government will impose tax too.If we are paying tax from our fiat earnings then it will be applicable to Bitcoin earnings too, it will be the same declared income earnings but just in different platforms in which this it the main reason of why the government will really benefit if they legalize Bitcoin which is because of Bitcoin tax.

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DonFacundo
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September 07, 2018, 01:31:59 AM
 #282

Well I like bitcoin to become universal, we can buy anywhere, no longer converting fiat if you go in some countries, but the problem of bitcoin is the volatility, what if bitcoin dump many people will losing money and about the tax with using bitcoin I think we still pay the tax if the government want to. 

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September 07, 2018, 01:35:03 AM
 #283

yes, if bitcoin really becomes universal and is used by everyone in all countries in the world, then taxes are very important. because the country will lose greatly if every online transaction is not taxed. especially if it's a transaction from abroad. essentially, tax is very important.

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September 07, 2018, 02:09:44 AM
 #284

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 Bitcoin can be use for actual spending anywhere then this mean that Bitcoin is legal in which part of the regulation that the government will impose tax too.If we are paying tax from our fiat earnings then it will be applicable to Bitcoin earnings too, it will be the same declared income earnings but just in different platforms in which this it the main reason of why the government will really benefit if they legalize Bitcoin which is because of Bitcoin tax.
Yeah you're right because in a country there are rules, a store can't accept payments with things that don't have a definite legal basis, when bitcoin is accepted anywhere, that means the government has legalized and regulated bitcoin, that means tax is applied on bitcoin

BCSHonda
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September 07, 2018, 05:03:25 PM
 #285

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.
This can also be interesting in the movie. Actually I think it can not happen. And if there are also just experiments in some places, not widely. Because cash is still very important to human life.

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September 07, 2018, 08:24:43 PM
 #286

yes, if bitcoin really becomes universal and is used by everyone in all countries in the world, then taxes are very important. because the country will lose greatly if every online transaction is not taxed. especially if it's a transaction from abroad. essentially, tax is very important.

But how will it be taxed, then? The only transactions that can possibly be taxed are the ones that are done with the local exchange that you have in your country. Transactions that are done outside that cannot be taxed. It will appear as an off-the-grid transaction to them as what they can trace is only limited to the local exchange transactions. Maybe they are going to require the people to use local exchanges and those who are using wallets outside that will be considered criminals? I really don't see how taxation will appear in the crypto world but then again that's one of the reasons why bitcoin was created so solving such 'problem' will make bitcoin a failure. On the other hand, all of the goods are already taxed. Their prices are already increased for the tax. The only thing that will be mainly affected are money centers which we use to send money abroad and locally. They will all be gone by the time Bitcoin becomes universal as we can all send money through the Internet. Banks will be greatly affected as well as all of us can now safely store our money.
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September 08, 2018, 01:39:16 AM
 #287

I don't think there is enough Bitcoin to make it possible the way you've presented it.
This is the same argument that people use against gold and it doesn't make sense, there is enough bitcoin to manage the whole economy of the world, but that means that each bitcoin is going to become incredibly valuable, why do you think that many people in the forum are always giving the message that you should hold your coins? The reason they do that is because of the argument that you give.
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September 11, 2018, 11:38:57 AM
 #288

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.

Right. But I hope that there won't be taxes and such so that bitcoin will be very useful to all. There will be no hassle on paying. And lastly, our land will be bountiful.

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September 11, 2018, 11:55:39 AM
 #289

If that day would come, then definitely there will be tax to be payed from our cryptocurrencies, because it is clear that the government wouldnt allow cryptocurrencies to rule the world without them getting something in return, so its for sure that cryptocurrencies will be taxed, but that is only what I think, there are still other bigger matters to be discussed that the government has to put their minds on, as well as the whole crypto community. But, let say that bitcoin becomes our universal coin, or money, then that would be great, having to go anywhere without bringing any cash with you, that is just safe and convenient.

asilabumer
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September 11, 2018, 01:41:42 PM
 #290

If that day would come, then definitely there will be tax to be payed from our cryptocurrencies, because it is clear that the government wouldnt allow cryptocurrencies to rule the world without them getting something in return, so its for sure that cryptocurrencies will be taxed, but that is only what I think, there are still other bigger matters to be discussed that the government has to put their minds on, as well as the whole crypto community. But, let say that bitcoin becomes our universal coin, or money, then that would be great, having to go anywhere without bringing any cash with you, that is just safe and convenient.
Taxation is definitely a problem that comes when bitcoin is accepted by the government and used everywhere we go, and that's never what I and many here expect, what I and many of us expect from bitcoin is a free and tax-free source of income. And when bitcoin is so popular as this topic says, wars in the market will become more difficult, to make money is also tiring, I really never enjoy this, now is the best, everything is always in balance
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