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Author Topic: Let's suppose that Bitcoin became universal (used everywhere you go)  (Read 25080 times)
Zeque02
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June 03, 2018, 07:14:24 AM
 #121

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 that happens, surely, government will also put tax on bitcoin. Every single transaction will also be taxed. Government will put regulations especially in digital assets you have.

In real life I think it is far from the truth. Assuming that bitcoin became universal it has advantage and  disadvantage.  Advantage in terms of time,  it is hasslefree and less time of processing as long the internet connection is fast because it can really affect the transactions of different payments and also it can give extra income and profit while the disadvantage part is, the value is not totally stable,  then there is possibility that many will be in unemployed list.

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June 03, 2018, 09:33:42 AM
 #122

Suppose bitcoin will become universal then the transaction will be made easy because you can now access through many different countries whatever you do,whenever, wherever you are you can now use bitcoin.
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June 03, 2018, 10:11:27 AM
 #123

Wow that's wonderful if everywhere we can use bitcoin to pay bills, buy anything.  But actually the bill amount and the purchase price of any product will be inclusive of taxes, so no need of worrying of taxes.
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June 03, 2018, 10:21:16 AM
 #124

It will be amazing, if we can use bitcoin to pay our bills, use it to purchase one thing or the others, settled our debt etc globally,. It is possible only if its registered with appropriate authority, with partially control by the government authority, then it will bring public confident and universal acceptable.
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June 03, 2018, 10:48:03 AM
 #125

of course it will great for everyone.we can easily pay bills or we can buy our everyday needs.you can use btc in everywhere. and etc.its useful..
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June 03, 2018, 12:26:05 PM
 #126

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 think this is impossible to happen in our country. Because our country has a high number of poor people. And not all people.has an access to the internet.

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June 03, 2018, 02:03:54 PM
 #127

It will be amazing, if we can use bitcoin to pay our bills, use it to purchase one thing or the others, settled our debt etc globally,. It is possible only if its registered with appropriate authority, with partially control by the government authority, then it will bring public confident and universal acceptable.
it can happen soon after goverment legalize bitcoin and other cryptocurrency.evenmore if china , korean and america accepted bitcoin in their regulation, i am sure all thing you mentioned above will be a fact.
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June 03, 2018, 02:07:18 PM
 #128

It will be amazing, if we can use bitcoin to pay our bills, use it to purchase one thing or the others, settled our debt etc globally,. It is possible only if its registered with appropriate authority, with partially control by the government authority, then it will bring public confident and universal acceptable.
it can happen soon after goverment legalize bitcoin and other cryptocurrency.evenmore if china , korean and america accepted bitcoin in their regulation, i am sure all thing you mentioned above will be a fact.
With bitcoin innovation and uses that is practically beneficial to everyone, soon government and many sectors like in Japan will definitely see its use and importance that BTC will be able to use anywhere at all.

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June 03, 2018, 04:30:10 PM
 #129

Bitcoin is going to be used to pay for bills, buying good and services in future all over the world and it will be good and we would actually enjoy it.  But I doubt if fiat can be completely wiped out from our system and we are not going to completely wiped out the financial system we have now therefore bitcoin alone cannot be used all over the world and there must be some kind type of money that will be continuously be used by common men.
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June 03, 2018, 07:04:53 PM
 #130

I will pay bitcoin everywhere: buying food, air tickets, first necessities and luxury goods
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June 03, 2018, 08:24:30 PM
 #131

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 think a country cannot survive if we only use Bitcoin in a daily basis because of high fees and delay that might move the economy down. When it comes to taxes, how can they collect taxes if we don't need to convert into fiat money? This so complicated and will just make some confusions. For me , Bitcoin as digital money plus fiat money would really make the whole thing possible and great for everybody's convenience.

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June 04, 2018, 07:53:22 AM
 #132

Because the income of the majority country of the tax to be paid the population so the state should be able to provide an opportunity for the population to start investing in bitcoin in order to earn additional income every time.In addition to selling an item to foreign countries including one of the ways the state to receive income.

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June 05, 2018, 11:54:58 AM
Merited by el kaka22 (2)
 #133

Wow that's wonderful if everywhere we can use bitcoin to pay bills, buy anything.  But actually the bill amount and the purchase price of any product will be inclusive of taxes, so no need of worrying of taxes.
Yeah that would be great but there are still a lot of countries who have not recognized Bitcoin and have banned it rather. Even if Bitcoin gets legalized by these countries, they might implement regulations and regulation means taxes. But paying taxes in income earned by Bitcoin is not that bad. The tax will according to international law and not country might implement their own percentage of taxes.

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June 05, 2018, 12:03:33 PM
 #134

I love that idea of unity, by the way there is already a projects like Sparkster ICO that enables us to develop some blockchain things and services without being a pro in the area
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June 05, 2018, 12:15:37 PM
 #135

I don't get your point.I presume that we will be using bitcoin as universal virtual currency for bills payment,shopping,etc...but you did not mention what will happen to our regular currency or fiat money.To give you an insights when this thing happens,it would advantageous to us if ever our fiat money or regular currency is still in used or available in our country.But if not,I believe that government will find ways to make bitcoin taxable to compensate the needs of the society.
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June 05, 2018, 03:11:44 PM
 #136

If bitcoin where to become a world currency and which does not make you pay taxes, it would result to almost all governments collapsing. Government can exist because of the taxes paid by its citizens. It would be better for Bitcoin to co-exist with our current currencies.
Obviously, we know that is certainly something we do not expect will be happening at all in the long run. With bitcoin becoming a currency widely used, the government of most countries all over the world will try to implement the payment of taxes on its usage in whichever way you want to as that is where they are going to be benefiting hugely from. Like you said in your last statement, there certainly will be a co-existence in the long run, and bitcoin being universal will actually make a lot of sense for the space anyway.

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June 05, 2018, 04:23:24 PM
 #137

That would be the dream. Many bitcoin or crypto users would want this to happen and would prefer this kind of payment system. It’s going to be easy and convenient for them if this were the case. As of now, there are even btc users who are looking for places where they can use and purchase with their btc like airplane tickets, retail stores or places online because this will be convenient for them. If this somehow turns into reality and their won’t be the need for high transaction fees and long confirmation times then it would be like living the dream.
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June 05, 2018, 04:46:54 PM
 #138

Assuming it would not get banned by government, it would only make more sense for people to favour bitcoin over money. Especially business, no hassle with doing internet transactions. Not to mention, goodbye Paypal haha.
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June 05, 2018, 04:51:50 PM
 #139

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

Maybe that is the moment when thw government start regulating cryptocurrency income and asset. I think in some countries cryptocurrencies are being taxed. If mass adaptation happens, the government will surely adjust to adopt changes.

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June 05, 2018, 04:58:38 PM
 #140

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 if it becomes our main currency it shouldn't be an investment at that timeline also. Because if it is volatile then no one will agree that it should be the currency to be used by all. I think it can be taxable if the government accepts it and has a legalized job for it. But all in all the economy might be at risk since bitcoin needs further fixing and tweaking so that's why most of the country around the world is banning it so that it will lessen the risks it might cost them.


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