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Author Topic: Let's suppose that Bitcoin became universal (used everywhere you go)  (Read 3037 times)
DonFacundo
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September 07, 2018, 01:31:59 AM

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

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

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

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September 07, 2018, 05:03:25 PM

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

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

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, 11:55:39 AM

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.

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September 11, 2018, 01:41:42 PM

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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September 23, 2018, 05:08:09 AM

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, i think taxes will be removed. With that idea, the government will be having a hard time where to get the money for their country. There is always a good and bad side of having bitcoin as primary money.
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September 23, 2018, 08:08:50 AM

In my opinion, until Bitcoin is at a certain equilibrium point, it will be difficult to use it as a primary payment instrument for digital transactions. This will turn around if Bitcoin has become a digital currency that is used universally without conversion to conventional banknotes, although I believe it will definitely get tremendous challenges from banking institutions that have survived hundreds of years. Until we reach this condition, Bitcoin will still be an interesting discourse as an alternative payment in the future.
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September 23, 2018, 11:18:47 AM

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

Just think that currently the country will not legalize Bitcoin if they will not benefits from it and the top reason of it is to collect Bitcoin tax. Every purchase and direct spending will be subject for additional charge and that its the tax. You cannot be proceed to do such transaction if you will not agree to the tax that will be included in you summary of payment therefore it is impossible that tax cannot be collected from Bitcoin users.

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September 27, 2018, 04:46:22 AM

And if bitcoin became universal, then it will help people who are traveling in around the world, and they don't have to feel difficult to go to the money changer to convert the dollar into local fiat. They only need to use bitcoin to buy anything in that places without thinking about the money, and this will make their journey simple. But there will be a tax that will be applied to that bitcoin user, and I hope the taxes are not too bigger than the tax for the income of every people. Maybe it will happen in the future, and when this is happening, we can travel to other places, and we only need to keep bitcoin in our wallet, and we can use QR code to make the transaction.



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September 27, 2018, 04:56:43 AM

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

the question is, does every country in the world are linked to internet or online? as i can see it, it is impossible for bitcoin to be used on a daily basis or it can replace fiats like how we transact in almost everything we can do with money, from buying commodities online and specially on a physical stores, if possible, i think we should link buying candies online, imagine the long wait for every transaction just to buy simple things, simple commodities like bread, condiments and other common purchases that fiats are availing today.

taxes are not the basis of a country to survive, it is just one of the many fund generating machinery of a country, there are investment, gold reserves, international monetary fund, forex, stocks, donation, and other ways to get funds in order to run a govt or country, not just taxes.   

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September 27, 2018, 05:05:08 AM

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, i think taxes will be removed. With that idea, the government will be having a hard time where to get the money for their country. There is always a good and bad side of having bitcoin as primary money.
that is impossible if taxes will be removed.meanwhile this is main source income for government to provide public facilities for their citizen.bitcoin could be universal payment if government legalize it  with some rules and compensation.such as taxes.

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September 27, 2018, 05:41:26 AM

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, i think taxes will be removed. With that idea, the government will be having a hard time where to get the money for their country. There is always a good and bad side of having bitcoin as primary money.
that is impossible if taxes will be removed.meanwhile this is main source income for government to provide public facilities for their citizen.bitcoin could be universal payment if government legalize it  with some rules and compensation.such as taxes.

Well let's see if bitcoin can really become universal because I think only few of the world populations are into bitcoin now and there are still a lot of peple that didn't know what bitcoin is

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October 13, 2018, 07:38:23 PM

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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October 13, 2018, 11:52:15 PM

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 we talk about bitcoin, we still pay a kind of a tax to miners (a fee for making transactions). That's how the system goes - we still need to pay money for ensuring our transactions. Imagine one day the system stopped - we would not be able to make a single transaction..
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October 14, 2018, 12:31:30 AM

I think when the government approves and controls Bitcoin. Instead of collecting taxes, they can collect fees from transactions. Besides, they will never let things become anonymous, always having the necessary publicity. This gives them the ability to control and manage anyone's finances, which will not be a problem when they approve it

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October 14, 2018, 08:01:14 AM

I think when the government approves and controls Bitcoin. Instead of collecting taxes, they can collect fees from transactions. Besides, they will never let things become anonymous, always having the necessary publicity. This gives them the ability to control and manage anyone's finances, which will not be a problem when they approve it
The government could also impose strict rules and regulations on the crypto-currencies exchanges that are operating in their countries, so whenever there is any users who sell away their bitcoin on the crypto-currencies exchange, there could be some sort of tax collected by the crypto-currencies exchange and these taxes collected could be passed to the government officials who are in charge of collecting tax.

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October 14, 2018, 08:29:17 AM

I think when bitcoin became a universal currency and there will not be a physical money anymore it will be the time when the government is finally regulating bitcoin and the start of taxing bitcoin transactions. How much it will cost, we never know, but we can expect the government to put taxes on it once cryptocurrency replaces fiat currency.
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