Let's suppose that Bitcoin became universal (used everywhere you go)

[jatin729]

Well it is already an universal, we can exchange it anywhere in the world. You take an example of any famous exchange where people from different nations are trading without any restrictions. It is not legal tender as of now but if it become legal tender than it will be great for those who travel alot and no need to have forex with us all time just need one wallet with some bitcoins that's it.

[TheReverend]

although bitcoin is adopted everywhere, it does not mean that fiat money is no longer valid, the government still applies it because not all payments can be made by crypto, so crypto only adds payment tools, does not replace fiat money as a currency,so we still use fiat, and still pay taxes.

[tenakha]

although bitcoin is adopted everywhere, it does not mean that fiat money is no longer valid, the government still applies it because not all payments can be made by crypto, so crypto only adds payment tools, does not replace fiat money as a currency,so we still use fiat, and still pay taxes.

Why do you think all payments can not be with cryptocurrency? I do not think any unnecessary paper is valuable more than Bitcoin and Bitcoin's measure of a crop can not be measured with paper money. In fact you can find that cryptocurrency is the updated model of paper money.

[criza]

If bitcoin will becone universal and can be used everywhere we go, definitely it will have pros and cons. And one advantage that thos forum claims is that, in using bitcoin as a means of transacting payments, whether for sending or receiving, will exempt us from the paying taxes. Well, personally, I think that it won't. The products we purchase using physical money includes in the price already the tax, this tax is so called the value added tax (vat). If that's the case, do we think that the prices of the products we are going to purchase using bitcoin won't have tax added? I do not think so.  Furthermore, I think that the government will also adapt. Products we purchase may not include tax but I am sure that that we will still pay taxes, and it can be by means of bitcoin.

[martinholly167]

Bitcoin can never substitute for traditional fiat currency.
It was designed for different purpose and can hardly fit requirements put forward to fiat currency. If anything, there should be some new Cryptocurrency that will fit society needs and it will not be Bitcoin.

No, it cannot replace fiat, but I can admit that in 5-7 years, the cryptocurrencies will be used ion most places, including the land stores (not online shops only). For me, it will be very convenient.

I think so , but maybe only in developed countries. As we know that bitcoin transactions have fees and its quite high in developing countries where people average income is low like around $200-500 a month.
Maybe it will be good to go if it can be 10 times lower than the current fees https://bitcoinfees.info/.

[Snaic]

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

Decentralized cryptocurrency will never be prevailing in the financial relations of society. She is simply not capable. Apparently, it will be used primarily between individuals and only partially when paying for goods and services for settlements with legal entities. I personally would not want us to completely switch to the use of cryptocurrency, because I do not want to depend on technology. They create a lot of additional problems. The simpler the financial relationship, the better. Paper bills are the result of several millennia of improvement in our financial relations. This is the most convenient and fast form of payment for small and medium-sized purchases.

[globalpain]

some developed countries are very friendly with these coins, and we have seen many restaurants and various other businesses using payments with no problems. crypto has been universal for developed countries, and if we still find a country that is not familiar with bitcoin, then only need to convert to each fiat before it is actually used, this is not complicated and it doesn't matter if the assumption is that currency intermediary media only

[andriarto]

some developed countries are very friendly with these coins, and we have seen many restaurants and various other businesses using payments with no problems. crypto has been universal for developed countries, and if we still find a country that is not familiar with bitcoin, then only need to convert to each fiat before it is actually used, this is not complicated and it doesn't matter if the assumption is that currency intermediary media only

very lucky for those who live in these developed countries, because they can use crypto to fulfill their daily needs. I can only hope that this will soon happen in my country, even though it seems like it's still a long time to wait

[newbie-hero]

Bitcoin can never substitute for traditional fiat currency.
It was designed for different purpose and can hardly fit requirements put forward to fiat currency. If anything, there should be some new Cryptocurrency that will fit society needs and it will not be Bitcoin.

No, it will not substitute national currencies, but I guess that the time, when Bitcoin can be used everywhere will come. There will be BTC ATM machines, and the stores will work with this crypto.

[sgenuine]

Bitcoin can never substitute for traditional fiat currency.
It was designed for different purpose and can hardly fit requirements put forward to fiat currency. If anything, there should be some new Cryptocurrency that will fit society needs and it will not be Bitcoin.

No, it will not substitute national currencies, but I guess that the time, when Bitcoin can be used everywhere will come. There will be BTC ATM machines, and the stores will work with this crypto.

Of course, it will not replace them, but it can be used everywhere - why not, man? People will be free to choose what they want to deal with - cryptocurrencies, fiat or both of them.

[Akpuv]

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

First, it will be a good thing for Bitcoin to be used and adopted as you have described. On the second part, I don't believe you cannot pay taxes using bitcoin. If the government wants that to happen, it is enforceable.

[FlightyPouch]

Bitcoin can never substitute for traditional fiat currency.
It was designed for different purpose and can hardly fit requirements put forward to fiat currency. If anything, there should be some new Cryptocurrency that will fit society needs and it will not be Bitcoin.

No, it will not substitute national currencies, but I guess that the time, when Bitcoin can be used everywhere will come. There will be BTC ATM machines, and the stores will work with this crypto.

Of course, it will not replace them, but it can be used everywhere - why not, man? People will be free to choose what they want to deal with - cryptocurrencies, fiat or both of them.

It is true that Bitcoin will be used world wide in that time but it will not be substituted for thesw fiats. I think this is the reason why a lot of people hates Bitcoin. They think that it will be a substitute but it will never be. For us, Bitcoin is mostly an investment and if you invest, you save them not use them to pay your bills. Being used universaly, that will be great since the demand will be increasing and obvioisly, the price will increase too.

[medicalmiracle]

Bitcoin can never substitute for traditional fiat currency.
It was designed for different purpose and can hardly fit requirements put forward to fiat currency. If anything, there should be some new Cryptocurrency that will fit society needs and it will not be Bitcoin.

No, it cannot replace fiat, but I can admit that in 5-7 years, the cryptocurrencies will be used ion most places, including the land stores (not online shops only). For me, it will be very convenient.

Without Fiat we can not know the true value of bitcoin. Fiat make us know what bitcoin price is. And the best bitcoin can get to is to be a competitor to fiat and not replace it.

Actually this Bitcoin is the new updated form of decentralized money and it will be a universal and accepted world wide in future when everyone around the world would recognize its importance.

[TheClownSong]

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 government still survive. Every goods we buying with bitcoin or fiat money, already attached with taxes by government and i think if we buying goods in any merchant, government still get the VAT. I dont believe everyone using bitcoin for transaction if bitcoin regulated by most government in the world because many people still thinking bitcoin is investment like a gold

[Rrotess]

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.

[Betwrong]

as per twitter ceo statement bitcoin will be internet only currency and even snapchat founder to said the same bitcoin will be major internet currency for online payments

Even today Bitcoin is used not only for the internet purchases. You can pay some bills and taxes with BTC in Switzerland, for example, and Malta, if I'm not mistaken, is on the way. Also there is an Australia-based startup that helps the residents to pay their domestic bills using Bitcoin. There are numerous hotels, cafes and shops around the world accepting Bitcoin in exchange for their goods and services. But I don't think Bitcoin can replace fiat completely in the foreseeable future because the world economy is not ready for that yet. Most people in power still don't take crypto currencies seriously and that's why we have the situation described in the OP. But even if Bitcoin will be used mostly as internet currency, its market cap can be 20 times higher than it is today.

[Ahimoth]

as per twitter ceo statement bitcoin will be internet only currency and even snapchat founder to said the same bitcoin will be major internet currency for online payments

Even today Bitcoin is used not only for the internet purchases. You can pay some bills and taxes with BTC in Switzerland, for example, and Malta, if I'm not mistaken, is on the way. Also there is an Australia-based startup that helps the residents to pay their domestic bills using Bitcoin. There are numerous hotels, cafes and shops around the world accepting Bitcoin in exchange for their goods and services. But I don't think Bitcoin can replace fiat completely in the foreseeable future because the world economy is not ready for that yet. Most people in power still don't take crypto currencies seriously and that's why we have the situation described in the OP. But even if Bitcoin will be used mostly as internet currency, its market cap can be 20 times higher than it is today.

if bitcoin become universal used then surely the transaction will become faster, especially when transferring money. But I think its better if the bitcoin used only as asset because its value is always changing which if you hold it for long time surely can get huge profit from it than using it as payment in some transaction. But then again if Bitcoin become universal used then surely many of us will be glad because we can make transaction fast and secure.

[jjjfff]

Governments will always use some fiat currency as a reference.

Even if BTC became THE worldwide currency, taxes and other government fees would likely still be calculated in some reference unit, maybe the US Dollar or other regional currencies.

[horrifiedx1]

as per twitter ceo statement bitcoin will be internet only currency and even snapchat founder to said the same bitcoin will be major internet currency for online payments

Even today Bitcoin is used not only for the internet purchases. You can pay some bills and taxes with BTC in Switzerland, for example, and Malta, if I'm not mistaken, is on the way. Also there is an Australia-based startup that helps the residents to pay their domestic bills using Bitcoin. There are numerous hotels, cafes and shops around the world accepting Bitcoin in exchange for their goods and services. But I don't think Bitcoin can replace fiat completely in the foreseeable future because the world economy is not ready for that yet. Most people in power still don't take crypto currencies seriously and that's why we have the situation described in the OP. But even if Bitcoin will be used mostly as internet currency, its market cap can be 20 times higher than it is today.

if bitcoin become universal used then surely the transaction will become faster, especially when transferring money. But I think its better if the bitcoin used only as asset because its value is always changing which if you hold it for long time surely can get huge profit from it than using it as payment in some transaction. But then again if Bitcoin become universal used then surely many of us will be glad because we can make transaction fast and secure.

but with the future needs, I think bitcoin is a strategic payment tool, of course after becoming an investment tool, the next step is to use bitcoin as a transaction tool, and it can be used in all places, if many countries have legalized it, with recognition the transaction will be easier and safer

[jatin729]

Governments will always use some fiat currency as a reference.

Even if BTC became THE worldwide currency, taxes and other government fees would likely still be calculated in some reference unit, maybe the US Dollar or other regional currencies.

YES I agree with you, govt really need some scalable unit for calculations taxes, GDP, per capita income etc. One thing more bitcoin has limited supply in the market so if it become universal payment method than there would be issue in future in terms of demand snd and supply and price of bitcoin can reach to millions of dollar.