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

[martinholly167]

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.

Well the current volume of bitcoin is still much smaller than it should be / the decent volume to reduce the volatility.
So I think if bitcoin still has this high volatility, then it is still not feasible for frequent transactions.

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[automaticmoney]

Bitcoin may be useful in the entire internet industry in the next coming year so we may expect bitcoin mass adaptability  in e-commerce industry  in the next coming years

[glowing10]

Bitcoin may be useful in the entire internet industry in the next coming year so we may expect bitcoin mass adaptability  in e-commerce industry  in the next coming years

If Btc is used everywhere then we are sure to see the world changing very quickly the way fiat is being used at present. This will effect the country currency and no country would let it happen . This is the draw back that due to which few country have banned this crypto currency .

[martinholly167]

If Btc is used everywhere then we are sure to see the world changing very quickly the way fiat is being used at present. This will effect the country currency and no country would let it happen . This is the draw back that due to which few country have banned this crypto currency .

Because of that reason (a threat to the government and fiat), I still cant imagine how bitcoin will be used for common transaction globally or at least as many as fiat transactions and what action will be taken by the government in the future.

[wolfafladina]

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.

Exactly! This will not substitute the national currency because the national currency can be thought of as the only good that has the highest demand in the country and people-both from lower income and the upper income demand it.

[aeternus]

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.

Bitcoin can be exchanged to any currency that you want around the world but that is not what we want, what we want is to use our bitcoin directly to buy the stuff we want and while the number of stores around the world accepting bitcoin are going up every day we are still struggling to find enough stores near us where we can use our bitcoin the way we want it.

[bayu7adi]

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 total supply of bitcoin will not be more than 21 million, and tends to decrease over time, if bitcoin uses satoshi units, maybe it will make transactions easier, but it is still dangerous when the wallet owned by satoshi nakamoto makes a transaction
there is an issue that satoshi wallet saves around 980k BTC, and this has the potential to become a disaster for BTC asset holders, especially when BTC becomes legal

[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.

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 a 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.

Firstly, I can't see how those two things, level of usage and transaction speed, are related in the way you describe. Secondly, Bitcoin can't be used as an asset only, it should be used as a payment system or otherwise it would have no value. The price of Bitcoin has not been just miraculously rising without no reason. It has been rising due to wider adoption, and people wouldn't adopt it if they weren't seeing it as a great payment system of the future world.

[Fesatmas]

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

Of course the government will ban the use of bitcoin in the country because basically the state also needs income. With any taxes and fees imposed by the government, it will certainly develop a good country according to what the people want.

[marcelocoin]

if in the future we had a WIFI worldwide powered by solar energy, we would have more advantages of using bitcoin or tokens for universal use of buying and selling things!

[FlightyPouch]

Bitcoin may be useful in the entire internet industry in the next coming year so we may expect bitcoin mass adaptability  in e-commerce industry  in the next coming years

What? Internet industry? How does that work? Bitcoin is Bitcoin and most of the time, it not that used in the real world or in online transactions since we all know how hassle it is to use Bitcoin with it's transaction fees and it's transaction times, instead I would rather use other modes of payment. Bitcoin is not that useful but it gave a lot of profits in the past.

[GunsLair]

In any case, if bitcoin starts to be accepted everywhere, governments will find a way to get the most out of it. That is, most likely, it will be the main condition - if you use bitcoins, please, pay taxes.

[owlman]

Of course, Bitcoin is growing in popularity, it has been adopted in some countries as a means of payment, but I find it difficult to imagine that Bitcoin will be used everywhere, because for this the global economy and banking system should change dramatically, and this will not happen so quickly and easily.

[logicgate]

if in the future we had a WIFI worldwide powered by solar energy, we would have more advantages of using bitcoin or tokens for universal use of buying and selling things!

Yes it is not only to think or to suppose but it is our future. I am sure in future we will be able to buy goods with bitcoin at any place and in any part of the world. It is age of digital currency so we will have to move with time and those areas in which bitcoin is not legal so they will again work and promote the use of bitcoin to make it universal currency which is not so far.

[Nissan-GTR]

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

There would be pros and cons regarding this matter if you think your country does have sufficient proof on surviving whether bitcoin become a universal currency or not, but I think for my country it will cost to much and the progress would be siper slow, we are part of the third world country and still up to now there were some instance that a group of people were not able to used and dont even afford a single smartphone.

[Jamjamz30]

Tax is one of the primary source of budget of every government. Without tax, some countries will be affected greatly and might not perform well. So, in return the people, us will be greatly affected.

For the tax issue using bitcoin. The tax may be included in the transaction fees and prices of the commodities. Then the company will be the once who will remit to the government.

[Periodik]

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

It works this way. Everytime you do transactions you are actually paying taxes. When you eat at restaurants, you are not only paying for your meal alone. You are also paying for its tax. When you buy groceries, you are not only paying for the goods, you are also paying taxes. Even when you make withdrawals, you are also paying tax. 

When Bitcoin becomes the main currency for sure there will also be corresponding steps that the tax agencies of your government will take, that would perfectly fit with the nature of the crypto system.

The governments are tax experts. That's where they are good at.

[forked human]

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

You already said it’s not possible, the government will not allow that to happen. Even if it does happen they will always find a way to tackle it and stop those people who have refused to be paying their taxes. They can even decide to end cryptocurrency once and for all and causing those making use of it to lose all their money, or if possible they will decide to take everything.

[devinks]

Of course, Bitcoin is growing in popularity, it has been adopted in some countries as a means of payment, but I find it difficult to imagine that Bitcoin will be used everywhere, because for this the global economy and banking system should change dramatically, and this will not happen so quickly and easily.

in my opinion not all countries will adopt bitcoin as a means of payment, of course only certain countries. bitcoin is difficult to regulate and control, so this is the reason the state government does not adopt bitcoin.

[lamadu3]

I think in this case the government would start accepting Bitcoin taxes. Although the idea of abolishing taxes I like more because its spend not on purpose.