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

[darewaller]

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.

No country is going to adopt cryptocurrency as their currency unless they are just trying to be stupid, well that’s never going to work. The only thing they might do is try to make use of the blockchain to build their currency, something that will be more stable, but that’s doesn’t change anything except the fastness in making transactions and maybe reducing the cost (but I know government, the cost will be high) but you will still pay tax and other things. So, nothing really changes.

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.

That will be possible but it will take more time. In the case of bitcoin being accepted by government when it will become universally being used by people, I believe bitcoin might be trading in billions by considering how many people will be are adopting it and how much demand it will be having by that time.

[horrifiedx1]

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.

in my country even though it has not been legalized by the government, but when we withdraw funds from a local exchanger, it turns out that tax has been added. because the exchanger is official, and has been registered with the government. but I think that is natural, because of the tax on the prosperity of a country

[freeisland]

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.

Not every country does that. There are some countries around the world that have been using the tax being collected from the people on very good projects and this has improved the living standards of the people of that countries.

[Visbay]

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.

Not every country does that. There are some countries around the world that have been using the tax being collected from the people on very good projects and this has improved the living standards of the people of that countries.

Well of Course there are allot of countries who regulated bitcoin and their people are living standard life only because of bitcoin which gives good opportunities of earning for them. According to me bitcoin is already a universal currency because it is applicable all over the world without any problem.

[PlusOne88]

I think that wouldn't be the case and I agree with you that a country might not be able to live without taxes imposed. Supposing that would happen, a possibility of taxes imposed on each bitcoin transactions can be possible. In our country we have exchanges that supports bitcoin and it is a legal business where I think paying taxes to the government is done not in a direct way like if done per bitcoin transaction but are taken annually or monthly based on gains or income.

[Harley29]

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.

Not every country does that. There are some countries around the world that have been using the tax being collected from the people on very good projects and this has improved the living standards of the people of that countries.

Well of Course there are allot of countries who regulated bitcoin and their people are living standard life only because of bitcoin which gives good opportunities of earning for them. According to me bitcoin is already a universal currency because it is applicable all over the world without any problem.

Yup mate it is the main cause why gradually the adoption and the use of bitcoin is increasing more and more. That’s really nice to see our daily life getting better with the help of bitcoin.  According to me even now it’s almost famous internationally there is huge trading is being across the world.

[jcarlo]

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 we use bitcoin for paying goods in merchant, we still paying tax. Every goods sell in merchant already added VAT. I am believe if bitcoin can use as payment in merchant, government still survive because government still collecting taxes from every bitcoin transaction we make.

[Paashaas]

If Bitcoin became universal that also means we live in a decentralised economy.

That would be very great, i hope i'm still alive to experience the situation.

[darkr]

If Bitcoin became universal that also means we live in a decentralised economy.

That would be very great, i hope i'm still alive to experience the situation.

It seems to me that now if you go anywhere, where Bitcoin and the cryptocurrency are not banned, you can use it easily. Just have the Internet access.

[Godday]

If Bitcoin became universal that also means we live in a decentralised economy.

That would be very great, i hope i'm still alive to experience the situation.

It seems to me that now if you go anywhere, where Bitcoin and the cryptocurrency are not banned, you can use it easily. Just have the Internet access.

yes indeed we can use bitcoin wherever and whenever, but we can only use it in the digital world and transact there with other people. maybe if it's used in the real world I don't know if anyone accepts it.

[onrise]

If Bitcoin became universal that also means we live in a decentralised economy.

That would be very great, i hope i'm still alive to experience the situation.

I do not think it can happen ever because it means that country's currency will come into danger as they would like their currency to remain stronger in the world which benefits them. Thus as btc is not any country's currency it would not really help the government and thus they do not want to make it legal in their country.

[wewe123]

If Bitcoin became universal that also means we live in a decentralised economy.

That would be very great, i hope i'm still alive to experience the situation.

I do not think it can happen ever because it means that country's currency will come into danger as they would like their currency to remain stronger in the world which benefits them. Thus as btc is not any country's currency it would not really help the government and thus they do not want to make it legal in their country.

We all have different opinions about this certain topic but we must considered this because we are in the forum of ideas and things to be discuss about bitcoin and cryptocurrency, In my part if granted cryptocurrency became universal then this the dream time of all users of bitcoin and cryptos to be more comportable anywhere in the world for it is being used universally if granted in the future time

[binhvo1505]

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

This will definitely never happen but we are assuming it will happen. I think the BTC will not be enough to provide people around the world when it becomes a common currency. In addition, all countries in the world will merge into one and there is no distinction between which country is richer than which country. that's what i can imagine.

[TravelMug]

If Bitcoin became universal that also means we live in a decentralised economy.

That would be very great, i hope i'm still alive to experience the situation.

I do not think it can happen ever because it means that country's currency will come into danger as they would like their currency to remain stronger in the world which benefits them. Thus as btc is not any country's currency it would not really help the government and thus they do not want to make it legal in their country.

But there's a chance the crypto and fiat can co-exist so this could be the best options that we can have. Decentralize vs centralize, it would be great and a win-win situation for everyone.

And for those who think that crypto will make banks obsolete, I doubt that it will happen, let's just say that central banks won't allow it but they can't really stop this emerging technology as well. So there might be some bargaining (like KYC/taxes) so I will take that anytime of the day.

[popolite11]

The other cryptocurrencies can be accepted. However, I do not think that it will happen very soon. The probability of it is very low - there's no Internet in many countries still.

[automaticmoney]

if bitcoin becomes universal then we can see the rapid growth of bitcoin in price and speed of transactions as well but in coming days bitcoin will be accepted by most of the online companies

[nur rochid]

if bitcoin becomes universal then we can see the rapid growth of bitcoin in price and speed of transactions as well but in coming days bitcoin will be accepted by most of the online companies

good news to hear, indeed online stores are very suitable to use bitcoin as a transaction tool, because both of them use internet networks. and of course customers will find it easier to apply how it works

[zee11225]

I think that wouldn't be the case and I agree with you that a country might not be able to live without taxes imposed. Supposing that would happen, a possibility of taxes imposed on each bitcoin transactions can be possible. In our country we have exchanges that supports bitcoin and it is a legal business where I think paying taxes to the government is done not in a direct way like if done per bitcoin transaction but are taken annually or monthly based on gains or income.

If bitcoin can be used anywhere, of course the world is very advanced because supporting technology is available and no country has slow internet. The community is intellectually smart.
But I hope this can happen, because the use of bitcoin can be anywhere and to pay for anything, without fear of being considered illegal. Of course the government makes regulations that can automatically collect taxes from transactions that occur. For me it is not a problem, because taxes are used for people's welfare.

[gabmen]

if bitcoin becomes universal then we can see the rapid growth of bitcoin in price and speed of transactions as well but in coming days bitcoin will be accepted by most of the online companies

good news to hear, indeed online stores are very suitable to use bitcoin as a transaction tool, because both of them use internet networks. and of course customers will find it easier to apply how it works

Well if it did eventually become universal then it has served it's purpose and satoshi nakamoto, if ever he really did exist, would be a very proud man. It was meant to make transactions easier for regular people and i hope one day crypto will be fully intergrated in our daily lives.

[Salauddin1994]

if bitcoin becomes universal then we can see the rapid growth of bitcoin in price and speed of transactions as well but in coming days bitcoin will be accepted by most of the online companies

why are you thinking about it? Already in many countries it has made a deal with their bank and is dealing, but it has been banned in many countries again. This is a big problem, although at some point they may accept it too.