Bitcoin and Economy

[mersal]

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

While the price of something is moving to better value then it is very helpful to the economy either positive or in negative so my opinion is bitcoin is in the positive direction.

[darkangel11]

We all know that the development of a certain country comes from the taxes of its citizens,

wrong. revenues come from different resources specially in countries with natural resources such as oil rich countries, those with precious metals, ...

Actually, in most cases 50% of the country's budget comes from income tax. Of course oil rich countries like Kuwait are an exception.

what will happen to a country where 80% of its citizens engage in cryptocurrency?

Nothing really. There are two most obvious ways a government can deal with it.
1. Poll tax or property tax. Which means that people won't have to pay income tax, but they will have to pay an increased property tax to keep the country's income on the same level.
2. VAT which is a very effective way of taxing, much better than income tax, which IMO is unjust. VAT can be set to the level that will allow the country to thrive without having to waste time and money going after income tax evaders.

[brickafterbrickwalldpt]

I don't understand why there aren't many countries which support cryptocurrencies. So far I know that Japan and South Korea are making their countries a good place for crypto investors. I hope that we will see some major countries using cryptocurrencies by the end of 2025. It is possible because more and more Bitcoin wallets are being released for Android and iOS which are really easy to use on the go. Cryptocurrencies will become very important in the next few years. That's why I invest in them.

[darkangel11]

I don't understand why there aren't many countries which support cryptocurrencies. So far I know that Japan and South Korea are making their countries a good place for crypto investors.

You should do more research then.
There's a lot of crypto friendly countries. The list includes tax havens with full acceptance and support for BTC like Germany, Malta, Belarus, and countries that support ICO projects that include the USA, the whole EU, especially Switzerland, and Ukraine (outside the EU).

I hope that we will see some major countries using cryptocurrencies by the end of 2025. It is possible because more and more Bitcoin wallets are being released for Android and iOS which are really easy to use on the go. Cryptocurrencies will become very important in the next few years. That's why I invest in them.

Of course. Some countries are already launching their own cryptos. If these projects become successful others will follow.

[livingfree]

and we all know people who engage bitcoin don't pay taxes to the government

In some other ways, we are still paying taxes with our crypto profits but not directly as income tax. You are a consumer and in every goods you purchase there's tax on it.

what will happen to a country where 80% of its citizens engage in cryptocurrency?

It doesn't matter if 80% or more than that of the citizens are into cryptocurrency. There will be a means for them to help the country by paying tax or there will be some sort of the same thing as tax to be implemented if the government sees something strange that they are lack of fund due to this.

[vlad230]

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

I think you know by now that the USA and some European countries pay taxes on their crypto currency investments.

If you were referring to something long term like in the event that you will be paid in crypto instead of FIAT for your work then most certainly there will be an income tax applied to it and collected by the government. There is no loop hole around this.

[Shenzou]

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

In reality people who are using bitcoin to evade paying taxes usually they may get away with it for now because they are not that many, but i am sure at a certain point when this number starts growing governments will notice this and they would start regulating it and forcing people who are engaged in bitcoin to pay their taxes, and this is one of the biggest issues that bitcoin faces today.

[Argoo]

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

It can not be said that people do not pay tax on profits in the crypto currency. In most countries such a tax has not yet been introduced. In the countries where it is introduced, the tax payment situation is different. For example, in Japan, taxes are paid by citizens and this is borne by the state and citizens. According to the latest data from the United States, there really was a bad situation with paying taxes, but it is most likely caused by a lack of understanding of the population of the settlement mechanism and payment of this tax, because it is paid for the first time. I think that in the future this process will be settled and people will pay this tax.

[syaripudin]

I think bitcoin will be able to increase the economic growth of every citizen of a country. because bitcoin really has a very high asset value and of course bitcoin at the individual level will be very beneficial for its users. and on the issue of taxation of course bitcoin as a decentralized currency then the government will not be able to control in terms of taxation. and this depends on the government's attitude of whether to accept the existence of bitcoin for the economic progress of its citizens or not because it only thinks about taxation issues.

[DeadCoin]

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

If majority of people accepts bitcoin obviously the government would realise and adapt it. Once it's done, tax implementation certainly will be there and the citizens have to adapt to paying taxes. The citizens will certainly pay with full sole when the government gives out the required things for the people as promised. Its like government serves their citizens and the citizens pay back tax to the govt in return.

[Irviyandi]

Perhaps if most people of a country are in the bitcoin world maybe the country's economy will advance because a country will get the reward of the people who do bitcoin activity and the taxes obtained may also be quite a lot so increase the income of a country.

[@baracitamon]

I don't understand why there aren't many countries which support cryptocurrencies. So far I know that Japan and South Korea are making their countries a good place for crypto investors. I hope that we will see some major countries using cryptocurrencies by the end of 2025. It is possible because more and more Bitcoin wallets are being released for Android and iOS which are really easy to use on the go. Cryptocurrencies will become very important in the next few years. That's why I invest in them.

They accept that there is a reason for them, and they have their own way of controlling their country. You do not have to look at how to manage electronic money in Japan should not give such words. A developed country can not easily do things that they can not control.

[Yaunfitda]

Perhaps if most people of a country are in the bitcoin world maybe the country's economy will advance because a country will get the reward of the people who do bitcoin activity and the taxes obtained may also be quite a lot so increase the income of a country.

But only a small percentage of the global population is on crypto right now, and with some nations against bitcoin, I doubt that it will happen today. Crypto though is some life safer for some of us, but I don't think it has enough teeth to push one's economy for the better. The only benefits is that as people found crypto to be a safe haven, it could have help in a minimal way, only little impact but the most benefits will be on the people who have more money now because of bitcoin and altcoins.

[Indrawan77]

Yes, its true that most of the country's development is coming from taxes, and the crypto usage now is still free from tax, but the government now is looking for way to regulate it, regulate means its going to tax it, if 80% of the citizens are using crypto without paying taxes then the country will have trouble, without the tax income, a lot of problem will occur, it can inflation and all developments to stop, so the government wont let that happen

[ocid]

yes, it's true bitcoin as a decentralized currency of course individually will greatly assist each user in economic terms. but for now from the government there are still many who do not approve the existence of bitcoin because of course bitcoin can not be controlled by the government because it is decentralized.

[Choyor]

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

I think all policies are in the government, if the government entirely legalizes crypto or Bitcoin currency, I'm sure if they will draw taxes from any coin exchange we do. And we must also know that the economic growth of a country is not only derived from taxes but the result of the resources of the country itself, for example the mining and petroleum products.

[qwertyup23]

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

Assuming that majority of the individuals utilize bitcoin, the government would implement or create laws towards its regulation for proper collection of taxes even though its decentralization makes it difficult for them to regulate. Just to add, most people who have cryptocurrencies convert their coins into fiat- which I do not think poses a problem in the future. Another thing, there are various methods on how the government can collect tax for their proper expenditures. Lastly, if the majority really uses bitcoin as an alternative currency, the government will have no choice but to embrace its implementation and use it as a currency.

I think bitcoin will be able to increase the economic growth of every citizen of a country. because bitcoin really has a very high asset value and of course bitcoin at the individual level will be very beneficial for its users. and on the issue of taxation of course bitcoin as a decentralized currency then the government will not be able to control in terms of taxation. and this depends on the government's attitude of whether to accept the existence of bitcoin for the economic progress of its citizens or not because it only thinks about taxation issues.

Most people that have cryptocurrencies still convert their resources into fiat- which taxation is enforceable. The economic impact of cryptocurrencies have benefitted mostly the general public into providing job opportunities. Some students view it also as a way of earning income which is more convenient than to do manual labour but it all boils down that what they earn is still converted back to fiat.

[marlo1001]

If the country will provide a wise taxe system, I think that this country will deffinatelly prospher from using bitcoin in it

[Jraf95]

If 80% of citizens are using crypto's, this might be a huge increase on the sales of every business and it can help boost the economy. Always remember that everything we purchase has tax, so we are unintentionally paying it regardless on where our money is coming from. Same thing goes for crypto currency earners. Also if 80% are using crypto, I think the best way of applying taxes will be on exchanges.

I agree for, bitcoin would help a lot for all those who used it and in terms of economy along with it will there would be also exchange that would likely a tax when you have transaction in any way of crytocurrency. Lets just say everywhere we go there are ways to have payment in everything we did as charge for using there site or everything.

[Yaunfitda]

If the country will provide a wise taxe system, I think that this country will deffinatelly prospher from using bitcoin in it

I mean what tax system are to talking about here? Tax system have been in place in any country for the last 100 years and I don't think that there's anything that they can do to improved it, unless they lower the bracket so that taxes will not be heavily burden to the people but I don't think that they will do that.

The only thing they can do is regulate the exchanges and tell them to pay taxes for holding bitcoin and any other cryptos. But it will really defeat the purpose of having a decentralised system isn't it?