Bitcoin and Economy

[Fatanut]

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 bitcoin users don't submit tax forms to the government, we are still paying taxes. The exchange that you are using in order to cash out your bitcoins into fiat money, they are paying tax. Don't you think they do? In every cash out that you do, you are already paying them tax. The only thing is that you don't realize it because the exchange rate has already been adjusted so that the tax is already included in your transaction.

Another thing, if everyone's using bitcoin and all are making good amount of money from their Internet jobs, I think that the economy of that country will grow even more. More money means more consumption for you. That's what humans do, we consume. We buy everything. Every time you buy something, you're already contributing to the country because you're paying tax.

My guess is the governments, in order to protect themselves from tax evasion by cryptocurrency, will increase value added taxes.

And the banks, which are essential for a government to control the economy, will just choose another way to compensate the money transfer commissions.

All except money transfer will stay in a different, yet very similar fashion.

Definitely agree to this. The government is well aware that they can't stop the people from using bitcoin since there will always be an Internet connection to the country. Prohibiting the use of Internet to the whole country is very absurd to do so they have to have a different solution. People earning money from their bitcoin earnings aren't paying income tax. This thread asks what if 80% of the population is using bitcoin, which is a majority of the people. That means it will be a good decision to increase the value added tax (tax you pay when buying something like groceries etc) since everyone's affected by it since everyone buys something.

[Hannahanto]

Now bitcoin becomes more popular, and it would cover 80% of the people in the world. It is a digital currency, the world is now moving forward  to digital. Bitcoin would support individuals growth and at the same time if it is accepted the economic growth of the country will be tremendous. The revenue of the will be become more than local currency. In future it will be accept by all countries.

[MrDom2]

http://bitcoinist.com/3-icos-huge-potential-2018/

[crutu]

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.

the taxation of a country to its citizens is intended to develop an existing government, if bitcoin is able to be inaugurated by all major countries the possibility of the government must burden the tax payments of each bitcoin users, but the government must also be able to maintain the security of its users as much as possible because of taxes issued by the government against bitcoin users should be able to also benefit the bitcoin holders

[putra daerah]

bitcoin and the same economy is needed.
if the bitcoin function can be a savings for the future, and while the ecbitcoin and the same economy is needed.
if the bitcoin function can be a savings for the future, and while the economy is needed every day ...onomy is needed every day ...

[syamster]

for me bitcoin and economy is a concept of life that has a close bond, because bitcoin has helped much to build the economy of someone who is in it ..

Both of them are connected for sure because when bitcoin was not there then all of us were earning only one way income and there was no such extra income because of which most people were suffering crises but now after bitcoin there are more than one way of getting money which is really nice way to make our economy high, people are now rich enough to spend an independent life.

[batang_bitcoin]

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.

Getting to the situation for example.

If 80% are into crypto and aren't willing to pay taxes, the government will do something to force these people to pay taxes or else they'll ban it. That can be a warning just to give teeth to the law.
But the government isn't depending to taxes only.

[Johnyz]

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.

Getting to the situation for example.

If 80% are into crypto and aren't willing to pay taxes, the government will do something to force these people to pay taxes or else they'll ban it. That can be a warning just to give teeth to the law.
But the government isn't depending to taxes only.

That's true, government can always make ways to collect taxes. Cryptos profit are taxable in U.S and people are really need to pay for the income tax. If we don't want to experience banning of bitcoin, I think its better to pay the taxes so the government can still make projects. Some country depends only on their taxes so I think its really important to follow the rules of the government.

[serverus]

We all know that there are countries that banned this bitcoin for its price rises every now and then. Rising of bitcoin currency leads to an imbalance economy of every country. In line with this, government must take action regarding this matter. If this bitcoin currency make it to the top, other investors will not invest in companies anymore, no more investments in small franchise that will lead to an imbalance economy. People will invest more in bitcoin, who would not invest if money here is easy and convenient.

[squog]

The government may not impose taxes on crypto currencies themselves but governments have always been imposing taxes in goods and services. Actually income (which is what we get from crypto currencies) are actually taxed. We just choose not to declare them (which is illegal). I pretty sure in the very near future, crypto currency will be taxed.

[Chachen19]

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.

As we have seen, bitcoin and the economy are interrelated thanks to the bitcoin that the fast and effective mobilization programs have so that the projects have the capital to carry out and create jobs for you. people

[DOLONCHAPA]

There is no clear explanation about the future of Bitcoin. The price of the next year can be doubled or tenfold. Again 95 percent or more can fall. No financial analyst can predict where the quality of Bitcoin will stand. Like another cryptocurrency, Bitcoin does not work for any beneficial economic purpose. Rather, the currency is a threat to large economies. This tremendous rise in the cryptocurrency can create turmoil in large-scale economics. According to a survey by economic historian Charles Kinnellberger, extreme speed, panic, collapse, eruptions bubble can cause a major recession in the economy later. So regulators should keep an eye on the eruption of cryptocurrency on alert. South Korea has already stopped cryptocurrency transactions. Other countries of the world are also thinking about this. This cryptocurrency is being banned for environmental reasons. It is being calculated that how much electricity is required for bitcoin mining. According to many, 30 terawatt bells per year (which is equivalent to the full electricity demand in Morocco)! However, regardless of the amount of carbon dioxide emitted, the global warming is increasing. Further, there is no social advantage. Some countries like Japan, China, and Australia are already thinking about enacting the legislation. They are concerned about not having their control over these currencies and their duty.

[sarungmen]

I know that taxes are not in the course of transactions alone are many factors that contribute to the tax income for the government, if one day everyone is involved in btc, it is definitely the time when the government has legalized it and at that time the government must have drafted the rules so they get income of this business, not ysah worry about the future because essentially human is very smart to adapt every new one there will be rules that follow

[ss890]

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 am sure you know nothing about the country like India. The politics here is so courrpted that people are tired of it and hence don't file the normal taxes also.

You won't believe it but financial department shows that in India only 20% of people pay taxes. Let's assume that there are 30% of people who are engaged with farming and whose income is exempted from the taxes. Then also there are 70% people who should be paying taxes.

There is full example of country with only 20% tax payers so you can see it yourself. ;-)

[NavI_027]

Very obvious that is already a conclusive scenario. Since the use of cryptocurrency doesn't require paying taxes (assuming it totally replaced fiat) then that particular country will don't have adequate fund for government projects making no or at least slow advancements.

But honestly, what I've said is ideal. I'm sure that governmente will not stay silent and will not take actions regarding this. I'm just thinking of two possibilities: whether they will totally ban crypto due to its threat or they will put strict regulations including tax payments. When crypto revolution comes, I much prefer the latter part to happen instead of a total ban. At least we still have a chance to use it and will not become like an antique buried deep under the ground.

[Chicksteen]

bitcoin and economics are combinations that are committed to one's well-being in economic needs. I think so.

I also believe that Bitcoin can be used an alternative solution for conflict on economy of one's country. It can even lessen the unemployment rate of one's country however, it is just for temporary because bitcoin is volatile meaning if we depend on it the value of our money might change whether to pump or dump.

[SvonioneFromMangoCoinz]

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.

Inevitably one day the government will impose taxes on bitcoins and all other electronic coins. 80% of the population uses and e-money investments, the government will not be able to stop people from using bitcoin

[JackyLon]

Nowadays bitcoin is so popular that I believe Bitcoin can be used as an alternative to a country's economic conflict. In the world now 60% of the population uses and e-money investments, the government will not be able to stop people using bitcoin and even bitcoin can reduce the unemployment rate of some countries.

[Hellokitty09]

for me bitcoin and economy is a concept of life that has a close bond, because bitcoin has helped much to build the economy of someone who is in it ..

It would be possible, bitcoin can help the economy. We know how to convert our own money to bitcoin, in vice versa, we can also convert bitcoin to our own money, it can help our own economy to have their own income in bitcoin. We see how bitcoin can be popular for one country. We must know what will be the pros and cons of bitcoin for every economy

[sinta23]

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.

yes chances are if this happens bitcoin withdrawn tax, because the country has a high authority to prosper the people, from the tax. although such sometimes taxes are also eaten themselves. whereas the tax is for the people back.