Bitcoin and Economy

[aeternus]

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.

Governments will try to find a way to tax cryptocurrency holders, besides when we come to that point that means that the average person is using cryptocurrencies and it is very easy to scare people into compliance, now there is going to be some people that are going to avoid paying their taxes and those are going to be troublesome but governments will surely figure something out.

[lessaul]

Possibly cause something bad in the economy of some countries, in Venezuela you can see the use of cryptocurrencies, but in any case that was the best option that could be taken with the situation facing that country

[marlo1001]

 I think that real harm can be done for government economy system only in the case when real big percent of people would be involved in cryptocurrencies.

[laracastvue]

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.

Bitcoin and economy is compatible because cryptocurrency can improve the economy of a country if government will be allowing their own people to use bitcoins because everyone will be very wealthy.

[icorecord]

Governments will find a way. There will be government related wallets that can be converted into fiat, and than government will take tax from that conversion.

That is one of the best ways to solve this problem for now and it looks logical to a lot of people from the industry. Let`s hope that this is the way it will be and solve the legal issues around the crypto.

[Ailmand]

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 it does. The cryptocurrency market, being one of the hottest trade and investment market these days, running behind the real estate and stock market has a very big potential. That potential transcends to so many positive and ground-breaking changes in the market that it helps many local and global economies alike have a better business. The transactions that control the flow of money in the market, and basically helps it gain more circulation helps not only individuals but start-up business to gain more momentum that helps locals business to grow and expand.

[icorecord]

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 it does. The cryptocurrency market, being one of the hottest trade and investment market these days, running behind the real estate and stock market has a very big potential. That potential transcends to so many positive and ground-breaking changes in the market that it helps many local and global economies alike have a better business. The transactions that control the flow of money in the market, and basically helps it gain more circulation helps not only individuals but start-up business to gain more momentum that helps locals business to grow and expand.

Startups are starting to raise more money on ICO than from venture capital funds. VCs are also joining the market quickly trying not to miss the boat. There is a noticable fact that most of the more or less decent projects had raised mostly from VCs and done an airdrop for the community to keep members happy.

Real sector of economy is only on its way to attract capital using crypto. Overall direction is very clear: it is easy now to raise capital or get credited by anybody from anywhere in the world. The infrastructure will soon be ready for mass adoption (lets hope it will take place next year).

[candra raditya]

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 when the time comes, bitcoin will have a stable value because bitcoin is used as currency, and bitcoin will be used as a daily transaction.

[nguli]

bitcoin and the world economy, bitcoin is likely to provide a solution that can make the world economy even better when making transactions and remittances.

[alfs75]

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.

Will its a good happen,when the 80% of the citizen engage in cryptocurrency,and maybe in this time the cryptocurrency would become legalized and regulated to operate globally ,so maybe those our anxiety in the future that bitcoin is growing faster  and might known today without paying taxes to the government would become not our troubled because thats time of become regulated cryptocurrency would impose a tax payment.

[supercanada1]

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 when the time comes, bitcoin will have a stable value because bitcoin is used as currency, and bitcoin will be used as a daily transaction.

Well stability is not important to see bitcoin as the currency because even if the price is not stable some countries are using bitcoin as currency in a lot of countries, bitcoin is good at demand these days, because it is best source of making our economy well, it does not take much time to become legal as already some countries have announced it legal, because it helps the economy to be improved people are getting jobs with it and it helps all people to make good income so bitcoin is important to make an economy well developed.

[Visteryy]

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.

Bitcoin and economy is compatible because cryptocurrency can improve the economy of a country if government will be allowing their own people to use bitcoins because everyone will be very wealthy.

This is the best case scenario for the government and the cryptocurrency market, but many countries still have a crypto ban. These countries are still catching up with the trend of the world and losing a chance to develop the country and access to a potential market of the people.

[Zarangozang]

I think that the effect is very small for the state because the users themselves are not in tax by the government and the income from bitcoin for the country is only a little bit, maybe it's just that the people who are bitcoin active users of his life look better with the results obtained but it's not everything will look okay.
it is likely that in the future if a country has a majority of active users of bitcoin all, it is certain the government will not be silent and will take part to attract taxes so that the country's economy progresses.

[joshy23]

bitcoin and the world economy, bitcoin is likely to provide a solution that can make the world economy even better when making transactions and remittances.

If being implemented well then it can be use to help providing services that can lift and lessen transactions delayed, if the government see this and if they will adopt it can maximize the system to collaborate with real usage of this chain, there's a need of proper exposures and making the leaders of nation's realize the possible outcome if this system being implemented.

[ucok_aball]

many people use bitcoin but of course from bitcoin there are used as an asset like home or land and it certainly also has taxes, although the origin of bitcoin

[Cryptoville247]

I believe Bitcoin and cryptocurrencies will also contribute to the economies in such countries by providing smooth and fast transactions. I would like us to view Bitcoin and cryptocurrencies as money rather than seeing it as a physical asset. If We view it as money or a means of exchange, then in terms of taxes, you will only be concerned about what property or item it has been used to purchase and taxing the item or property accordingly, rather than taxing the bitcoin itself. If I may ask, do you pay tax on money that is idle in your bank account?

[Sled]

bitcoin and the world economy, bitcoin is likely to provide a solution that can make the world economy even better when making transactions and remittances.

If being implemented well then it can be use to help providing services that can lift and lessen transactions delayed, if the government see this and if they will adopt it can maximize the system to collaborate with real usage of this chain, there's a need of proper exposures and making the leaders of nation's realize the possible outcome if this system being implemented.

The system of the government will drastically change for the best if they will implement the system of the bitcoin because they will have an easier way to secure and transact different types of payments and they can do limitless things with the blockchain because it is maximizing the use of the internet which is most common thing for this generation.

[Wajan]

if I prefer bitcoin, because if bitcoin can be used for long term and also bitcoin can be a savings in the future, I will anytime choose bitcoi,I love bitcoin.

[jojowar]

When the time comes if there will be more people in a country will engage in cryptocurrency, I think that the government of that country will study and implement taxes in cryptocurrency and those taxes will help the economy.

[Swenna]

If I may ask, do you pay tax on money that is idle in your bank account?

The money that is placed on the bank and has been sitting idle for a while requires no tax. Why so?  It is because the tax has already been deducted from it the moment we received and earned it. Now, if the money you have in the bank earned an interest, let's say a monthly or an annual interest, these interests are considered as a newly generated income and is therefore taxable.

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Just because  bitcoin is decentralised does not mean it is already non-taxable. Depending on the country where you use it, taxes are still being applied to it. In the US, for example, this:


Reference: https://www.google.com.ph/amp/s/www.theverge.com/platform/amp/2018/1/29/16928768/cryptocurrency-bitcoin-how-to-file-taxes-2018-return-compliance-irs

The table above states that the tax applied on the bitcoin entirely depends on the means of its acquisition. Therefore, depending on a countires regulations, bitcoin and its usage is not exactly tax-free.

 Moreover, if it is used as a means of payment in exchange for fiat, then it still is not tax-free. Almost all of the products already has a compensated tax value in them the moment you buy them. It is not often being noticed as it is being paid together with the product's price but it is stated in the receipts. Therefore, the government which is responsible with handling their citizen's tax, which will be used for their projects such as infrastrucutres and programs, is really not a problem in case bitcoin is use.