Bitcoin and Economy

[Brunus]

Theoretically there should be no repercussions on the economy:  bitcoins are only another system of measuring wealth.
But the fact that they are anonymous and can move around the globe escaping the controls creates fiscal problems that until now had not presented themselves. We'll see.

[1715584001]

1715584001

[Dimon888]

Now most people do not even know what bitkoyn is. When it turns out 80% of citizens, then the government will already come up with levers of management and levy taxes on trade with bitkoynym.

[hahay]

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.

Because bitcoin is still not legalized and in my opinion that is what makes bitcoin users not pay taxes, if the government can legalize bitcoin, then a country's economic growth will also increase, because the growth of bitcoin can also increase well if the government legalizes it with another intention the government will support bitcoin. If they are aligned, then the growth of both will also be even better.

[drachman]

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.

There are only two possibilities either the government accepts its fate and becomes smaller, this is very unlikely, or the government bans cryptocurrencies, the most likely option, but even then no one will comply so governments are going to take the longest and hardest part but eventually they will have to acknowledge that they will have to get smaller.

[Fire316]

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.

   Development of a certain country not just depends on taxes of its citizens. Government can't collect taxes from bitcoin because it is decentralized unless they will regulate it and make it legal. But people also pay taxes in many ways when bitcoin already converted into fiat money.

[Semosuchi Tesongrato]

If the bitcoin really spread, and could remain anonymous, it could create some problems.
But I think that institutional power will be able to find a way to control it before this happens.

[Jazvebtc18]

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.

Definitely Yes,  it is not possible that it will happen in the future. Since bitcoin is developing every now and then. But   if that will happen, government will create regulation that can benefit them. For now, the can't collect taxes because of blockchain decentralized.

[chosenboy4]

Global financial crises generally happen because

The Banks have too many toxic assets, making them stop giving out loans (the one in 2008)
Stocks are overvalued and now, people want to cash-out by triggering a massive-sell. (great depression of 1930s)
Hyper-inflation, typically happens when the government bails out on its debts. (Happened to some countries during 2008 recession)
In the first case, people who have assets stored in banks, lose out. People with large savings accounts won’t be able to withdraw because the big banks don’t have cash reserves.

In the second case, people who have assets in the form of stocks lose out because now, the stocks they own are worthless.

In the third case, there is far too much money in circulation. So, everything becomes expensive. If you have money stowed in a bank, in the form of stocks or under your mattress, they are all worthless!

People buy tangible assets such as Gold, Houses, Land or expensive paintings to store value. Bitcoin is one such store of value. Tangible assets like these make an excellent fall-back option in case there is an economic crisis.

Since Bitcoin is

Fungible (Every Bitcoin is alike)
Transferrable
Divisible
Finite
Bitcoin makes a perfect store of value. So anyone who owns Bitcoin at this point will be super-rich. Its value will shoot up during a financial crisis.

[Kokakolla]

In my opinion, Bitcoin closely related to the economy nowadays, let alone the economy that concerns a government or a country. Bitcoin can make the economy of a government or a developing country if bitcoin grows rapidly. Therefore, this development must be accompanied by cooperation on both parties.

[Aris novianto]

if I support bitcoin, because bitcoin can be made or exchanged with the economy, I believe bitcoin can become an economy in the future, until whenever I will always support bitcoin and I will develop bitcoin in my life.

[Kokakolla]

If Bitcoin really spreads, and could remain anonymous, it could create some problems. But I think that institutional power will be able to find a way to control it before this happens. Not all countries developing about taxes. There are many countries developing with utilizing natural resources like oil mining and gold mining. And bitcoin is currently have tax but that if bitcoin is regulated by the government of a country that accept bitcoin for transactions in that country. But there are some people who avoid the tax and talk about bitcoin is free of tax even though the state government has given access to bitcoin transactions in that country. And 80% is a big amount I think not everyone will be involved in cryptocurrency. There must be about 60% of people who still use paper money and not involved in cryptocurrency.

[taliwang]

it looks like in the future bitcoin and the world economy need each other because of the world economic conditions there must be new technologies that make buying and selling transactions and money transfers very safe, so bitcoin and the technology that bitcoin has can be one solution in the future.

[aaeeggoo]

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. 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.

[zeingrind777]

Maybe their government will regulate tax payments for bitcoin holders. But I don't know for sure whether it can be done or not.

[SolomonSollarsNSense]

I think the government will always look for ways to control the crypto currency and will make crypto users pay taxes, but the government should also know that crypto currency has nothing to do with the government so they can not impose a tax from crypto

Of course Bitcoin has a great impact on the economy of a country and this is visible from the fact that unemployment has been greatly reduced and decreased after the introduction of Bitcoin in countries like European and America.
Besides, it has reduced the cost of transaction and you do not have to pay to the bank for making a transaction anymore which means the national saving has improved and this leads to the balance of payment surplus.  SO Bitcoin is very good as it accelerates the growth of economies which are ready to absorb the shift.

[jayhawk1]

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.

First, you have to know what you just said now is not possible, there is no way 80% of the people in a country will go into Bitcoin… sorry you’re wrong there. And secondly, I believe that roughly 70% of the people in this community possibly have a business they are doing outside of Bitcoin and, and they also pay tax for it, so you don’t expect them to be paying double tax. I don’t think people that works online like freelancers pays tax.

[spongegar]

If it does, and it will, the government will simply acknowledge the existence of crypto currencies and actually protect its citizens from financial crimes by applying laws especially made for crypto currency. Of course taxes should be in a minimal considering its new, but for me paying taxes is a small price to pay so the government will be more open to crypto currency.

[hotBriX001]

If it does, and it will, the government will simply acknowledge the existence of crypto currencies and actually protect its citizens from financial crimes by applying laws especially made for crypto currency. Of course taxes should be in a minimal considering its new, but for me paying taxes is a small price to pay so the government will be more open to crypto currency.

For me bitcoin existence would mean a great helps to country economy. If some countries accept bitcoin and make it legal, I think some users will oblige to pay taxes from bitcoin investment income and this will helps to grow better countries economy.

[lenini]

Bitcoin can not become a substitute for traditional money and is not suitable for the role of the main currency for the world economy. Even if regulators adopt bitcoin, deflation will hamper the development of the crypto-currency economy. And until now, bitcoin uses more to earn on it Fiat than for regular exchange. To build the economy on crypto-currencies, it is necessary to change a lot in them, so that they become more similar to traditional money.

[BitcoinLoan]

If it does, and it will, the government will simply acknowledge the existence of crypto currencies and actually protect its citizens from financial crimes by applying laws especially made for crypto currency. Of course taxes should be in a minimal considering its new, but for me paying taxes is a small price to pay so the government will be more open to crypto currency.

Bitcoin appealing to many people because something that will never increase in supply is more likely to hold its value. The problem is that in the event of a crisis, there would also be no way to add liquidity to the system, since you can’t “print” more bitcoins.