Bitcoin and Economy

[DianHER]

cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. It does not have legal tender status in any jurisdiction. cryptocurrency that has an equivalent value in real currency,  Paying the tax man is relatively new for an industry built on anonymity and avoiding government control. For this filing season, many investors who have been trading for years will “come out of the woodwork” and disclose crypto on their returns for the first time.

[1713902676]

1713902676

[jaysabi]

You're not going to get anywhere if you're trying to avoid paying taxes by transacting in bitcoin. The fiat exchange points are increasingly coming under scrutiny and the government we eventually be able to compel these companies to turn over transaction records. Anyone caught evading taxes is going to have back taxes, penalties, and possibly jail time to answer for. In the US, tax evasion has no statute of limitations, so the government can wait you out until they can eventually get the records. They're not going to go away, and it's just not worth the risk of the penalties you'll face when they eventually catch up to you.

[Caotodoxunir]

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.

[drachman]

Taxes is a must, Even if the country has 100% of its citizens engage with cryptocurrency still we need to pay taxes. Taxes in cryptocurrency and taxes in government is different. Maybe it will lessen us for paying taxes. And also that's also the main reason why other government countries didn't accept bitcoin. Taxes are important. It helps the country's to provide goods and services for the benefit of their own people.

Taxes are necessary, but compared to other times in history you will see that the taxes that we're paying are simply too high, in the past most governments charged very low taxes and they mantained themselves with lotteries and stuff like that, so we are at a very important point in the history, are we going to follow this new system where we are charged huge amount of taxes or are we going to follow the old system with very low taxes and a smaller government?

[cahbagus555]

You're not going to get anywhere if you're trying to avoid paying taxes by transacting in bitcoin. The fiat exchange points are increasingly coming under scrutiny and the government we eventually be able to compel these companies to turn over transaction records. Anyone caught evading taxes is going to have back taxes, penalties, and possibly jail time to answer for. In the US, tax evasion has no statute of limitations, so the government can wait you out until they can eventually get the records. They're not going to go away, and it's just not worth the risk of the penalties you'll face when they eventually catch up to you.

People will still keep paying taxes even we pay with cryptocurrency because every goods we buy already attached taxes. We pay taxes because we need government service and i think its obligation from every citizen paying taxes

[XiXiMios]

All calculations are easy to do through it, but it is completely under control. The bitcoin economy is not developing now and therefore the government is quietly watching the life of the cryptocurrency. As soon as the first signs of the crypto-currency economy appear, we will see the activity of the state to counteract.

[Relmarrowny]

Bitcoin and the economy are tied together. To a certain extent, Bitcoin is in economics. That is also the pressure for financial investors.

[Coleth]

I just believe that economy will improve in ones Country if they will adopt Bitcoin and other digital coins for their market. It will rise demands and people will invest more.

[wendiar19]

maybe in the future this bitoin and the economy in this world will really need bitcoin as one to make transactions and provide very strong security and convenience when making transactions.

[davinchi]

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 such a thing does happen the government will find a way to solve this problem. But the truth is that it’s never going to happen. And by the way, most of us that are into Bitcoin (Crypto business) are not bunch of lazy human beings, we have side jobs that we are doing and we do pay out tax from there.

So telling us to also pay tax for using Bitcoin is never going to happen. Bitcoin isn’t meant to be that way. Unless maybe you’re jobless and Bitcoin is your only source of income.

[Cloak1]

As Bitcoin value to grow, it is still too impractical to become the basis of the world economy. Bitcoin does not operate like a currency. Bitcoin transactions require access to an increasingly growing list of transactions called the “blockchain.” And this system does not scale to meet the needs of any fast-paced modern economy. Digital currency systems like bitcoin may have a place in the future economy, but bitcoin itself will not control the world economy.

[Ozero]

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's no secret that the state does not need a decentralized crypto currency. In most cases, it is legalized under the pressure of the people. If the citizens after that do not pay tax on profits from the crypto currency, the state with great pleasure uses this fact as a basis for prohibiting the circulation of the crypto currency. Therefore, here we need to choose: if we want to continue to use crypto currency, we need to pay taxes.

[nokat]

Bitcoin goes a long way to affect the economy positively.Imagine when people in the economy have some bitcoin in their possession and the government starts deducting tasks from every transactions being made, the economy tends to grow faster than you can think off.

[pragna]

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.

Nothing to worry. When 80% people of a country will use cryptocurrency then their government must create a system that people will use it in a systemic way and will give governments all kinds of taxes. When people will take benefit from it they will give it so easily because all people in a country are not corrupted and those who corrupted they don't care now and then.

[KrisAlex18]

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 ever such thing occurs, the economy of that country will definitely be affected since taxes covers a huge contribution to the country's economy. In a larger scale, if cryptocurrency gets legalized all over the world and almost half of the earth's population is using it, we can tell that there will be a lot of changes in the world's economy.

[virtfund]

They will regulate it in order to put a tax in any bitcoin-related business or transaction. It is a process which will take a few years. I think, they firstly tax the exchange and encrypted money. They may take some other measures like indirect taxing. Thus, cruptocurrency users don't pay tax directly “but indirectly”. Because everything we purchase has a tax. We can’t find a short circuit and pay it no matter where money comes from.

[Samolet]

It would be a mistake to believe that popular public phenomena will not be attacked by the state. Numerous examples are known that disprove this assumption: bans on alcohol, drugs, gambling, firearms, as well as tax restrictions, restrictions on freedom of movement, freedom of speech, business, etc. A more relevant example, of which we are all witnesses is the progressive depreciation of the currency.

[k1ng0fBTC]

They will regulate it in order to put a tax in any bitcoin-related business or transaction. It is a process which will take a few years. I think, they firstly tax the exchange and encrypted money. They may take some other measures like indirect taxing. Thus, cruptocurrency users don't pay tax directly “but indirectly”. Because everything we purchase has a tax. We can’t find a short circuit and pay it no matter where money comes from.

Yeah it will be the compulsion for all the governments to legalize biotin because when the whole world realizes the importance and benefits of bitcoin they will withdraw their money from bank accounts and will invest in bitcoin. They governments all over the world will also think about it and will legalize it and impose tax on the profit and transaction.

[noictib]

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.

This is a big truth of the tax system in world , because there are many countries who are dependent over the business world , where they addicted to develop things not to produce like food items or agriculture , they are totally dependent to produce industrial products , they Thier country and governments are always remain active with only tax income ( here Saudia Arab is common example ) .
And here Japan is also in this category , where the government allowed people to use cryptocurrency with high tax ( about 23%+ ) .
And I think another countries will follow Japan , because Japan is a successful country and another will try to became developed by follow them , and in that way they will try to allow use of cryptocurrency with high tax return  with the hope that economy of the country will increase with the more and more tax like another countries .
Hope happen the same because without cryptocurrency we can't live our life easily and also we lost.much time in cryptocurrency since long time and if they will not allow then it will be very tedious for us to enter in another field to make earnings .

[DaughterOFbitcoin]

It would be a mistake to believe that popular public phenomena will not be attacked by the state. Numerous examples are known that disprove this assumption: bans on alcohol, drugs, gambling, firearms, as well as tax restrictions, restrictions on freedom of movement, freedom of speech, business, etc. A more relevant example, of which we are all witnesses is the progressive depreciation of the currency.

Yeah you are right but one thing is very serious about cryptocurrency investment. When people withdraw their money and put in bitcoin or Altcoin, government will have to think seriously about it. Due to huge withdrawal from the local banks the economy will be definitely affected. Economy of a country affected negatively when people send their money to another country.