Bitcoin and Fiat - this is how I see the future

[Flomo]

it may be difficult for the government to track transactions on crypto and control our money, because this is a digital era that is difficult to trace.

[pey]

When you sell your car to someone, there will be a transfer of ownership to you and this will leave a paper trail for the IRS or whatever tax authority. When they audit you or if someone else report you to the tax authorities, you will have to explain your wealth to them and what you used to pay for that.

Governments and tax authorities have full control, no matter what you think. 

I agree even if you use bitcoin or any other cryptocurrency, it becomes complex when you sell or buy goods, they have full control and also in that case how they will make moneY?

[frowsiter]

May be not! Government will never put themselves in the ambiguity like that and they will never ever make regualtions which will allow peoples to openly make transactions which can just let them use the crypto easily and turn down the taxation over it. If they do it then who will sue the fiat currency at all. Plus it is impossible to trace every bit of transaction in the blockchain and you will never be able to diversify the transaction of different countries. Thus you will never know where the user is based, to which location they belong and thus almost impossible to know who made the transaction. I think nothing will work up and only fiat is the option at the end.

[palle11]

Being able to control the income, money and properties of the citizens is the main reason why most governments refuse to recognize or regard cryptocurrency most especially bitcoin as an online currency even though it made payment possible and less stressful for the users. Most governments are greedy and supremacy and wants to control every financial aspect of their citizens lives which seems unfair.

This is the reason that I think the society will not move forward because we are going to keep having inequality and injustice melted selfishnessly from those of the cadar. They wouldn't allow for new technology to be tasted when they have the idea that their businesses will be threatened.

This is even seen in the banking system and bourgeois whose products are patronized by the government, they abhor competition.

[ladydark]

At a time where I see currencies moving away from cash to digital I think the reason is partly so that governments can control the flow of their currency more particularly for laundering. They can possibly gain more taxation from a cashless currency because cash cannot be fully traced. If i sell my car for cash to another individual the government dont get any revenue from that because it is not traceable.

So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.

Absolutely.That's why,indian government is trying its best to promote digital payment and now it's in an idea to launch its own digital coin named Lakshmi so that it could get full control of money transactions.

[ModGirl]

it may be difficult for the government to track transactions on crypto and control our money, because this is a digital era that is difficult to trace.

For sure bitcoin has anonymous nature and it is hard to trace no one can know about your bitcoin investment that how much you have and how much you can have, I think now a day bitcoin is good to use because it reduces the street robbing and it has wallets which keeps it safe and growing so that no one can take advantage of your bitcoin, I think fiat does not have all these abilities so I prefer using bitcoin only.

[MMA]

it may be difficult for the government to track transactions on crypto and control our money, because this is a digital era that is difficult to trace.

For sure bitcoin has anonymous nature and it is hard to trace no one can know about your bitcoin investment that how much you have and how much you can have, I think now a day bitcoin is good to use because it reduces the street robbing and it has wallets which keeps it safe and growing so that no one can take advantage of your bitcoin, I think fiat does not have all these abilities so I prefer using bitcoin only.

Except these a lot of other facilities are there which bitcoin is providing us, we can use bitcoin for trading and investment, we can also use bitcoin for online shops, as so many big online shops are already accepting bitcoin for shopping, i think that its importance will continue increasing, and will continue providing us facilities.

[zakariajaki]

I agree with you, seen from the side of technology can actually be understood very easily when dilatifat numetric digital system on fiat, and if the government allows and make regulation of the bitcoin and the world of crypto very easy once we detect the movement of sale and purchase because what is not can and what can not be detected in the present day but once again to be considered if the existence of crypto allowed by each government, whether the government is also able to provide security and comfort to the user of crypto, so there is benefit and reciprocity from the tax to the government, simply when there is a government tax, penguna crypto more secure and comfortable, may be useful and successful for all of us

[magneto]

I think that bitcoin will not fully replaced fiat, but instead, be a vital alternative that is used by a particular niche in the future that do not believe in the longevity of the fiat currencies that are issued by governments.

You only mention one aspect of the benefits of using bitcoin, namely, the anonymity. Having anonymity doesn't mean that someone is using bitcoin for money laundering. Anonymity is a basic human right, imho.

But also, bitcoin is a great store of value, and as such, will hedge against a potential fiat currency collapse. Situations in Venezuela is only getting realer, and I think in the future, bitcoin may actually pick up some of the things that gold used to do as a store of wealth.

[the13thsymphony]

This is one of the reason why some governments are opposed to cryptocurrency as they do not know how they can benefits from it as they cannot tax the transactions that is being made. This in return denies corrupt government officials to control the assets of the people of their country as opposed to fiat specially if the users of cryptocurrency will not pay taxes themselves.  

[dragoz11]

the best way for governments seems to be letting  the fiat and crypto operate paralely with each other as there would be so much room for the illegal activities without tax.

[andisuk]

bitcoin and fiat are indeed competing with each other and it certainly makes the economy more varied in terms of financial management, and we can increasingly have the option to use it but I think the more dominant is bitcoin

[G2z_Riya]

As a beginning to the digital era, blockchain has been getting implemented over different functional sectors marking the change from the traditional system. This change can be expected with the financial system as well, and the same leads to the growth. So, there is no fear about the future growth of bitcoin.

[hugeblack]

There are some incorrect aspects of your words; governments can impose restrictions on anything even Bitcoin "If there are will and unity."
There is a lot of talk about the regulation of the Bitcoin, and after mining all the coins, it will be easy to track down the people who convert the Bitcoin among themselves, evil and Money laundering.
So even with cryptocurrencies, there will be no such amount of independent but better than the current system.
About taxes, governments are imposing it now

[sclmte]

Cryptocurrency isn't yet in the stage of fully develop system, thus it is more on trials today to see how it really become functional in different fields. Though government isn't having a positive outlook into these cause they only think that it will just a threat to the economic system of the country but it may hope that they could realized it and to give room for crypto.

[Argoo]

In my opinion, the most convenient form of cash payments for the government from the point of view of controlling co-operating operations is a non-cash form of payment, where different types of cards are used. Crypto-currency in this plan for the government is very inconvenient. That's why they do not want to introduce the crypto currency into our lives and legalize it. Ordinary paper money will vseravno exist in any form of calculation, and even in the distant future, until they disappear.

[hsyncl]

Certainly, governments will not accept it as legal unless they have an arrangement on the bitcoin. At this point, it is very difficult to see the crypto money as going out over other currencies. But it is very likely that the security weakness is removed from the scene and vice versa.

[buwaytress]

For sure bitcoin has anonymous nature and it is hard to trace no one can know about your bitcoin investment that how much you have and how much you can have, I think now a day bitcoin is good to use because it reduces the street robbing and it has wallets which keeps it safe and growing so that no one can take advantage of your bitcoin, I think fiat does not have all these abilities so I prefer using bitcoin only.

Street robbing! I think we all have less to worry about from street robbers than we do the banks and states who rob us in full view, in broad daylight, each and every day. Inactive accounts? Closed. "Taking care" of your money, which they just use to create more money and loan out to others for more? Charge fees. Use your money? Fees. Bad economy? Devalued. Pay you interest? Inflation.

Besides, street robbers could just break your arms to force you to give over your Bitcoin anyway

[skaynet]

my personal fiat will still apply bitcoin just as digital assets just like gold and its other investments, bitcoin will not be a fiat

[hyipplus]

This would be great. I believe that in this type of world economy we will live way more comfortable that we are about today.