Crypto adoption

[guoyu78]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

We are going incredibly well in adoption. Right now bitcoin is going so well that there are only 2 things left for bitcoin to make it any bigger. One is getting the shops and stores accept bitcoin so we can use it as a currency, the second is the big financial corporations to get in. First one will allow the everyday normal guys to spend their bitcoin on basic life stuff like milk and bread and what not and pay via bitcoin, which would allow us to have much better adoption rates.

Also when big financial companies get into bitcoin it won't be couple million dollars, maybe one or two company won't spend too much into bitcoin but when you combine all the money all financial corporations will pour into this collectively it will make it billions of dollars which would increase the demand for it and the price of it.

[1715456742]

1715456742

[1715456742]

1715456742

[naidray]

This is a great question and also one of the reason why the government hesitate to adopt crypto, without the taxes tge country could fall down, that is why I agree that crypto being regulated, so there is a mutual benefit for all, the government could taxed the transaction, so they can collect the tax from the exchanges, and we will need to pay taxes every time we trade, or maybe the government can make regulation only one wallet for each person, by regulate it maybe we can decrease the ponzi and fraud

Basically, once we start seeing crypto adoption becoming something easy to utilize without having to convert to fiat, the taxation thing will be very hard to achieve in most cases.

Nonetheless, we still get taxed anyway on values when we get to purchase stuffs, and even if the market will grow into a usable one eventually in which the use of POS and cards become a lot more plausible in the crypto space, we might still see the government gaining from taxation one way or the other. Still, when it comes to capital gain tax, we all know the only easy way to achieve that is to make use of the exchanges, when it comes to converting to fiat, so that makes that side obsolete.

[yulchatar]

I think that all the same crypto will exist on a par with fiat currency. Because get rid of fiat will not be so easy. In the same way as the introduction of cryptocurrency in the world. And, of course, taxes will be. Since if they don't exist, governments simply will not accept cryptocurrency.

[yvesp110]

This is a great question and also one of the reason why the government hesitate to adopt crypto, without the taxes tge country could fall down, that is why I agree that crypto being regulated, so there is a mutual benefit for all, the government could taxed the transaction, so they can collect the tax from the exchanges, and we will need to pay taxes every time we trade, or maybe the government can make regulation only one wallet for each person, by regulate it maybe we can decrease the ponzi and fraud

Basically, once we start seeing crypto adoption becoming something easy to utilize without having to convert to fiat, the taxation thing will be very hard to achieve in most cases.

Nonetheless, we still get taxed anyway on values when we get to purchase stuffs, and even if the market will grow into a usable one eventually in which the use of POS and cards become a lot more plausible in the crypto space, we might still see the government gaining from taxation one way or the other. Still, when it comes to capital gain tax, we all know the only easy way to achieve that is to make use of the exchanges, when it comes to converting to fiat, so that makes that side obsolete.

I got your point but according to me in easy words, according to me now people have started to use their cards and their money to buy bitcoin, several people are adapting many crypto currencies as we know there are many but for the best one is bitcoin which is now mixed in our society, we are using it to buy goods, to pay the fees and to buy goods to save money even banking are now having good bitcoin collection.

[Dondont]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

in my opinion it's not that easy, the proof is that since Bitcoin exists, this massive adoption still cannot be realized until now. Okay, let's say that this is a long run but isn't the run so far only limited to trade and regulation? ponzi and some pyramid schemes will be difficult to eradicate. so i thinks its impossible to do, others just trying to make another new one

[iMark]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

in my opinion it's not that easy, the proof is that since Bitcoin exists, this massive adoption still cannot be realized until now. Okay, let's say that this is a long run but isn't the run so far only limited to trade and regulation? ponzi and some pyramid schemes will be difficult to eradicate. so i thinks its impossible to do, others just trying to make another new one

I myself sure that in the future the government will have a system to control cryptocurrency, with their unlimited power, of course the government can do anything, including controlling users and crypto, for now all they can do is hold the development of crypto first

[Lpim01]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

in my opinion it's not that easy, the proof is that since Bitcoin exists, this massive adoption still cannot be realized until now. Okay, let's say that this is a long run but isn't the run so far only limited to trade and regulation? ponzi and some pyramid schemes will be difficult to eradicate. so i thinks its impossible to do, others just trying to make another new one

I myself sure that in the future the government will have a system to control cryptocurrency, with their unlimited power, of course the government can do anything, including controlling users and crypto, for now all they can do is hold the development of crypto first

There is no problem if the government will control crypto,  the main concern of the people is not to be abused with the authorities. If that will happen,  we experienced many changes and might have a strict policy including taxes.

[Ewinsane]

One major thing a lot of us are really hopeful for and which I so much believe we will get to see in the long run as time goes on. I know this might be a thing that is difficult to achieve considering the fact that a lot of people mentality when it comes to adoption is to hold and invest to make money from the deflationary characteristics of most of these coins.

However, with those with products, I believe a time will come when the market would have grown hugely, we would have seen a lot of development when it comes to the product backing these coins and tokens being used and in that case, we will get to see a better and matured space.

[Savemore]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then?

Same system applied on how fiat are being taxed when purchasing products. You can have an overview of what will be the supposed process if you will read and understand some stuffs about taxation. It requires long writing so I suggest to read some Economics 101 about taxation.

..how is the government gonna stop people from making pyramids, ponzis, and scams in general?

Government can't stopped it 100% but they can make a much more strict penalties for violators and sh*t people.

There are really people and organizations that will continue to do fraud and scams no matter what.

It is true that the government can't stop it because the people are continuing to patronize it. There are a lot of scammers in the market that is currently happening and it is the reason why government are creating laws and regulations to lessen the scammers.

[SparkleToken]

Great question!

[kram31]

TAXES! this is why government dont like cryptocurrency.
As it is very hard to get the transaction details and people can overcome the tax law.
How can a country survive and develop their mainland if there will be no taxes, nor enough taxes to collect?
We are living in crypto whose the transaction are not traceable to whom and from who the money from!

[magneto]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

The government would still be able to tax people on income tax and GST if bitcoin does end up becoming adopted further, and that legislation recognises bitcoin as a form of currency. There however may be double taxing happening in regards to charging both GST and CGT when buying stuff with bitcoin.

Furthermore, I don't think that increased bitcoin adoption would lead to more people getting scammed at all.

The government would obviously still have its own set of regulatory framework in terms of bitcoin investment services, which would restrict ponzi schemes from theoretically operating. Obviously this isn't possible practically all the time, but I think that it's up to the individual to recognise whether an investment is of a pyramid of ponzi nature anyways. Regulators can only do so much in this sense.

[Finestream]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

in my opinion it's not that easy, the proof is that since Bitcoin exists, this massive adoption still cannot be realized until now. Okay, let's say that this is a long run but isn't the run so far only limited to trade and regulation? ponzi and some pyramid schemes will be difficult to eradicate. so i thinks its impossible to do, others just trying to make another new one

I myself sure that in the future the government will have a system to control cryptocurrency, with their unlimited power, of course the government can do anything, including controlling users and crypto, for now all they can do is hold the development of crypto first

There is no problem if the government will control crypto,  the main concern of the people is not to be abused with the authorities. If that will happen,  we experienced many changes and might have a strict policy including taxes.

Once mass adoption will takes place,i'm sure the government will still find its way to trace all the transactions involving cryptocurrencies.Taxes are already included in the goods that we are buying and even in crypto transfers,taxes have been added already there.

[perfect999]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

Uuhm… I also think that the best way the government is going to collect taxes from the people making use of Bitcoin is by getting exchanges to be under regulation so that people will be charged them or something.I might not be right about it, but anyway, it’s just my opinion. But I do trust the government, they will always find a way in everything, they might even take over it, lol.

[redsun114]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

people expect way too much from the government than they're capable of. Global crypto adoption is years away since there are places where people are not tech savvy and they rely on fiat for their day to day operation. They cannot stop people from making ponzi schemes but I suppose people would learn from their mistakes and correct it accordingly. no government interference needed.

I think the pace is very good for now. I know we are expecting everyone around the world to get into bitcoin and crypto already but we can't expect that type of fast paced adoption right away. One thing I am really shocked is that we have the ETF possibility by the SEC already before we got into the everyday usage type of deals.

I would expect some sort of debit card thing or mobile app type thing to get a lot bigger and wider in usage and allow us to spend money wherever we want to be getting a faster adoption but ETF got the first foot in the door before that happened.

It would be marvelous if we could get some sort of ETF during these low prices so that those corporations could make profit, when they profit it would be example to others to do the same and it would only help the adoption rate to go higher.

[iamverybusyperson]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

They can't stop people from making pyramids and ponzis, only people can stop investing in them, but i think thats never happen

[YOSHIE]

My crypto adoption thinks the best and most impressive opportunities are without a doubt, more cryptocurrency trading investment investors around the world.
Globally, there will be more turnover for the government that applies tax on crypto
in investment and government support for obtaining crypto-based investment funds, which are very positive.
Generally enough to make crypto traders, who continue to sell ownership of bitcoin and altcoin positively do not view crypto negatively.

[turkandjaydee]

My crypto adoption thinks the best and most impressive opportunities are without a doubt, more cryptocurrency trading investment investors around the world.
Globally, there will be more turnover for the government that applies tax on crypto
in investment and government support for obtaining crypto-based investment funds, which are very positive.
Generally enough to make crypto traders, who continue to sell ownership of bitcoin and altcoin positively do not view crypto negatively.

Crypto adoption especially on the blockchain side is good but im tired with so many trash utility tokens and ICOs in this market.
Many ICOs are scam and even if they can get some funds or they can reach their softcap, theyre still not serious with their projects.
I think ICO need to get a tight filter or regulation and also STO may will be the real investment place. This 2 things will make crypto market looks attractive again.

[Escf4]

Crypto adoption worldwide and every country , are the goals that bitcoin and other cryptos are on the track , so if countries and states are adopting this cryptocurrency, so this could give the comfort of every crypto holders ,to use the cryptocurrency anywhere ,any establishment around the world.

[ophyrim]

If crypto does gain massive adoption and you are able to pay for things in crypto, there would be less of a reason for people to cash out into fiat. How would government collect taxes from crypto gains then? Also, if something like ETH becomes big, how is the government gonna stop people from making pyramids, ponzis, and scams in general?

There are many ways to collect taxes. For institutional investors, it is easy to follow the owner of the portfolio. Or the banks probably will store btc like fiat. Or maybe during buying or selling things.