Crypto adoption

[KesoNie]

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.

It seem that more people are getting interested and adopt cryptocurrency, so I think the adoption of crypto is rapidly growing. I think when years goes by surely there are huge adoption for crypto because this year is much more popular, so possible in upcoming years it will be more well-known of many country. Also crypto is one of the trend technology right now even its start about 9 years ago.

[Ludmilla_rose1995]

With the existence of the blockchain technology system, this makes it easier for the government to see crypto holder funds or wealth, so the government requires taxes on crypto holders. It's very easy to do because it's transparent.

[hahay]

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?

I think the government can do it by making an official certificate that must be passed by ICO developers etc., because most of the problems that make the problem big are the ico scam projects that will make many investors get fraud. That way the government will also receive tax from related companies and it seems that we will easily find a project that has an official certificate that will make us more confident if it is true.

[harizen]

With the existence of the blockchain technology system, this makes it easier for the government to see crypto holder funds or wealth, so the government requires taxes on crypto holders. It's very easy to do because it's transparent.

That's not how it was supposed to be. Being a holder doesn't mean they required to pay tax on the government. How about those saving fiat?

The tax will be applied during
a) receiving (e.g salary)
b) buying products (alongside SRP's)
c) other services.
d) for local exchangers = the rates and fees we are facing here

People can confidently hold even a large amount of crypto without afraid of being taxed. Same way when people saving large amount of fiat.

[Oceat]

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 can't stop people from doing it but it is up to the people if they know what is a ponzi and scams. By doing this WE could actually stop those people from scamming more and more people in the future but due to the people that who don't have enough knowledge of a scam they were easily being targeted by the scammers.

[iv4n]

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 can't stop people from doing it but it is up to the people if they know what is a ponzi and scams. By doing this WE could actually stop those people from scamming more and more people in the future but due to the people that who don't have enough knowledge of a scam they were easily being targeted by the scammers.

Government will find a way to tax it, don`t you worry about them, they will always try to find a way to take your money. With crypto maybe we have a choice to hide ourselves, maybe we can skip paying them more than
they deserve. Crypto adoption is ongoing, it started years ago and it will last for many years until it conquer the world, you can wish to happen faster because you have a stash of coins but it will take time, we need to be patience for that.

[iknowsatoshe]

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?

Even if you are not holding actual fiat anymore you are still paying taxes, how do you think businesses that accept credit/debit card payments and Paypal transfer are paying their taxes even if they are receiving money anymore? Even if these companies are accepting cryptocurrencies the government has the ability to track all the transactions done and it maybe done easier especially when blockchain is involve with cryptocurrencies. There is really no escape on paying your taxes and mass adoption would only signify that the government allowed cryptocurrencies in their country.

It's true, cryptocurrencies must make some structural changes and become more attractive to everyone- serving society  better, as whole. We find people, in every aspect of our life, suffering from marginalization, financial problems and even depression (though as a result of the other 2). We can deal with these problems like no government ever before and open a window not only to financial prosperity but to a socioeconomic revolution by backing projects that plan to change modern welfare, e.g hinounou or w12; aimming to get us closer to a more humane perspective of investing (thinking about our impact on tomorrow's society and not our portfolios). After all we all we are a community that aims to revolutionize every sector of today's society. Of course crypto will be adopted -eventually-!

[Patient_Zero]

If cryptos will be widely adopted and can be used as FIAT then then what is the purpose from exchanging a crypto with FIAT, that suppose that cryptocurrencies become regulated and there are no restrictions about using them.
Applying taxes is the major problem and it is the main reason why governments don't accept cryptos.

indeed there are still many countries that do not realize the original usefulness of bitcoin, the government should begin to open up and start analyzing the benefits that can be obtained from bitcoin, there are still many countries that are still worried that bitcoin will become a world currency that will destroy the value of currency each country, this is clearly the wrong idea, the conventional currency and crypto currency should be complementary and mutually supportive, because with the various facilities offered this could open up many new business opportunities,

[Periodik]

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?

You know what, the governments do not run out of ways to collect taxes from the people. As a matter of fact, they have mastered it to a high level. That is where they are experts of. As to how to convert these taxes into people's services, they are very weak. Anyway, every time we purchase, they could already impose appropriate taxes. But this could only be done when the store or shop, online or not, is duly registered with the government.

[Rhosadah]

now many banks adopt the blockchain technology system for easy access to their banking data
.and the government does not have to collect taxes from blockchain users but it is enough to be collected through the customer's bank, I think the people now understand their obligations as citizens to pay taxes

[gamalzour]

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?

Real money is physical and not digital. Digital means are ways to make things faster while making transactions. That’s why you have your money in banks and you can control the money in your bank account by just making use of mobile phones and computers. So cryptocurrencies are not going to be that, cause they were not meant to replace anything. The purpose was just to create a fast means of buying and selling things online.

[KnightElite]

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 country, there are now many people who prefer to use digital money for them to easily buy goods and services.  Actually there are many businesses and even the market who fully accept cryptocurrencies.

[Faxmate]

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.

Yes this things is being use not in a city or a country but it being use now all over the world, if you go to some shop of any country and you ask about bitcoin buying selling goods shops they will show you plenty of, so there is no need to be worry as time passing bitcoin adoption is getting at bigger range and soon it is gona be one of the most adopted currency and best investment all over the world.

[blueteam09]

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?

To get tax from Crypto is very simple. Governments can levy taxes on exchanges in their own country. Also, they can be taxed directly on the Crypto payment application as easily as possible. There are many ways for the government to levy taxes on users and to own Altcoins.

[CaptainKid]

It will take a lot of time before crypto-currencies are accepted / legalized all over the world, so it’s hard to answer your questions. But I can assume that within each country, there will be its own rules, laws, and its attitude to the account of crypto-currencies.

[hisuka]

It will take a lot of time before crypto-currencies are accepted / legalized all over the world, so it’s hard to answer your questions. But I can assume that within each country, there will be its own rules, laws, and its attitude to the account of crypto-currencies.

Yes it would take time to legalized for many countries. So I believe in the upcoming years there would be more adoptions could happen

[sheamus10]

It will take a lot of time before crypto-currencies are accepted / legalized all over the world, so it’s hard to answer your questions. But I can assume that within each country, there will be its own rules, laws, and its attitude to the account of crypto-currencies.

You are absolutely right because if there are no regulations governing crypto currencies it will be difficult, we are waiting whether next year there will be many countries that make regulations for the use of crypto currencies.

[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?

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.

but is it the biggest tax the government gets from someone's income? if many people use bitcoin for their salary, then what is the state of the country's economy then ? that's our concern now. why adoption is slow because the government is trying to stop bitcoin in any way so that the government does not lose

[Renaldi blackspadeteam]

the government can collect crypto taxes by making its own Crypto legitimate in the country,

maybe the government can collect 0.01% to 1% tax for each transaction or it can be a certain amount.

the government can also stop people who make pyramids, ponzi, and fraud by broadcasting it on media such as TV and newspapers, but it depends on the individual, whether they want to obey or not

[millgates]

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?

Government can force the exchange site to pay taxes, government is smart it always finds the way to collect taxes. Government also can make a regulations for cryptocurrency like anyone who make a transactions in it country should use certain app. But honestly government which only depend on taxation is a looser. Government is an organization which should can be self sufficient and even can support their citizens prosperity. Government should build strong industries that can support the country economy.