The more popular Bitcoin is, the more valuable it is？

[Robinson66]

Recently, there as been a lot of discussion about using Bitcoin to pay or employers to pay salaries using Bitcoin.

https://bitcointalk.org/index.php?topic=5350730.0
https://bitcointalk.org/index.php?topic=5351333.0
https://bitcointalk.org/index.php?topic=5351973.0
https://bitcointalk.org/index.php?topic=5352233.new#new

(All forum threads, there will be many similar views)


There is a lot of hype among Amazon, Apple, and Tesla about accepting Bitcoin as a payment method. Many of them say that the adoption is better, but if the company converts a large amount of Bitcoin paid by customers into legal tender, it will give Bitcoin. The currency brings a lot of selling pressure.
Bitcoin is limited. Everyone uses Bitcoin for payment and daily transactions. Bitcoin is becoming more and more popular. Many people know that Bitcoin also has countries that set Bitcoin as legal tender. If Bitcoin is used to pay salaries, is it necessary to collect taxes?
Bitcoin is becoming more and more common for daily payments. If it is more convenient for everyone to buy bitcoins and use bitcoins for daily payments, will the price of bitcoins get lower and lower?
But now the legal currency has depreciated. For example, if you are rich, then you will not let your money just be stored in the bank, and will invest it in cryptocurrencies, houses, stocks, and others.
If conditions permit, I would be happy to use Bitcoin for daily payments, but some people have said that they will not sell their own Bitcoins and have been waiting for the price of Bitcoin to rise.
Do you think Bitcoin will be devalued in the future?

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[Robinson66]

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Bitcoin is limited. Everyone uses Bitcoin for payment and daily transactions. Bitcoin is becoming more and more popular. Many people know that Bitcoin also has countries that set Bitcoin as legal tender. If Bitcoin is used to pay salaries, is it necessary to collect taxes?

Payment in Bitcoin is a method of payment, which is not a criterion for judging whether to pay taxes.
Sort out your ideas and discuss the questions.

If Bitcoin is used as currency, it is the same as any other asset. If it is income from work, is it subject to income tax? When you pay with Bitcoin, does it mean you pay? In this case, it meets the taxation standards.

[NathanielParker]

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Bitcoin is limited. Everyone uses Bitcoin for payment and daily transactions. Bitcoin is becoming more and more popular. Many people know that Bitcoin also has countries that set Bitcoin as legal tender. If Bitcoin is used to pay salaries, is it necessary to collect taxes?

Payment in Bitcoin is a method of payment, which is not a criterion for judging whether to pay taxes.
Sort out your ideas and discuss the questions.

If Bitcoin is used as currency, it is the same as any other asset. If it is income from work, is it subject to income tax? When you pay with Bitcoin, does it mean you pay? In this case, it meets the taxation standards.

Shouldn't this be the more people and companies accept it, the more valuable it is? Why does it depreciate? Maybe you didn't realize this. Buy food, pay utility bills, and use cryptocurrency to go on vacation without charging any fees, and pay instantly. This is the way that can be quickly forwarded.

[Bttzed03]

~ If Bitcoin is used to pay salaries, is it necessary to collect taxes?

BTC as salary is basically a regular income if you asked me (fiat was simply replaced). It should be subjected to income tax unless it's specifically stated that it's exempt under the country's tax laws.

~ If it is more convenient for everyone to buy bitcoins and use bitcoins for daily payments, will the price of bitcoins get lower and lower?

Are you referring to BTC price in terms of fiat (USD)? It still depends on how much they (buyers/sellers) would trade it. What we do know is that BTC has a limited supply unlike fiat and it's one of the reason why its value has risen up since inception.

~ Do you think Bitcoin will be devalued in the future?

Market demand will determine this.

[Fundamentals Of]

Bitcoin's price is dependent on its market demand. But for as long as spending Bitcoin requires relatively high fees and off-chain alternatives are not very popular and widely accepted, Bitcoin will remain more as an asset than a payment option. Keeping Bitcoin remains stronger than spending Bitcoin. With this, the price will constantly increase. If the likes of Lightning Network becomes more widespread and directly spending Bitcoin becomes mainstream, the price would still depend on which between selling and buying is stronger. The price would always be dependent on the market.

[Tina H]

I will not use it, but anything that makes more people aware and interested is a good thing for us early adopters. Although Bitcoin's price fluctuates greatly, it is more appreciated than any other asset class in the world. Spending your Bitcoin on anything else will give you less return on investment than just holding it, and spending it on assets that will depreciate (as most of them actually do) is especially stupid.

[KennyR]

Everything has got its evolution. Bitcoin as a payment gateway have turned as a transaction medium, which further got importance as an investment. In the meantime it is used on gambling and for other purposes. So, it has evolved as an alternate to the traditional fiat used around the world.

As the popularity increases, automatically the demand increases which results in the increasing usage on all forms. This way some companies have opted to pay in terms of bitcoin to its employees based on their acceptance.

[so98nn]

Bitcoin's price is dependent on its market demand. But for as long as spending Bitcoin requires relatively high fees and off-chain alternatives are not very popular and widely accepted, Bitcoin will remain more as an asset than a payment option. Keeping Bitcoin remains stronger than spending Bitcoin. With this, the price will constantly increase. If the likes of Lightning Network becomes more widespread and directly spending Bitcoin becomes mainstream, the price would still depend on which between selling and buying is stronger. The price would always be dependent on the market.

In short we are talking about "Demand and Supply". Holding bitcoin makes it more and more shorter in supply over the time considering it is getting mined, stored and hodl by numerous operation holders around the world. That itself is huge amount of BTC which shorten the supply and increase the value. With the rewards getting halved every 4 years through halving process things get even better for bitcoin.

About the title, bitcoin's popular does affect the value of BTC but bitcoin world is so much complex that on some beautiful day bitcoin is very Hot in the news while at some point it might be in Criticism!

So we can't entirely depend on the popularity but fundamental factors needs to be evaluated. 

[NeuroticFish]

There is a lot of hype among Amazon, Apple, and Tesla about accepting Bitcoin as a payment method. Many of them say that the adoption is better, but if the company converts a large amount of Bitcoin paid by customers into legal tender, it will give Bitcoin. The currency brings a lot of selling pressure.

You didn't think this over good enough.
Tesla "buyers" were mined or bought the bitcoins they'll spend there. So it's a buying pressure too.
This is how the coin part works. Some will buy to spend, some will sell when received. And some will hold. Just like now.

Bitcoin is limited. Everyone uses Bitcoin for payment and daily transactions. Bitcoin is becoming more and more popular. Many people know that Bitcoin also has countries that set Bitcoin as legal tender. If Bitcoin is used to pay salaries, is it necessary to collect taxes?

You are confusing apples with oranges.
Taxes are there to pay for the country's infrastructure, for public schools, for public hospitals, for the army and many more. You have to pay taxes whether you use bitcoin, USD or anything else as means of payment.
Whether the taxes are received in bitcoin or anything else is not a big thing either - again, bitcoin is a coin - if certain institutions also accept bitcoin, it's nice. If they don't.. well, they may do in the future.

Bitcoin is becoming more and more common for daily payments. If it is more convenient for everyone to buy bitcoins and use bitcoins for daily payments, will the price of bitcoins get lower and lower?

No, and I've explained that this "logic" is incorrect.

But now the legal currency has depreciated. For example, if you are rich, then you will not let your money just be stored in the bank, and will invest it in cryptocurrencies, houses, stocks, and others.
If conditions permit, I would be happy to use Bitcoin for daily payments, but some people have said that they will not sell their own Bitcoins and have been waiting for the price of Bitcoin to rise.
Do you think Bitcoin will be devalued in the future?

The legal currency is a piece of paper telling that the country "owes you" a certain amount of "value". The legal currency has the "value" the government/central bank decides for it to have.
Bitcoin price is decided by the free market over the world. And as long as there's demand for it (and if it's used there's demand) its scarcity should ensure that the price will not (overall, long term) go down.
So while I do expect the price still go "up and down and up and down and..." I don't think that it will be "devalued".

[btc78]

Do you think Bitcoin will be devalued in the future?

This contradict you title post because devaluing from being more valuable is to opposite meaning .

if popularity grows more then the value will surely up more , look when bitcoin was not spread the whole world, look how much the value is? and now that it is very popular the value is up high more than any one expected.

so wait for the worldwide adoption and see how the price will bubbled.

[pooya87]

but if the company converts a large amount of Bitcoin paid by customers into legal tender, it will give Bitcoin. The currency brings a lot of selling pressure.

No it won't.
These companies will use a centralized payment processor that will handle the conversion between bitcoin and fiat itself so the exchange won't happen on centralized exchanges meaning it won't affect the price or create any kind of sell pressure.
Besides, when there is payment with bitcoin that means there has been demand for bitcoin where someone bought bitcoin with fiat so even if they did sell on exchanges it should balance it out.

If Bitcoin is used to pay salaries, is it necessary to collect taxes?

That depends on the country, Tax Laws aren't universal. Although it shouldn't.

Bitcoin is becoming more and more common for daily payments. If it is more convenient for everyone to buy bitcoins and use bitcoins for daily payments, will the price of bitcoins get lower and lower?

This question makes no sense. You are asking if price of something is going down if its demand increases!!!

Do you think Bitcoin will be devalued in the future?

I'm sensing a theme here...

[TheUltraElite]

There is a lot of hype among Amazon, Apple, and Tesla about accepting Bitcoin as a payment method.

Only hype, no concrete and I have been watching that for the last five years but the frequency was less.

Many of them say that the adoption is better, but if the company converts a large amount of Bitcoin paid by customers into legal tender, it will give Bitcoin. The currency brings a lot of selling pressure.

No company has accepted bitcoin as of yet. Some small cap websites that accept bitcoin and deal in bitcoin related merchandise do accept it but it way small to make any market movements. Even then I dont think that a company as big as these would be willing to dump all their money at the same time. They too understand how the market works and at times even better than us. They would rather follow a "slow trickle" of bitcoin into the market so as to maintain the price at high but liquidate it gradually.

If Bitcoin is used to pay salaries, is it necessary to collect taxes?

IMO, it is necessary. Tax evasion is a crime and from where I am, the importance of taxation is to pay for the government services which in turn comes free to the taxpayer. No exactly free though. But where the private companies are ready to take a lot of money, for the poverty stricken families government services are way more important. Maybe first world countries dont care about that.

Bitcoin is becoming more and more common for daily payments. If it is more convenient for everyone to buy bitcoins and use bitcoins for daily payments, will the price of bitcoins get lower and lower?

The first statement is wrong and therefore the second one is not relevant now. Price of bitcoin going lower is immediately corrected by traders who have orders open at lower prices to buy. So it balances out.

But now the legal currency has depreciated. For example, if you are rich, then you will not let your money just be stored in the bank, and will invest it in cryptocurrencies, houses, stocks, and others.

Crypto still has a lot of frowning from the rich. Unless government become more lenient towards it, the rich people dont wish to take part in it as a new side of investment.

Do you think Bitcoin will be devalued in the future?

Deflationary supply makes the price grow with time, so no.

[slaman29]

It's hard not to argue, the more popular it is, the more people assign value to it, and therefore, the more valuable it becomes. Even if crap things like NFTs become popular, they have a value to it.

But relying only on popularity doesn't seem to get you very far in the long run!

[jossiel]

If Bitcoin is used to pay salaries, is it necessary to collect taxes?

Salaries used to have taxes so it will be bound to taxation as it goes into income tax.

Bitcoin is becoming more and more common for daily payments. If it is more convenient for everyone to buy bitcoins and use bitcoins for daily payments, will the price of bitcoins get lower and lower?

It will go the opposite as the demand goes high, price will go high so does its value.

But now the legal currency has depreciated. For example, if you are rich, then you will not let your money just be stored in the bank, and will invest it in cryptocurrencies, houses, stocks, and others.

It's because of inflation, a country can defeat inflation but no one knows how long they'll be able to defeat it and only a few countries do that.

If conditions permit, I would be happy to use Bitcoin for daily payments, but some people have said that they will not sell their own Bitcoins and have been waiting for the price of Bitcoin to rise.
Do you think Bitcoin will be devalued in the future?

No, just apply the supply and demand and everyone is free to use it for whatever purpose it can be used.

[Robinson66]

If Bitcoin is used to pay salaries, is it necessary to collect taxes?

Salaries used to have taxes so it will be bound to taxation as it goes into income tax.

Bitcoin is becoming more and more common for daily payments. If it is more convenient for everyone to buy bitcoins and use bitcoins for daily payments, will the price of bitcoins get lower and lower?

It will go the opposite as the demand goes high, price will go high so does its value.

But now the legal currency has depreciated. For example, if you are rich, then you will not let your money just be stored in the bank, and will invest it in cryptocurrencies, houses, stocks, and others.

It's because of inflation, a country can defeat inflation but no one knows how long they'll be able to defeat it and only a few countries do that.

If conditions permit, I would be happy to use Bitcoin for daily payments, but some people have said that they will not sell their own Bitcoins and have been waiting for the price of Bitcoin to rise.
Do you think Bitcoin will be devalued in the future?

No, just apply the supply and demand and everyone is free to use it for whatever purpose it can be used.

At present, the value of Bitcoin is getting higher and higher, but when Bitcoin is equivalent to legal tender, the usage rate is getting higher and higher. Bitcoin can be used to invest in other projects, so will this cause Bitcoin to behave like fiat currency? I mean the future.

[davis196]

If Bitcoin is used to pay salaries, is it necessary to collect taxes?

Yes,it is necessary.Why are you even asking?You can't use Bitcoin for tax evasion.
The fact that Bitcoin is becoming more popular doesn't mean that the Bitcoin price will automatically go to the moon.More people are aware about Bitcoin,but that doesn't mean that they will buy Bitcoins.

If conditions permit, I would be happy to use Bitcoin for daily payments, but some people have said that they will not sell their own Bitcoins and have been waiting for the price of Bitcoin to rise.

I don't get your point here.You are free to use Bitcoin for daily payments.Your decisions have nothing to do with other people's decisions about whether or not to buy,sell or HODL their own Bitcoins.
I wish Bitcoin to be used for daily payments as well,but it doesn't make sense to spend your BTC,when their price might skyrocket tomorrow.

[DOH!]

but some people have said that they will not sell their own Bitcoins and have been waiting for the price of Bitcoin to rise.
Do you think Bitcoin will be devalued in the future?

So if bitcoin lightning takes shape and becomes a widely adopted mainstream payment method, will they use bitcoin for purchases and payments?  I'm afraid not, but people will have many ways to use them according to their needs.  Assuming, there are more people using bitcoin for payment, it doesn't necessarily lose its net worth, it even goes higher.  I guess 20% of people will transact/pay.  Lol

[jossiel]

~snip~

At present, the value of Bitcoin is getting higher and higher, but when Bitcoin is equivalent to legal tender, the usage rate is getting higher and higher.

Even if bitcoin becomes a legal tender for a certain country, it will remain a volatile cryptocurrency. Nothing will change to its nature even the fact that it's being adopted as a legal tender.

Bitcoin can be used to invest in other projects, so will this cause Bitcoin to behave like fiat currency? I mean the future.

In the future, we have to admit that both fiat and bitcoin will remain while the latter is an option for most transactions. We've got options for investments whether we want to use it to invest in another project or hold it as the investment in itself.

[Ararbermas]

Correct, because adoption is one of the main reason why bitcoin is getting valuable in the space than other crypto currency, and that's why as well mostly enthusiast preferred to keep holding their bitcoin for long term because of that reasons. In fact not just bitcoin wherein all crypto in the market need adoption as well in order to increase their value in the market.. That's why new projects run a campaign to gain more attention from buyers and etc, because that's how it works.

[XUNing]

If the company adopts Bitcoin, it means that the supply is being swallowed, and its scarcity will occur, which will push up the price. It also proves that Bitcoin is trustworthy in the eyes of some large companies. It is held and sold for profit and it will increase the value and adoption rate.
As more people use Bitcoin, its popularity increases, and the price will rise accordingly. Investors will benefit from investing in Bitcoin. Everyone wants to buy it at a low price and hope to sell it at a higher price.