Bitcoin tax in future

[fanBitcoin]

Dumbass question

What if in future, for example in year 2100, the bitcoin will be used by everyone.Working for bitcoins shopping for bitcoins,paying bills,etc.. So if an worker will work for 0.00100000 Satoshi/month, his employer will pay 0.00020000 Satoshi blockchain tax. This is 20% tranzaction fee. Is an huge tax and will ruin economy.And people with big tranzactions means very rich people will pay an infirm amount..  Can this be changed in bitcoin protocol if is needed?

[zolace]

Dumbass question

What if in future, for example in year 2100, the bitcoin will be used by everyone.Working for bitcoins shopping for bitcoins,paying bills,etc.. So if an worker will work for 0.00100000 Satoshi/month, his employer will pay 0.00020000 Satoshi blockchain tax. This is 20% tranzaction fee. Is an huge tax and will ruin economy.And people with big tranzactions means very rich people will pay an infirm amount..  Can this be changed in bitcoin protocol if is needed?

I doubt it but anything is possible, with all the greed that is going around, everyone wants a piece of bitcoin.  I can see a third party software being able to track an employees address and they might by law have to use that address just like a SS number, then they can use the third party software to tax and track ones transaction, but ill be pissed if something like this ever happens.

There is no such thing as a stupid question by the way

[Viscera]

While it is true that Bitcoin could appreciate to the point where 0.001 bitcoin/month was a good rate of pay it would not be likely that you would be paid using bitcoin for the exact reason you mention. The answer though is rather simple. The solution to the fungibility of bitcoin is in the blockchain technology which makes trading 1 Satoshi for 100 Doge coins (or 25 as the case may be) a transparent and simple way of sending the value of one Satoshi without the fees required of the bitcoin blockchain. By using an alternative blockchain to send 1 Satoshi the fees required are easily minimised. Competition among competing blockchain a will give us a plethora of choices by the time bitcoin reaches these kind of values. I agree, no such thing as a dumb question

[niothor]

Dumbass question

What if in future, for example in year 2100, the bitcoin will be used by everyone.Working for bitcoins shopping for bitcoins,paying bills,etc.. So if an worker will work for 0.00100000 Satoshi/month, his employer will pay 0.00020000 Satoshi blockchain tax. This is 20% tranzaction fee. Is an huge tax and will ruin economy.And people with big tranzactions means very rich people will pay an infirm amount..  Can this be changed in bitcoin protocol if is needed?

I doubt it but anything is possible, with all the greed that is going around, everyone wants a piece of bitcoin.  I can see a third party software being able to track an employees address and they might by law have to use that address just like a SS number, then they can use the third party software to tax and track ones transaction, but ill be pissed if something like this ever happens.

There is no such thing as a stupid question by the way

The bitcoin tx fee was introduced to keep spam away.
it can easily be changed to 1 satoshi if needed.

Besides he refers to the tx fee not to government taxes so all that conspiracy mumbo-jumbo , please keep it to yourself.

[Thekool1s]

Microwallet type wallets can be used in that situation even if the fee remains 0.0002 but as the guy above me said it can be changed easily so there will be no problem

[adamas]

Dogecoins will be used for micropayments.

[botany]

Dumbass question

What if in future, for example in year 2100, the bitcoin will be used by everyone.Working for bitcoins shopping for bitcoins,paying bills,etc.. So if an worker will work for 0.00100000 Satoshi/month, his employer will pay 0.00020000 Satoshi blockchain tax. This is 20% tranzaction fee. Is an huge tax and will ruin economy.And people with big tranzactions means very rich people will pay an infirm amount..  Can this be changed in bitcoin protocol if is needed?

Transaction fees are a deterrent to spam and are expected to drop if the value of BTC goes up.
Moreover, you can have off-block chain transactions which are relayed only when the threshold is crossed. This can help avoid transaction fees.
http://www.coindesk.com/coinbase-implements-zero-fee-microtransactions-off-the-block-chain/

[virtualdn]

Dogecoins will be used for micropayments.

  good one

[Poolie]

Taxes will be decieded by each individual country. There's nothing we can really do about that though.

[TheButterZone]

Countries? Where we're going, we don't need countries.

[Foxpup]

Transaction fees are variable (set by miners), and can change to meet changing economic conditions. For example, the minimum transaction fee has already been reduced several times due to rising bitcoin prices.

Also, the fee is not a tax. It is neither set by a government nor paid to a government. It is a payment for a service, set by the people providing that service, in a competitive market. Miners cannot set their fees higher than what people will pay if they expect to make a profit.

[moriartybitcoin]

Bitcoin is classified by the IRS as an ASSET in the USA and assets can be taxed if they are sold (stocks, property, etc)

[coins-mining]

But if you loose your password then there is no more asset

It's hard to believe BTC or another crypto currency will one day replace USD.

[betterangels]

we don't need countries!!   no , god, nou

[dkblueman]

Countries? Where we're going, we don't need countries.

Funny, but also very true

[The00Dustin]

Bitcoin is classified by the IRS as an ASSET in the USA and assets can be taxed if they are sold (stocks, property, etc)

But if you loose your password then there is no more asset

It's hard to believe BTC or another crypto currency will one day replace USD.

Wow, a post by an alleged scammer with a high thread count who obviously didn't even read the thread followed immediately by a post from a new user who is clearly peddling something and trying to increase the thread count.  More on Sick Sad World tomorrow...

Oh, and just for kicks:  I guess I'd better keep my cash, at least if I loose my wallet there will be more asset!   

[niothor]

Bitcoin is classified by the IRS as an ASSET in the USA and assets can be taxed if they are sold (stocks, property, etc)

But if you loose your password then there is no more asset

It's hard to believe BTC or another crypto currency will one day replace USD.

Wow, a post by an alleged scammer with a high thread count who obviously didn't even read the thread followed immediately by a post from a new user who is clearly peddling something and trying to increase the thread count.  More on Sick Sad World tomorrow...

Oh, and just for kicks:  I guess I'd better keep my cash, at least if I loose my wallet there will be more asset!   

Let's be honest here..
Ignoring the guy that posted , ignoring his English skills this is one of the most important things with Bitcoin.

You have lost the wallet or your passkey that's it. You have to back it up a few times and then get some back-ups that you need to keep in some safe spots otherwise you've lost your bitcoin forever.

You know the story about the guy that throw away his hdd that made the news and that is no singular case , there are a few each month in the help section.

With the money in your bank at least all you need is your id which you can replace any time.

[Jamie_Boulder]

Unfortunately that's going a little beyond the scope, while it's possible it's extremely unlikely - Bitcoin will grow as a popular/free alternative to fiat but nothing more IMO.

[The00Dustin]

You have lost the wallet or your passkey that's it. You have to back it up a few times and then get some back-ups that you need to keep in some safe spots otherwise you've lost your bitcoin forever.

You know the story about the guy that throw away his hdd that made the news and that is no singular case , there are a few each month in the help section.

With the money in your bank at least all you need is your id which you can replace any time.

To be clear, I bolded the word loose to indicate that I knew it was spelled wrong, no to call out or make fun of the poster.  One could also infer that I was making fun of the poster by using the term "more assets" but I was actually trying to make sure the analogy was crystal clear.  The point I was TRYING to make regarding losing the password for the wallet is this: If you lose your real wallet, the cash is gone, too.

While I didn't go there originally, yes, you can make the back-ups that you refer to, however, you can't back up a leather wallet with cash in it.  Beyond that, yes, banks are a different beast, but they also have their tradeoffs, and while I am not for or against it, those tradeoffs may be available for insured bitcoin in the future.  I believe everything I have posted in this response is low-level logic, and I responded the way I did in my previous post because I fully believe (still do) that the post I quoted has an agenda (FUD or peddling).

[nextblast]

Dumbass question

What if in future, for example in year 2100, the bitcoin will be used by everyone.Working for bitcoins shopping for bitcoins,paying bills,etc.. So if an worker will work for 0.00100000 Satoshi/month, his employer will pay 0.00020000 Satoshi blockchain tax. This is 20% tranzaction fee. Is an huge tax and will ruin economy.And people with big tranzactions means very rich people will pay an infirm amount..  Can this be changed in bitcoin protocol if is needed?

BTC is born without banks and taxes.
So here goes the saying of "Tax me if you can", haha!

[betterangels]

Tax me if you can?

The network (nodes) have a FEE per Tx, and online wallets too (cex.io ... blockchain... ) with a fee of 0.0001 BTC,

I think, in a future, this gonna decrease, (when btc reach the 1k- 5k), i don't know, like 0.00008 - 0.00005.

sorry my bad english 

[CharHill]

Dumbass question

What if in future, for example in year 2100, the bitcoin will be used by everyone.Working for bitcoins shopping for bitcoins,paying bills,etc.. So if an worker will work for 0.00100000 Satoshi/month, his employer will pay 0.00020000 Satoshi blockchain tax. This is 20% tranzaction fee. Is an huge tax and will ruin economy.And people with big tranzactions means very rich people will pay an infirm amount..  Can this be changed in bitcoin protocol if is needed?

What do you think about international market, country will take a huge part of btc market then. After that Satoshi wallet will look like Bill Gates 7-10 years ago, so only 1 very rich man. 

[zuerdemon]

Can this be changed in bitcoin protocol if is needed?

Miners decide what txs add to blockchain, there is no set rule in bitcoin protocol for the value of tx fee. Recommended fee was historically 0.01 BTC, then 0.0005 BTC and now 0.0001 BTC.

[Mightycoin]

Bitcoin taxing has already started in some parts of world...by 2050 most countries will tax bitcoin

[botany]

Can this be changed in bitcoin protocol if is needed?

Miners decide what txs add to blockchain, there is no set rule in bitcoin protocol for the value of tx fee. Recommended fee was historically 0.01 BTC, then 0.0005 BTC and now 0.0001 BTC.

0.01 BTC! That seems like a lot now.
I guess 0.0001 BTC will seem like a lot in the future. 

[CreamyPie]

Government will tax everything and anything they can get easy mass level revenue. So yeah, it will be taxable soon.

[TheButterZone]

Government will tax exhalations of CO2 as they contribute to "Global Warming/Cooling/Climate Change/(fillintheblank)".

[Picasso7]

I hope there will be no tax on btc

[botany]

I am not sure about all jurisdictions, but I foresee a 'wealth tax' on bitcoins too (similar to property tax).
Pay taxes just to hold bitcoin. 

[gtraah]

Dogecoins will be used for micropayments.

Or Simply more decimal points will be implemented into bitcoin

[betterangels]

Can this be changed in bitcoin protocol if is needed?

Miners decide what txs add to blockchain, there is no set rule in bitcoin protocol for the value of tx fee. Recommended fee was historically 0.01 BTC, then 0.0005 BTC and now 0.0001 BTC.

0.01 BTC! That seems like a lot now.
I guess 0.0001 BTC will seem like a lot in the future. 

2030

I like this T-shirt, what's the price?
* 30 satoshis
hmm.. the price is high.. i'll back.

 

[botany]

Can this be changed in bitcoin protocol if is needed?

Miners decide what txs add to blockchain, there is no set rule in bitcoin protocol for the value of tx fee. Recommended fee was historically 0.01 BTC, then 0.0005 BTC and now 0.0001 BTC.

0.01 BTC! That seems like a lot now.
I guess 0.0001 BTC will seem like a lot in the future. 

2030

I like this T-shirt, what's the price?
* 30 satoshis
hmm.. the price is high.. i'll back.

 

All the faucets that are paying out now.. People will be trying to find their misplaced private keys in 2030. 

[itsAj]

I am not sure about all jurisdictions, but I foresee a 'wealth tax' on bitcoins too (similar to property tax).
Pay taxes just to hold bitcoin.  

I don't think this would be feasible to enforce. Since it is difficult to know if a person actually holds/controls a specific address, it would be very difficult to make someone pay taxes on an asset that it cannot be proven that they own.

Also in order for this to be a possibility, other similar assets must be taxed the same way. So if a government were to tax it's people for holding bitcoin then it would need to tax all other assets the same way. The means that the government would likely need to tax fiat bank accounts the same way. If it were to not do this and attempt to tax bitcoin then it would likely not pass the equal protection test and would be found unconstitutional.

[wasserman99]

Government will tax exhalations of CO2 as they contribute to "Global Warming/Cooling/Climate Change/(fillintheblank)".

I think this kind of tax will likely be paid for by the miners in the form of higher electric bills due to the government taxing the utility companies. It has been argued many times that bitcoin related mining is a waste of energy (I very much disagree with this for many reasons that I will not discuss here) .

[nextlevelnem]

Dumbass question

What if in future, for example in year 2100, the bitcoin will be used by everyone.Working for bitcoins shopping for bitcoins,paying bills,etc.. So if an worker will work for 0.00100000 Satoshi/month, his employer will pay 0.00020000 Satoshi blockchain tax. This is 20% tranzaction fee. Is an huge tax and will ruin economy.And people with big tranzactions means very rich people will pay an infirm amount..  Can this be changed in bitcoin protocol if is needed?

There are some huge tweaks and changes that will be need to be made for BTC to survive.

[notbatman]

ASIC manufactures are taxing Bitcoiners heavily. In most cases by keeping their money and not delivering miners as promised. If miners do show up it's not until after they're unprofitable to run if they're not completely burnt out already from mining.

This is not surprising when one finds out these companies are run by shady individuals and convicted criminals in many cases. 

[desired_username]

I'm hopeful that in the future the future there will be no taxes but contributions. With the blockchain corruption could be stopped completely.