fanBitcoin (OP)
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August 18, 2014, 10:26:39 AM |
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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? |
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Whoever mines the block which ends up containing your transaction will get its fee.
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zolace
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August 18, 2014, 10:37:31 AM |
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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 |
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Viscera
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August 18, 2014, 11:25:01 AM |
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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
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niothor
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August 18, 2014, 11:31:28 AM |
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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? , 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. |
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Thekool1s
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Activity: 1512
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Change is in your hands
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August 18, 2014, 11:36:48 AM |
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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
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adamas
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VIS ET LIBERTAS
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August 18, 2014, 11:44:48 AM |
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Dogecoins will be used for micropayments.
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"Es ist kein Zeichen geistiger Gesundheit, gut angepasst an eine kranke Gesellschaft zu sein."
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botany
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August 18, 2014, 01:38:32 PM |
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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/ |
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virtualdn
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August 18, 2014, 01:47:32 PM |
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Dogecoins will be used for micropayments.
good one |
1 BTC = 1 BTC
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Poolie
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August 18, 2014, 01:52:56 PM |
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Taxes will be decieded by each individual country. There's nothing we can really do about that though.
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TheButterZone
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RIP Mommy
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August 18, 2014, 11:23:17 PM |
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Countries? Where we're going, we don't need countries.
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Saying that you don't trust someone because of their behavior is completely valid.
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Foxpup
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Vile Vixen and Miss Bitcointalk 2021-2023
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August 19, 2014, 02:21:57 AM |
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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.
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Will pretend to do unspeakable things (while actually eating a taco) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4I am not on the scammers' paradise known as Telegram! Do not believe anyone claiming to be me off-forum without a signed message from the above address! Accept no excuses and make no exceptions! |
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moriartybitcoin
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August 19, 2014, 02:29:52 AM |
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Bitcoin is classified by the IRS as an ASSET in the USA and assets can be taxed if they are sold (stocks, property, etc)
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coins-mining
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August 19, 2014, 05:00:08 AM |
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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. |
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betterangels
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August 19, 2014, 05:22:48 AM |
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we don't need countries!!  no , god, nou |
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dkblueman
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August 19, 2014, 06:53:35 AM |
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Countries? Where we're going, we don't need countries.
Funny, but also very true |
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The00Dustin
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August 19, 2014, 09:49:03 AM |
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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!  |
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niothor
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August 19, 2014, 09:55:56 AM |
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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. |
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Jamie_Boulder
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August 19, 2014, 10:11:46 AM |
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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.
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The00Dustin
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August 19, 2014, 10:30:38 AM
Last edit: August 19, 2014, 04:05:06 PM by The00Dustin |
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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). |
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nextblast
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August 19, 2014, 12:44:27 PM |
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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! |
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