Well, taxes also don't automatically get removed from your bank account either...
It would be the same if Bitcoin became universally used. Governments would just accept payment in Bitcoin, but you would be responsible for making those payments and reporting your income etc.
Also, isn't it nice that they have this big ledger (blockchain) to see what kind of income you have received.
I agree with you but escape taxes is easier through Bitcoin since it's pseudo-anonymous while you can't escape that long with traditional system since the government can check your real income if somehow you didn't report it.
Hi,
Let's suppose that Bitcoin became adopted everywhere such as paying bills with Bitcoin,getting salary with Bitcoin,shopping,restaurant etc...
How your country gonna survive if you only use Bitcoin in a daily basis? I mean a country cannot survive if individuals doesn't pay taxes,well with Bitcoin you don't pay any tax right?
How this gonna be possible? Please shed for me some light on this.
Thanks
Wrong. If you pay with Bitcoin at a business, the business will collect the tax owing on your purchase (it will be part of the total price). If you get Bitcoin as income, generally the company you work for will remit the taxes to the gov't. If you don't pay your property tax, your property will be confiscated and sold for taxes owing. You don't have to worry about governments; they'll get their money out of you one way or another.
Yes,but you forget that when you buy something the government get money through VAT and not only from the company you've purchased from.
In addition to that,governments won't be able to tax direct payment between individuals.