Post
Topic
Board Bitcoin Discussion
Re: top industries influenced by blockchain
by
ramsdaj28
on 18/07/2019, 01:21:49 UTC
I have found an interesting article https://medium.com/altcoin-magazine/top-10-industries-influenced-by-blockchain-c8c2b6a914a1 how blockchain is implemented in different spheres to simplify the job and I must agree it's really great to hear, but why any country hasn't implemented it into its structure yet just other spheres?

It's more complicated than you think. Governments are still hesitant to fully implement or allow cryptocurrencies to run in their respective countries. There's a lot of thing that should be considered when it comes to implementing cryptocurrencies.

First, every country has already its own currency (fiat). What's the point of using cryptocurrencies if you already have your own currency that can be used in business transactions? Okay, let's say cryptos will make the transaction faster, but is it really a guarantee that the transaction will be faster using cryptos than using fiat?

Second, TAXATION. Due to cryptocurrency's volatility, taxation will be a hard thing to monitor if ever companies will fully implement fiat-less transactions. Let's take bitcoin as an example. Almost every hour, there's a significant change in the value of bitcoin. With that case, there will be some confusion with the income tax of the company (esp. that tax are collected in fiat, not in crypto). It will be a chaos if that happens.