It will diminish the tax, but when you used bitcoin but when you convert it to fiat, then tax again is applied. It is good that with this new  cryptocurrency, it brought many changes the way we transact online with convenience and ease.

I dont think so. Gov have many way to make you pay tax even you use bitcoin or not.

Do not forget guys that government institutions will never use non-fiat money so cryptocurrency will have only little effect on economics.

Damn its you again, retard gringo! Can somebody do me a favor and report this user because he sounded like a spammer bot created in Python and C++. Honestly, i want to kill you more than i want bitcoin to kill the taxes. jajaja! Nah, i'm just teasin you gringo.

You know people, nobody can stop el gobierno from getting money from their people. We all must live with it, that's how the system worked many centuries ago and that is how its gonna work for the next cien años. Bitcoin will not kill the tax but it will definitely make a good excuse for you not to pay el gobierno.

Por cierto, mi retardar ivrynx you must work on your thoughts before posting in this forum... you bring headache to the readers.

I agree with both of you. Most people have replied that it will kill income tax but I think the government can take many actions to tax BTC, even when it is not converted in to FIAT. They haven’t done anything yet because the possible tax evasion is not significant for them but the moment BTC adoption and usage passes a certain point, they will take massive action to tax people.

Something similar happened with unregulated gambling sites. Ten years ago, the vast majority of countries didn’t have a regulation on gambling sites. Today there are quite a few that have passed laws to tax people, and they have succeeded.

They might enforce exchanges to get a license and pass data to the government if they want to operate in a certain country, as it happened with gambling sites.  You will still be able to evade tax if you receive BTC in a paper wallet you have created but don’t underestimate the ability governments have in order to implement taxation.

Talk of taxes and bitcoin is still not found the exact intersection. Because bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.

now many countries have implemented different rules regarding bitcoin. so I guess if the country that has been legalized will still be monitored and will deal with the tax. there may be a tax waiting. but I dont really know about this.

thanks for the article, very good, in my opinion this can only happen if everyone is working in bitcoin, and no more doing transaction in bank. but this is impossible because before this happens, surely the government has moved to anticipate this until it happens, because if this happens then a country that has no income from taxes, then the country will be chaos

But things will level out eventually

Since jobs lost in one sector due to technological advances necessarily lead to the creation of even more jobs in many other sectors and creation of even entirely new sectors. The automobile industry is a glaring example of just that. It basically destroyed horse breeding and the coachmen industry but instead gave rise to a whole bunch of entirely new industries (say, maintenance and repair jobs or the entirely new industry of filling stations). In other words, automation may indeed destroy a few million jobs but it will also create a few dozen millions of new jobs elsewhere