Bitcoin Forum

I heard people trying to say that there are positives side on it because it is somehow protected under legal boundaries...

what do you guys think?

Putting tax on traders gives a positive feedback for the government because it may add up to their budget. I don't see too much advantages that people, specifically traders, could get from being taxed, only that it will decrease their amount of earning.

no dont tax my bitcoin  ;D

Honestly, I couldn't imagine how government will be able to do that. Basically because tracking every single Crypto Users is really hard based on my own judgement, for me this is still impossible as of the moment especially with the current state of our technology. How will government know the identity of each crypto wallet owners?

I dont see any postive about taxation in bitcoin, it wiill just harm the community of crypto traders here since they will need to pay for the transaction fees and another for tax, not good right?

Also, only the government will have the profit here which is not really an advantage since we cant trust the goverment because it is full of corruptions.

i think they were talking about regulations, not just taxes. and they can have a positive effect on bitcoin because it removes a lot of FUD and misunderstanding among a lot of people thinking bitcoin is not legit. and when something is regulated some people feel safer using it, specially merchants and we want merchant adoption of bitcoin more than anything else.
and remember it will depend on the rules. they can be both bad and good depending what how they are going to approach it.

In my opinion, I think it can be both, maybe it will cause negativity and positivity. It's become negative when the government put a high cost of taxes to this. It so much affected to all bitcoiners, to the fact that the main reason of people when engaging to this system is to earn a huge of profit, but how it can be worth it if the government putting high taxes to this.But there will be a positive cause, maybe they can surely give a protection to this system, therefore, it would be much productive and consistent in crypto world.

I agree with this. The government put taxes on bitcoins. It will make the bitcoin more legal. But it is difficult to apply taxes to bitcoins because we know that bitcoins are anonymous. The government can not manage all of the bitcoins

I do not think taxation will benefit the bitcoin community, which is a sign that Bitcoin is gaining access to the mainstream and also a sign that bitcoin is going mainstream. Bitcoin will bring many positive changes to the world. And given the nature of the virtual currency and its anonymity, it would be immediately an issue to think whether the taxation of Bitcoin transactions is viable.

if it is make bitcoin can be legalize in a country of course it is good thing. at least the users can get protected by the regulation and nothing to worry about scam and other bad things. of coure with the tax, government must have some regulation too

No .. Because in my country in phillipines more taxes and only bitcoin give income in people in the phillipines and give chance to them for successful life :)

Not for us. It won't offer anything good to ordinary people using bitcoin and trading cryptos. It will just reduce the amount of money. The good thing about this is that it will finally be recognized by the government and an asset for economic growth. That's pretty much the positive side.

Yes to me this is a positive thing because by paying taxes we are contributing to the building of our societies, despite the fact the money doesn't get allocated nearly as correctly. Would like to see blockchains implemented all throughout city hall so communities couldn't spend money so frivolously.

Putting tax means that government giving a green signal for the people to invest or trade in bitcoin, at least the government wont freeze the users account or going to arrest the people that used it, so it can attract more investors to put money in crypto, but that depends on the tax amount if it's too big then the investors will move away from crypto

The government's arrangement of tax only benefit them. It is not actually a good idea for traders since it could lessen their profit. But good thing is, the government will now allow its citizen to use bitcoin for transactions.

Whether we like it or not, however, so that bitcoin, like the other crypto currency, have been officially admitted to circulation on the territory of a particular state, they must pass the taxation stage. Without this bitcoin will not be able to obtain official status. If bitcoin is officially recognized by the state, this will mean that the state will protect the ownership of crypto currency holders and in case of fraud or theft of the crypto currency, it will be possible to apply to the court for protection.

If bitcoin will be taxed in future it is not good for the investors but it will help to restrict the rumors that bitcoin will be banned in a the countries.So people can buy bitcoin without any fear and will start using in their real life.But some countries are really implement heavy taxes for bitcoin it can kill the bitcoin too so the taxes have both positive and negative sides.

I think that people who agree with the introduction of a tax on traders are willing to sacrifice their independence in order to have free access to the exchange of bitcoins for Fiat. I don't think that's right. Any admission of the government to the administration of cryptocurrencies threatens us with its complete ban.

I strongly agree, and preferably that way than the government discriminates and refuses bitcoin, if so then the two sides will be mutually beneficial, because it will increase the state revenue.

If the government enter to the bitcoin exchange and let there be arrange about taxes. The government will become again powerfull, because they can corrupt or manipulate people who uses bitcoin. The value of bitcoin will become decrease once the government enter to the bitcoin transacting.

To properly pay taxes on an investment in bitcoin, you'll need to wrangle some information from each sale you conducted over the last fiscal year. This includes the basis for each amount of bitcoin you sold, the date you bought it, the date you sold it, and the price at which you sold it.
You can use these figures to calculate your realized gains or losses for each sale.

With global adoption and the masses and financial institutions playing catch up, there has been several years of good legitimate project with great teams who deliver and then there have also been many scams and shortfalls - regulation is great as is protects us all.

The only positive side I see to it is that people can then be free to talk about bitcoin or known to be associated with it. Today over here, your neighbor can be involved in bitcoin but you don't talk about because you don't know who he might talk to and with the level of low awareness about bitcoin, it can simply land one in trouble. But with government coming to tax it, it then means that there would be an huge sum of money dedicated for awareness purpose and the changing of orientation for those who are stereotyped about the issue without any option of changing and that is positive to the entire crypto space.

If you look at the state, this is the introduction of taxes on bitcoins and on crypto-currencies in general - it's good, but if you are on the trader's side - then I think that very few people would like to pay taxes.

A robbery always looks good from the robber's perspective!
Taxes are never a good thing. They mean that people will have less money to spend, they will buy less things, hire less employees, start less businesses. Taxes are slowing down the economy and making it harder for everyone but the government.


Sure, it can be seen as something positive, but is it worth it? Would you be willing to give away 20 or 30% of your crypto income for the ability to freely talk about it?

I think government taxation is a positive development for bitcoin because it shows that the government is accepting its legality, when that happens, bitcoin will gain trust improvement and people who previously have doubts will began to invest. I believe for bitcoin to exist, it needs the support of the government.

Some of the many countries which impose taxes for the owner of the bitcoin. But I think, it is much better than prohibiting the circulation of bitcoin.

First of all, the introduction of taxes will give Bitcoin a powerful impetus, as it will mean that the government will not fight with cryptocurrency

I am believe if goverment arrangement of taxes it would be positive. With taxes, bitcoin or cryptocurrency will be regulated and more investor will investing their money. Thats will be good weather for investment on cryptocurrency

It is positive because it is an indication that the government is not against Bitcoin, hence, Bitcoin investors are on the safe side. Come to think of it, you would not tax something you do not agree with in the first place. Taxing Bitcoin is giving the latter all sorts of presumptions of legality. Otherwise, the government could have totally banned its transactions and criminalize all who circumvent the laws (rules and regulations, as well) of the land.

The question should not perhaps dwell most on its positive side, but should mainly be focused if it is sustainable. As for me, I do not find it sustainable unless they find means to investigate all transactions, knowing very well the heavy private keys of cryptos. This will be the number one limitation to the government's plea of taxation. They have to address this, otherwise, their goal of taxing every transaction would miserably fail.

This is not suitable if bitcoin users are charged with paying taxes, because all risks are incurred by bitcoin owners in case of theft, and this is very liberating for us, I hope there is no tax payment for bitcoin users.

Agree with you! It is a positive thing that government will going to arrange taxes on bitcoin because it will help in the generation of revenues for the development of a certain country, and it is a good sign that the government is accepting bitcoin to be legalized. Taxing bitcoin is one way of helping people that their investments are safe and being far from illegal transactions. We just do hope specially in our country to put reasonable taxes on bitcoin transactions and the tax that is being collected will go to the right place and not being corrupted so that everybody will benefit the good outcome of the projects that is being implemented out from the taxes that are being paid and collected from the people.

When the government makes tax regulation on bitcoin, it will be a supporting factor affecting future growth or development of bitcoin in the future. Taxing bitcoin means government accepts btc and we all as btc holders or investors will be in safe position.So let us see and wait future development on this thing because it is very positive and we all hope so.

Well, the government wants to impose tax on Bitcoin. In fact, it proves that the government recognizes the value of Bitcoin and wants to legitimize it. However, this measure will be difficult to implement because Bitcoin transactions are not transparent.

Compared to taxation, I think they are more concerned with regulating Bitcoin and other cryptocurrencies. The current world of cryptocurrencies is too chaotic. Many scams are also filled with false news. Against this, the government is watching and formulating different measures. As for taxation, it may be only one of them. If the exchanges are not restricted, it is impossible to regulate Bitcoin.