Bitcoin Forum

Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.

Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.

For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/

But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?

Though I support such a move, I will not be any of the people who will be paying taxes in bitcoins but first and foremost I am not in Georgia and secondly even if I was there I will be making those payments in with cash rather.

Personally I wouldn't pay my taxes in bitcoin. But it is a good news for the crypto community as a whole. Because if an US state start accepting bitcoin for any payments, it will make bitcoin legal tender in that state. Bitcoin will also receive free promotion which may make a lot of people intrigued about bitcoin which can significantly boost the adoption rate.

Sure, it's a good thing for establishing legitimacy. What better endorsement could there be than government acceptance? It would mean that mainstream acceptance is inevitable. That's a giant leap from 5 years ago when mainstream opinion said that BTC was only for drug dealers and criminals.


It's definitely a way for governments to take our coins. I would never pay my taxes in BTC, just like I would never sell after a prolonged downtrend. Both Wall Street and governments want your coins cheap. Don't give it to them.

I think paying taxes in Bitcoin is a good idea. As far as I use bitcoin, it's a side currency for me. I think it works out for me because I can keep more of my actual income and use bitcoin to pay my taxes if I want to. In a way, I do believe that the government is going for as much bitcoin as they can get, but I don't think that's a bad thing because we as the population still have the option on whether or not we want to use crypto to pay for our taxes or not. If we don't, we can just use normal currency.

I do think paying your taxes in bitcoins is actually a good thing for the industry of bitcoins but for owners, I wouldn't recommend it to anyone investing on bitcoins. The government has its own intentions but I guess it is one way to get a hold of bitcoins from its citizens. Nice try, US Government.

no way .. 1st step gov will do create legislation that accept bitcoin .. next step will be to create more legislation to force you to give up your coins ...  I would prefer to send my coins to 1111111111111111111114oLvT2  ;D

It is a good thing for bitcoin. When the government gives authority to bitcoin as a currency that can pay tax, it means that people can trust bitcoin. So those people who are doubting it will eventually think that bitcoin is a legit one.

Who knows? it's a good money maker so they are also interested though they can regulate it.

Taxes for Bitcoin is a good thing because they started to regulate it and with paying those taxes you can spend your money freely.
I mean big amounts. Smaller amounts you can always push through under the table.

Using BTC to pay taxes indicates that the government has recognized the legal status of BTC!

BTC can pay taxes like other currencies! Of course I do!

At some point yes, since goverment just want to earn on their own through giving taxes to all users of bitcoin. But not that severe only, just few taxes for the progress of a certain economy of a country. If it is for the betterment of our country then why not. Everyone would agree to it.

Its better to pay your tax to the government so that we can enjoy crypto in return. So its a win-win situation for both of us. But you have to remember, afaik, that you will only pay tax if you just convert your bitcoin to fiat.

I don't have problems paying taxes to the government. What irritates me is that most of the times we don't know where our taxes go. Maybe it goes to the pocket of corrupt politicians. Taxes that should be spend on good projects like education and building of public roads etc.

But at least what most of you guys are saying are true, it will give legitimacy to crypto as a whole, so its image will not be frown but instead will be portray as 'trusted', because the media has been portraying crypto in bad light since the beginning.

There is no problem in supporting paying taxes in bitcoin to make it legal and acceptable by the government. Revenue collected from bitcoin will be useful in the economic development of the country in building expenditures to benefit people in putting up projects in some areas specially in building schools that is very conducive for learning for some young educators. And as long as we can see and we know where our taxes goes it would be very good because we know that this will be for the good of all.

If ever my country will do that, (since they already regulated Bitcoin) I would not support it. The reason why we opt to join the cryptocurrency world is to transact/invest without taxes since cryptocurrencies are decentralized (even if sometimes I think it was not fully decentralized ...). Since I'm not from Georgia, I don't have the right to say lots of stuff but if ever that happens here in m country, a lot of citizens here will definitely complain to the government. Our citizens and me myself would not tolerate such a manipulative act especially if the fees are so high. Anyway, I'm from a democratic country where even online bashers and opinionated people were heard by the govenment especially if they have a great reason, point, or argument.

This would mean that government supports the usage of cryptocurrency which is a good thing because another country supporting it would mean being closer too mass adoption. However, I wouldn't pay in bitcoin because of the possibility that the value of my coins might go up so it would mean I paid higher than what I was suppose to pay so it would be better to pay in cash. I hope they have the option to pay with other coin as well like paying with litecoin or stellar coins. They would convert it to fiat anyway unless they would trade it with other coins.

If ever our government decides to implement this as well then I might consider paying it with other coins other than bitcoin since I am accumulating more of it. This would also be a good exposure of bitcoin because others would be convince that bitcoin is not just use in illegal transactions since most of the people who doesn't have any idea about it has the first impression that it is criminal's money.

I don't support this move by the government to tax bitcoin because in doing that, it is like they are now controlling bitcoin which is not supposed to be.

I very much agree that Bitcoin is taxed because it means that the government not only recognizes Bitcoin but also promotes Bitcoin, which is good news for people in the community. This is a great opportunity for people to change their impressions on Bitcoin and cryptocurrencies. Because in the eyes of many people, Bitcoin is a criminal tool. We need a good image to improve for Bitcoin.

Of course we should support our government. With taxation it is a great help to the government. I think the local exchanger will pay the tax harder to impose tax on the bitcoin holder first of all it is difficult to identify who owns the bitcoin.
great help in bitcoin if we are paying tax personally. The bitcoin background is especially good and recognizes bitcoin a legit. Many think that bitcoin is a scam. So when bitcoin goes through government many think bitcoin is a good asset.

I think it is good news to attribute bitcoin transactions to the taxation industry, indicating that the country has accepted bitcoin and that bitcoin transactions can be formalized, which is very beneficial to the long-term development of bitcoin.

If Bitcoin can be used to pay taxes, it is very likely that Bitcoin will be legalized. The government opposes Bitcoin because Bitcoin does not pay taxes and damages their interests.

Yes I'm in full support of paying taxes for bitcoin because as a  citizen of my own country it is my obligations to pay taxes

sorry about my question ... but what country you own ? I even don't have my own micro-nation yet ...

for me tax is good but this is already good by now so there's no need about that

actually here in my country we need permit to run a business here in crypto so we pay some tax already by that

Business man will pay tax if they earn but if they not of course they will leave crypto and also users of it so this is good and this is bad too

As much as I think it is great the government recognizes bitcoin as a payment method, if I earn in USD why would I pay them in BTC? I would prefer to pay them in the same currency I get paid in because if you pay with crypto I feel it is a way for them to know you are trading or have a different source of income and will next want to tax you on that.

Yes I support paying tax in Bitcoin, because I believe if we paid tax is mean that country already trust, legalized and regulation bitcoin. And use bitcoin for transactions in big company. Bitcoin will grow faster in that country.

In the past year, most people who hold Bitcoins are making money from Bitcoin. Now that the Americans are ready to impose tax on Bitcoin, the IRS hopes to reduce bitcoin profits. With unprecedented gains and unprecedented law enforcement, this year will be a year in which tax collectors take seriously bitcoin revenues. This means that now you must ensure that everything you do is normal and that there are no tax evasion problems. I support bitcoin taxes.

in my own If Bitcoin can be used to pay taxes, it is very likely that Bitcoin will be legalized. The government opposes Bitcoin because Bitcoin does not pay taxes and damages their interests.

Not really a big fan of such in the usa ..but in my case

1) bank told SEC I was up to something in 2013 ..on basis all BTC was evil then (fun times) (cleared) as a result
    already on radar ..that boat sailed

2) If you ever want to spend your crypto for $$$ you need to pay taxes..or else if you go over too much...IRS will figure it out..thus
    my plan is AFTER TAXES my crypto is still worth more than enough for travel/trophy girlfriend/retirement/etc

But again, I was caught up in the gov't net a long time ago in 2013 and had to prove my bona fides to the powers that be..thus gonna always be a house cat
unable to run free in the crypto woods like others...neutered :(

personaly speaking, I would not pay my taxes in bitcoin. :) the transactiin fees that we pay ate already to big, and paying taxes will make the cut much bigger. But it is a good thing that in the US they will start accepting bitcoin as payment. With that more people will be more curious about bitcoin and they will ve involve in it.

It is a very good news if governments do accept bitcoin to pay our taxes and it will be a start for bitcoin to go mainstream but i would not pay my taxes with bitcoin because it would be a way for government to slowly chip away my holdings.

This is the government trying to get hold of bitcoin.

I agree with you, i won't pay taxes for my bitcoin transaction because in the first place this is why i like bitcoin because it is decentralized and has no taxes involved no matter how big the transactions are.

Nevertheless, I think this has a good impact for bitcoin too on it's acceptance rate all over the world.

bitcoin users do not have to pay the tax rate because if this happens it will reduce the bitcoin users' income just how profitable investors are and they are investing little money out of their income and dropping the price of bitcoin they are losing.

Actually I pro support of paying taxes if the bitcoin always good for my income and just equal for employees pay a taxes so my point I  agree for that.

Ah, nobody said it so I'll be the first: taxation is theft  :D

Anyway, bitcoin is the most efficient currency in comparison to fiat, so I'd rather pay in bitcoin than fiat, yes.

If you want bitcoin to be legalised in every state than paying tax is the only way you can achieve it.Every individual,Who is earning money from whichever sources has to pay tax for their income and that is the way every country's financial system works.And I am totally in support of paying taxes in bitcoin.  

definitely i am in support of this move , because what this really is is an indication from the government that they are now recognizing the legitimacy of bitcoins . Paying our taxes in bitcoins is the same as paying in cash , the only difference is bitcoins provides ease of transaction.

Yeah I agree, plus for money crypto businesses this will make things much simpler. You could essentially write smart contracts to pay employees taxes and corporate taxes, which would be a far more efficient process and easier for employers.

If I have to pay taxes I have to pay it from my savings and if I pay it via bitcoin what is the difference then.  I pay fiat or BTC just my money going away so no difference.

Thanks Georgia for good step about bitcoin. It's a very good sign to bitcoin. And I am also support this to pay tax with bitcoin.

The total amount of BTC is just 21M less those were lost forever. If we start to pay taxes in bitcoin, it will be less than 5 years and all the btc will belong to them. How is this going to be decentralize? Its not going to be the best option, lets just use the money they create after all the government created those fiat money and so they shall accept it unless they completely banish those fiat as well.

I think yes I favor to have a bitcoin tax in all countries to better identify the bitcoin especially in the bank for no questions yet any source of income when you come out with a pretty big money or you will deposit money in your bank account

Better question for you and everyone else, if you're a citizen/resident of Georgia (in your example - are we talking about the Country or the US?) would you want your government to be receiving tax payments in Bitcoin?

After all, this is the money used to fund your school system, hospitals, pensions, police, fire, and all other government services. It sounds awfully risky to rely on something with such volatile price to provide for needs that are so important to the community.

i wont agree with the idea that bitcoin should be taxed by government, i wont accept a blockchain system be exposed to government, and entire anonymous informations have to reveal to government. Moreover i wont exchange my informations just for the stable price of the market but be taxed all the time instead.

If that is for the better of bitcoin community, then i don't see any reason why not to have tax implemented for those who are earning bitcoins. But i have doubt here in my county's government, for sure big tax will be collected in crypto currency. They will just put it in their own pocket instead of government projects.

The financial industry are mostly paper driven at the moment. You have to bring proof of invoices and payments and transfers and deposits and some tax authorities only deal in documentary proof that are certified by some centralized authority.

Bitcoin is mostly digital, so these tax authorities will most probably use some centralized authority for the documentary requirements. <Regulated Payment processors will be used for the fiat processing and documentary proof>

Digital documents can be altered and most documents needs your physical signature. 

This is a good thing in any respect. The cryptocurrency is taxed on behalf of the local government to recognize Bitcoin. Although not a currency, at least it also recognizes its legitimacy.

Yes i would! Bitcoin is money. Why would i prefer to use the real currency instead of it. After all, the fact that it is untraceable don't let the goverment trace it back to know how much i got.I really hope that the whole would start it using it too as a sort of payment. It can fix many problems and it can help the wolrd evolve faster.

but is this another way the government is trying to take all our bitcoin?

Accepting payment doesn't necessitate hodling. Maybe they could hook up with a licensed payment processor like Coinbase.

Eventually, BTC might be held in government reserves just like other hedging assets -- gold, etc. It's rational to be skeptical now, but don't ignore the trends. Gold also rallied over 600% in a decade (early 2000s). It's volatile but is still considered a value hedge.


Yes. It's also a privacy hole. Payments provably linked to a taxpayer ID can have implications for de-anonymizing your wallets.

I agree that there are taxes for transactions. Or, otherwise, simply there would not be any transactions at all. Bitcoin is both anonymous and decentralized. I pay no taxes to any state for its use.