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since people discover the digital currencies shows the need people have to be free from strict regulations about money possession and flow. Yeah, absolutely, no restrictions means illegal activities and here is the point for government to implement the RIGHT tools to monitor digital currencies. But also strong regulation drives people to illegal activities. They and people as groups must find the best solution for better guidance.
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It's inevitable that countries would try to tax bitcoin, it's either that or ban it. But if someone only deals in bitcoin, how are the governments going to enforce that? That's the big question to me.
How do governments enforce income tax? How does government enforce taxes on any private transactions? In the USA: The I.R.S. No one wants to fuck with the I.R.S. Bitcoin is a general ledger, they literally can see every single transaction that ever takes place.. Ok, but consider a situation like this: Steve completes a task or sells a service. Steve gets paid in bitcoin. Steve never reveals his real idenitity to his customer/employer. Wouldn't Steve have to be a moron to report his bitcoin earnings in this case? Or am I missing something? If, in your example, Steve were to spend his coins on some amount of goods and/or converts his BTC into fiat then he would likely be able to live a much higher standard of living then what he is reporting as his income. This alone is something that the IRS can use as evidence of tax evasion. This is assuming that Steve does this over many times and earns a lot from doing this verses the amount he earns from his reported income. If Steve only makes a little bit then it would be hard to detect but would still be unethical. Does anyone knows where I can find a list with countries which have already impose taxes on gains from Bitcoin? I've tried searching the internet but I couldn't find anything. |
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Would you seriously like to live in a poor country within a bunch of Russian people? :-) Cyprus is not a poor country, at least it was, until the Banks bail out happened on March 2013. But ok yes, your point is good :-) |
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I can suggest Cyprus.
But the living standard is rather low compared to Austria, Germany, Luxembourg, Switzerland, Denmark. Yes, I can agree with you in part. But on the other hand, in Cyprus exist a big community of Russian people and a lot of other foreigners that those people may be a target market. Please have a look on this report http://www.onestopbrokers.com/2014/07/23/the-central-bank-of-the-russian-federation-published-external-trade-in-services-of-q1-2014-2/ from the Russia central bank that shows that Cyprus is the 3rd biggest exported in Services to Russia. This indicates the big community of Russian people in Cyprus. Further, people in Cyprus has a tend to invest and Bitcoin as an investment asset can be a good investment. Definitely, what you said is true. But also, think that is a market with no competition on crypto currencies, so, a startup has great chances to succeed. But offcourse, to succeed need many other factors. Thanks for your reply!!! |
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I can suggest Cyprus. Perhaps, it is a small market but undiscovered from the view of Bitcoin. Ok, there was a bad incident on past http://www.onestopbrokers.com/2014/04/22/bitcoin-promoter-breaks-silence-on-cyprus-fraud-allegations/ with a company with crypto currency but people there are curious for something new, so, Cyprus can be a good country for Bitcoin startup. Further to this, in Cyprus, for the moment there is no specific regulation as far as I know. Also, a university in Cyprus was maybe the first educational organization which accepted Bitcoin as a payment asset for tutorial fees. |
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Reading today a post on onestopbrokers.com from the source theaustralian about paying capital gains tax on selling Bitcoins it seems to me that more and more countries are looking to control the idea of cryptocurrencies. Yes, on one part this is good not only for the "security" of these assets but also for the community in general but on the other hand it seems that the meaning of buying and selling crypto currencies in general but also paying with these assets for purchasing stuff is loosing the meaning of the idea of creating and possessing such assets. It seems that crypto currencies will be "another" currency like the others.
I don't know, maybe I'm wrong because I'm new to Bitcoin and crypto currencies but this is how I feel.
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Interesting list. I'm new to Bitcoin and this will help me.
Thanks for sharing.
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What is happening to people? Everywhere are fights.
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Can anybody explain to me why, in an environment in which BTC is expected to appreciate further, anybody would use their BTC to spend?
For example, if I have 10 BTC, I can use that to buy something worth $5,000 today (just making numbers up). However, if I wait until it goes up, I can use my 10 BTC to buy something worth $10,000 a month from now.
Because I'm expecting the value of my holdings to appreciate rather rapidly, as many in the BTC community are, a rational person would hold rather than spend their BTC.
However, if everybody is under the assumption that BTC is still undervalued, everybody will hold their BTC in anticipation of further appreciation.
But because the value of a BTC depends on how many people are using BTC each day, and how large their spending is, nobody will be spending BTC. This will either cause the BTC ecosystem to collapse (if their was an economy that only used BTC), or the value of BTC to collapse.
I'm sure it has been addressed, but I skimmed through this thread and didn't see much. Thanks again for the help.
Trade is necessary for it to be money, but does not command the value. The value comes only from the willingness to hold. I agree, trade is necessary for it to be money. Time is needed for people to trust it. As more and more business accepting BTC for money, the better is for the whole system. |
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