Bitcoin is not made to apply taxes on it - BTC economic model is different

[anti-dot]

Bitcoin is not made to apply taxes on it - BTC economic model is different

Bitcoin is not made to apply taxes on it as Bitcoins Economic model is different. If governments want to earn money through cryptocurrency, they must invest in it. It is upto governments to buy Crypto using their reserves and hold it instead of applying taxes as taxes cannot help much since there are privacy USDs.

Even though I wish so hard that raising our voices regarding taxes on Bitcoin would be heard, it is just not gonna happen. Governments want their cut and given numbers we have seen over the years, that cut is so juicy that they certainly can't resist.

[fullhdpixel]

Okay, some news about taxes on btc but, I am doubtful to how will they ever do that? How will they implement taxes if most transactions in bitcoin can be anonymous? (I think there's a big picture I am missing here).

They cannot implement taxes on the coins you have but at some point you will cash the Bitcoins for fiat, right?  That is where you will be caught and have to pay taxes.

In case we can build a community and market where everyone accepts bitcoins/crypto and we don't have to cash bitcoins for fiat then maybe some people would evade taxes but still, that is far away because bitcoin is struggling to get legal status in first place in most countries. For example, a lot of people use bitrefill and similar services to pay their bills and I don't think they can be forced to pay taxes because they are anonymous.

[jaberwock]

Bitcoins created by mining are self-generated capital. Hence, the provisions of capital gains would not apply at all. Accordingly, the income tax authorities may choose to tax the value of bitcoins received from mining under the head Income from other sources.

You are right there is a tax on whatever kind of earnings you make, whether you earn by crypto trading or you earn by mining them. One can evade taxes by using DEX but in all seriousness, I wouldn't recommend doing it because firstly you will be caught at some point and secondly the DEX have still not managed to sort the high transaction fees associated with Ethereum.

Bitcoin is not made to apply taxes on it as Bitcoins Economic model is different. If governments want to earn money through cryptocurrency, they must invest in it.

I guess you must explain why government should not apply tax on cryptos. Even I agree that government may invest into cryptos, but why not apply tax? If you have any other valid point for your argument, please add that as well which may help us to understand your perspective more easily.

[tvplus006]

Bitcoin is not made to apply taxes on it as Bitcoins Economic model is different. ...

Bitcoin is really not taxed, but the profits made from trading BTC are taxed. For the government, it does not matter how you got a profit, as long as taxes are paid on time. And if at some point you decide to withdraw your profit to a bank card, this will attract the attention of the fiscal service employees.

[anti-dot]

Bitcoins created by mining are self-generated capital. Hence, the provisions of capital gains would not apply at all. Accordingly, the income tax authorities may choose to tax the value of bitcoins received from mining under the head Income from other sources.

You are right there is a tax on whatever kind of earnings you make, whether you earn by crypto trading or you earn by mining them. One can evade taxes by using DEX but in all seriousness, I wouldn't recommend doing it because firstly you will be caught at some point and secondly the DEX have still not managed to sort the high transaction fees associated with Ethereum.

Bitcoin is not made to apply taxes on it as Bitcoins Economic model is different. If governments want to earn money through cryptocurrency, they must invest in it.

I guess you must explain why government should not apply tax on cryptos. Even I agree that government may invest into cryptos, but why not apply tax? If you have any other valid point for your argument, please add that as well which may help us to understand your perspective more easily.

Taxes does not only have downsides. Taxes means for a specified asset you can declare both gains AND losses. In other words, if your gains are taxed in year 1 and you have losses in year 2, you can also declare the losses and reduce your overall taxable income. The taxation coin has two sides so to say. You ned to use a wise strategy to maximize your positive outcome in the end.

[wahyu wida]

Bitcoins created by mining are self-generated capital. Hence, the provisions of capital gains would not apply at all. Accordingly, the income tax authorities may choose to tax the value of bitcoins received from mining under the head Income from other sources.

You are right there is a tax on whatever kind of earnings you make, whether you earn by crypto trading or you earn by mining them. One can evade taxes by using DEX but in all seriousness, I wouldn't recommend doing it because firstly you will be caught at some point and secondly the DEX have still not managed to sort the high transaction fees associated with Ethereum.

Bitcoin is not made to apply taxes on it as Bitcoins Economic model is different. If governments want to earn money through cryptocurrency, they must invest in it.

I guess you must explain why government should not apply tax on cryptos. Even I agree that government may invest into cryptos, but why not apply tax? If you have any other valid point for your argument, please add that as well which may help us to understand your perspective more easily.

right, when we get a lot of profit in a year, then we are required to pay taxes with the provisions that apply to a country. and if we lose money in business, then we can report it tax free (if it's in my country). and the tax office is pretty good at tracking our wealth
Taxes does not only have downsides. Taxes means for a specified asset you can declare both gains AND losses. In other words, if your gains are taxed in year 1 and you have losses in year 2, you can also declare the losses and reduce your overall taxable income. The taxation coin has two sides so to say. You ned to use a wise strategy to maximize your positive outcome in the end.

[Xinarae*]

The government will never be able to take tax from bitcoin because it is completely out of the control of the government. If the government invests in bitcoin it will make a profit but will not get any tax here everyone invests and makes a profit as they wish if bitcoin becomes an economic model the amount of investment in the economic sector will increase but not in the world of crypto. The government will be able to change the economic model for the conversion of fiat currency at will.

[Dadan]

Bitcoin is not made to apply taxes on it as Bitcoins Economic model is different. ...

Bitcoin is really not taxed, but the profits made from trading BTC are taxed. For the government, it does not matter how you got a profit, as long as taxes are paid on time. And if at some point you decide to withdraw your profit to a bank card, this will attract the attention of the fiscal service employees.

That is why some banks hate cryptocurrency. In my country, a lot of banks here don't accept money from Trading/cryptocurrency. They will either suspend your bank account or freeze it.
You need to be wise to withdraw your money here in my country. Withdrawing large money here will indeed stress you out due to its needed more works to approve it.

[LUCKMCFLY]

Bitcoin is not made to apply taxes on it as Bitcoins Economic model is different. ...

Bitcoin is really not taxed, but the profits made from trading BTC are taxed. For the government, it does not matter how you got a profit, as long as taxes are paid on time. And if at some point you decide to withdraw your profit to a bank card, this will attract the attention of the fiscal service employees.

That is why some banks hate cryptocurrency. In my country, a lot of banks here don't accept money from Trading/cryptocurrency. They will either suspend your bank account or freeze it.
You need to be wise to withdraw your money here in my country. Withdrawing large money here will indeed stress you out due to its needed more works to approve it.

I imagine that your country is of a stable economy, that has very good liquidity, because it is the only way that they can track those who have crypto, very few economically developed countries that do not have any problem with BTC, in the case of countries with Hyperinflation also tend to have this type of controls, it is curious that the two opposite poles have this in common, of course there is a country that does not have any restrictions and is hyperinflationary in nature, this is the case of Venezuela, because this country is not prohibited from cryptocurrencies nor do they require any tax for using them.

The only restriction they have is for miners, who must register with a government body, of course this is to take control and know who is dedicated to this.

[Fatunad]

Bitcoin is not made to apply taxes on it - BTC economic model is different

Bitcoin is not made to apply taxes on it as Bitcoins Economic model is different. If governments want to earn money through cryptocurrency, they must invest in it. It is upto governments to buy Crypto using their reserves and hold it instead of applying taxes as taxes cannot help much since there are privacy USDs.

Do you really think that government would just let pass into those people who had earning lots compared to those who had typical day jobs?
Its already anticipated that government would really be finding ways on extracting out taxes out of those earners here in cryptocurrency which is really something huge and shouldnt really be passed.
Even if your personal opinion talks about that bitcoin isnt made to apply taxes on it but remember that those services out there connected with crypto transactions can easily be imposed or implement
or subject for them to follow up regulations which simply means that they wont really be having any choice but to comply or else say good bye into their business.

[Nora Olin]

If the government buys cryptocurrency, it means that it supports and is optimistic about it. This will have a very positive impact on the market. Many countries do not realize that cryptocurrency is legal and legal, so they can only profit through taxation.

[michellee]

If the government buys cryptocurrency, it means that it supports and is optimistic about it. This will have a very positive impact on the market. Many countries do not realize that cryptocurrency is legal and legal, so they can only profit through taxation.

That will not be a problem for the government if they can only profit through taxation because many people will try to use crypto. And once they have the money, the government can start the tax for them. Maybe that will happen in the future once the government realizes what they should do after they accept crypto to make crypto grow more than now. The government can try to mining crypto use their unlimited resources and we know they can do that easily.

[MIner1448]

This is probably one of the most compelling reasons to invest in bitcoin, because there are a huge number of people in the world who do not want to pay taxes, these taxes were imposed from head to toe, and then old bitcoin turned out to be nearby, I think many invest in it knowing that they will not pay taxes in the future and in the present ...

[palle11]

Bitcoin is not made to apply taxes on it - BTC economic model is different

Bitcoin is not made to apply taxes on it as Bitcoins Economic model is different. If governments want to earn money through cryptocurrency, they must invest in it. It is upto governments to buy Crypto using their reserves and hold it instead of applying taxes as taxes cannot help much since there are privacy USDs.

Somehow to it you may have a strong point because bitcoin is decentralised and covers up the real owner as anonymous but I think if cryptocurrency account is tied or link to the bank and the government do have a task plan for that fiat account, then it should be tasked when money enters into it but on the real terms of bitcoin white paper, it is suppose to be anonymous but my question is whether government is making such income task remittance from fiat or cryptocurrency because if they ask for cryptocurrency then it is means bitting themselves.