deisik
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January 09, 2016, 09:34:47 AM |
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If the government found a way to tax Bitcoin they would certainly have made that.But they have a problem of how to do it, because if the person who owns the Bitcoin does not report that it has Bitcoin how they charged tax at all?If Bitcoin succeed on a global scale no doubt that the government will find a way to take their share of the pie. In most jurisdictions it is your obligation to report and pay taxes on your income (Bitcoin or no Bitcoin). So if you don't (on the pretext that they won't find out), you are still deliberately aiming at tax evasion, which is, for example, a criminal offense in the US... Al Capone was charged with income tax evasion and sentenced to eleven years in prison |
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erwin45hacked
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January 09, 2016, 12:13:53 PM |
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If the government found a way to tax Bitcoin they would certainly have made that.But they have a problem of how to do it, because if the person who owns the Bitcoin does not report that it has Bitcoin how they charged tax at all?If Bitcoin succeed on a global scale no doubt that the government will find a way to take their share of the pie. In most jurisdictions it is your obligation to report and pay taxes on your income (Bitcoin or no Bitcoin). So if you don't (on the pretext that they won't find out), you are still deliberately aiming at tax evasion, which is, for example, a criminal offense in the US... Al Capone was charged with income tax evasion and sentenced to eleven years in prison Lionel messi was also charged with fine when he evaded his tax. Things are different in my country, most people dont know about bitcoin and getting income from online such as trading or the others has become grey stuff so no one really report online income here, so thats depends on your contry you are living in |
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smith coins
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January 09, 2016, 01:02:07 PM |
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The sharing economy is just going to continue to grow, and governments will be challenged to understand and manage its implications while embracing its benefits. However, governments will be at a significant disadvantage if they wait too long and newer technologies and markets will have already been developed that do not follow traditional models. Think of the following: Uber is the world’s largest taxi service and owns no cars. Airbnb provides lodging yet does not own real estate.
How will local governments adapt to these new ways of doing business that are disrupting traditional business models? All we know now is that governments are a long way from even contemplating and accepting this new reality.
As far as i know a small couyntry has implemented bitcoin as their currency but don't know if it is successful or not. Moving completely from fiat to bitcoin it's really hard, but as an alternate currency it can work. It is very interesting and it can be a good practical exam for bitcoin, do you know the name of that country? It is Liberland here is a full article about that country http://insidebitcoins.com/news/liberland-europes-newly-formed-country-to-use-bitcoin/31979 |
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spirit of btc
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January 09, 2016, 03:33:49 PM |
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Governments will want to make changes to the Bitcoin algorithm by adding identity information to the Bitcoin/Transaction. Without that bitcoin is inevitable, Governments will go mad about bitcoin.
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expert4knowledge
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January 16, 2016, 05:14:16 PM |
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Governments will want to make changes to the Bitcoin algorithm by adding identity information to the Bitcoin/Transaction. Without that bitcoin is inevitable, Governments will go mad about bitcoin.
I am pretty sure that it will happen someday that is not very far from now and that day prices of bitcoin will slump. |
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jt byte
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January 16, 2016, 07:20:52 PM |
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Governments will want to make changes to the Bitcoin algorithm by adding identity information to the Bitcoin/Transaction. Without that bitcoin is inevitable, Governments will go mad about bitcoin.
Yeah they would never accept it, if the user can't be anonymous. This way they can tax it. Something which go against the complete goal of bitcoin, which is meant to be anonymous... |
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iCeSaiah
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January 16, 2016, 11:16:03 PM |
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Correct me if i'm wrong but bitcoins are tax free right? Just like religious establishments
If so then I think the government would have issues on how to tax this if its made known popularly.
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MyBTT
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January 17, 2016, 06:32:57 AM |
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Some governments support Bitcoin and some don't. I am not really too sure about my country's government.
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deisik
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January 17, 2016, 08:16:04 AM |
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many countries govt. are against the bitcoins and its fresh example is rusian govt.
Stop talking about Russian government being against Bitcoin. It is pretty obvious that you neither have an idea what's going on there (here, lol), nor follow the events taking place in Russia in respect to Bitcoin. The former chairman of the Russian CB German Greff openly admits that he has bitcoins... Wtf, even the fearsome Putin himself says that Bitcoin has value and application |
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HarHarHar9965
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January 17, 2016, 07:18:34 PM |
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Some governments support Bitcoin and some don't. I am not really too sure about my country's government.
there is country also which is using bitcoin as their national currency and many major countries like US and UK not accepting bitcoin because if bitcoin araise price of the usd and pound will get affect in world business matters So this the problem Government is not allowing for bitcoin. |
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Yakamoto
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January 17, 2016, 07:57:20 PM |
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many countries govt. are against the bitcoins and its fresh example is rusian govt.
Stop talking about Russian government being against Bitcoin. It is pretty obvious that you neither have an idea what's going on there (here, lol), nor follow the events taking place in Russia in respect to Bitcoin. The former chairman of the Russian CB German Greff openly admits that he has bitcoins... Wtf, even the fearsome Putin himself says that Bitcoin has value and application This is actually interesting to hear, I've never heard of Putin saying that Bitcoin had value and application, but I kind of expected to not hear any of this because of the West v. East circlejerk. I never really thought of Russia being excessive anti-Bitcoin, aside from the stuff you hear on this forum, but I'm glad that they aren't as anti-Bitcoin as they are made out to be. |
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deisik
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January 17, 2016, 08:13:52 PM |
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many countries govt. are against the bitcoins and its fresh example is rusian govt.
Stop talking about Russian government being against Bitcoin. It is pretty obvious that you neither have an idea what's going on there (here, lol), nor follow the events taking place in Russia in respect to Bitcoin. The former chairman of the Russian CB German Greff openly admits that he has bitcoins... Wtf, even the fearsome Putin himself says that Bitcoin has value and application This is actually interesting to hear, I've never heard of Putin saying that Bitcoin had value and application, but I kind of expected to not hear any of this because of the West v. East circlejerk. I never really thought of Russia being excessive anti-Bitcoin, aside from the stuff you hear on this forum, but I'm glad that they aren't as anti-Bitcoin as they are made out to be. Regarding Putin's statement about Bitcoin, look here. Concerning folks claiming that Bitcoin is banned in Russia, they simply don't see the real reason behind this "ban", though it is quite obvious. Bitcoin is officially "outlawed" because otherwise the Federal Tax Service of Russia would be legally obliged to chase after the owners of Bitcoin and their income thereof... Which would be a hell broken loose |
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Bitcoinbro
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January 17, 2016, 09:50:28 PM |
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Some governments support Bitcoin and some don't. I am not really too sure about my country's government.
there is country also which is using bitcoin as their national currency and many major countries like US and UK not accepting bitcoin because if bitcoin araise price of the usd and pound will get affect in world business matters So this the problem Government is not allowing for bitcoin. Well i think they are just afraid of bitcoin. The impact of bitcoin is big and I mean real big. Their problem is they can't control the currency and the people using it, nor tax it 100% |
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Imran.shamsi
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January 18, 2016, 05:51:24 PM |
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in under development countries government don't know about bitcoin so that's why they don't collect tax..  |
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Mr. Big
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While my guitar gently weeps!!!
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January 19, 2016, 11:40:01 AM |
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Well, lets just hope that government won't intervene with bitcoin and regulate it, but I don't think that they will enter bitcoin world that easy... as we all know, politicians don't care about those that they don't have control... |
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Ernstew
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January 21, 2016, 05:10:32 PM |
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I think it all depends on which government you're talking about. Many governments around the world are actually embracing Bitcoin seeing the good in crypto currency. For example, the Belgium government isn't opposed to it at all.
The problem is that no one is really taking an actual stand as to "what is Bitcoin" - is it a currency ? is it just a wild bet ?
Once a government like the US will decide to adopt Bitcoin as a currency others will surely follow. On November 19th 2013 the US congress actually agreed that Bitcoin was a good thing, my guess is that it's just a matter of time until it because completely adopted as a currency.
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morantis
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January 21, 2016, 05:15:28 PM |
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The scary thing is that when Bitcoin really catches hold, the government will be the ones with the power and servers to mine til the cows come home. Can you imagine the server stacks that they can devote to generating the new currency that is being adopted?
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Ya-ing
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January 21, 2016, 05:19:20 PM |
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If you think about government may be planning, it can be scary.
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morantis
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January 21, 2016, 05:20:27 PM |
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If you think about government may be planning, it can be scary.
They could already be sitting on a vast number of Bitcoins that they have been mining for years. |
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diegz
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January 22, 2016, 02:58:18 AM |
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If you think about government may be planning, it can be scary.
Some government officials might have known something about bitcoin and some were already investing in bitcoin.. who knows..hehe |
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