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Author Topic: Do Bitcoins have Tax??  (Read 39868 times)
doomistake
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September 30, 2016, 02:14:28 PM
 #441

Yes, bitcoin do have a tax like the other cryptocurrency like Litecoins and Ripple since it is a virtual money that can be convert into a real money and can be use to buy online at the same time that's why it do have tax according to IRS (Internal Service Revenue). Specially the miners, miners are the one who mines bitcoin by solving math problems and algorithms and for the reward they will receive a block reward (which are bitcoins) and for this they have also have to pay a tax for it or else if they don't they may pay much larger amount more than they earn for a day.

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September 30, 2016, 02:19:35 PM
 #442

bitcoin has little TAX in each delivery. I think the cost is used bitcoin is the smallest compared with other financial media.

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September 30, 2016, 04:29:14 PM
 #443

Bitcoin by itself isn't taxing anyone to use it. Users can choose to pay what fee they like too and this also decides how fast their transactions get confirmed or accepted by a miner to be confirmed quicker. This fee is very very minimal. Usually taxes are some form of percentage on the whole amount and using Bitcoins wouldn't charge you any percentage over what you transact.


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September 30, 2016, 05:06:19 PM
 #444

no i mean a tax is a sum of amount which is taken because someone offered us their servic but bitcoin is free and anonymous network but if i say something then there is a special type of system which is used to generate new coin so we can pay on there which are called miner fees

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October 03, 2016, 09:14:59 PM
 #445

Till the moment bitcoin has no tax, the only cost they take is the fee to make the transaction moove forward, some countries are willing to tax bitcoin, since they dont know how to stop it.

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October 03, 2016, 09:23:51 PM
 #446

the government cant really monitor your bitcoin income, unless you use a third party wallet service. for example everything you do on coinbase is monitored and handed over to the government if they request it.
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October 03, 2016, 09:32:55 PM
 #447

the government cant really monitor your bitcoin income, unless you use a third party wallet service. for example everything you do on coinbase is monitored and handed over to the government if they request it.

The government depends on whether or not you declare your coin holdings. If you don't declare anything, then there is no way for them to know you hold any coins. It's all about your honesty. I am sure that the far majority of the people simply don't declare their coins, which I can fully understand. I don't do it either.

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October 04, 2016, 01:32:54 AM
 #448

Till the moment bitcoin has no tax, the only cost they take is the fee to make the transaction moove forward, some countries are willing to tax bitcoin, since they dont know how to stop it.

I am treating the miners fee per transaction is the tax of bitcoin economy. But if we are going to talk about the government tax, then bitcoin is not covered by it. I don't know if in Brazil they are putting some tax every time they are going to convert it to fiat because as we know there are hundreds of stores there that accepts bitcoin.

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October 04, 2016, 01:47:35 AM
 #449

Bitcoin is completely decentralized so where can you find tax. Who can control bitcoin? No one. No-one can control bitcoin network is fully automated and even Satoshi also can't alter the system. And bitcoin is digital money inline paper currency there is no taxes because no one knows how much bitcoin you are holding. But while transaction bitcoin network will cut a transaction fee for processing and verifying the payment.
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October 04, 2016, 07:02:22 AM
 #450

Well if you are earning money through signature campaigns and faucets, then you don't pay any tax. I am not sure if there is any tax when you are buying Bitcoin.

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October 04, 2016, 07:22:57 AM
 #451

Bitcoin does not have tax and that is also a reason why the people that make use of it make use of it. Bitcoin is not controlled by the government.
If that was the case then they would put tax on it for sure.
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October 04, 2016, 03:41:44 PM
 #452

There's no taxes in BTC, this is an open currency and no one charges you money, the tx fee is something to the one mining blocks to include the tx in the nearest possible block as an incentive.. You might need to pay taxes though according to your local rules "and these are paid to your local government not the bitcoin network".
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October 04, 2016, 03:55:05 PM
 #453

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??

Right, for transaction in bitcoin we have to pay a small transaction fees. So this fees goes to miners who verify the transaction and processes everything that is required for bitcoin transaction. If you pay more transaction fees then your payment will be done much faster. Because everybody need money and money rules here also.
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October 18, 2016, 03:06:53 PM
 #454

Bitcoin does not have any tax and that is what i like about it because if it would be run by the government then it would have tax without a doubt because they feel like they need to make money of it as well.
I hope that it is not going to to be run by something else in the future because it might ruin things.


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October 18, 2016, 03:11:11 PM
 #455

Well if you are earning money through signature campaigns and faucets, then you don't pay any tax. I am not sure if there is any tax when you are buying Bitcoin.

holding and earning bitcoin isn't any different from holding and earning fiat. it's money that you get after all. in that aspect you need to declare everything to your tax agency officially. of course, not many people will do this (which i can't blame them for).
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October 18, 2016, 03:27:44 PM
 #456

what do you mean by decentralized?
if you know the meaning of the word decentralized  then you wouldn't ask such question.
well bitcoin have no taxes as there is no organization or institute or person to take the charge but the transaction fees which is cut while payment is send to miners.
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October 19, 2016, 03:22:26 PM
 #457

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??
Bitcoin doe not have nay tax which I think is a good thing because if it would have tax the government would then take almost all of our profit away.
So it is a good thing that Bitcoin does not have any kind of tax.
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October 19, 2016, 03:39:32 PM
 #458

No bitcoin doesn't have any tax because there is no organization to accept or take the bitcoin so it's fully decentralized but well you might be thinking v of transaction fees . That fees goes to miners.
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October 19, 2016, 06:24:56 PM
 #459

Nobody knows who transfer bitcoin to whom as it is anonymous so government can't force anyone to pay tax for bitcoin related transactions. So simply saying no bitcoin transactions aren't subjected to tax or can be taxed.


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October 19, 2016, 06:48:49 PM
 #460

yes and i think that is the solid reason that why there is no tax on bitcoin and i will like to add that bitcoin is not yet consider as legal currency therefore not a single country has impose tax on bitcoin.
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