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Author Topic: Do Bitcoins have Tax??  (Read 39791 times)
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November 05, 2016, 07:53:49 PM
 #561

I heard italy is going to levy tax on Bitcoin earnings.Some other governments are also discussing about how to impose tax on Bitcoins.

In fact, there are a lot countries already that require you to pay tax over your holdings and your profits. The governments in these countries however depend on your honesty as you are responsible for declaring all your holdings and profits. Obviously, barely anyone will actually declare what they have or what they gained. I don't declare anything either.

Now, we dont pay tax for Bitcoin earnings, but only pay tax when we convert fiat to BTC or BTC to  fiat.

Bitcoin is money, so in that regard, you will have to pay tax anyway. You converting your coins to fiat, or vice versa, it doesn't matter. At least, not in most countries. Governments are only interested in people paying as much tax as possible. They don't care whether you're a millionaire in fiat, or just with your Bitcoin holdings. Paying tax over that amount is something you can't avoid. On the other hand.... If you had that million purely in Bitcoin, you could choose to keep it in the background and don't declare anything. Tongue

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November 05, 2016, 08:22:06 PM
 #562

I dont think there is a tax on bitcoin in the Uk but in the future there my be some sort of it..
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November 05, 2016, 08:44:23 PM
 #563

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??

The transaction "tax" you are reffering to isnt really a tax. Its a fee that goes towards paying the miners for confirming your transaction. I would not really consider it a tax, more like a payment to keep bitcoin secure.

Hmm, I didn't know about it. So, we are paying the transaction taxes to the miners. So, looks they are making a lot of profit... Aren't they like the banks making profit with our transactions everytime? What do you think?

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November 06, 2016, 03:51:05 AM
 #564

No, bitcoin has no tax. Tax is only run and manage by government, while bitcoin is a cryptocurrency which no one has control with it.
We only pay for fee when we do transactions with bitcoin, other than that we don't have to pay for anything or anyone.

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November 06, 2016, 04:11:03 AM
 #565

No, bitcoin has no tax. Tax is only run and manage by government, while bitcoin is a cryptocurrency which no one has control with it.
We only pay for fee when we do transactions with bitcoin, other than that we don't have to pay for anything or anyone.

If you buy a car, you have to declare yours bitcoins so the government will tax you Wink
So you can have bitcoins without payng taxes but if you go to spend a lot of money, for sure you will pay taxes to the govern.

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November 06, 2016, 04:25:34 AM
 #566

No bitcoin doesn't have taxes. You might be thinking that bitcoin is a internet money so to convert bitcoin into real money we would have to pay taxes but there is nothing like that. You could sell your bitcoin to trader or you could also sell in exchange site to get paid in real money or whatever they pay
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November 06, 2016, 04:44:57 AM
 #567

I heard italy is going to levy tax on Bitcoin earnings.Some other governments are also discussing about how to impose tax on Bitcoins.Now, we dont pay tax for Bitcoin earnings, but only pay tax when we convert fiat to BTC or BTC to  fiat.

it would be better if you ask a bitcoin users from Italy, is that true or not? I think everyone would be charged a fee when they withdraw their money from the exchange to their bank? I think it is not a tax, but a fee is given from the exchange sites because you do withdraw, I think all exchange sites around the world do that


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November 06, 2016, 05:26:56 AM
 #568

I heard italy is going to levy tax on Bitcoin earnings.Some other governments are also discussing about how to impose tax on Bitcoins.Now, we dont pay tax for Bitcoin earnings, but only pay tax when we convert fiat to BTC or BTC to  fiat.

it would be better if you ask a bitcoin users from Italy, is that true or not? I think everyone would be charged a fee when they withdraw their money from the exchange to their bank? I think it is not a tax, but a fee is given from the exchange sites because you do withdraw, I think all exchange sites around the world do that
Its  just  a  nonsense  assumptions hence exchangers  do really get  fee  on each  trade orders  because they  make   money  on  that in each  transaction  made  by their  traders. Its not a tax  from the government  its a fee  on the exchange  site itself. As we all know  exchangers  do  also an investment.

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November 06, 2016, 05:40:05 AM
 #569

I dont think so. Because yesterdag I withdrawn My bitcoin and converted into cash yesterday using bitcoin atm. And The fee is 5% that is quite big. I dont know where the 5% belongs is it for the transaction fee of blockchain or is it the tax of the bitcoin atm machine. It was my first time yesterday thats why I didnt know where my 5% goes.
Lol of course it is a fee that is used by the atm, ATM as like an exchange, when you tried to do withdraw surely you will be given a few percent fee. I think atm bitcoin also like that although I've never used it. but I'm pretty sure it is a fee of bitcoin ATM that you use instead of a government tax Lol
Yep, it is a transaction fee for using their ATM, it is not a tax actually. But, the ATM that you use of course their business has tax.

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November 06, 2016, 06:02:25 AM
 #570

I dont think there is a tax on bitcoin in the Uk but in the future there my be some sort of it..

I think even if in the future though, bitcoin will not be given a tax. bitcoin system will not change until whenever. bitcoin will always be decentralized and will not be changed and the tax will not be imposed

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November 06, 2016, 06:42:47 AM
 #571

no notion is decentralized and there is no chance of government to impose taxes on it. it's a private property and government have no hands over our own money. we haven't taken the money from government banks outs the money that we had mined by our own in our own machine so why should we pay taxes to government.
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November 07, 2016, 09:39:28 PM
 #572

My understanding of UK tax on Bitcoins for individuals (not a company) is that any profits when Bitcoins are sold for GBP are subject to Capital Gains Tax.  There is currently an annual tax-free allowance of £11,110.00.  So unless you are a whale or an incredibly lucky investor you possibly won't pay any tax on Bitcoins sold.  I am a Software Engineer not an accountant nor tax adviser so please don't rely on my understanding.

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November 07, 2016, 11:01:04 PM
 #573

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??

The transaction "tax" you are reffering to isnt really a tax. Its a fee that goes towards paying the miners for confirming your transaction. I would not really consider it a tax, more like a payment to keep bitcoin secure.
Lol yeah I think it is a transaction fee. you will always get a fee when you send bitcoin wherever, usually your bitcoin will cut about 0.0001 BTC for transaction fees. You need it so that your transaction can be confirmed and it is not a tax dude
tax fee will be different, and I think the tax cannot be implemented to bitcoin


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November 08, 2016, 02:16:06 AM
 #574

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??

The transaction "tax" you are reffering to isnt really a tax. Its a fee that goes towards paying the miners for confirming your transaction. I would not really consider it a tax, more like a payment to keep bitcoin secure.
Lol yeah I think it is a transaction fee. you will always get a fee when you send bitcoin wherever, usually your bitcoin will cut about 0.0001 BTC for transaction fees. You need it so that your transaction can be confirmed and it is not a tax dude
tax fee will be different, and I think the tax cannot be implemented to bitcoin
Correct there is no tax in bitcoin it is only transaction fees that is why we do not like to be government regulated the bitcoin because if that will happen tax will be imposed in bitcoin that is not good to us.

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November 08, 2016, 02:54:07 AM
 #575

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??

The transaction "tax" you are reffering to isnt really a tax. Its a fee that goes towards paying the miners for confirming your transaction. I would not really consider it a tax, more like a payment to keep bitcoin secure.
Lol yeah I think it is a transaction fee. you will always get a fee when you send bitcoin wherever, usually your bitcoin will cut about 0.0001 BTC for transaction fees. You need it so that your transaction can be confirmed and it is not a tax dude
tax fee will be different, and I think the tax cannot be implemented to bitcoin
Correct there is no tax in bitcoin it is only transaction fees that is why we do not like to be government regulated the bitcoin because if that will happen tax will be imposed in bitcoin that is not good to us.
That's why I am proud to use bitcoin because it can help the adopters to transact with a small amount of fee and if we earn here we are not tax with our income. Pretty easy and very helpful for us this platform.

If bitcoin will be tax, I guess there's no excitement anymore, people will leave for sure.

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November 08, 2016, 03:25:48 AM
 #576

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??
I think bitcoin has no taxes, just that I want to melt into any real money, there is always a piece of bitcoin bank. So maybe I think, that the tax, the pieces of each of us draw / thaw bitcoin us into real money.
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November 08, 2016, 04:12:47 AM
 #577

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 don't have tax ever since its started only charge for every transactions in every exchange platform. And even bitcoin become popular all over the world it will never be control by any of the government worldwide as long as bitcoin is decentralized.

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November 08, 2016, 04:22:10 AM
 #578

I dont think there is a tax on bitcoin in the Uk but in the future there my be some sort of it..

I think yes, although it will need long time until there are tax on bitcoin at least right now we get charge/fees on markets while we want buy bitcoins on there, although we don't know the markets pay tax or not, but actually depend on the rules of countries them selves on usage of bitcoins.
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November 08, 2016, 04:49:33 AM
 #579


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??

It seems that your question is a bit confusing, because some part of the line does tell about no tax and the other line asked about where the tax go.  Anyway, if you are referring about asking where this transaction fee go, it is a reward to miner (fee) so that they will include your transaction whenever they found a block to process, does the confirmation thing.  The higher your transaction fee is the faster it will be pickup by miners and the lower or no fee transaction are more likely to be ignored.  But don't worry about it it will still be processed but it will take time.

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November 18, 2016, 05:50:42 AM
 #580


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??

It seems that your question is a bit confusing, because some part of the line does tell about no tax and the other line asked about where the tax go.  Anyway, if you are referring about asking where this transaction fee go, it is a reward to miner (fee) so that they will include your transaction whenever they found a block to process, does the confirmation thing.  The higher your transaction fee is the faster it will be pickup by miners and the lower or no fee transaction are more likely to be ignored.  But don't worry about it it will still be processed but it will take time.

Yes its true. The transaction fees that is being charge to all our transactions made with bitcoin will go the the miners. And i think those transaction fees cannot be referred to as tax since tax is a term that is being used as a government revenue. And bitcoin and its transactions has nothing to do with the government and it is not related to any government transaction at all.
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