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Author Topic: Do Bitcoins have Tax??  (Read 39853 times)
saiha
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November 18, 2016, 11:46:47 AM
 #581

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.

Charge or fees are not tax. So if an exchange is registered through local government then they are the one that is responsible for paying the tax.

And not bitcoin itself will be the one who will be taxed but because they are declared in SEC as profitable company.

Then they are obliged for paying their community tax and all types of taxes whether they are earning with bitcoins or not.

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November 18, 2016, 12:14:20 PM
 #582

I think bitcoin has no tax yet since the bitcoin is not government regulated but bitcoin has fee and it is very little than other in online trnsaction. And i like the things in bitcoin now free to earn and lesser fees.

.

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November 18, 2016, 01:18:46 PM
 #583

I think bitcoin has no tax yet since the bitcoin is not government regulated but bitcoin has fee and it is very little than other in online trnsaction. And i like the things in bitcoin now free to earn and lesser fees.
It's actually the benefits of using bitcoin so we can avoid taxes, here we do not pay taxes unlike in our business in real life and even if we are just a simple employee we are still oblige to pay taxes impose by the government. Since I knew bitcoin, it already gave me a chance to earn and the good thing is that I can maximize my earning here.

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November 18, 2016, 01:30:18 PM
 #584

I think bitcoin has no tax yet since the bitcoin is not government regulated but bitcoin has fee and it is very little than other in online trnsaction. And i like the things in bitcoin now free to earn and lesser fees.
It's actually the benefits of using bitcoin so we can avoid taxes, here we do not pay taxes unlike in our business in real life and even if we are just a simple employee we are still oblige to pay taxes impose by the government. Since I knew bitcoin, it already gave me a chance to earn and the good thing is that I can maximize my earning here.
The feature of storing money outside the banking and governmental system is what I believe to be one of Bitcoin's main selling points (probably already the case).

People are sick and tired being a slave of the system where they don't enjoy any kind of financial freedom. Bitcoin is a great tool that will allow many people to finally enjoy financial freedom.

I just hope the average Joe will also understand and realize this. Mostly these average Joe people follow everything their government tells them to do.

Why? Because it's the easiest and most familiar way for them to deal with it. People constantly complain about governments charging too muxh tax and stuff. Now is the moment to act. DO IT!!

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November 18, 2016, 01:48:24 PM
 #585

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??

if you mean transaction fee, I think it goes to miners because they confirm the transaction.

the fees goes to the pool who process the transaction first. after that the fees are devided for each miner in the pool.

that's explanation from my friend when I first knew about bitcoin.


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November 18, 2016, 02:24:35 PM
 #586

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 has no tax. The tax on transactions goes to the company of site or app you make a transaction.

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November 18, 2016, 03:01:28 PM
 #587

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.
yes that is a fact that still there is no tax on bitcoin, as still no government accept bitcoin as legal currency and there can be tax on bitcoin once they consider it as legal currency, so bitcoin is still tax free tell the government accept it as legal currency..
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November 18, 2016, 03:11:12 PM
 #588

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 is decentralized and is not under the government that's why it has no tax.

Tax in transaction? Do you mean the miners fee? The miners fee goes to the miner who mines the block with your transaction but don't worry miners fee is much cheaper than the fees we have here (Banks, remittance centers etc.)


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November 18, 2016, 03:27:24 PM
 #589

I think bitcoin has no tax yet since the bitcoin is not government regulated but bitcoin has fee and it is very little than other in online trnsaction. And i like the things in bitcoin now free to earn and lesser fees.

and that is the good thing with bitcoin it has no tax and it is not regulated or controlled by the government and they cannot manipulate it . regarding to transaction fee it is not that huge amount and it is necessary because it goes to the services we are using and to the miners .

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November 18, 2016, 03:40:28 PM
 #590

I think it's funny how this question persists in America when there is absolutely no question that any capitol gains in bitcoin is taxable. Those asking here really should consider asking a tax preparer rather than an website. Ignorance of your taxes is no excuse for non-payment. You will still owe the principal + late penalties + interest + possible jail time.


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November 18, 2016, 03:41:20 PM
 #591

It depends on the country that you belong to. For most countries, they don't see bitcoins as an income or investment but rather treat it as a piece of digital asset that can't be taxed. However, some countries are trying so hard to tax bitcoin and deem it as an income and could be treated as such. It's easy to evade, but you know, governments.

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November 18, 2016, 03:54:41 PM
 #592

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??
Wel, it depend on which country you live, every government have different regulations about bitcoin.
Transaction may just get fees, but for trading site or exchanges in some countries have to pay taxes due to their business.
When you transaction with them (deposit or withdraw), you get tax indirectly. I thought so, but if your bitcoin just stay on wallet, no taxes
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November 19, 2016, 09:51:53 PM
 #593

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.
yes that is a fact that still there is no tax on bitcoin and it will take some more time to impose tax on bitcoin, as the governments have to accept bitcoin as legal currency and only then they can put tax on it. and still not a single country has consider bitcoin as legal currency.


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November 20, 2016, 12:07:10 PM
 #594

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.
yes that is a fact that still there is no tax on bitcoin and it will take some more time to impose tax on bitcoin, as the governments have to accept bitcoin as legal currency and only then they can put tax on it. and still not a single country has consider bitcoin as legal currency.
One thing I know is that once we convert our bitcoin in fiat we are paying taxes on it, not implied but the fee can be seen as a tax for us. Exchange sites are registered business and they get income from us and they are paying taxes on behalf of us.

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November 20, 2016, 06:02:44 PM
 #595

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.
yes that is a fact that still there is no tax on bitcoin and it will take some more time to impose tax on bitcoin, as the governments have to accept bitcoin as legal currency and only then they can put tax on it. and still not a single country has consider bitcoin as legal currency.
One thing I know is that once we convert our bitcoin in fiat we are paying taxes on it, not implied but the fee can be seen as a tax for us. Exchange sites are registered business and they get income from us and they are paying taxes on behalf of us.
As of now, bitcoins have no tax, a small amount of transaction fee for those bitcoin wallet network are implementing, but as long as the government have no control on bitcoins, tax on bitcoins was not possible. Maybe yes, other registered sites that are paying tax was already paying tax but only those registered. Once that bitcoins already declared as legal digital currency, i think tax will be added.

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November 20, 2016, 06:33:42 PM
 #596

Yess it s quite similar to taxes .when u send bitcoins and recieve bitcoins it has been cointed as transaction fees which is similar to taxes .so yess we do pay taxes for bitcoins and bitcoins have taxes . In this case i was also fierstly confused that it has taxes or not .after so many transactions it is quite clear it is full of taxes and u cant jump out of it .its with the life .kudoos Smiley

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November 20, 2016, 06:40:01 PM
 #597

bitcoin does not have but transaction and these transaction go to the people who generated the bitcoin means the miners that were able to mine the bitcoin this transaction is split between those pepole

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whizter
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November 20, 2016, 08:34:12 PM
 #598

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.
but i do not think that there is any tax on bitcoin, i think still bitcoin is tax free and the main reason can be that bitcoin is still an illegal currency and yet not a single country has accepted bitcoin as legal currency, therefore they have not yet put any tax on bitcoin.

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November 20, 2016, 08:51:59 PM
 #599

bitcoin do not have tax it has the miner fees which is also choosable according to payers needs or priority. tax are taken by government for the primary porpose of development of the countty but bitcoin does not charge anything like that


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Mydarksaviour
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November 20, 2016, 09:19:51 PM
 #600

it depends on which country since some are countries legalized bitcoins. some do not. bitcoin doesnt have tax to most countries. when you transact bitcoin, it may have transaction fees like when you use blockchain. yet free whrn using other wallets like xapo. but that fee doenst mean that it is the tax imposed to bitcoin.
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