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ShrykeZ
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February 11, 2016, 09:31:50 PM |
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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DimensionZ
Sr. Member
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Activity: 350
Merit: 250
Shit, did I leave the stove on?
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February 11, 2016, 09:37:56 PM |
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If Bitcoin gets classified as a digital currency maybe there will be a minimal taxable threshold of annual profit in Bitcoins which you will need to declare.
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YTBitcoin
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February 11, 2016, 09:42:59 PM |
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In my country there is no any tax on holding bitcoin, as currently there is no any management by the government or any other financial body for bitcoin, and if the systems for it were organized then it will have the same taxes as other currency as it is also a form of currency, Virtual Currency.
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Raimonn
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February 11, 2016, 09:47:05 PM |
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Most countries don't tax bitcoins because its like money, and fiat money isn't taxed. What is taxed is the things that you can buy with fiat money or with bitcoins. If you bought anything, what you are buying is taxed equal if payed with bitcoins or payed with bitcoins. Few countries tax them as inversion, you will need to pay a tax for your profits when you trade it.
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DrLove2048
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February 12, 2016, 02:37:11 AM |
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I would say for america if you were to treat it as an investment and pay the capital gains on it you should be okay (I suppose, this is not actual financial advice ha)  |
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heldertb
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Blockchain-based Financial Ecosystem
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February 12, 2016, 03:33:29 AM |
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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??
only bitcoin use internet online not accept government now but now bitcoin have no any tax maybe some time after will come bitcoin have tax |
Keep Crypto. Get Cash █▮ The highest Loan-to-Value ratio ▮ No minimum monthly payments and no hidden fees ▮ Major cryptocurrencies as collateral ▮█ |
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btcdevil
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February 12, 2016, 04:56:08 AM |
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There is no tax imposed on bitcoin. Some countries have strict regulations which are just to reduce the use of bitcoin. Tax issues has not arise yet just because bitcoin is decentralized.
I think their are some country who have started taxation on bitcoin as they have accepted the bitcoin. but their are some country who are still in confusion in bitcoin technology and not given any detail on bitcoin. even bitcoin being decentralized if you want you can show the taxation as live trading in Shares and calculating the profit and submitting the tax. But be carefull as some country have declared bitcoin as illegal in that country you should not show anything about bitcoin in your accounting if not you will be in problem. so each and every country have their own rules on bitcoin. |
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FlyingSaucer
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February 12, 2016, 05:02:34 AM |
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I haven't heard of any country that started taxation on Bitcoin but I heard the Russian government wants to regulate Bitcoin not sure about the Chinese.
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Kakmakr
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Leading Crypto Sports Betting & Casino Platform
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February 12, 2016, 06:07:53 AM |
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It will differ from country to country, but in most countries you only start paying taxes once you received some kind of profit from it. Also called Capital Gains. If I bought $1000 worth of Bitcoin and it sits there and I do not use it, no tax can be taken from it. The moment when I sell it for $2000, I have to declare that profit <$1000> as Capital Gain. In many countries people spend the bitcoins at merchants who accepts Bitcoin as payment and then they pay VAT on those goods or service or items. The government gets it's share no matter what you do with your bitcoins.  |
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Herbert2020
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February 12, 2016, 06:20:35 AM |
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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??
if you are running a business like selling stuff online and receiving money in form of bitcoin, (depending on your country) you must pay taxes for your business. you can search about problems that some users had with law enforcement because of not paying taxes and they were finned. |
Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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xqus
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February 12, 2016, 07:26:12 AM |
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In europe there is no tax for the bitcoins at all what is pretty sweet.
Altough in america its more difficult to gain bitcoins with higher amounts.
Yes there is. In Norway there is. And Norway is a part of Europe. We have taxes for what you earn trading (you will also get tax deduction if you loose). And you will have to pay tax for the amount you have in the end of the year. The problem is that they depend on honest souls to report their earnings to the state. There is no tax imposed on bitcoin. Some countries have strict regulations which are just to reduce the use of bitcoin. Tax issues has not arise yet just because bitcoin is decentralized.
Some countries has tax on bitcoins. As I explained above. |
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tenkeiiyo
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February 12, 2016, 07:58:12 AM |
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No, 100% no tax  |
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BitcoinSupremo
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February 12, 2016, 08:03:17 AM |
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I am glad to live in a country where I can sell the BTC via Western Union, Moneygram, and every e-payment processor, and get the money without anyone asking me where did this money come from.
Maximum per year money that you are not taxed is 20.000 USD via Western Union, or at least used to be, don't know for real now , all I know I am safe in this tax thing.
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craked5
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February 12, 2016, 08:05:27 AM |
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There is not tax up here in Canada. I vaguely remember however there being taxes currency in Brazil. I agree that Bitcoin is money and should not be taxed. I do think however governments should leave the currency alone. The fed is stealing a lot of money from the working class.
Seriously? How do they tax it in Brazil? Everytime you buy it? You spend it? How can you make this work? :p |
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arbitrage
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February 12, 2016, 10:37:20 AM |
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Situation is different from place to place..
I'm glad i don't have tax on bitcoin..I don't trust to system anyway
so im buying and selling face to face ..
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erikalui
Legendary
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February 12, 2016, 04:46:16 PM |
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Bitcoins aren't recognized by the Government and there are no taxes involved hence. We only need to pay a fee for our transactions to get confirmed and if we use wallets like xapo/coinbase, we don't need to pay the fee as well. However, it's not possible for us to keep holding bitcoins forever in our wallet and whenever we convert it into fiat, we need to pay taxes applied by the bank.
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Dabs
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The Concierge of Crypto
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February 12, 2016, 04:50:26 PM |
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Bitcoins can't be taxed. The fiat that you get when trading bitcoins, either buying or selling, that one can be taxed.
Governments only tax fiat money.
Now, if you run an illegal website or something, they will just seize your bitcoins when they raid and confiscate your server.
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ctlaltdefeat
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February 12, 2016, 05:17:38 PM |
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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??
not for now,but i believe that some years later some countries will create rules about bitcoin tax,esspesially tax for people who have big amount of bitcoin. |
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Supercrypt
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February 12, 2016, 06:39:22 PM |
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In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"...  No taxes at all That's a great thing as in my country we have to pay too many taxes. Whether it's on our medical bills, restaurant bills, shopping bills and almost each and every thing has a 12.5% tax plus our normal taxes. For me, bitcoins are the best as I save my money in bitcoins and don't need to pay taxes on it but for spending them, I need to pay those taxes. I can only save Income Tax. |
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thejaytiesto
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February 12, 2016, 06:46:14 PM |
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Even if you don't report that you have Bitcoin to the goverment, in the future, let's say it goes to 10K per coin and you want to sell some to buy a car... well, there is no way around it, you will need to get those 10K taxed and explain where the Bitcoin came from to the goverment, because you can't get away with buying a car without telling the goverment, and let alone a house, so your untaxed Bitcoin are only useful to buy small stuff, if you want cars and houses, it's impossible that the goverment doesn't end up knowing about it.
So my question is, should we report all of our BTC now, or should we do it with only the amount we are interested in selling, and do it in the future when we want to sell that amount to buy something and not now? cause I just dont like the idea of the goverment knowing my total amount of BTC holdings (its not much but in the future it may be a lot).
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