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diegz
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January 17, 2017, 03:06:38 PM |
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Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Actually they won't impose tax to you directly, but they do apply it on exchanges where you transact your bitcoin and the exchanges won't simply apply it to you, they get it on times that you commit mistake by converting at a wrong time and that is where the exchanges earn to pay what is due to the government. We should not be worrying too much about the transaction fee since we are paying it to make the system going. |
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No Gods or Kings. Only Bitcoin
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Tanic
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January 17, 2017, 03:16:19 PM |
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That is the truethat bitcoin have not taxes for now, because of it is still not admited by governments. but it has fees for transactions with bitcoin, it is logically that fees are going to sites administrators and creators. and in the case of bitcoin woild be taxed those taxes will go to government of course.
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n0ne
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January 17, 2017, 03:18:52 PM |
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Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
That's true, Government's can't really impose taxes accurately. Each country have different stand on bitcoin taxation. Now in a news Israeli financial management had mentioned bitcoin as a taxable asset as well people involved into the trading of bitcoin and other related works were considered under business taxes. |
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d@nte
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January 17, 2017, 03:24:44 PM |
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As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.
In India bitcoin is termed as a property by the taxing agency. This just implies that probably they will place taxes on owning bitcoins like you own a real property. But the problem with taxing bitcoin as a property is its hard to determine who owns bitcoin and how much bitcoin did they own. In the Philippines bitcoin is not taxable but the company that runs bitcoin pays taxes to the government such as business and income tax. There are many other countries that take such measures. The upside is that, since governments are recognizing that Bitcoin has value, as a digital asset, many people are becoming interested in knowing what Bitcoin is and how to invest in it. The downside is that the government tries, in this way, to exert influence over Bitcoin, who should not be interfered with by centralized institutions. In any case, Bitcoin continues to be decentralized, since it is the user's choice to pay the tax or not. |
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Nameless27
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January 17, 2017, 03:30:48 PM |
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Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal.. |
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Zadicar
Legendary
 Offline
Activity: 1316
Merit: 1020
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January 17, 2017, 03:45:28 PM |
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Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal.. I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government. |
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GMPoison
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January 17, 2017, 04:20:02 PM |
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Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal.. I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government. The US government can and has put a tax on buying/selling however. How they plan on enforcing it? Your guess is as good as mine. |
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carlfebz2
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January 17, 2017, 04:25:22 PM |
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Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal.. I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government. The US government can and has put a tax on buying/selling however. How they plan on enforcing it? Your guess is as good as mine. If this would be the case then we should expect fees increased on exchanges since they are might been regulated by the government on which a certain exchanger is being located.If US government could able to put tax on selling/buying then other government would do the same thing for sure. |
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Finestream
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January 19, 2017, 04:17:35 AM |
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Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal.. I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government. The US government can and has put a tax on buying/selling however. How they plan on enforcing it? Your guess is as good as mine. If this would be the case then we should expect fees increased on exchanges since they are might been regulated by the government on which a certain exchanger is being located.If US government could able to put tax on selling/buying then other government would do the same thing for sure. It's possible to happen, when the government say so, they will do it. They are very attracted with the tax that they can collect as they know the bitcoin community is growing. If there's a law and the exchange sites will be force to comply, we as users will certainly be affected but since it's a law, it must be followed. |
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jeraldskie11
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January 19, 2017, 05:32:40 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??
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, so it means that there is no taxes for bitcoin. It is only a researh paper called bitcoin so not a real money. Some Country has approved bitcoin accepted to their country because the government knows that bitcoin could convert into money. That money, if we buy our daily needs we paid our taxes such as VAT. In that way we pay taxes not bitcoin exactly. |
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bitloud
Member
Offline
Activity: 68
Merit: 10
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January 19, 2017, 09:13:44 AM |
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There are no tax on bitcoins as no one control the bitcoins there is no questions of tax. However small transaction fees will always required as it will be the only income for the service provider.
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savioroshan
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January 19, 2017, 09:41:56 AM
Last edit: January 19, 2017, 10:09:33 AM by savioroshan |
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Bitcoin doesnt have tax and that is it's greatest advantage.If it had tax then nobody will prefer it. Its anonymous that plus point is there for bitcoin. I dont know about other countries but in india we dont have tax for bitcoin but we have to pay tax for the amount that we pay for buying bitcoin.For example if planning to buy bitcoin for 1000 bucks , while depositing in bank account of the exchanges , the government takes 30 percent of the deposit as tax. In the same way if we convert one bitcoin to fiat currency , the exchange will deposit the fiat currency amount in our bank account. That time also government takes some percent as tax from the deposit. So for depositing and withdrawing fiat currency from bitcoin exchanges government takes tax.
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Zadicar
Legendary
Offline
Activity: 1316
Merit: 1020
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January 19, 2017, 09:53:09 AM |
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Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal.. I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government. The US government can and has put a tax on buying/selling however. How they plan on enforcing it? Your guess is as good as mine. If this would be the case then we should expect fees increased on exchanges since they are might been regulated by the government on which a certain exchanger is being located.If US government could able to put tax on selling/buying then other government would do the same thing for sure. It's possible to happen, when the government say so, they will do it. They are very attracted with the tax that they can collect as they know the bitcoin community is growing. If there's a law and the exchange sites will be force to comply, we as users will certainly be affected but since it's a law, it must be followed. You have a point this would really be possible since they could really see that they will make money on this and you are right if they saw that there is a large community they will see it as an advantage which will make them money overtime and yes we do really follow that because its already a law. |
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margarete11
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January 19, 2017, 09:58:56 AM |
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The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
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audaciousbeing
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January 19, 2017, 10:15:32 AM |
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The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
It is true that government does not have means to tax bitcoin currently but not that "NEVER" as government have the power to do anything if they so wish and nobody can stop them. It will only take some legislation or even the hire of expert to find a way around the system so that they can find away to those earning money from that source and if that cannot be achievable coupled with the number of citizens going into bitcoin thereby reducing the amount going into government coffers then I see them tagging such "TAX EVASION" which in most climes of society is illegal and comes with its own punishment under the law. Going further from there the onus is now on government to curb that which will result into nothing other than banning bitcoin or any other crypto all together. |
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n0ne
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January 19, 2017, 10:29:58 AM |
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The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
What's been quoted is the process involved during the transaction happening between two users. Government's have right to levy tax on bitcoin, and recent days one among the country which are the financial service generators of ancient days have revealed bitcoin as a taxable property. |
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megynacuna
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January 19, 2017, 10:37:01 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??
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??
Well I want us to get a clear distinction here. There are two(2) forms of taxes-Direct and Indirect taxes. Direct taxes are taxes that are imposed and collected from an organization or some group of people responsible (a good example is your income tax). The government has control over this form of taxes and the second one which is indirect taxes refer to taxes that are collected from some people or organization other than the entity or organization directly responsible (A good example is the sales tax). With regards to bitcoin, it is totally decentralized and so governments will not be able to control and impose direct taxes (like income taxes) on its citizenry but the governments can earn indirect taxes (sales tax) from bitcoin transactions because of its usage in procuring goods and services.I would like to end by saying that the transaction fees of bitcoin are almost negligible and they go to the miners and not the government. |
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hajimasan
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January 19, 2017, 11:08:59 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??
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??
Well I want us to get a clear distinction here. There are two(2) forms of taxes-Direct and Indirect taxes. Direct taxes are taxes that are imposed and collected from an organization or some group of people responsible (a good example is your income tax). The government has control over this form of taxes and the second one which is indirect taxes refer to taxes that are collected from some people or organization other than the entity or organization directly responsible (A good example is the sales tax). With regards to bitcoin, it is totally decentralized and so governments will not be able to control and impose direct taxes (like income taxes) on its citizenry but the governments can earn indirect taxes (sales tax) from bitcoin transactions because of its usage in procuring goods and services.I would like to end by saying that the transaction fees of bitcoin are almost negligible and they go to the miners and not the government. there is no direct our indirect tax in bitcoin. Just it have transaction fees and that doesn't go to government it goes to miners who verify the the transaction. And when you use bitcoin, you are not giving any taxes to government. You use it in black. |
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jak3
Legendary
Offline
Activity: 1274
Merit: 1004
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January 19, 2017, 11:27:02 AM |
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no taxex are implemented by the government for their benifits , but bitcoin is not even created by government so whu would it have any tax, all you need to pay is a little fees (mining fees) whenever you are making any transaction. the amount of mining fees you want to pay is choosable considering your priority your can pay it or if you do not have hurry then pay the lowest you could.the lower you pay the longer it will take to confirm the payments
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carlerha
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January 19, 2017, 02:11:27 PM |
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The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
yes that is right but to me i think there is no tax on bitcoin because the governments have not yet recognize bitcoin as legal currency, therefore they cannot put tax on illegal currency. i think they will put tax on bitcoin when they will put tax on it. |
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