Two things are certain: Bitcoin and Taxes

[xuan87]

Yeah i know one day the government will find a way to taxed us, for now the government still plan and observe how is the way, there is no way that government will let us earn something without being taxed, that is why before the government make any rules we need to used bitcoin as much as we can and enjoy as much as we can

[1Referee]

Yeah i know one day the government will find a way to taxed us, for now the government still plan and observe how is the way, there is no way that government will let us earn something without being taxed, that is why before the government make any rules we need to used bitcoin as much as we can and enjoy as much as we can

It basically doesn't really matter what you hold. If you hold something with a certain value that can be converted to fiat, the government will see it as something that is part of your total wealth. In that regard, it's easy to assume that you need to declare what you have, and after that you pay tax what the government think you owe them.

However, with Bitcoin there is basically no way the government (unless the government demands information from exchanges) to see what you have, and how much profit you have been making. It's your silence that will allow you to avoid paying tax over your coins. But if you're a completely honest citizen, and declare everything according to the law, then you are shooting yourself in your foot because of your honesty. 99% of the people will simply not declare any of their coins. I am part of that 99% as well.

[tee-rex]

However, with Bitcoin there is basically no way the government (unless the government demands information from exchanges) to see what you have, and how much profit you have been making. It's your silence that will allow you to avoid paying tax over your coins. But if you're a completely honest citizen, and declare everything according to the law, then you are shooting yourself in your foot because of your honesty. 99% of the people will simply not declare any of their coins. I am part of that 99% as well.

Being honest simply doesn't make any sense because most if not all governments are exploiting their population and contrived a multitude of laws to justify that. They enforced fiat for use as a means of payment, with which they are stealing wealth from ordinary people that create this wealth with their own hands. People can try to evade taxes, but fiat itself is a tax in its own right, which is hard to escape.

[topesis]

Bitcoin and Tax: the way I look at it, just like my school days, during exams period, every semester brings about stricter supervision but you will still find out there is still exam malpractice, People will always find a way to get around tax, that is how God create human mind

[tee-rex]

So Donald Trump wins and the obviously left wing biased IRS now decides to finally put it's boot on Coinbase's neck?

I don't quite understand how Donald Trump's victory may have affected the IRS' decision to poke their nose into Coinbase records. All in all, we could expect Trump to be somewhat negative toward taxes. For sure, he might have been evading some of them himself during his long business career. Or are they trying to imitate wild activity before he fires them all?

IRS, you are fired!

[tee-rex]

So Donald Trump wins and the obviously left wing biased IRS now decides to finally put it's boot on Coinbase's neck?

I don't quite understand how Donald Trump's victory may have affected the IRS' decision to poke their nose into Coinbase records. All in all, we could expect Trump to be somewhat negative toward taxes. For sure, he might have been evading some of them himself during his long business career. Or are they trying to imitate wild activity before he fires them all?

IRS, you are fired!

IRS targetting Conservatives.

Trump wins under the conservative ticket.

IRS left wing bias.

Connect the dots.

Maybe the question you need answered is what US president was in charge during the inception of Bitcoin?

B.H.O.

Left wing....

I still don't get it. Are you going to say that the IRS is playing against Donald? If so, what does it all have to do with Bitcoin in general and the IRS interest in finally putting their boot on Coinbase's neck in particular? If Hillary won, would they refrain from meddling with Coinbase? Is the latter affiliated with the Clintons in some obscure way?

What's the catch?

[tee-rex]

I still don't get it. Are you going to say that the IRS is playing against Donald? If so, what does it all have to do with Bitcoin in general and the IRS interest in finally putting their boot on Coinbase's neck in particular? If Hillary won, would they refrain from meddling with Coinbase? Is the latter affiliated with the Clintons in some obscure way?

What's the catch?

The catch my friend is a fish in the eagle's mouth.

I'll let that marinate in your brain a bit.

I'd rather think that you don't know yourself what you are talking about mate. If you disagree with that, you may want to explain what you actually meant to say by linking Trump's victory to the IRS poking a stick at Coinbase. I don't see any real connection between these two events. Beside some insane conspiracy theory, of course. They should have contemplated doing that even before Trump won the elections.

Which Hillary was expected to win, by the way.

[aesma]

What's so wrong with having to pay tax, anyway ? Isn't tax what paid for the road in front of your house ?

[staff_1307]

Each user manages their own Bitcoins, and why people choose the currency, which is their property.

[tee-rex]

What's so wrong with having to pay tax, anyway ? Isn't tax what paid for the road in front of your house ?

Paper money is already a tax in its own right. Because openly taxing people through seigniorage (inflation tax) would be an outrage even for the most corrupt governments and would lead to people abandoning that currency, like what happened in Zimbabwe, governments have contrived a myriad of other ways to tax people and yet more ways to justify doing that.

For example, the road in front of your house.

[diodio5]

What's so wrong with having to pay tax, anyway ? Isn't tax what paid for the road in front of your house ?

I think it's a problem, because bitcoin user should not pay it, the presence of the tax will tereskpos bitcoin user identity and certainly no longer anonymous from bitcoin

[Juggy777]

I don't believe there are taxes any where in the world for Bitcoin as they are a decentralised currency, no country into the world control them so no tax in near future. So I don't see any need to panic for this. As and when it shall come surely some loophole shall be discovered.

[aesma]

What's so wrong with having to pay tax, anyway ? Isn't tax what paid for the road in front of your house ?

Well the government can't print bitcoins, so again, what is wrong with taxing bitcoins ?

[Bitcoinsummoner]

I don't believe there are taxes any where in the world for Bitcoin as they are a decentralised currency, no country into the world control them so no tax in near future. So I don't see any need to panic for this. As and when it shall come surely some loophole shall be discovered.

Well we are not fortune teller but i fell that it can be happen we know government are greedy and corrupt so bitcoin money they will take an action in the future and ask for taxes..  even it is decentralized currency..
This is just my own thought but there is still possibility that it can be happen in the future.

[stomachgrowls]

I don't believe there are taxes any where in the world for Bitcoin as they are a decentralised currency, no country into the world control them so no tax in near future. So I don't see any need to panic for this. As and when it shall come surely some loophole shall be discovered.

Well we are not fortune teller but i fell that it can be happen we know government are greedy and corrupt so bitcoin money they will take an action in the future and ask for taxes..  even it is decentralized currency..
This is just my own thought but there is still possibility that it can be happen in the future.

In my own view i could really say that government could not able to control and impose taxes on bitcoin hence its a code and you will really need quantum computers to access into the blockchain maybe they could able to impose tax but only to those merchants who do accept bitcoin as a payment but on the bitcoin itself i dont think its not possible.

[rapazev]

What's so wrong with having to pay tax, anyway ? Isn't tax what paid for the road in front of your house ?

I think it's a problem, because bitcoin user should not pay it, the presence of the tax will tereskpos bitcoin user identity and certainly no longer anonymous from bitcoin

what if i say to you bitcoin was never anonymous 
And about the tax, i'm ok with it... as long as it is a small percentage. Here where i live taxes eat people alive... it's just too much and the government still doest give a good service to the people.

[Rinder]

This is something that shoul happen on the next years, legalize bitcoin would mean have to tax them, as long the countries dont make the tax too big, i dont believe it can damage directly anybody, as long our identity keep safe. Imagine some hacker acess the portal where we can make the payments and collect all adress and users bitcoin ammounts, we would be starting a war, and this is what scares me, even having a low ammount ot coins, i do like my privacy.

[kryptqnick]

This is something that shoul happen on the next years, legalize bitcoin would mean have to tax them, as long the countries dont make the tax too big, i dont believe it can damage directly anybody, as long our identity keep safe. Imagine some hacker acess the portal where we can make the payments and collect all adress and users bitcoin ammounts, we would be starting a war, and this is what scares me, even having a low ammount ot coins, i do like my privacy.

I agree with this. Taxation is sort of inevitable thing that is going to happen to btc if it is to be recognized by the governments and if it is to become a lot more popular than it is now. My guess is that it might slowly ruin the whole idea of btc, people might just start using another currency and we will have some kind of the war between taxations and new currencies to use till they aren't taxed. However, there are good things coming along with taxation. Ability to pay in the supermarkets or buy tickets using btc, for example.

[mrcash02]

This is something that shoul happen on the next years, legalize bitcoin would mean have to tax them, as long the countries dont make the tax too big, i dont believe it can damage directly anybody, as long our identity keep safe. Imagine some hacker acess the portal where we can make the payments and collect all adress and users bitcoin ammounts, we would be starting a war, and this is what scares me, even having a low ammount ot coins, i do like my privacy.

I agree with this. Taxation is sort of inevitable thing that is going to happen to btc if it is to be recognized by the governments and if it is to become a lot more popular than it is now. My guess is that it might slowly ruin the whole idea of btc, people might just start using another currency and we will have some kind of the war between taxations and new currencies to use till they aren't taxed. However, there are good things coming along with taxation. Ability to pay in the supermarkets or buy tickets using btc, for example.

It won't work. We already have to pay taxes for the miners (and sometimes it's expensive), if governments start taking more fees, our profit will decrease considerably and people won't want to use BTCs. The things must continue as it is now, paying taxes only for the miners.

[Palodar]

This is the perks of being popular of bitcoin now, governments will try to use it for their countries benefit (as might they say) but for us bitcoiners it is a negative impact we use bitcoin to gain more and if ever it will be acknowledge by the government chances really is our btc will be lessen . Just like in our Jobs no matter how increase happens it cant be enough because the increase in tax goes high too.