Bitcoin Will Kill The Income Tax

[shata]

The BTC is currently able to eliminate individual income tax, but if the BTC wants to grow for the long term, BTC should pay taxes, because only tax can be recognized by the government.

I think no, Bitcoin is not controlled by the government and it is not centralized. If bitcoin is centralized, maybe it’s value will be like our official currency in our country and its price will be stable and it is the time that bitcoin must pay taxes in the government. But, Bitcoin will never be a centralized cryptocurrency, and i know that it will no longer be like fiats.

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[kaya11]

It will only occur if majority of the people are using bitcoin on their transactions by purchasing and selling. But we have to take note also the role of government into it. They will consider bitcoin as legal if they can impose tax on it.

[imstillthebest]

The BTC is currently able to eliminate individual income tax, but if the BTC wants to grow for the long term, BTC should pay taxes, because only tax can be recognized by the government.

I think no, Bitcoin is not controlled by the government and it is not centralized. If bitcoin is centralized, maybe it’s value will be like our official currency in our country and its price will be stable and it is the time that bitcoin must pay taxes in the government. But, Bitcoin will never be a centralized cryptocurrency, and i know that it will no longer be like fiats.

Even if bitcoin isnt centrallized , it can still be controlled by banks and governments because thesedays many countries are now adapting or legalizing bitcoin . they may now regulate bitcoin if they wanted to  and i think they are already putting a tax on bitcoin as long as you use some kind of service that is operated by bitcoin. Like for example when you withdraw on a bitcoin atm or buy in a grocery using your bitcoins, you shouldnt know that youve been charged by a tax already.

[Yanshe6]

in the event that you live on a degenerate nation much better to utilize bitcoin as you utilize fiat in everything you are doing in your life the administration you have on your nation would simply get the assessment and spend it for their own utilization/trip so the expense they're getting to the general population is pointless so it is vastly improved to utilize a cash that has no duty IMHO.

[tesmark07]

You have a point.
Because if you encash your money from bitcoin no need to consult to any government agencies..
Bitcoin still anonymous .

[johnine]

Maybe it will kill the income tax as of now, since bitcoin is not common to public, and some other countries still haven't legalized bitcoin, that's the reason there still no tax for bitcoin, but if the government​ already take bitcoin as one of the currency or source of income, then that will be the time where tax will be implemented to us, to the people​ who uses Bitcoin.

[cryptohacker29@]

Yes this is why lots of government is not appreciated the terms bitcoins or alt coins. For a nation all of it's economy depends on taxes. The huge part is covered by income tax. It is a great threat to corruption that's why most of political leaders are up against crypto. But one day they have to surrender against crypto.

[Zaarin]

It is every part of higher to apply a bitcoin tax because it is impossible to smack the anonymity at the in the future transactions, which is the most important feature of bitcoin. However, I think that in order to be clever to fabricate steadily and for eternity, there are still definite rules to gain taking place bitcoin stay firmly in the push and bring more efficiency to people in description to the world.

[Momoamzad]

Of course . this is the reason why many government doesn't appreciated bitcoin in their country. Bitcoin terms and condition not allow taxation . it help to occurs various crime .it will kill the income tax as of now, since bitcoin is not common to public, and some other countries still haven't legalized bitcoin, but in a way they become rich without paying tax. It helps to occur corruption

[BitChief]

It is every part of higher to apply a bitcoin tax because it is impossible to smack the anonymity at the in the future transactions, which is the most important feature of bitcoin. However, I think that in order to be clever to fabricate steadily and for eternity, there are still definite rules to gain taking place bitcoin stay firmly in the push and bring more efficiency to people in description to the world.

Yeah I believe many governments will need to rethink how they approach tax in regards to cryptocurrencies. It is currently a fairly clunky system for investors as it is trying to apply the old stock taxation rules to the crypto space.

[bajingluncat]

maybe if the law in his country does not exist, the income earners will not be taxed on income, if killing I do not think Because btc is not the only field to earn a lot more other real work, but if it reduces tax revenue it might happen

[kskwerl]

Article not found. Why do you think that the income tax is already in the cryptocurrency? Is it because of the cost? Then why do many countries refuse to work with cryptocurrency?

[jump4ever]

But I do not understand why it's so scary for you to lack taxation? You can earn more. Make the most profit. Its cool.

[DAOfan]

I don't think bitcoin will kill income tax. That is just government and bank fearmongering so they can pass regulations to protect the banks profit margins.

Any argument a person or government uses to say bitcoin will kill income tax is equally (if not more) true of cash. Cash can be used for illegal activities and it is accepted everywhere without a second thought. At least bitcoin transactions are stored on the blockchain.

Eventually the same regulations banks use to send cash to people will apply to exchanges (theoretically they do already). Then bitcoin won't be looked at as any different from trading gold or silver or any other asset/commodity.

[JDS1000]

But I do not understand why it's so scary for you to lack taxation? You can earn more. Make the most profit. Its cool.

What do you think will happen if we stop paying taxes?
No one will repair the roads, no one will take out the garbage, we will not be able to receive any service free of charge, all the killers will walk on freedom, since they will not have anywhere to place them.

[kskwerl]

But I do not understand why it's so scary for you to lack taxation? You can earn more. Make the most profit. Its cool.

What do you think will happen if we stop paying taxes?
No one will repair the roads, no one will take out the garbage, we will not be able to receive any service free of charge, all the killers will walk on freedom, since they will not have anywhere to place them.

Yes, and not only by these criteria should be judged. People will fight, the history of states will be lost, there will be no regulation. It will destroy all the peoples of the world.

[jump4ever]

But I do not understand why it's so scary for you to lack taxation? You can earn more. Make the most profit. Its cool.

What do you think will happen if we stop paying taxes?
No one will repair the roads, no one will take out the garbage, we will not be able to receive any service free of charge, all the killers will walk on freedom, since they will not have anywhere to place them.

Yes, and not only by these criteria should be judged. People will fight, the history of states will be lost, there will be no regulation. It will destroy all the peoples of the world.

But religion will continue to exist. Many people will survive due to it. We can plan our future on our own. Yes, there are disadvantages, but there are many pluses.

[JDS1000]

But I do not understand why it's so scary for you to lack taxation? You can earn more. Make the most profit. Its cool.

What do you think will happen if we stop paying taxes?
No one will repair the roads, no one will take out the garbage, we will not be able to receive any service free of charge, all the killers will walk on freedom, since they will not have anywhere to place them.

Yes, and not only by these criteria should be judged. People will fight, the history of states will be lost, there will be no regulation. It will destroy all the peoples of the world.

But religion will continue to exist. Many people will survive due to it. We can plan our future on our own. Yes, there are disadvantages, but there are many pluses.

These pluses are too destructive for all of humanity. People from the end of the centuries united for their stability and protection. Each of us is a social being. We will not survive without society.

[kskwerl]

If you send to an uninhabited island, where there is no home, clean water, food, internet. How will you survive? We are used to the fact that if we do not know something, we are looking for an answer on the Internet. But you will not even have a place to look for.

[summit26]

As of now, no tax yet imposed on bitcoin since it was not yet introduce in the government. Is bitcoin will kills income tax, for me slighty yes because many people earn with paying any tax so it will be a foregone benefit of the government.