Bitcoin Will Kill The Income Tax

[Kupid002]

Thats hard to happen nowadays. Most people worldwide still using fiat and banking systems and few number of them know about Bitcoin and crypto currencies and deal with it. So may be Bitcoin will kill the income tax if it will become the first used currency worldwide, but that's not yet the case.

Yeah, not all people known bitcoin already, it will not going to happen that income tax will kill if there are still fiat. But it is also good for me to have a fiat because not all companies are accepting bitcoin in there company and use it in their business. So fiat is still useful and bitcoin will still remain as it is. Bitcoin is now a good currency and can be use by anyone already.

yes agree if there is always a fiat bitcoin will never kill income tax i think it will never it is hard to be there could be a lot of reason why it cant be just because if that may happen the value of bitcoin will rise and rise as my opinion only and if some company know some about this they will never use this but who knows if in the near future the fiat currency will change but impossible to happen.

[Sithara007]

Bitcoin will not lead to a lack of payment of taxes. If the authorities notice a decrease in the payment of taxes, they can simply ban bitcoin in the country or start controlling it.

But the problem is that it is just plain impossible to ban Bitcoins. You can ban the conversion of BTC to fiat (with a lot of difficulty). But in order to ban the possession of Bitcoins you need to ban the internet, which is not very practical. And even if the authorities ban the internet, there are a lot of loopholes in which the Bitcoin holders can take care of their coin stash.

[ene1980]

Bitcoin will kill Income tax for sure. It is very difficult to impose tax on Bitcoin. What ever we earned with Bitcoin is not being business revenue so it is not possible to put tax on Bitcoin

It is a really wrong concept ,how can bitcoin kill the income tax ,as long as you spend your coins or convert your bitcoin to fiat currency you are bound to pay your taxes,there is no need for you to file a tax when your assets are in bitcoin and that is a true statement,but you are bound to pay the tax once you convert them.

[Hoganye]

Unfortunately, in my country you still have to pay taxes when you are cashing out your coins and also you cannot cash them all out you can only do in in a limit this way you have to pay a lot of taxes if you want to cash everything out.

That is, if you are going through the legal route. There are thousands of options out there to avoid taxes and it is up to you whether to use these methods or not. For example, you can order pre-paid Bitcoin debit cards from various service providers and withdraw fiat cash from the ATMs.

Yes bad luck but some countries are doing this. I think it depends on the country and the time of the constitutions; in my country the bitcoin is the one of the best thing of the bitcoin and holding by a lot of the people. The importance of the bitcoin will be higher in the future you just need to wait and hold for the long time. So it will kill the tax but need some time.

It will never kill the tax, nothing I can sure, but I'm sure this future will not happen. You must to remember the tax is main of source income of the government and the economy for every country. Do you think the government will accept that?

[batang_bitcoin]

Bitcoin will kill Income tax for sure. It is very difficult to impose tax on Bitcoin. What ever we earned with Bitcoin is not being business revenue so it is not possible to put tax on Bitcoin

It is difficult if the country doesn't have any law about bitcoin. But if they want it, they can just simply impose a taxation law on bitcoin where they can give people an obligation that they should pay their tax if they are into cryptocurrency business or career. But for now if there's no law then bitcoin is the one that makes people to choose their own path in able to lessen their obligation for tax.

[endlasuresh]

Bitcoin will kill the tax and it is very new to the world so When it starts tokill the taxes and the Govt will likely to Ban Bitcoin. If Govt won't get any funds then they will surely ban in their Country.

[Bakukang]

For some reasons it will be yes and no.As long as the goverment will not put tax on bitcoin it will never kill it.But if people dobknow about this durely they will put tax on it.

[Anthonyxx]

I'm not sure about that,the governments are going more towards taxation of bitcoin profits,at least in my country.
I think it's good thing actually.
Better to lose some profits and get bitcoin accepted and implemented than completely banning the whole thing.

[sebasman2]

Who cares?! We already pay enough bullshit taxes. It's time that we choose what to do with our money instead of the stupid government that spends your money on bullshit!

[Frank0209]

I don't think so. You don't have to pay the Bitcoin income tax only when Bitcoin is not legalized in your country but you'll have to when it's legalized. For example in my country a lot of lawsuit happened and it related to Bitcoin income tax but nobody had to go to jail because Bitcoin is not legalized in my country but if Bitcoin was legalized before they would have to go to jail because of tax evasion and in 2019 the government in my country will completely legalize Bitcoin in here.

[deisik]

For what is taking place now to our technology the local community in the entire globe are most typically used the banking system and some in some other nations they utilized fiat. The place people two are centralized and we know that. So I guess if occasions appear that bitcoin will turn into the currency of all nations around the world the taxes or revenue tax will completely disappear.

Since you are a new member of this forum I will spare you with just a lesson about taxes and why you are wrong. Even if what you are expecting that  Bitcoin will be a dominant currency in the world it by no means will eliminate the income tax as Bitcoin earnings itself is still taxable in income tax and if you earn your Bitcoin through trading it will be taxable with a capital gains tax. Any person who thought you that Bitcoin earnings are not taxable are people who are just avoiding in paying their taxes

This is not necessarily so

I don't mean of course that your Bitcoin earnings can't and won't be considered as capital gains since they surely will. But this is not to say that capital gains are always taxable or all capital gains are taxable. There are a few countries where any capital gains are not taxable. These are mostly offshore countries like the Cayman Islands but still. Also, there are quite a few countries where some gains are not taxable. Foe example, in Switzerland there is no capital gains tax on trades of securities. In this way, you could well expect that some countries would exempt Bitcoin from capital gains tax altogether (even if there is none yet). This is likely the lesson that you may want to take home too

[fredemar12]

It would be nice. But now it is impossible. Someday perhaps bitcoin will become the main "currency" and it will gradually become true, but I still think that it's not soon

[posternat]

Are you sure with bitcoins we all peoples get rid from these income tax ?  First of all bitcoin should famous same as money which maybe possible only in future. Second governments have all rights they can give commands to bank to cut some satoshi as income tax after ever transaction. So there can be two fee, one the bitcoin tx fee (deducted by the miners) and secondly the tax which government can take on transction with bitcoins.

[RamBahadur.Gurung]

It would be nice. But now it is impossible. Someday perhaps bitcoin will become the main "currency" and it will gradually become true, but I still think that it's not soon

Do you think that the governments will allow that to happen? If Bitcoin becomes the primary currency, then the value of the other currencies (i.e government issued fiat currencies) will go down. The government will lose its control over the economy. None of the nations are going to allow that.

[valpes]

For what is occurring now to our technology the neighborhood in the entire globe are most frequently used the banking method and some in some other nations they utilized fiat. The place people two are centralized and we know that. So I guess if occasions come that bitcoin will become the forex of all nations around the world the taxes or earnings tax will absolutely vanish.

[taiwww]

Its a good topic to discuss. Currently Its difficult to see bitcoin will kill income tax, the use of bitcoin as a currency is still limited as compaired to other currencies. For many governments bitcoin transactions are suspicious transactions, because they have no control on it. If you are not paying any taxes on it will increase suspicion of govt. and govt. will  try to find new ways to catch you. If you are using bitcoins for trades then its ok but whenever you will go to encash it govt. will ask you for the source as well as Taxes. Now a days governments are more interested in imposing Indirect Taxes rather than concentrating on Direct Taxes.

[hilariousetc]

It would be nice. But now it is impossible. Someday perhaps bitcoin will become the main "currency" and it will gradually become true, but I still think that it's not soon

Do you think that the governments will allow that to happen? If Bitcoin becomes the primary currency, then the value of the other currencies (i.e government issued fiat currencies) will go down. The government will lose its control over the economy. None of the nations are going to allow that.

Some nations might not have a choice and there will be nothing many governments can do about it unless you're a totalitarian nation and try to ban its use outright but it will still thrive underground. It will be interesting to see if a troubled nation adopts either bitcoin or a crypto as their main currency when their own fiat goes tits up. Places like the UK have already embraced it and know crypto is here to stay and have issued guidelines on how it should be taxed so I'm not sure how they could turn around 180 and then decide to ban it (and on what grounds) when it starts to get popular or threaten fiat. I don't think it will ever happen with financially stronger nations anyway but it would be awesome if it did over time become the defacto currency, but most of the mainstream will still fear it for it ever to replace fiat completely.

[hubballi]

It would be nice. But now it is impossible. Someday perhaps bitcoin will become the main "currency" and it will gradually become true, but I still think that it's not soon

Do you think that the governments will allow that to happen? If Bitcoin becomes the primary currency, then the value of the other currencies (i.e government issued fiat currencies) will go down. The government will lose its control over the economy. None of the nations are going to allow that.

Some nations might not have a choice and there will be nothing many governments can do about it unless you're a totalitarian nation and try to ban its use outright but it will still thrive underground. It will be interesting to see if a troubled nation adopts either bitcoin or a crypto as their main currency when their own fiat goes tits up. Places like the UK have already embraced it and know crypto is here to stay and have issued guidelines on how it should be taxed so I'm not sure how they could turn around 180 and then decide to ban it (and on what grounds) when it starts to get popular or threaten fiat. I don't think it will ever happen with financially stronger nations anyway but it would be awesome if it did over time become the defacto currency, but most of the mainstream will still fear it for it ever to replace fiat completely.

I think both the currency will be moving same time in future and it is upto the users to use which one just like paypal or anyother cash wallet service is using it. So their wont be any problem for fiat currency and cryptocurrency.

[johnne]

People are taking more and more interest in crypto currency it is because they have no tax in crypto currency because a lot of countries are taking a large income tax due to which more familiar have a great difficulties in paying because of their weak financial problems.

[Afnan_faizah]

I think bitcoin will not kill the tax income, goverent still can get tax of bitcoin from merchants who accept bitcoin as payment methode. The IRS was regulate the taxation on bitcoin.