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Pfizer
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October 31, 2017, 11:05:50 PM |
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Here in my country? Definitely yes! That is why they consider here that the bitcoin is a black propaganda and scam which I don't agree. People saying that were greedy! They want to earn more money from our taxes under companies and those companies taxed us very huge amount which is unjustice! Even government employees were bothered of this huge taxes to think that the people who manipulates these taxes were same of our uniforms. For government reforms that has very famous graft and corruptions, they will oppose nor ban the bitcoin in the country as they can not put taxation on it. And to think that this is where they can get all the things that they need and their leisures. I am just hoping that those greedy officials should learn how to eat on their own sweat not on the sweat of others.
If bitcoin community and governments reach an agreement, governments can control bitcoin incomes and transactions with a blockchain implementation. But nobody wants this normally because people are so sick of the high taxes. |
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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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Squidoogeek
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October 31, 2017, 11:09:48 PM |
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This will only be the case if people actively work for bitcoin and pay with bitcoin, so there is no need to enter the banking system at all. We need to close the circle and stay 100% within bitcoin for true freedom to happen. Also, we must guarantee that people can keep running their nodes on their basements, if we depend on corporations to run nodes then we are screwed (big blocks problem)
The main question here is, can most people afford to run nodes in their basements if the previous incentive for doing so (mining rewards) has been removed? I shall add the tax thing to my reasons that newcomers should consider earning bitcoin and spending bitcoin instead of futzing around with exchanges. Let someone else worry about cashing in and cashing out; you just focus on using bitcoin to make the purchases that you would have made anyway. |
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blackr15
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November 01, 2017, 12:49:01 AM |
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actually bitcoin does not go there. because bitcoin is the only virtiual currency in the digital currency ...
so in my opinion bitcoin does not kill income tax ...
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fasdorcas
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November 01, 2017, 03:29:50 PM |
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As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default. Read The Full ArticleCryptocurrency is something that can potentially kill income tax in a way that it is not taxable and as it is electric and digital there might not be enough regulations on it. ALso, it is needed to note that cryptocurrency is currently an exception to everything as it is new Yes crypto's can really kill the taxation. But currently we can see that even bitcoins are tried to be taxed. It could really create a heavy change in our trading history and even the profits will not be to the mark. Some major bitcoin exchange applications like Zebpay, Unocoin, etc will start accepting taxes sooner then any other thing and even for now they can keep a track on your transactions. Also we have a limited amount of trades there and also taxes are applied there for selling our bitcoins for fiat. This tax is applied by the government for each online transactions we do. For now the only tax we need is for buying or selling bitcoins. |
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Crytpozer0
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November 01, 2017, 03:33:51 PM |
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Let it kill the damn income tax, most of the taxes are nonsense anyway, people working for their money have to give it to damn government, let bitcoin be a payment method and let the taxes go away.
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Kadal Ijo
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November 01, 2017, 04:33:59 PM |
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I think this depends on the awareness of a person, if he is a tax-paying person then he will pay taxes despite getting profit from bitcoin that has not received the government.
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saschafx
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November 01, 2017, 08:42:39 PM |
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indeed in some way it will get rid of cash flow tax and it will turn out to be a issue when far more or far more men and women get into this enterprise but i think in foreseeable future bitcoin organisers and developers alter their procedures and make a way for that to conquer this difficulty........
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rayneh
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MatrixCoin - Creating Bright Future Together
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November 01, 2017, 09:42:02 PM |
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ıt ıs very possible but everything have to change for example we can buy food with btc. We will can escape income tax it is very good for us. we spend this money for family or good jobs.
Presently a days bitcoins are utilizing as a part of practically every edge of the world and the bitcoins has no pay impose that is the reason a day will be arrived when the general population will be free from the salary assesses and will have a pressure free life and this life will be a direct result of the bitcoins that is the reason the bitcoins is otherwise called the enemy of pay charge so in the event that you likewise need to carry on with a strain free life than you ought to likewise join the universe of bitcoins. |
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boyptc
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November 01, 2017, 09:59:43 PM |
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Really don't know about that considering the decentralization of bitcoin
Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it. |
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Avity
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November 01, 2017, 10:02:06 PM |
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I believe what you say is very true. Taxation is made by the government on their fiat currency and only tracked through user's information. So when that user's information is hidden... no more user to tax. It will be interesting to see how the regulation and enforcement plays out in the coming years.
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chickenado
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November 01, 2017, 10:14:59 PM |
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Really don't know about that considering the decentralization of bitcoin
Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it. Yeah,so far so good if that will prevail someday. If bitcoin will kill the income tax,many of us will be at ease on payments such as the goods,electric bills,water and the like. That support from bitcoin also that you mention will definitely be useful in the economy that we are involved. I think it's better if there's no income tax and it's up to the person if they'll give some amount that is reasonable for them to share. |
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boyptc
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November 02, 2017, 08:01:30 AM |
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Really don't know about that considering the decentralization of bitcoin
Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it. Yeah,so far so good if that will prevail someday. If bitcoin will kill the income tax,many of us will be at ease on payments such as the goods,electric bills,water and the like. That support from bitcoin also that you mention will definitely be useful in the economy that we are involved. I think it's better if there's no income tax and it's up to the person if they'll give some amount that is reasonable for them to share. Time will come that bitcoin profits will be taxable but right now we just have to enjoy that we are not being taxed by the government. But if they are showing no interest with bitcoin, there will be no income tax to all of us who are earning bitcoin. |
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Ewinsane
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November 02, 2017, 08:34:31 AM |
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Yes it will totally kill the income tax .when people will totally depend on bitcoin which is a digital cryptocurrency that is they dont need any 3rd party .so why will they depend on banks ,as there will be no banks at all after quite some time .
I hope there will be no banks in future, but now a days we have to face bank transaction fees and exchange fees, which is equal to tax, so right know we are paying tax i the form of transaction fees, withdrawal fees, and exchange fees. I hope soon these fees will minimized so that we can say that we have some benefits by not paying income tax. Fees are different from real tax, we pay for that so they will make an income, that's normal when you are using a certain service. Bitcoin can help us minimize our expenses for online transaction but we can never get free of charge or fees since the miners are working to earn. Yes we can also call them as taxes. Transaction fees is a huge problem in our daily transactions and we also lose a good amount in the transaction fees. We can assume it as our taxes. Miners will never reduce their fees and as the difficulty increase, the transaction fees will definitely increase with it giving us some low profit. Also we need to pay the transaction fees and the taxes applied by our government for exchanging bitcoins to fiat. As now the profits from bitcoins are not too small, the taxes or the transaction fees can be overlooked and it is not yet considered but once when all the 21 million bitcoins are mined, then the profits in bitcoins will too certainly decrease which will then force us to look at the transaction fees and the taxes. |
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teejayrichard2
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November 02, 2017, 11:15:44 PM |
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This is an inevitable thing that is why government of different countries are trying so hard to prevent the use of bitcoin and other crypto currencies .
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Phil419She
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BitSong is a dcentralized music streaming platform
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November 03, 2017, 12:18:54 AM |
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Im not sure this will happen. Even though bitcoin promotes animosity, there are still ways that you can get tax from its earners. If the government imposes tax on every cashout outlets in the country, even if the earner does not declare its income, the outlets will still get the tax beforehand.
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Lpim01
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November 03, 2017, 12:45:54 AM |
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I believe what you say is very true. Taxation is made by the government on their fiat currency and only tracked through user's information. So when that user's information is hidden... no more user to tax. It will be interesting to see how the regulation and enforcement plays out in the coming years.
That's why some countries are legalizing this for them to generate income from the tax collected to everyone who are holding crypto currencies. This is could be a big challenge for the government because of it having anonymous identity of holders. |
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Afnan_faizah
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November 03, 2017, 01:24:19 AM |
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Im not sure this will happen. Even though bitcoin promotes animosity, there are still ways that you can get tax from its earners. If the government imposes tax on every cashout outlets in the country, even if the earner does not declare its income, the outlets will still get the tax beforehand.
Yes, that is right. Even the government decided to treat cryptocurrencies like bitcoin as property. So bitcoin holder (in USA) will now have to deal with complicated and sometimes daunting reporting requarement. I also think that the tax is too high. But that regulation only in USA, the another country have different regulation about bitcoin. And also the regulation can be change anytime, I hope all government not applying high tax on bitcoin. Although people can avoid tax on bitcoin with litle more effort. |
Sepertinya sudah waktunya, kalau menurut saya lebih baik lump sum sekarang. 30/01/2024.
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noorammak
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November 03, 2017, 01:56:13 AM |
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i think if bitcoin is legalized to people, it will be under controled by government and bitcoin users must pay taxes. however, a problem is bitcoin is annomous and untraceable currency, so the government can not control bitcoin, that is the reason why until now, the government still can not legalize bitcoin.
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Anya Doreen
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November 03, 2017, 02:03:44 AM |
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Really don't know about that considering the decentralization of bitcoin
Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it. Yeah,so far so good if that will prevail someday. If bitcoin will kill the income tax,many of us will be at ease on payments such as the goods,electric bills,water and the like. That support from bitcoin also that you mention will definitely be useful in the economy that we are involved. I think it's better if there's no income tax and it's up to the person if they'll give some amount that is reasonable for them to share. Time will come that bitcoin profits will be taxable but right now we just have to enjoy that we are not being taxed by the government. But if they are showing no interest with bitcoin, there will be no income tax to all of us who are earning bitcoin. Right, We need to enjoy it now while no Tax are charge. Because the time will come that our government will see a way to tax us. |
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Md Saad
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November 03, 2017, 02:36:00 AM |
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It is totally dependent on the Bitcoin holders. when someone can be able to earn money from this system then he needs to pay personal income tax for getting benefited from this government. It is the basic duty for every individual to pay the income tax. So we should not blame Bitcoin for this issue. But it is true that anyone can avoid tax system if he or she wants to. but I don't think that Bitcoin is not only the responsible for this case.
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