Bitcoin Will Kill The Income Tax

[EllaPonchik]

all this and started as I understand in order to get away from taxes, to get away from the dependence of the government on us. A very good idea.

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[barabut]

Nearly every month cryptocurrency, which gained more value than the previous month, confuses states' mind. Countries that aim to share their money from the money earned from digital money are already beginning to take a step on this issue. US Tax Service of the world's most prestigious stock exchanges ended the US judge's decision to "dispute the disclosure of user identities" that had been on the agenda for a very long time, and decided to share CoinBase's 14,000 user identity with tax offices. This would be an important development on taxation.

[Fileiro]

What most fail to understand, is that the THE HUNT FOR TAXES is the most dangerous and all-consuming driving force behind all governments worldwide today.

The police state being erected all around us turning our society into a giant open-air prison isn't being put in place to fight terrorism or drugs or 'crime'.

It's the mechanism governments use to prey on their citizens to rob them of their wealth in order to fund the lavish lifestyles of the ruling elites and their minions, the pedoticians.

EVERYTHING is a lie designed to support this system of slavery through taxation, wage employment and debt.

If some bright mind in the crypto-community one day figure out a way to free citizens from tax/wage/debt slavery through the use of blockchain technology, it will truly be the greatest leap forward for humanity in 200,000 years.

[furry04]

Bitcoin and the other digital crypto currencies are the ones who will cut the taxes off yeah for sure but I am also sure that they will find a way how to impact taxes on digital currencies.

[wxa7115]

If regulations are are not taken into consideration, then Bitcoin will surely Kill Income Tax. But wait things are not going to end here is something happens to treasury of government they are likely to take some steps to resolve such conditions but then they will be left with 2 choices either imposing a ban or implementing regulations and both of which can curb the freedom of crypto users. Because a decentralized system is made in such a way that there is no need to pay any taxes or something else.

We know regulations are coming there is no way way we're going to be left free of such a tax, they'll find a way to get the money they think it belongs to them however it's likely we also get countries which are bitcoin friendly and which will not charge us any income tax or capital gains taxes from our holdings and if that is the case then I'll not be surprised if many enthusiast moved to live there.

[nelsmining]

The only way crypto will become a viable payment system in our daily lives is if the governments can find a way to tax a substantial amount. If governments begin to feel threatened as to their viability to tax at a expected level they will use force to extract their payments.

[CryptoRothschild]

Most of the economy still runs on FIAT money, so no matter how much cryptos you have, in the real world you will have to turn it to FIAT at some point and there the taxman will catch you.

[Zabrielle]

Basically its taxable. I read it something about if bitcoin is taxable. It says technically it is taxable. Because its part of service tax which is belong to income tax. But the thing is, the government is not actually doing anything about it. I dontk now if it is good thing hehehe. Its not illegal though if so they could have banned it.  Maybe because the government dont know where to get in. Crytocurrency is new to them and to us. I think nobody get harm with it and people are enjoying and having a priviledge to earn a decent money.

[Jeepney_koh]

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 Article

If Bitcoin will be the main currency to use, and all people will work in bitcoin, then, there's no more Income Tax that the government can collect. But it would be impossible that all people will just work on Bitcoin. Also, if Bitcoin will be converted to cash, still people have to tax.

[immunitychilly]

It is possible if everyone uses Bitcoins. There should be a hundred percent of use for this to happen. Looking at the situation, most people are still using fiat.

[Paycoinzzz]

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 Article

If Bitcoin will be the main currency to use, and all people will work in bitcoin, then, there's no more Income Tax that the government can collect. But it would be impossible that all people will just work on Bitcoin. Also, if Bitcoin will be converted to cash, still people have to tax.

Ripple or Ethereum or other altcoins for payment can do that, but I do not think Bitcoin can kill the income tax of government.
Just only the price of Bitcoin increases to high price still enough to make the Bitcoin system becomes obstructive, how to use it for worldwide ?

[Xtra_Coin]

Somnevayust that this can happen. Taxes have existed since the time when the primitive state began to be formed. Since that moment they have changed but nevertheless we still pay taxes. In addition, there are laws in which everything is clearly indicated. And people with shoulder straps will be interested - where do you have money if you are unemployed? Society is changing - but also under this society and laws are changing, so I doubt that it will be possible to bypass the system!))))

[haxker007]

Tax collection is robbery. By and by I think salary impose should be executed. I can hardly wait for that to happen. I truly wish and expectation it occurs in my lifetime. I am tired and tired of government officials utilizing our expenses to go to war while destitute individuals go hungry.

[Chainblock]

It will surely kill income tax if bitcoin adoption will spread throughout the globe and that's why most government would really not let this thing to happen that's why they will ban bitcoin on their place.people love bitcoin because they have the full control of their money.

[ridgeview123]

Bitcoin may go under the radar to avoid taxes for the time being but I don't think it will kill the income tax. Only when bitcoin is widely adopted and accepted by merchants and people for their daily trading needs, there will be no track of money to be discovered.  I don't know how far away from now on to that day, but I think when that day comes, we will be taxed under other name.

[BitcoinFrik]

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 Article

Soon enough they will find way to tax crypto, it's a hidden war here, crypto vs governments. Someone will win at some point, I bet my money on the crypto.

[rey.fudz15]

Simply a no, tax regulators or the congress will always find a way to tax people that earns from bitcoin, not the gains but maybe the cash that comes from the conversion of bitcoin.

[FunnyDude9999]

+1 to it will probably not.

If bitcoin kills income tax then lawmakers are going to try to kill bitcoin.

[crypto_Butterfly]

I believe governments are currently making a way to put the taxes on bitcoins but ti will be interesting to see how they will overcome this problem.

[Dexion]

I have thought of this a long time ago, one of the reason why people are coming in here to earn and transact bitcoin is to aviod being tax by the government. We know that taxes are not only a minimal amount, in our country for income tax I have to pay like 20% of my income which is really big if you were to declare all your earnings.

Right now, we just have to enjoy this kind of benefit but I am pretty sure the government is doing what they can to collect taxes.

yes, I agree with your statement, that most people come to the world of crypto is to avoid taxes, and get bigger results.
one of the tax aims is to build and improve state facilities, then to help the less fortunate, but it does not seem to be the goal. and more corrupted by the government.
so I better use my own results from the crypto world to help the poor.