Vincent J. Meyer
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February 16, 2017, 11:48:55 PM |
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If it was an option in your country, would you pay your taxes with Bitcoin?
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
I never pay taxes in Btc |
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fortress
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February 16, 2017, 11:49:44 PM |
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I think governments prefer to avoid anything capable of bringing publicity to Bitcoin. So I think governments would not take this step.
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Yakamoto
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February 16, 2017, 11:53:58 PM |
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I think that governments might want to consider the option, however only if they were to keep it in the state it is now, and not forcefully change anything so that it fit their own definition of a currency to pay taxes with.
To be honest, it's a pretty bad idea in my opinion, however it's an interesting thought experiment and hopefully nothing else.
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LittleBitFunny
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February 16, 2017, 11:54:59 PM |
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No, because:
1. It would be inconvenient for the Government to regulate this.
2. For now, Bitcoin prices are too volatile and I would be worried about it because unless you have some serious financial stability you might be screwed by a low Bitcoin price. Also, since you can't really pay taxes whenever you want, it would be better to convert to fiat currency when there's a good price in order to pay your taxes.
3. Recognising Bitcoin properly as a currency would be required to do this which may result in taxes and regulations on Bitcoin itself which discrete Bitcoiners would really not want.
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BillyBobZorton
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February 16, 2017, 11:55:20 PM |
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If it was an option in your country, would you pay your taxes with Bitcoin?
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
I see no problems with it. If they allow it, a lot of people will pay in BTC just to not have to convert back to any fiat currencies, but then again, most people holding BTC want to avoid taxes... but if they want to buy a car or a house, they will need to get it taxed anyway in any country on the planet as far as I know, so I say why not accept btc for taxes then. |
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hollandvan
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February 17, 2017, 12:14:58 AM |
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No, why we pay tax? In my country, profit in stock is not taxable, you know they charge the tax in trading fee, and corporation tax. No need to pay tax again.
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warwar
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February 17, 2017, 01:06:00 AM |
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I really will pay taxes with my bitcoins.Why?Because in bitcoins i can easily earn bitcoin online in many ways now and im getting all my expenses online paid using my bitcoins.But i think this will be a least problem if government ordered peoples to pay bitcoins for taxes because not all of people are using bitcoins and not all of them is interested in using bitcoins
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Slark
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February 17, 2017, 01:20:49 AM |
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You can do this already in a couple of Swiss cantons can't you? It sounds like a dismal idea to me but if people want to do it then go for it. I can't imagine they'd be happy recruiting a third party to handle the conversion so it's not going to happen.
But why pay tax in something that should carry on rising. Far better to pay it with something becoming increasingly worthless.
About that Swiss situation - you can use bitcoin as payment method for some public services offered by the city of Zug. But you are still unable to pay taxes with BTC, but it maybe will be possible in the future. Still, as you said, paying taxes in BTC would be pretty bad idea, knowing BTC value will be higher as the time progresses. |
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zidanw
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February 17, 2017, 02:32:52 AM |
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as it is known that some countries do not accept bitcoin as legal payment, and even if the state approves maybe I would not pay tax using bitcoin because fiat is safer for me because many do not understand how to bitcoin work. this my little opinion
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South Park
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February 17, 2017, 11:11:10 PM |
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The Government shouldn't be allowed to tax any Digital Currency that isn't hosted on the Military Server's. Bitcoin could be on a mesh-net or even something beyond that and the still exist while transactions are being sent to anyone in any type of server so in reality if we go a little bit further the Government hasn't have a warrant to tax anything Foreign.
The one world Government is the only solution to them taxing Bitcoin if they do it legally. The Government are the real crooks playing the game.
A local government cannot tax bitcoin due to its global nature but they can try to tax you the user since you are under their jurisdiction so even if you earned the bitcoin on the internet, you did it while you were in their country so you are probably subject to be taxed one way or another. |
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shinratensei_
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February 17, 2017, 11:56:19 PM |
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I think governments prefer to avoid anything capable of bringing publicity to Bitcoin. So I think governments would not take this step.
I don't think so, at least if the bitcoin already spread around the country and bitcoin is never avoiding to publish the bitcoin in the community. And I don't ever see US try to avoid bitcoin in the publicity. |
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phr0stbyt3
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February 18, 2017, 06:51:34 PM |
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I think governments prefer to avoid anything capable of bringing publicity to Bitcoin. So I think governments would not take this step.
In one way you are right as for now we clearly know that china and few other countries don't want bitcoin to get more famous and doesn't want people to use it as they can't control the price. But there are some countries who are investing in mining technologies which isn't bad. Even if in future some country decides to allow people to pay tax using bitcoin I don't think most of the people will actually use it to pay tax. |
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KuromaYoichi
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February 18, 2017, 07:10:49 PM |
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Even if they really allow people to pay tax using btc, i still wouldn't want to spend my btc like that. Will remain using fiat to pay tax rather than have them start snopping around my btc activity. No, why we pay tax? In my country, profit in stock is not taxable, you know they charge the tax in trading fee, and corporation tax. No need to pay tax again.
OP means paying other tax like income tax using btc, not tax bitcoin. My country has the same regulation about profit in stock  . |
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zend7
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February 18, 2017, 07:25:45 PM |
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No. It should never allow people to pay their taxes in Bitcoin and I am not saying this because I care about governments but because by doing so we lose our privacy when using Bitcoin. Bitcoin is extremely valuable to be spent like that for paying taxes.
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audaciousbeing
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February 18, 2017, 07:54:08 PM |
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I went with yes because with government allowing taxes to be paid in bitcoin, will automatically means they have decided to accept bitcoin as a currency which will mean that we will get to increase the popularity of bitcoin in which we all wanted and all stores will start accepting the currency as a medium of exchange which will go a large extent in cutting the bureacratic process I get to go through in converting to Fiat.
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Simonsolo
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February 18, 2017, 10:39:30 PM |
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I would say yeah but thats pretty difficult since if government allows such payments that means they are approving bitcoins in their b=country leading to a heavy tax loss for them ultimately.
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Pattart
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February 19, 2017, 06:20:21 AM |
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I think governments prefer to avoid anything capable of bringing publicity to Bitcoin. So I think governments would not take this step.
I think so too, the government has not found a way how to give a tax on bitcoin users, so the government will cover the news of bitcoin and will continue to prohibit bitcoin |
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Wintersoldier
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February 19, 2017, 06:51:13 AM |
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I think governments prefer to avoid anything capable of bringing publicity to Bitcoin. So I think governments would not take this step.
I think so too, the government has not found a way how to give a tax on bitcoin users, so the government will cover the news of bitcoin and will continue to prohibit bitcoin They can require tax on bitcoin for converting fiat money to btc vice versa but not for every bitcoin transaction you make. Although we don't pay for government for bitcoin transaction, we still pay for the miners for every transaction. Hence, it's not good if government would would an a tax for it. |
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hajimasan
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February 19, 2017, 08:07:26 AM |
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no i dont agree with this idea because bitcoin's price keep going up and down so if we pay taxes with bitcoin then government would suffer losses and that will definitely affect our country's economy and development after all we are the citizen of the nation and we should cheat them.
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requester
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February 19, 2017, 08:20:29 AM |
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bitcoin is not officially a money so we cant expect to pay our taxes with bitcoin rather its a digital value exchange medium and we could only exchange value of the item and we cant get to pay our taxes with bitcoin. and its price fluctuating so we cant pay with bitcoin government would suffer loss while price drop.
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