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Author Topic: Bitcoin treated as money in Australia from 1. july  (Read 5691 times)
freebutcaged
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May 14, 2017, 05:33:48 PM
 #61

They know about the SW/BU debate hopefully? how can this current network capable of processing 5 transactions at max per second handles millions of transactions every day?

Is there any cryptography experts from any of the two mentioned countries to evaluate review and provide some serious technical ups and downs of SW/BU?

I think even if the entire planet+martians and other aliens come and start using Bitcoin we'll still see the current drama over who should be the boss.

Assuming legit TX count increases along with fees but do the miners know that people will not pay higher fees than paypal and other processors?


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May 14, 2017, 05:36:16 PM
 #62

They know about the SW/BU debate hopefully? how can this current network capable of processing 5 transactions at max per second handles millions of transactions every day?

Is there any cryptography experts from any of the two mentioned countries to evaluate review and provide some serious technical ups and downs of SW/BU?

I think even if the entire planet+martians and other aliens come and start using Bitcoin we'll still see the current drama over who should be the boss.

Assuming legit TX count increases along with fees but do the miners know that people will not pay higher fees than paypal and other processors?


It seems to me that all this still just talk does not have some things worthy of proof, so that it would be possible to judge that Bitcoin will rise in some countries to a sufficiently high altitude.

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May 14, 2017, 06:02:40 PM
 #63

Hopefully before July 1st, we would be seeing some decisions about the SegWit - BU clash. The way the system works right now is kinda absurd, knowing that the number of unconfirmed transactions RIGHT NOW is 78000+ and growing. By then, how could the network possibly handle a volume of probably million transactions every day? It's kinda sadenning that every time something good happens in adoption, a far greater problem is present in the protocol itself.

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May 14, 2017, 07:58:41 PM
 #64

Those countries have done and create a better support for bitcoin environment to enhances business relate to cryptocurrency which is very helpful for us. Treated bitcoin as a currency maybe still not suitable for merchants demands where they have to wait for a long time to get a confirmed transaction. If bitcoin cannot scalable, then it's destiny to become as a store of value.
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May 14, 2017, 08:00:57 PM
 #65

Does this new law apply just to bitcoin, or to all digital and cryptocurrencies?

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May 14, 2017, 08:26:12 PM
 #66

Those countries have done and create a better support for bitcoin environment to enhances business relate to cryptocurrency which is very helpful for us. Treated bitcoin as a currency maybe still not suitable for merchants demands where they have to wait for a long time to get a confirmed transaction. If bitcoin cannot scalable, then it's destiny to become as a store of value.
This will benefit all bitcoin users. Many people meet this news with suspicion.

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May 15, 2017, 01:25:49 AM
 #67

This is wonderful news. Along with Japan, Australia seems to be taking the lead in recognizing the potential of Bitcoin.
Other countries, who have adopted a wait and watch approach, could learn from Australia.

yes if im not mistaken , japan first introduces bitcoin as one of the accepted currency in their country, im just suprise that the eastern countries started to accept bitcoin as one of the accepted currency, hoping that many countries will follow so that we are free to use it without problems when we need to buy our goods, but i hope that government will not put a high tax on our transactions.


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May 15, 2017, 05:58:56 AM
 #68

Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.

Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money  would likely flow into their economies.

They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan.

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May 15, 2017, 07:54:32 AM
 #69

Hopefully before July 1st, we would be seeing some decisions about the SegWit - BU clash. The way the system works right now is kinda absurd, knowing that the number of unconfirmed transactions RIGHT NOW is 78000+ and growing. By then, how could the network possibly handle a volume of probably million transactions every day? It's kinda sadenning that every time something good happens in adoption, a far greater problem is present in the protocol itself.

I dont think we matter. So theres nothing we can say that will change things. You can sell all your BTC and it wont matter because most of us dont run nodes, dont mine and dont develop code improvements for the protocol. We are here holding BTC and hoping to make a lot of money out of it.
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May 15, 2017, 12:54:34 PM
 #70

I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?
Am not read it but its a great one because of that now some countries accepting bitcoin as a currency.  Now i think Australia is the third country that accepting bitcoin.  Hope also in our country to adopt bitcoin as a currency.

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May 17, 2017, 04:40:44 AM
 #71

I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?

What a good new indeed! Another country have now joined Bitcoin and soon there will be more others to follow this rising trend and Bitcoin needs to improve itself also to get ready for this because this surely is a big one to happen before the year ends.
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May 17, 2017, 06:45:54 AM
 #72

Hopefully before July 1st, we would be seeing some decisions about the SegWit - BU clash. The way the system works right now is kinda absurd, knowing that the number of unconfirmed transactions RIGHT NOW is 78000+ and growing. By then, how could the network possibly handle a volume of probably million transactions every day? It's kinda sadenning that every time something good happens in adoption, a far greater problem is present in the protocol itself.

I dont think we matter. So theres nothing we can say that will change things. You can sell all your BTC and it wont matter because most of us dont run nodes, dont mine and dont develop code improvements for the protocol. We are here holding BTC and hoping to make a lot of money out of it.

This is the way Bitcoin was designed, there will always be some people doing the mining and some people running full nodes and then normal users that use Bitcoin. Satoshi even predicted mining farms and centralization, when only data centers and big mining giants will be making the calls in the future. < The secret to the success, is not having 1 single entity doing all the mining, but a bunch of different pools doing this >

You can still mine in a mining pool and you can still run a node if you can afford it. ^smile^

If one government dumps a lot of money into Bitcoin mining, most of these smaller giants will be destroyed, but they are buying weapons of mass destruction for trillions of dollars. ^Woop^

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May 17, 2017, 04:27:55 PM
 #73

Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.

Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money  would likely flow into their economies.

They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan

I still can't grasp how this would actually facilitate Bitcoin adoption

Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?

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May 18, 2017, 05:12:03 AM
 #74

Yeah, i have listen, but only in this forum, people discuss with each other, than i know about it. But if it will come true, than this way will be helpful for bitcoin publicity, and bitcoin will be go in a new way, where different countries will be come to use the bitcoin as a money in their countries. Than may be within 5 years, my country also will adopt the bitcoin as a currency and in this way, it will be a really good news for me and my country's people. 
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May 18, 2017, 09:28:01 AM
 #75

This is an awesome news!
I trust that it is another chance to become wildly successful in exchanging in light of the fact that inside that July in the event that it occurs as expressed then we expect the cost of bitcoin to pump up and we that have sparing in bitcoin, it will be another chance to make benefit. BTC going on moon

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May 18, 2017, 10:02:07 AM
 #76

I am not sure about this topic but read some of the post replies and sounds just great about it. I am amazed how Australia have managed to get it as legit and public currency across its country. This will lead their government to be more careful about their own currency as bitcoin is far away costly and decentralised from local currency. What if people in there stops using local Australia currency and use only bitcoins? It can lead to disastrous effects on their local currency and dropping its value like crazy. The government may fall for it.



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May 18, 2017, 10:10:25 AM
 #77

If they take bitcoin, then its price will grow even more rapidly, which will greatly please all users. You need to store coins and wait for a positive result.

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May 19, 2017, 09:21:29 AM
 #78

Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.

Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money  would likely flow into their economies.

They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan

I still can't grasp how this would actually facilitate Bitcoin adoption

Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?

Another question is do people in Australia really use BTC for goods and services for it to matter? I dont think they care about BTC apart from the speculaton most people in the community do.
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May 19, 2017, 09:37:44 PM
 #79

Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.

Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money  would likely flow into their economies.

They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan

I still can't grasp how this would actually facilitate Bitcoin adoption

Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?

Another question is do people in Australia really use BTC for goods and services for it to matter? I dont think they care about BTC apart from the speculaton most people in the community do.

Well they defined it as "digital currency" by the Australian government. So I think bitcoin will fall in this category. That's why they will remove the double taxation on "digital currency". So I'm assuming Australians are using 'digital currency" to purchase items online. Its only more than a month from now before we see what the effects of Australian embracing bitcoin.

willyum
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May 20, 2017, 03:14:10 AM
 #80

Does anyone here know the tax policy for cryptocurrency in Australia? I have investments in a few coins I have had since 2014 that I am preparing to sell soon. What sort of tax will I pay when converting them back to Aussie dollars?
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