should government involvement be there ?

[jatin729]

Hello guyz how are you?
i know you are so excited about price increasing of bitcoin but there maybe one confusion born if price will still grow like this.
I am not kidding. bitcoin has an average capital is  around 70000000000 USD and who operates  that  large amount.  we operate, there is no Government involvement.
According to me many countries governments will try to standardize bitcoin as an official currency, that means there would be banks instead of exchanges.
 For example now a days we are buying goods with our local currencies whether it is USD, NZD, INR or etc.. and we pay some amount of taxes. These taxes directly go to government.
let's assume if all transaction will be held with bitcoins than what will happen ?
Simply answer government will be in lose because tax thief will easily cheat government while using bitcoins.

well how they can cheat ?
Simple when we send bitcoin to someone than what we  need one wallet address and some satoshi fee for confirm transactions.
who own fee, A miner it can be slushpool  or any other miner. so i just want to convey there is no government involvement at all.
even the government has not known there was transaction took by an consumer.

This is 100% sure that government will taken care and create some rules and regulations that we should have to follow .





 

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[iamTom123]

The government can impose tax based on the transaction and I know that the government can be creative enough to find ways and means to this effect. For example, they can be charging wallet providers for all of their transactions and these fees will eventually be passed to the consumers...sometimes without is noticing of it because it is already an add-on feature.

The government has the power to tax, that we must remember at all times. In many countries, not declaring and paying correct amount of tax has big penalties attached into it so people are always making sure that they are not violating the law otherwise it can be a big hell to thresh out with once you are entangled with the government authorities. 

[Hamstead]

The government can impose tax based on the transaction and I know that the government can be creative enough to find ways and means to this effect. For example, they can be charging wallet providers for all of their transactions and these fees will eventually be passed to the consumers...sometimes without is noticing of it because it is already an add-on feature.

The government has the power to tax, that we must remember at all times. In many countries, not declaring and paying correct amount of tax has big penalties attached into it so people are always making sure that they are not violating the law otherwise it can be a big hell to thresh out with once you are entangled with the government authorities. 

If bitcoin become legal in any country, of course a tax will be collected and that's a big money. Anyway isn't bad because its  a big help also to the government and they only generate income from the tax that they are collected from the people. And beside, the community also can benefits on it and I have no worries about that unless it is abuse by the government. And possible there is a strict policy and controled be imposed by the government.

[mobnepal]

Without proper regulation no any government will allow bitcoin trading but I think that is just an excuse from them to collect high tax on the profit traders are making from bitcoin. However as bitcoin is anonymous, anyone can trade bitcoin on P2P environment to not get detected by authority or not to pay any taxes on profit.

I am doing same.

[stompix]

The taxes are paid by the the customer in the price but in reality they are taken from the merchants that receives the money.

So no mater what you try to do you can't avoid paying the taxes. It's the merchant that can risk his business and will try to avoid paying them by cutting down on the number of goods or services he claims he has done in reality.
It's the same now with cash.

Too risky for a small business in some countries.

[erikalui]

Australia and Japan have already considered making bitcoin a legal currency and now even India is thinking about imposing taxes on bitcoins and legalizing it considering that so many people escape paying taxes by holding bitcoins. The taxes are going to be huge as unlike shares, bitcoin price fluctuations are high and in my country, the taxes on fiat itself are so high, I can't imagine how much will they charge for bitcoins.

Tracking bitcoins is an easy process where they can just ban domains like blockchain and make everyone use coinbase/xapo kinda wallets only if they want their money to be considered white. That way, even fiat can be used in money laundering and tax thieves will find some way or the other to use black money.

[Yoandy10]

I think government involvement will be a favorable thing for cryptocurrencies. The number one reason is that it will legitimize crypto. A lot of people have doubts about crypto because of the stigma on the streets - that it is used mostly by criminals. Which may be true, but so is the US Dollar. Anyway, legitimation  is imperative for worldwide acceptance and continued growth.

As far as taxes go, I think only purchases should be taxed, not incomes or transactions. I have a problem with my transactions being taxed if I send a relative a gift, for example.

[deisik]

The government can impose tax based on the transaction and I know that the government can be creative enough to find ways and means to this effect. For example, they can be charging wallet providers for all of their transactions and these fees will eventually be passed to the consumers...sometimes without is noticing of it because it is already an add-on feature.

The government has the power to tax, that we must remember at all times. In many countries, not declaring and paying correct amount of tax has big penalties attached into it so people are always making sure that they are not violating the law otherwise it can be a big hell to thresh out with once you are entangled with the government authorities. 

Do they really have this power?

Apart from that, they likely don't need it altogether since they can just raid the exchanges which they don't quite like (read the ones which don't pay for licenses or anything to that tune). Anyway, how are they going to tax transactions according to you? Make web wallets collect some extra fees? People would just stop using these wallets in less than no time, and you can be dead sure the throne won't be empty for long. What other viable ways are available to them? I don't think there is any which wouldn't mean destroying Bitcoin at the same time

[bamboylee]

So far in our country, it is the exchanges that the government is regulating. Bitcoin traders are still not taxed. It will be a daunting task for the government to run after those bitcoin traders to tax them. I do not think they will be able to tax them at all.

[Yoandy10]

The government can impose tax based on the transaction and I know that the government can be creative enough to find ways and means to this effect. For example, they can be charging wallet providers for all of their transactions and these fees will eventually be passed to the consumers...sometimes without is noticing of it because it is already an add-on feature.

The government has the power to tax, that we must remember at all times. In many countries, not declaring and paying correct amount of tax has big penalties attached into it so people are always making sure that they are not violating the law otherwise it can be a big hell to thresh out with once you are entangled with the government authorities. 

Do they really have this power?

Apart from that, they likely don't need it altogether since they can just raid the exchanges which they don't quite like (read the ones which don't pay for licenses or anything to that tune). Anyway, how are they going to tax transactions according to you? Make web wallets collect some extra fees? People would just stop using these wallets in less than no time, and you can be dead sure the throne won't be empty for long. What other viable ways are available to them? I don't think there is any which wouldn't mean destroying Bitcoin at the same time

You make some valid points. I think if there is any way to tax it would be through the exchanges. But, I also think it is possible to withdraw a portion of each transaction in a mined block, through the blockchain network. In fact, I think that would be the easier way. It would be like an additional network fee. Don't you think?

[fullypak]

The government can impose tax based on the transaction and I know that the government can be creative enough to find ways and means to this effect. For example, they can be charging wallet providers for all of their transactions and these fees will eventually be passed to the consumers...sometimes without is noticing of it because it is already an add-on feature.

The government has the power to tax, that we must remember at all times. In many countries, not declaring and paying correct amount of tax has big penalties attached into it so people are always making sure that they are not violating the law otherwise it can be a big hell to thresh out with once you are entangled with the government authorities. 

Do they really have this power?

Apart from that, they likely don't need it altogether since they can just raid the exchanges which they don't quite like (read the ones which don't pay for licenses or anything to that tune). Anyway, how are they going to tax transactions according to you? Make web wallets collect some extra fees? People would just stop using these wallets in less than no time, and you can be dead sure the throne won't be empty for long. What other viable ways are available to them? I don't think there is any which wouldn't mean destroying Bitcoin at the same time

I think there is no way to put a tax on our transaction, and there is one chance how means we will convert our bitcoins to fiat in any exchange site and the site will send money to our bank account. So they will track that transaction and they can out tax. Apart from this, they can not find our transaction. This is not a tax for our BTC transaction this is a tax for our total income. 

[Zicadis]

We can not run away from paying tax because most of the  times when we want to spend our bitcoins for some personal needs we pay these taxes regardless because they are unavoidable costs but bitcoin being decentralized it will be difficult for the government to effectively collect these taxes as people will find ways to evade them unless they target exchanges.

[SirPereira]

To be honest and like I have said in one or two other topics I replied to, paying for goods at a worldwide stage is still very distant from happening.

I can see it start to happen in the next 5-10 years if the constant rate of BTC value is kept. Don't forget that the only reason why you are taking such a question is because of the hype BTC got this year caused by its sudden growth.

Until here nobody believed BTC and they are now seeing that a digital currency may possibly live in such world.

For governments to get a word on this, BTC in my opinion has still much to prove and to grow, until we start to have those worries at all.

[iluvpie60]

Government getting involved in Bitcon is a very slippery slope which is already likely happening.

Now which government is it? A lot of info I see about Chinese government giving tax deductions and free electricity to miners and stuff like that. Just recently someone in a Western state in the USA got some kind of 500,000 USD grant for his bitcoin operation. Not sure how he pulled it off.

But taxpayer money is subdizing him getting rich! Very slippery slope because it could be used as corruption. Pay off a politician to give you lax restrictions on your BTC farm, and you make tons of money...

[leonair]

You have a point but it is too early to over think that way because as we all know even the cyber crime laws is not that so strong in implementing unless the authorities have the full evidence of the perpetrator to make an action. Taxing cryptocurrencies maybe possible but I think that will happen now, Bitcoin essence is to be decentralize and no authority will regulate it but when it comes to a single country maybe they can but they need to build a specific department that will do that and it will take time, so be calm.

[Beerwizzard]

The government dont have control over blochchain but it can still try to track people using bitcoins. Also it controlls the proucers of different goods and they also pay taxes. Using means for them that they won't be able to hide different amount of revenue (so in some cases btc will give more instruments to control someone else's activity). Cutting or removing taxes is good anyway so bitcoin will only harm sick systems that should be cured.

[freebutcaged]

I think you just realized a few facts about Bitcoin mate, congratulations how long did it take you to get it? these things were in the open from the 0 day.

This is the beauty and the reason for price increasing, people finally realizing the endless benefits of using Bitcoin which is the biggest and strongest of

All cryptocurrencies, just wait to see how US and other advanced countries start bashing anyone using crypto, it will only take another $70B to be added

To the market share.

[orions.belt19]

The government can impose tax based on the transaction and I know that the government can be creative enough to find ways and means to this effect. For example, they can be charging wallet providers for all of their transactions and these fees will eventually be passed to the consumers...sometimes without is noticing of it because it is already an add-on feature.

The government has the power to tax, that we must remember at all times. In many countries, not declaring and paying correct amount of tax has big penalties attached into it so people are always making sure that they are not violating the law otherwise it can be a big hell to thresh out with once you are entangled with the government authorities. 

Yes, I agree because the government has the power of taxation. This what they'll most likely do, impose taxes on Bitcoin if a country's government were to regulate it. Imposing taxes allows the government to generate revenue, and the government will surely use it up to their advantage.

Tax exemption is punishable by law and one thing they can do to avoid this is to come up with some sort of tracking system for bitcoin transactions so that no one may get away with it. If the government were to regulate Bitcoin, I'm pretty sure that they'll come up with various rules and regulations just to gain control.

[iram1011]

Who says government is not getting involved in Bitcoin?

Government of most of the countries are paying close attention to the growth of cryptocurrencies. They are very well aware of the loss they would encounter if Bitcoin or Altcoin cover a trillion dollars marketcap. Many have already legalized Bitcoin with regulations. They are now controlling exchanges and are taxing people. This is enough a needed step at present. Other countries like China and Russia are on their path to build their own Cryptocurrency in the dream of overtaking Bitcoin. They all won't leave Bitcoin as it is that is for sure. Many countries will follow as for example India is considering.

[iamTom123]

Australia and Japan have already considered making bitcoin a legal currency and now even India is thinking about imposing taxes on bitcoins and legalizing it considering that so many people escape paying taxes by holding bitcoins. The taxes are going to be huge as unlike shares, bitcoin price fluctuations are high and in my country, the taxes on fiat itself are so high, I can't imagine how much will they charge for bitcoins. Tracking bitcoins is an easy process where they can just ban domains like blockchain and make everyone use coinbase/xapo kinda wallets only if they want their money to be considered white. That way, even fiat can be used in money laundering and tax thieves will find some way or the other to use black money.

This is now becoming like a give and take system with the government (any government for that matter) as they also want to remained in control with taxation and on big issues like illegal activities (drugs, human trafficking, terrorism, etc). And this is something we the people have to understand as we know that there are only two certain things in this world: one is tax and the other is death.

Personally, I have no qualms with the government imposing tax as long as it is still fair and is not meant to kill something that is really innovative and the funds collected should be returned to the people in terms of better services. Imposing tax can also mean one thing: the government is already recognizing the source of the tax and they now have the responsibility of protecting that source.

The way is working together with cooperation and willingness to talk to each other rather than just imposed anything out of the blue.

[bitgolden]

No, I don’t really think so. The government is not involved in this, neither are they getting involved in it; even if they will, it won’t be anytime soon.

Though they might get involved in mining Bitcoin, but not to charge taxes. I’m starting to suspect the government hand is into the price increase lately. Maybe they’re investing into Bitcoin secretly. You don’t always know what they’re up to.

[spadormie]

I really do not think that government involvement is necessary in this. But we really can't deny that bitcoin is for all bitcoin is a thing that is for all and you just need to become a bitcoin literate for you to have access to it. But if the government gets involved here in cryptocurrency, probably bitcoin's word would be spread all over the world.

[LindaQ]

I need to hear from someone who have seen the bitcoin as a familiar transaction tool in their country. Are the government tell the merchant to pay a tax or something because using bitcoin?

[stompix]

Australia and Japan have already considered making bitcoin a legal currency and now even India is thinking about imposing taxes on bitcoins and legalizing it considering that so many people escape paying taxes by holding bitcoins. The taxes are going to be huge as unlike shares, bitcoin price fluctuations are high and in my country, the taxes on fiat itself are so high, I can't imagine how much will they charge for bitcoins.

Tracking bitcoins is an easy process where they can just ban domains like blockchain and make everyone use coinbase/xapo kinda wallets only if they want their money to be considered white. That way, even fiat can be used in money laundering and tax thieves will find some way or the other to use black money.

Why would the bitcoin taxes be so high?It makes no sense.

You will get the same taxation as you do when you buy a house or you buy a hotdog with fiat.
Let's say that you pay your taxes in fiat at the start of the year. You pay 4k$.

You pay your taxes in btc , you pay 1BTC. It really doesn't matter how high the BTC price  will soar afterwards.You paid 4k$ worth of.
You could just as easily with the fiat that you left untouched buy a BTC back from an exchange.

You think like a guy who is not going to eat anything for 5 years and spend all his foodmoney on BTC cause it's going to be a millionaire.

Now, to the bad part.

Tracking bitcoins is an easy process where they can just ban domains like blockchain

Huh, what

coinbase/xapo kinda wallets only if they want their money to be considered white

Again, what

It was (a very long time ago) a project about colored coins. Dead on arrival.
It won't work. And if somehow everybody would be forced to use a government issued wallet service bitcoin price would drop to 0 in seconds.

[nexus99]

The very idea of Bitcoin would cease to exist if governments were to be involved in this. The price would definitely come crashing down as people would just lose interest in operating with btc. After all, it is so much about anonymity

[balakang00]

   It would be possible for the government to be involved in bitcoin. It is when they have tax implementation on each bitcoin users. It can be on each transaction of the bitcoin users which will then be passed on the consumers that will result on an add on feature to this kind of cryptocurrency. If it became legal on any country it surely would have tax implementation which is surely a big amount of money for the government. Although that is kinda negative, on the positive side it is helpful for the government to gain funds for the betterment of the society in general.

[deisik]

The government can impose tax based on the transaction and I know that the government can be creative enough to find ways and means to this effect. For example, they can be charging wallet providers for all of their transactions and these fees will eventually be passed to the consumers...sometimes without is noticing of it because it is already an add-on feature.

The government has the power to tax, that we must remember at all times. In many countries, not declaring and paying correct amount of tax has big penalties attached into it so people are always making sure that they are not violating the law otherwise it can be a big hell to thresh out with once you are entangled with the government authorities. 

Do they really have this power?

Apart from that, they likely don't need it altogether since they can just raid the exchanges which they don't quite like (read the ones which don't pay for licenses or anything to that tune). Anyway, how are they going to tax transactions according to you? Make web wallets collect some extra fees? People would just stop using these wallets in less than no time, and you can be dead sure the throne won't be empty for long. What other viable ways are available to them? I don't think there is any which wouldn't mean destroying Bitcoin at the same time

You make some valid points. I think if there is any way to tax it would be through the exchanges. But, I also think it is possible to withdraw a portion of each transaction in a mined block, through the blockchain network. In fact, I think that would be the easier way. It would be like an additional network fee. Don't you think?

This has been discussed before

Introducing such a tax would be equal to taxing mining operations directly. But here's the problem, no country would want to do that since doing that would undermine the competitiveness of their local miners. In fact, it seems like things tend to develop in the opposite direction, and, say, the Chinese miners are rumored to be subsidized by the government on electricity costs. In this way, introducing such taxes locally would be counterproductive since you would not only fail to receive this kind of tax (in any significant amount) but rather damage the mining industry in your country (unless this is your intention, of course)

[RedditMaster]

Government involvement is inevitable. It serves no purpose to discuss if it should or not, because it always will be.

[Alcinoos]

Basically Bitcoin is like cash, one can totally hide a transaction and hence pay no tax on it. Governments spend way too much money, so when facing a taxes dropdown, they will have to lower then spendings.

[Ucy]

Governments do tax Bitcoin, maybe indirectly unless you mean something more aggressive. Bitcoin can successfully evade this things. It is not  Centralized, there is no way Government will win... no longer business as usual.  Governments will try to get what they want but   will only end up helping people create alternatives that will be harder or iimpossible to control.

[xuan87]

Sooner or later the government will try to regulate Bitcoin, it is true that when we do transaction with Bitcoin we don't pay any taxes to the government and some of the transaction is a big number, if a lot of people using Bitcoin for transactions the country will lack of income tax, when the country reach that point the government will take action by regulate Bitcoin or banned Bitcoin, for now the users still not too many so the government hasn't really pay high attention to bitcoin

[subSTRATA]

Governments do tax Bitcoin, maybe indirectly unless you mean something more aggressive. Bitcoin can successfully evade this things. It is not  Centralized, there is no way Government will win... no longer business as usual.  Governments will try to get what they want but   will only end up helping people create alternatives that will be harder or iimpossible to control.

bitcoin, maybe not, but a cryptocurrency created and backed by a government, i could definitely see it happening. however, this is only the case if cryptocurrency turns out to be the 'currency of the future,' and bitcoin lost out somewhere along the way. not totally impossible though. the new government crypto could be designed such that every transation has a separate fee that's sent to a tax address, sort of like how multibit HD implemented its small fee a few years back.

The very idea of Bitcoin would cease to exist if governments were to be involved in this. The price would definitely come crashing down as people would just lose interest in operating with btc. After all, it is so much about anonymity

i dont think its as much about anonymity as much as it is about decentralization. addresses and wallets are fairly trackable to some extent, and all transactions are viewable to the public.

[spain cool]

We follow the next developments. I hope there is no law governing all this, if it is not needed. Because maybe it will make it difficult for us to transact.

[mrcash02]

Governments can create a Crypto-Currency for them and forbid all the rest for their population. Instead of printing money they would generate Crypto-Currency by statal mining. They would find a way to control the prices as they do now with their currencies. That is the only way to control the coins, they can't control an existing one, especially Bitcoin, because it's a global currency, what happens on the another countries affect the price.

[Shamie1002]

Well if you wanted a future for bitcoin like in markets, hospitals, schools and etc. Yes, bitcoins should be accepted by government first because the legality is run by them. Government affects the acceptance of bitcoin in a country. Some markets are afraid to invest in bitcoin because once that their country banned bitcoin, they are just like a ship that sank in the middle of the ocean.
I just hope that the government will be fair in putting tax into bitcoins.

[cpfreeplz]

You don't send off your sales tax to the government because no one would pay it! Clearly you just get charged at the store then they send off the money to the government. What a confusing post. There is no government insolvent in the sense that they can't change anything. If one government was trying to change bitcoins many more governments/people would step in and make sure they couldn't take over even if they wanted to!

[Vannie12]

If the Government will contribute for faster acceptance of bitcoin within the Country, I think it would be great. But since I have heard that they are putting taxes in transactions, I am think twice about it.

[Ctn]

Price of bitcoin is increasing tremendously, but that has got to do nothing with government. Just because something is getting very valuable doesn't mean government will try to levy charge on that. Bitcoin is decentralised mechanism based on mathematical calculation which produced block chain. The value it is getting is because people are putting their own money (which is taxed already by banks) and because of that money its capitalism is increasing.


Though they try to standardise the bitcoin it won't be that easy. Just imagine millions of wallets and millions of bitcoin addresses are generated each second. In how many you will keep track and how?

[HasHe]

The governments could start regulating bitcoin by regulating bitcoin exchanges as PBOC did in china to regulate the top three bitcoin exchanges there and almost controlled bitcoin dealings in china.It framed new rules like asking bitcoin holders to give KYC details to exchanges and providing details that from where they actually got those bitcoins.This same metod would be followed by other respective governments also to have control over bitcoin transactions.But,if a person sends bitcoins from his individual wallet to another person's wallet,then it could not be traced unless it is sold for cash and money withdrawn from banks.

[deisik]

Governments can create a Crypto-Currency for them and forbid all the rest for their population. Instead of printing money they would generate Crypto-Currency by statal mining. They would find a way to control the prices as they do now with their currencies. That is the only way to control the coins, they can't control an existing one, especially Bitcoin, because it's a global currency, what happens on the another countries affect the price.

And why do you think it would work?

Governments have already created fiat, and what prevents them from doing the same right now? That is, forbid all other currencies (crypto or otherwise) for the population? Anything that you can say about government cryptocoin would be equally applicable to the currency that they already have, i.e. fiat money. If they don't ban crypto, it means that they either can't do it ("don't forbid what you lack the power to prevent") or they don't think it dangerous to the fiat money monopoly they possess

[speedy963]

Governments can create a Crypto-Currency for them and forbid all the rest for their population. Instead of printing money they would generate Crypto-Currency by statal mining. They would find a way to control the prices as they do now with their currencies. That is the only way to control the coins, they can't control an existing one, especially Bitcoin, because it's a global currency, what happens on the another countries affect the price.

And why do you think it would work?

Governments have already created fiat, and what prevents them from doing the same right now? That is, forbid all other currencies (crypto or otherwise) for the population? Anything that you can say about government cryptocoin would be equally applicable to the currency that they already issue, i.e. fiat money. If they don't ban crypto, it means that they either can't do it ("don't forbid what you lack the power to prevent") or they don't think it dangerous to the fiat money monopoly they possess

By reading your statements my friend, it slowly grinds to my mind why government cannot legalized instantly bitcoin or maybe they wouldn't really legalized bitcoin so far. As i can also understand in this process, if the government will be involved in bitcoin, i guess the price will become higher because they would be imposing tax into it, excluding the transaction fees deducted on transfers. That is my own opinion.

[taliwang]

I hope there is no government interference here. Because there will be new rules that we must run in every transaction or way of working in this forum.

[Bigmacduck]

I declare most krypto assets in my tax return and pay property tax on it. Problem of not declaring it is when you convert large sums into fiat and that would have to be explained.

I must add that in my country private persons do not pay any taxes on capital gains. So the profit from resulting from buying at 100 and selling at 3000 is tax free.

[jatin729]

Governments can create a Crypto-Currency for them and forbid all the rest for their population. Instead of printing money they would generate Crypto-Currency by statal mining. They would find a way to control the prices as they do now with their currencies. That is the only way to control the coins, they can't control an existing one, especially Bitcoin, because it's a global currency, what happens on the another countries affect the price.

There is no need of creating different crypto currencies because some how we all have different currencies.

[0t3p0t]

Hello guyz how are you?
i know you are so excited about price increasing of bitcoin but there maybe one confusion born if price will still grow like this.
I am not kidding. bitcoin has an average capital is  around 70000000000 USD and who operates  that  large amount.  we operate, there is no Government involvement.
According to me many countries governments will try to standardize bitcoin as an official currency, that means there would be banks instead of exchanges.
 For example now a days we are buying goods with our local currencies whether it is USD, NZD, INR or etc.. and we pay some amount of taxes. These taxes directly go to government.
let's assume if all transaction will be held with bitcoins than what will happen ?
Simply answer government will be in lose because tax thief will easily cheat government while using bitcoins.

well how they can cheat ?
Simple when we send bitcoin to someone than what we  need one wallet address and some satoshi fee for confirm transactions.
who own fee, A miner it can be slushpool  or any other miner. so i just want to convey there is no government involvement at all.
even the government has not known there was transaction took by an consumer.

This is 100% sure that government will taken care and create some rules and regulations that we should have to follow .





 

I think they can only regulate exchanges or even wallets but as the blockchain technology advances I think it will soon change its path and takes a long time for them to track people most especially if BTC is acceptable in all kind of transactions on the internet in the near future. Something like we can buy and pay online and even no need to use exchanges to cash out because we have everything we need online. We already know that BTC or or any other cryptocurrencies are fully decentralized and majority of it's users and developers don't want the governments to control it. That is my only hypothesis but could be possible to happen in the future. As what Bill Gates have said something like this "Nobody can stop Bitcoin, as Bitcoin is unstoppable." I think that statement proves that Bill Gates believe that even the government cannot stop BTC. I've seen a video before about the International Monetary Fund saying cryptocurrencies could be a threat to fiat correct me if I'm wrong.

[Lieldoryn]

I declare most krypto assets in my tax return and pay property tax on it. Problem of not declaring it is when you convert large sums into fiat and that would have to be explained.

I must add that in my country private persons do not pay any taxes on capital gains. So the profit from resulting from buying at 100 and selling at 3000 is tax free.

When you buy something and sell it more expensive than it is economic activity. Capital gains is quite another. Capital gains is expensive when your stock. But as soon as you receive dividends from their shares, they immediately fall under the taxation. Learn the laws or will have problems with the IRS.

[Stripple]

I declare most krypto assets in my tax return and pay property tax on it. Problem of not declaring it is when you convert large sums into fiat and that would have to be explained.

I must add that in my country private persons do not pay any taxes on capital gains. So the profit from resulting from buying at 100 and selling at 3000 is tax free.

That's quite interesting, continent are you from if I may ask? Someone else cannot really know if and how much you have in crypto, but you're already declaring it to be safe when you convert it back into fiat? Is it something you came up with yourself or is there some advice by accounting firms somewhere that's useful?

[xypos]

Government should not have a say in how bitcoin is run, nor do they really have a choice because it's a decentralized network of people. They can't just say to the bitcoin company to shut down their operations or to force KYC on people, because there is no bitcoin company. There is no central point of failure for bitcoin.

There are a ton of regulatory concerns regarding bitcoin obviously, since it is pretty much out of the reach of the government. What i can foresee happening is that in the future, getting fiat into btc will be increasingly difficult due to government pressure.

Obviously, tax evasion is bad, and it's illegal pretty much anywhere. If you choose to evade tax then it's your responsibility, if you get caught then you can only blame yourself. But the government can't just do something to the bitcoin protocol to monitor everyone, because it is impossible.

[stomachgrowls]

Governments can create a Crypto-Currency for them and forbid all the rest for their population. Instead of printing money they would generate Crypto-Currency by statal mining. They would find a way to control the prices as they do now with their currencies. That is the only way to control the coins, they can't control an existing one, especially Bitcoin, because it's a global currency, what happens on the another countries affect the price.

And why do you think it would work?

Governments have already created fiat, and what prevents them from doing the same right now? That is, forbid all other currencies (crypto or otherwise) for the population? Anything that you can say about government cryptocoin would be equally applicable to the currency that they already issue, i.e. fiat money. If they don't ban crypto, it means that they either can't do it ("don't forbid what you lack the power to prevent") or they don't think it dangerous to the fiat money monopoly they possess

By reading your statements my friend, it slowly grinds to my mind why government cannot legalized instantly bitcoin or maybe they wouldn't really legalized bitcoin so far. As i can also understand in this process, if the government will be involved in bitcoin, i guess the price will become higher because they would be imposing tax into it, excluding the transaction fees deducted on transfers. That is my own opinion.

They cant really legalized bitcoin completely because they do saw the features of it which is a decentralized thing and an anonymous one which means they would really have a hard time on doing it or they cant really do at all. The way that they can do is to impose taxes on those services that do accept bitcoin on transactions because we know taxing it directly isnt possible.

[fredrickodo]

I think government involvement will better cryptocurrencies because it will be legitimize it. Many people will beleive in and invest in crypto which will univerlize it all over the world

[yoonah]

I hope there is no government interference here. Because there will be new rules that we must run in every transaction or way of working in this forum.

I am hoping too not government will not involve in bitcoin since we know that when it comes to money government really try their best to have a share out from the money people earn. Satoshi made bitcoin for a different and I hope it will stay that way.

[electronicash]

goverment can tax the exchanges, i think its better that way. if anything else they want, its going to aim to get more taxes from traders. andbl its more likely to happen now that sec is coming.

[malikusama]

Legalization of bitcoin in any country means that proper tax is applied on users in their bitcoin trading. Majority of the countries didn't legalized bitcoin yet and the people there are trading without paying tax. Government involvement will make currency to grow more until there policies are in favor of users.

[suvo05]

Hello guyz how are you?
i know you are so excited about price increasing of bitcoin but there maybe one confusion born if price will still grow like this.
I am not kidding. bitcoin has an average capital is  around 70000000000 USD and who operates  that  large amount.  we operate, there is no Government involvement.
According to me many countries governments will try to standardize bitcoin as an official currency, that means there would be banks instead of exchanges.
 For example now a days we are buying goods with our local currencies whether it is USD, NZD, INR or etc.. and we pay some amount of taxes. These taxes directly go to government.
let's assume if all transaction will be held with bitcoins than what will happen ?
Simply answer government will be in lose because tax thief will easily cheat government while using bitcoins.

well how they can cheat ?
Simple when we send bitcoin to someone than what we  need one wallet address and some satoshi fee for confirm transactions.
who own fee, A miner it can be slushpool  or any other miner. so i just want to convey there is no government involvement at all.
even the government has not known there was transaction took by an consumer.

This is 100% sure that government will taken care and create some rules and regulations that we should have to follow .

yes, you are right. Governments are already started to concern about the fact. In country like Australia, Japan already legalised the Bitcoin but doesn't know what kind of rule they applied in the transactions. In India bitcoin legalisation is in processes .Looks like all the country will start the same one by one

[virtualkeybuyer]

If the Government will contribute for faster acceptance of bitcoin within the Country, I think it would be great. But since I have heard that they are putting taxes in transactions, I am think twice about it.

Smart governments, like that of Japan, Korea and China have already legalized it. It is a great step in the forward direction. Most of the governments are afraid of bitcoins. They should have seen the positive side but they can't due to their selfish nature. Banks charge us with taxes but I have no knowledge about bitcoins in this regard and I hope it is a rumor.

[pearlmen]

Hello guyz how are you?
i know you are so excited about price increasing of bitcoin but there maybe one confusion born if price will still grow like this.
I am not kidding. bitcoin has an average capital is  around 70000000000 USD and who operates  that  large amount.  we operate, there is no Government involvement.
According to me many countries governments will try to standardize bitcoin as an official currency, that means there would be banks instead of exchanges.
 For example now a days we are buying goods with our local currencies whether it is USD, NZD, INR or etc.. and we pay some amount of taxes. These taxes directly go to government.
let's assume if all transaction will be held with bitcoins than what will happen ?
Simply answer government will be in lose because tax thief will easily cheat government while using bitcoins.

well how they can cheat ?
Simple when we send bitcoin to someone than what we  need one wallet address and some satoshi fee for confirm transactions.
who own fee, A miner it can be slushpool  or any other miner. so i just want to convey there is no government involvement at all.
even the government has not known there was transaction took by an consumer.

This is 100% sure that government will taken care and create some rules and regulations that we should have to follow .

If government decided to accept bitcoin as a form of current then government cannot be at a loss because one of the major factor that will determine whether the proposal will go through or not will be if it  continue to support the existence of government and the moment that cannot be ascertain to the highest level, then there's is no regulation or recognition of. Bitcoin as any form of current.

[subSTRATA]

I think government involvement will better cryptocurrencies because it will be legitimize it. Many people will beleive in and invest in crypto which will univerlize it all over the world

rather than becoming legitimized (whatever you mean by that), I'm more prone to thinking it'll be regulated, especially with the negative stigma attached to bitcoin among the uneducated masses (silk road, hacking ransoms, cybercrime).

I hope there is no government interference here. Because there will be new rules that we must run in every transaction or way of working in this forum.

I am hoping too not government will not involve in bitcoin since we know that when it comes to money government really try their best to have a share out from the money people earn. Satoshi made bitcoin for a different and I hope it will stay that way.

I have to agree; I think the original vision of bitcoin was to remain separate from a large single entity capable of centralization and regulation.

[kevpantof]

No! No! No! the government have their own national currency to manage so let them leave the bitcoin to manage itself, the bitcoin has been improving even without anyone tampering so they shouldn’t disturb themselves about it