Magic Sarap
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August 21, 2017, 07:48:08 AM |
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When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
It is impossible to have a tax because it is decentralized , and if that will somehow happen it eill still be in demand, if they its users are still earning profit out of it. If it is still profitable to its users, tax won't be a problem and its demand will continue increasing , same as its price is rising. But I think it would be impossible to be taxed. |
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olushakes
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August 21, 2017, 09:44:26 AM |
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When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
When government intend to start taxing bitcoin, I don't think that will deter a lot of people from bitcoin, The only set of people that would ,move are those who cannot compromise on anonymity because when you file your returns, you then need to disclose some information as well which invariably, means exposing your identity. Aside that, people who have been working and earning salary didn't stop working because government taxed them. Its a civic responsibility for every citizen to pay tax. |
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MiF
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August 21, 2017, 12:36:13 PM |
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Government cant really taxed bitcoin transactions directly because the transactions offered by bitcoin is from user to user and not under any company or corporation thats why the demand for bitcoin is getting high because free lancers choose this kind of payment from their work or project.
I believe it can be tax as soon as the govertment acknowledge the bitcoin to replace their currency.Then their legislative body which are composed by congress and the senate will make the laws to impose tax on their bitcoin and amending it to for the people to comply. Like today we currently pay taxes using our current paper money this is will going the same to bitcoin we will pay taxes using bitcoin. |
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GlassMaster
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August 21, 2017, 12:50:41 PM |
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I think that bitcoin, which is taxed, will not be as popular as it is now and its value can drop dramatically. It will be at the level with conventional currencies and will not be of interest to investors.
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aoihs00
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August 21, 2017, 02:15:58 PM |
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I wouldn’t bother paying tax for bitcoin as long the price of bitcoin stays above 3-4K USD. The reason is simple, I’m earning huge money from the internet with very little efforts and if my government is going to provide me more security against my taxes then Im more than happy to pay my government. The price is already very high as we all know, then why we should hesitate paying tax over it. We know very well how crypto currencies work, they can sometime give us shit profits but at few times the profits could be 10 to 50 times more than our investment. You earn more than enough with them so its all right to pay the tax.
Bitcoin demand will be same as it is today because anyway we are getting something without resections! Its better than getting banned! :-)
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keeee
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August 21, 2017, 02:18:46 PM |
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When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
If bitcoin will be taxed, it means that it is under the government. Therefore it is legalize. If this happens, I think that the demand will fall because of additional fee which is the tax. Just imagine if you are going to get your profit but you can't get that completely because of tax. |
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inanilujimi
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August 21, 2017, 04:17:31 PM |
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When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
surely demand will still go up even though bitcoin is accepted universally because it can facilitate any transaction. i think all bitcoin communities are well prepared for this |
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BitcoinsGreat
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August 22, 2017, 03:52:43 PM |
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It is illegal to tax the trading of a commodity in the way that you're talking about. If you would done your research you would say that since 2016 Bitcoin is been legally considered a commodity and not a currency in the United States, making it impossible to tax in the way that you are speaking of.
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TrueCryptonaire
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August 22, 2017, 04:20:03 PM |
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First of all taxing bitcoin is a pretty hard thing to do as the owner of bitcoins can't be identified by address itself. But government can tax the bitcoins only when we sell them for bank transfer as there the KYC is necessary and banks are also involved, otherwise there is no way to tax bitcoins as far as I know.
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Ultegra134
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August 22, 2017, 07:43:29 PM |
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It's pretty hard for such a thing to actually happen, although, if you are constantly withdrawing money in form of Fiat currency from exchangers, you could end up getting taxed for that money.
However, Bitcoin's nature is that it makes it not regulated by governments or banks, provided that you use a Bitcoin-only ATM, your money doesn't even show anywhere for it to be taxed. No matter what laws might be passed in the future, there are plenty of ways to avoid them.
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UsernameBitcoin
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August 22, 2017, 07:53:40 PM |
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Bitcoin is very hard to tax. Imagine the technology and manpower required to track all the addresses of everyone who spends or sends Bitcoin.  |
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panju1
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August 22, 2017, 08:31:52 PM |
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First of all taxing bitcoin is a pretty hard thing to do as the owner of bitcoins can't be identified by address itself. But government can tax the bitcoins only when we sell them for bank transfer as there the KYC is necessary and banks are also involved, otherwise there is no way to tax bitcoins as far as I know.
At some point, you will have to spend your bitcoins or encash them for fiat. That is when governments will check if you have been regular with your taxes. If you have evaded taxes, you can get into trouble. |
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Hydrogen
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August 22, 2017, 11:54:26 PM |
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When I think of bitcoin being taxed, I think of the effect gas, alcohol and tobacco taxes have on the price of gasoline, cigarette packs and cases of beer. And the effect property taxes have on rent.
A lot of people want marijuana to be legalized and taxed. I'm not certain if those people realize how much cheaper cigarettes & other things were before taxes were added to them.
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gentlemand
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Welt Am Draht
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August 23, 2017, 12:01:51 AM |
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No. that is very impossible. The reason why many people got interested to the bitcoin is because of being decentralized. The government can't control the bitcoin and it can't be taxed.
What is it with the bubble heads in this forum? In most countries it's taxed right this very minute. They don't care that it's decentralised. They don't care that it's 'on the internet'. They don't care that you took a risk. If you bought it for less than you sold it and it goes over your personal tax allowance then there's some tax. If you sell enough of your sweaty work out thongs to perverts, that's taxable. If you sell enough finger paintings of Barbra Streisand, it's taxable. They're both far sillier and more abstract than Bitcoin but it's all the same thing. You're welcome not to pay it. Don't be sad if they turn up at your mansion with a fleet of supercars outside and take it all away and shove you in jail. There are countries where it isn't taxable. If you live in one then congrats. If you don't then pay some bleedin' attention. |
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btcjocan
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August 23, 2017, 05:20:24 AM |
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No. that is very impossible. The reason why many people got interested to the bitcoin is because of being decentralized. The government can't control the bitcoin and it can't be taxed.
What is it with the bubble heads in this forum? In most countries it's taxed right this very minute. They don't care that it's decentralised. They don't care that it's 'on the internet'. They don't care that you took a risk. If you bought it for less than you sold it and it goes over your personal tax allowance then there's some tax. If you sell enough of your sweaty work out thongs to perverts, that's taxable. If you sell enough finger paintings of Barbra Streisand, it's taxable. They're both far sillier and more abstract than Bitcoin but it's all the same thing. You're welcome not to pay it. Don't be sad if they turn up at your mansion with a fleet of supercars outside and take it all away and shove you in jail. There are countries where it isn't taxable. If you live in one then congrats. If you don't then pay some bleedin' attention. In my country right now I don't consider it taxable for the main time, because the wallet site that I've been using already affiliated with central bank of the country which mainly the site was taxed and license registered. For now the development of the wallet site was still on going for further improvement which most of us doesn't know when will it will be taxed fully with all transaction including withdrawals. If that will happened I don't think that the demand of bitcoin will be like this what we are experiencing right now, it maybe changed and it may caused sudden drop of bitcoin economy; so the freedom of currency will be removed by that time of imposed bills on it. |
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Schuyler
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August 23, 2017, 05:45:14 AM |
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The fact that there can only be 21 million bitcoins that can be mined would surely keep the demand at a high rate, be it taxed or not. It is a finite asset and we will one day come to a time that all the bitcoins have been mined and you can only imagine what the price would be by then.
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Gotumoot
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August 23, 2017, 06:04:02 AM |
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It is beiing taxed even now, but if the government is going to use it as payment and charge taxes, i think it will be more in demand and tax will not going to be a hindrance.
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Sled
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August 23, 2017, 11:38:17 AM |
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It is beiing taxed even now, but if the government is going to use it as payment and charge taxes, i think it will be more in demand and tax will not going to be a hindrance.
That is right, tax is a normal thing in this world because we are paying tax so we can have a fund for the government which they will use for executing different projects or services that can benefit for all the people who are covered within that country or government and if they will charge tax in bitcoin then there is no problem with that and that will just lead for having more demand because most of the people still trust government rather than the other people so if they will declare tax to bitcoin then it means that government is promoting it and it is safe. |
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KizaruOG
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August 23, 2017, 11:39:51 AM |
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If you will cash out your btc to fiat via exchanges, you need to pay taxes.
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BingoDog
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August 23, 2017, 11:50:57 AM |
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Tax authorities will probably not tax bitcoin itslef (so if you just hold coins in your wallet) but bitcoin transactions especially converting to fiat. But it's not possible to discover and trace all transactions so there will be always users who will not pay. In my country there are no taxes at all related to bitcoin but maybe this will change in the future if the governement will need another source of income for the budget.
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malaj
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