When Bitcoin will be taxed, will it still be as in demand as it right now?

[cantstopthebeat]

Yeah as the poster said above you are supposed to pay capital gains tax already. There are ways to get away with not paying but its illegal. If you have a large amount and are looking to cash out, just pay the tax even if it does suck.

[LeoEspansq]

The tax for bitcoin will reduce its popularity and price. Many authorities use money from taxes not for their intended purpose and this currency was created for a tax evasion.

[rickadone]

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.

Getting taxed for the use of Bitcoin is unlikely to happen, but if it does happen, the situation people find themselves in will determine whether Bitcoin will be in high demand or not. If people happens to be making more profits than they’re being charged, then they continue. But if they feel like they’re losing, they will quit from it.

[2tang]

The tax for bitcoin will reduce its popularity and price. Many authorities use money from taxes not for their intended purpose and this currency was created for a tax evasion.

But if it is not taxed then bitcoin has the potential to become illegal currency, and this is more detrimental to us, in my opinion will not be different from the previous bitcoin conditions provided they have to accept bitcoin as a legal tender, and I keep wondering. How to calculate any user income tax because bitcoin is not centralized.

[MintCondition]

The tax for bitcoin will reduce its popularity and price. Many authorities use money from taxes not for their intended purpose and this currency was created for a tax evasion.

But if it is not taxed then bitcoin has the potential to become illegal currency, and this is more detrimental to us, in my opinion will not be different from the previous bitcoin conditions provided they have to accept bitcoin as a legal tender, and I keep wondering. How to calculate any user income tax because bitcoin is not centralized.

It will be hard for it's decentralized and can access anonymously. Those companies accepting btc can be taxed by the government and those charges can be put to it's user through transaction fees. But putting tax one by one when just by having btc is not necessary.

[shield132]

Guys I am amazed, isn't bitcoin taxed in your country? You are wrong guys, in my country (and I believe not only in my country) bitcoin is taxed. Why? Because every business you have, doesn't matter which currency you use, you have to pay taxes. Customers pay you in bitcoin and that transaction is officially recorded. Maybe taxes will be paid like this: taxes will be cut from btc converted in usd at the moment you received coins or there will be another method.

[chaser15]

Guys I am amazed, isn't bitcoin taxed in your country? You are wrong guys, in my country (and I believe not only in my country) bitcoin is taxed. Why? Because every business you have, doesn't matter which currency you use, you have to pay taxes. Customers pay you in bitcoin and that transaction is officially recorded. Maybe taxes will be paid like this: taxes will be cut from btc converted in usd at the moment you received coins or there will be another method.

Exchanges here in my country is also taxed since it's business. And for business to run legitimately, they should be licensed and recognized by the government no matter how currency you used.

For me, I see no problem at it since while we are enjoying the benefits that bitcoin is giving us, we must accept that for bitcoin to become fully globally adopted, it should be recognized by the government. Plus the fees that exchanges charging us is still not to the point that it's not fair for all concerns.

[chalkboard17]

Tax is not the main priority of the people so that I do not think that it will cause a big problem to bitcoin. However, I do not think that bitcoin can be tracked or bitcoin users can be forced to pay tax. It is hard to find who are using bitcoin. Therefore, I think we do not need to worry about this issue

[bamboylee]

Tax or no tax, bitcoin will still be popular and in demand. It is not the main features of bitcoin. And if ever, it will be hard for the government to track which one is not paying their bitcoin tax.

[Tyrantt]

Guys I am amazed, isn't bitcoin taxed in your country? You are wrong guys, in my country (and I believe not only in my country) bitcoin is taxed. Why? Because every business you have, doesn't matter which currency you use, you have to pay taxes. Customers pay you in bitcoin and that transaction is officially recorded. Maybe taxes will be paid like this: taxes will be cut from btc converted in usd at the moment you received coins or there will be another method.

in my country, and probably in most, you SHOULD be taxed for every income like bitcoin,ebay sales, amazon sales, etc.. but it's not that well regulated, I mean even online sales aren't taxed because government doesn't want to bother with that. BTC isn't taxed in my country, even tho it should be taxed as every other income, and I doubt that it will be taxed any time soon or at all.

[Stripple]

Tax or no tax, bitcoin will still be popular and in demand. It is not the main features of bitcoin. And if ever, it will be hard for the government to track which one is not paying their bitcoin tax.

Welllll I think a lot of people are also in crypto because it's kind of hidden and a way to invest without the government really having knowledge on it (or at least it seems so currently). I think they recently released a statement that the US government has been tracking bitcoin transaction since 2015, so they're for sure building up some knowledge there I think.

[ekoice]

I think that taxing will not affect bitcoin demand by any way.In future,mostly all governments would start taxing bitcoin earnings since bitcoin would be predominantly used by most people.Since most people would use bitcoins at that time,so its demand would be very high and hence its price also.So,even if it is taxed,no body will be willing to leave using such a valuable return giving bitcoin.They would be ready to pay taxes and would still continue to use bitcoins.

[matanglawin]

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?

I think, it will be. But that's quite impossible since Bitcoin is decentralized. But if that happens, it will also be. As a matter of fact, it will catch the interest of more people because it will be legal in countries. So it will still be in demand. The reason why they'd still demand for Bitcoin is thst, they are still earning profit from it and taxes will just be a small amount.

[ralle14]

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?

In a couple of years or when bitcoin hits $10,000. Yes the demand could increase more in the future. I'm not sure about the tax because every country has different tax rules that follows. The government here in my country accepts bitcoin but doesn't recommend using it because they say there's a high risk of getting scammed (which is true if new users aren't informed on different kinds of scamming).

[SirLancelot]

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?

In a couple of years or when bitcoin hits $10,000. Yes the demand could increase more in the future. I'm not sure about the tax because every country has different tax rules that follows. The government here in my country accepts bitcoin but doesn't recommend using it because they say there's a high risk of getting scammed (which is true if new users aren't informed on different kinds of scamming).

Your country is very much concerned about the safety and bright future of her countrymen. Your government seems sincere with the public and it is good if they are not putting any tax on bitcoins. As far as taxation of bitcoins is concerned, I think it will negatively affect the popularity of bitcoins.

[carlisle1]

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?

In a couple of years or when bitcoin hits $10,000. Yes the demand could increase more in the future. I'm not sure about the tax because every country has different tax rules that follows. The government here in my country accepts bitcoin but doesn't recommend using it because they say there's a high risk of getting scammed (which is true if new users aren't informed on different kinds of scamming).

Your country is very much concerned about the safety and bright future of her countrymen. Your government seems sincere with the public and it is good if they are not putting any tax on bitcoins. As far as taxation of bitcoins is concerned, I think it will negatively affect the popularity of bitcoins.

but we cant avoid that to happen if more people will entertain this system government will notice that many people are getting good earnings and they will start to do some rules to get some share, we cant deny the fact that government always finding ways to earn from their people and sharing some taxes from bitcoin will follow.

[bahandhi0508]

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?

In a couple of years or when bitcoin hits $10,000. Yes the demand could increase more in the future. I'm not sure about the tax because every country has different tax rules that follows. The government here in my country accepts bitcoin but doesn't recommend using it because they say there's a high risk of getting scammed (which is true if new users aren't informed on different kinds of scamming).

Your country is very much concerned about the safety and bright future of her countrymen. Your government seems sincere with the public and it is good if they are not putting any tax on bitcoins. As far as taxation of bitcoins is concerned, I think it will negatively affect the popularity of bitcoins.

Of course it will affect the popularity of bitcoin as far as tax implementation is concerned on this matter here. It could gather negative feedback's since the freedom that we had here has gone through comfortable earnings that always given us good chances to show up for better future.

[sindikat]

I'm sure if the state will control all transactions with bitcoins and to impose their tax on the bitcoin very quickly lose its appeal. That's why I'm against the legalization of bitcoin. If bitcoin will be taxed then it could become unprofitable.

[danherbias07]

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?

We have different governments and if you are just talking about the USA then it will be a hard fight and I doubt they will accept it. It is like surrendering their loved US dollar with another currency.
That won't happen to them. They would rather create another coin than accept what bitcoin is specially right now where it is so valuable.

[betMaster]

I really don't think it will ever be taxed . That will eliminate one of it's best features : being decentralized !
Most of the transactions are hidden/unknown/untraceable/secret .. Who's going to tax who exactly ? ..
And even if it happens , it will make it even more popular and people will gain more trust in it since it will be approved by governments !
But i really don't think this will ever happen .