Tax Time is Here and Lots of Cryptocurrency Holders Don’t Care

[mahbuboracle]

In the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there is a good portion of digital currency holders planning to file their gains and losses, many crypto-advocates don’t plan to pay their tax liabilities.

https://news.bitcoin.com/tax-time-is-here-and-lots-of-cryptocurrency-holders-dont-care/

what do you think the crypto coin tax should be required or not

+merit

[Xester]

In the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there is a good portion of digital currency holders planning to file their gains and losses, many crypto-advocates don’t plan to pay their tax liabilities.

https://news.bitcoin.com/tax-time-is-here-and-lots-of-cryptocurrency-holders-dont-care/

what do you think the crypto coin tax should be required or not

Well tax is not a bad thing for bitcoin but we cannot blame people for not paying bitcoin taxes since they have experienced possibly a loss in profit when bitcoins value crashed from 20k$ to 6700$. This is really a pain in the heart but maybe they are waiting for bitcoin to rise again before they will pay their taxes. But hope it will get well soon.

[daarul50]

Do not think that the application of crypto tax is a bad thing. I see from a different point of view that the tax on crypto tells the government that it accepts bitcoin as a payment system and that it is good for bitcoin advancement in the future. Sometimes I feel confused with people who do not want the tax imposed on crypto, they want the facilities provided by the government continue to be fixed but they do not pay taxes, how the government can facilitate if its citizens are not on paying taxes.

[1C6fV5DtakfKANLJ8GUV7hCaA]

Whether it gets implemented or not, no crypto advocate will pay taxes like that. Or maybe some of them. If the government creates a payment system that is on the blockchain that eliminates paper money, well that's most likely they can win. It's a win win situation really when you come to think of it.

[bachanhlac]

I dont think so. To day, 17/01/2017 is deadline for tax in USA. Many people who have profit with Crypto in year MUST pay taxation. They must sell many crypto to enough money to tax. So, i think to day is a "bad day", "downtrend" is coming soon

[EthanB]

I'm no tax preparer and I don't fully understand the law to the extent that I probably should before speaking on such an issue. It would be perfectly acceptable to disregard my opinion, but I'm almost positive that lots of cryptocurrency holders don't need to care about tax time. I'm pretty sure that they don't need to pay taxes on the value increase of their Bitcoin if they are simply holding it. Do you need to pay tax on the price increase of stocks before cashing them in? I'm genuinely unsure and wondering if anyone has the answer to that. I think you only have to pay taxes once you make purchases with the coin, cash it in for fiat or effectively transfer it to currency by some other means.

[tansoft64]

I think this cryptocurrency tax for holders is nor required because we been already have transaction fee for the miners or fees for trades on exchange sites and I think it is really hard to tax for the holders because crypto holders are anonymous, but this crypto tax is also good for the economy and maybe this tax will not happen this time.

[jpespa]

Well as long as you earn profit tax shouldn't be the case. Many people are working in office with salaries deducted by taxes but they cannot do anything about it. It should be the same with cryptocurrency anyway this is more risky than real jobs because there are many scammers here since it is very easy to access by just using internet and computer or smartphones. The fact that it is taxable by the government is an interpretation of acceptance .

[Xavofat]

I think it is really hard to tax for the holders because crypto holders are anonymous

Crypto users give up a lot of privacy when they go through KYC procedures on regulated exchanges.  In the future, more and more of their information will probably end up being given to governments.

The IRS has been attempting to get information from Coinbase users for ages now, and has succeeded in getting information for some of their users.  It'll only be a matter of time until most crypto users (everyone except those that are really determined to avoid paying taxes) end up having to pay tax because of the information they give away to exchanges.

there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies.

Beliefs are nearly irrelevant in this case.  Even members of the Libertarian Party and people with similar political ideologies have to pay at least some taxes (such as sales taxes when they buy goods), and evading other taxes can get you in a lot of trouble in the long run.
 

[yojodojo21]

Well as long as you earn profit tax shouldn't be the case. Many people are working in office with salaries deducted by taxes but they cannot do anything about it. It should be the same with cryptocurrency anyway this is more risky than real jobs because there are many scammers here since it is very easy to access by just using internet and computer or smartphones. The fact that it is taxable by the government is an interpretation of acceptance .

Lol, all bitcoiners will be affected, it is better to government that they would implement taxation who earn 5-10k USd bitcoiner because if they just do it to all who have crypto then it would be unfair, but, they cannot just do it by their own country they need to contact united nation leaders who gives such authority.

[Dmitry.Vastov]

In the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there is a good portion of digital currency holders planning to file their gains and losses, many crypto-advocates don’t plan to pay their tax liabilities.

https://news.bitcoin.com/tax-time-is-here-and-lots-of-cryptocurrency-holders-dont-care/

what do you think the crypto coin tax should be required or not

+merit

According to me, the cryptocurrency taxes are very much required because being a very very successful cryptocurrency, bitcoin possess only single disadvantage and that is it's illegal use because having no authorized governing body over it, BTC is also use in some sort of illegal activities like terrorism and bribe killing, therefore taxation is required over it, so that government could control it and further there will be no such activities.

[btyco]

Why should we pay tax on something we can barely use?! Can you officially pay workers using bitcoin yet (aside from in japan)? Can we spend them in the supermarket? When all of this happens it will be classed as money and we should all pay taxes on it

[ahmad21]

Payment of taxes must not be considered as a burden in general. As a responsible citizen of a country where you live, it is your moral obligation to contribute to the development of that nation, and if paying taxes is the way, then you must never back off!! But when you talk about taxation on the crypto earnings, most of the people resent because they see no point in paying taxes on their earnings in which government has literally no role to play.

But when a country accepts a currency or make it legal in concrete terms, then taxation is liable to be imposed and the residents have no choice but to pay. But there are countries like India where there is no aceptance for crypto currencies, so in these countries, there is no pint of imposting taxation on bitcoin.

[EasyTutor]

I see it going both ways, on one hand, crypto is beautiful in a way that no government regulates it's movement. However, if crypto gains/losses are taxed, that means governments are recognizing it as a viable means of currency.

[Pursuer]

I see it going both ways, on one hand, crypto is beautiful in a way that no government regulates it's movement. However, if crypto gains/losses are taxed, that means governments are recognizing it as a viable means of currency.

the government is taking tax on your "gains". gains on what? on your fiat that you invested in cryptocurrencies. in fact in some countries if you are not invest in in bitcoin then the government will not take any taxes from you. you can have 10000BTC and spend it freely in Japan without paying any taxes on your purchases. so in a way it is regulated.

[Tynovten_]

There is nothing wrong with taxation but the government hasn't be able to properly touch the crypto, how they should take into account. Because the government should not only see one side where investors have total money in the wallet, because not necessarily that a real advantage. It could be just a visible and unknown loss of government.

[Kotone]

In the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there is a good portion of digital currency holders planning to file their gains and losses, many crypto-advocates don’t plan to pay their tax liabilities.

https://news.bitcoin.com/tax-time-is-here-and-lots-of-cryptocurrency-holders-dont-care/

what do you think the crypto coin tax should be required or not

+merit

Tax season is here and I think that due to the regulations lacking and policies not in place yet the bulk or the whole of the cryptocurrency users are non-chalant in their dealings with this just because of how it is possible and easy for then to evade and not pay anything with how the regulations are now. But as soon as bitcoin is formally acknolwedged and a set of rules ratified then we can expect to have our beloved bitcoin taxed it is just a matter of when

[PsylockReborn]

In the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there is a good portion of digital currency holders planning to file their gains and losses, many crypto-advocates don’t plan to pay their tax liabilities.

https://news.bitcoin.com/tax-time-is-here-and-lots-of-cryptocurrency-holders-dont-care/

what do you think the crypto coin tax should be required or not

+merit

This is one of the reasons why some countries are banning cryptos since there are so many tax evaders anywhere in the world. The nation will not improve without any taxes from the people. Taxes are important to augment government infrastructures that could potentially create jobs for the people and funding of health care facilities as well.
There's nothing wrong paying your taxes since crypto nowadays has already been regulated by the government.

[1020kingz]

In the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there is a good portion of digital currency holders planning to file their gains and losses, many crypto-advocates don’t plan to pay their tax liabilities.

https://news.bitcoin.com/tax-time-is-here-and-lots-of-cryptocurrency-holders-dont-care/

what do you think the crypto coin tax should be required or not

+merit

In my point of view taxation in crypto is a good thing for crypto users because it means that crypto is highly accepted by the government and being legalized. But there is one factor that i am concern of, i think taxation is depending on the gains you earn right? I think the users who loss in crypto  maybe will be exempted of this tax because how can they pay the tax that they loss? That is my own opinion though.

[lorapalmer]

It depends on the country and its laws. If you are obliged to pay the tax on your income from cryptocurrency trade in your country, then do it. Don't go against the law. If you don't like the laws of your country about the cryptocurrency - then move to another country. If it is possible to void somehow taxing legally, then use this opportunity.