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Author Topic: Bitcoin to be Taxed......  (Read 4219 times)
Taki
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October 17, 2017, 09:12:25 PM
 #21

That's not interesting at all. That is going to be our obligation.
The only thing is interesting that no one payed so much attention at bitcoin thill the price crossed 1000$ point.

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mharz
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October 17, 2017, 09:25:18 PM
 #22

As far as i can see the governments from each resoective countries are already starting to move towards bitcoin, because of its increasing popularity and prices, even though they know bitcoin back then they doesn't seemed to care because it was not that popular and super valued though, but now that they have been hearing it again and again they will probably make a move just to earn from it, and imposing taxes to each transaction is not too far to happen in the future, so as expected it will be imposed.
For now it is impossible to happen, because bitcoin are decentralize currency from different parts of the world. However if the United Nations decided to under it by their supervision, it is high possible to impose taxes all income in crypto currency. Moreover gambling sites have a high chances to closed if they can't legalize due to this site are prohibited in some country.
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October 17, 2017, 09:45:57 PM
 #23

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

This is what plays to my mind, adoption is good and legality of bitcoin too. But once the government starts to show it's support to bitcoin expect to it that they should benefit with bitcoin too and not only with it but as well as with other cryptocurrencies. I'm expecting it that bitcoin will be taxed, each transactions so in the future if majority of the countries are accepting and adopted bitcoin. We are not going to pay with the miners fee only but as well with the tax too.

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October 17, 2017, 09:54:04 PM
 #24

Eventually governments will find a way to tax earnings in bitcoin and all cryptocurrencies, it is nothing to be amazed about. There is so much tax revenue that they are currently missing out on that it is inevitable they will find a way to get their hands on it.

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October 17, 2017, 09:55:40 PM
 #25

If the county or government legalize bitcoin and accept bitcoin as part of the constitution ans institution then it is posible to be taxed, but for the people to giv there tax is inivitable since its up to the people to give tax to bitcoin. Maybe the government will find ways to tax bitcoin in the future, but for now lets just enjoy taxfree bitcoin.

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October 17, 2017, 10:02:57 PM
 #26

In some places on the world bitcoin is already banned. The taxed bitcoin is very interesting idea for me. But for sure it is disadvantage for users and very profitable for goverment.If the goverment will support crypto a ilttle then we will be open for very tiny taxes i think. But goverment should propose us an offer instead. Bitcoin can be use in many ways we only need to pick the best one.
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October 17, 2017, 10:22:37 PM
 #27

Eventually governments will find a way to tax earnings in bitcoin and all cryptocurrencies, it is nothing to be amazed about. There is so much tax revenue that they are currently missing out on that it is inevitable they will find a way to get their hands on it.
I do not think that it is so simple. i think that it can only be possible if the government will turn bitcoin as legal currency. without legalization of bitcoin, it is not so easy to find the way and put tax on bitcoin. as stage cannot put tax on such item which are not under law. they have to consider bitcoin as legal currency first and after that they may be able to put tax on it.
Chanock
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October 17, 2017, 11:57:03 PM
 #28

I think it is impossible that bitcoin to be taxed as long as the government not legalized it and recognized as state currency. Since bitcoin is for virtual or digital used putting a tax in bitcoin is hard to do by the government and the monitoring of each transaction is difficult for one state because bitcoin is invisible and illegal.
gabbie2010
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October 18, 2017, 12:23:09 AM
 #29

Well let wait and see how the events unfold as far as taxes on bitcoin in south Korea is concerned, may be the government is trying to improve their economy by generating more source of income through tax on bitcoin, be as it may bitcoin cannot be controlled I.e decentralized, then let wait and see how it's going to work and if successfull other countries too will follow suit.

       
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Decalcomania
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October 18, 2017, 02:22:27 AM
 #30

<snip> ...Taxes can also help the state treasury... <snip>

Yea, because governments are so starved of income and spend every penny like it's precious they need to more tax income.  /sarcasm

In 2016, federal and local governments in the United States collected an estimated 6 trillion dollars.  That number is so large our brains can't comprehend it so it subconsciously skips it.  If you earned $40,000 a year, it'd take 150 million years to accumulated that same 6 trillion.  If you stacked $100 bills they'd stack 3,780 miles high.  A 6-trillion second time travel would put us at roughly 180,000 BC.  

Just think, governments in the United Stated collected that in one year... AND they're still running a deficit.

https://www.usgovernmentrevenue.com/total
https://ihtd.org/festivalguide/resources/how-much-is-a-trillion-dollars/

Well technically bitcoin is not a official job that you can earn some real solid weager that can sustain life expenses , so I think that taxing bitcoin will took a major amount of money earned in bitcoin.

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October 18, 2017, 04:00:29 AM
 #31

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
It is possible to happen if it regulated and mandatory demand by the government. Taking South Korea for crypto currencies taxes, is their options to generate income from large and fast growing currency today. And we don't know if other countries will follow then, but it is just an initial information, we need final confirmation for its execution towards crypto.

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Lord of the Lies
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October 18, 2017, 04:03:37 AM
 #32

taxation will never work

dex will eliminate that idea

these regulators are fools
Razick
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October 18, 2017, 04:10:25 AM
 #33

I have been thinking about this a lot recently and came to the conclusion that realistically, Bitcoin and cryptocurrencies are likely not going to be able to be taxed by governments. There is just too much to track and even automated systems will not be capable of reliably linking individuals to their addresses strongly enough to warrant claiming they need to pay tax. Virtually anyone could use a mixing service and pay 1% and launder their coins which makes taxing essentially impossible.


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Lord of the Lies
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October 18, 2017, 04:13:11 AM
 #34

I have been thinking about this a lot recently and came to the conclusion that realistically, Bitcoin and cryptocurrencies are likely not going to be able to be taxed by governments. There is just too much to track and even automated systems will not be capable of reliably linking individuals to their addresses strongly enough to warrant claiming they need to pay tax. Virtually anyone could use a mixing service and pay 1% and launder their coins which makes taxing essentially impossible.

forget mixing - just use a privacy currency like monero or whatever.

governments are never going to be able to "clamp down" unless they go full on stalin nazi totalitarian asshole


they won't last long then - we'll see civil wars
Mpamaegbu
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October 18, 2017, 04:20:25 AM
 #35

This should be one of the good news for bitcoin growth. Meaning, the government can not be dealing with bitcoin with a long spoon while intending to din with it - dinning with it in this sense I mean collection of taxes.

Where the South Korean government or any government for that matter intends to levy taxes on bitcoin means they are looking at control or regulations and regulation itself is approval - this is good  Grin.

Yeah, naturally income are taxed and thats called income tax. We waiting for more adoption via income tax.

If taxing Bitcoin and succeeding will remove every tag of criminality from it by some countries, so be it. We all bitcoiners should be in support of that. Let the government tax every transaction on the blockchain as that will act as an approval of the virtual currency. Taxing it also will further increase the awareness and popularity of Bitcoin. So, it's a good one from the Koreans.


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Johannson
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October 18, 2017, 05:02:27 AM
 #36

Bitcoin gave us freedom, and governments want to take it away from us. I think taxing is a really bad idea, that will ruin all sense of bitcoin
v0rtecxz
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October 18, 2017, 05:10:25 AM
 #37

the income tax for the work we live is a natural thing, but how the government imposes a tax on bitcoin, how they will find a way to do it will be difficult, we all know how the nature of bitcoin decentralization, bitcoin can not be managed by a country, but this is just my guess, every one of us want to exchange bitcoin into paper currency will be taxed for every bitcoin we exchange, whether like that
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October 18, 2017, 06:36:07 AM
 #38

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

There is nothing wrong in taxing bitcoin and other related activities if there is need for the exchange site to continue operating and I see the exchange site acting as the tax agent on behalf of government who will deduct the tax element at the point of withdrawal either to a wallet or through fiat and thereafter remit same to government but the area of concern will the the amount of rate as well as modalities for such.
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October 19, 2017, 04:51:05 AM
 #39

It all depend on the Government of each nation, some countries still don't think Bitcoin is money, so if it is classified like a commodity then that is a special treatment for Bitcoin and recently people even use BTC has store of value

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October 19, 2017, 05:21:12 AM
 #40

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
If I think better because the security will be more stringent so that makes a lot of people become more comfortable at all times save a number of coins from irresponsible people.

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