Bitcoin to be Taxed......

[player514]

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 more countries continue in their trend, then we will end up seeing a drop in price. The whole point of Bitcoin and it's usage for large scale traders and investors like whales is that there is no taxes and that it is decentralized. This is definitely not a great step.

[dvillier]

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

According to my opinion the fans of bitcoin are increasing with a very high speed and now many people want that bitcoin acceptation start everywhere in their country for buying and other purposes and this is possible only when there is a tax held on bitcoin. Tax on bitcoin is good for bitcoin future and users of bitcoin but the amount of tax should be minimum so that it can’t burden on the bitcoin users. If this tax strategy was succeed then I think every person in the whole world will become bitcoin users and bitcoin will become the whole world currency.

[wantjokull]

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 that really happens then bitcoin will add up more investors from Korea as they might be waiting for government regulators to be turned on. That's important for some investors because they are more or less very secure or protective about the investment.

Anyway that's about the new comers or pre investors. If government take it seriously that means we are actually getting added value to our coin. Hope to see this go in positive way.

[katiecbell]

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.

I don’t think so that bitcoin may be regulated by any government because by feature bitcoin is decentralized cryptocurrency so in this regard imposing tax on bitcoin is impossible but in way government can collect tax from bitcoin earning when government impose tax on exchanges where bitcoin exchange into fiat.

It will be in favor of government to accept bitcoin being a legal currency in the country and then collect taxes from exchanges.

[Elcapsono]

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

Well, they do it right, if the process can not be restrained, it needs to be settled somehow, including the tax. The profit from the most crypto currency can not be collected, but from the participants it is easy.

[Palmerson]

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

Well, they do it right, if the process can not be restrained, it needs to be settled somehow, including the tax. The profit from the most crypto currency can not be collected, but from the participants it is easy.

In order to use bitcoins each user must periodically change the coins for Fiat. Through these procedures, the government can always track bitcoin users. Why keep track of transactions? If you will be able to spend bitcoin without exchange we will be out of reach of the government and taxes we will not pay.

[mstfprcn]

it means to be legalized, and also it can be good for all currencies for long term, btc is the biggest opponent of the banks, eqiuvalent governments, so it will be, and it will be good i guess.

[tomahawk9]

It was inevitable, cryptocurrency is becoming the new trend for digital payments worldwide, and bitcoin is the biggest threat to banks so no wonder the govt wants to find a way for bitcoin to be taxed. They always want to generate more income from new commodities. But at the end it's all about how they implement it and how it is received by the public, but if they do it right, and the govt supports the idea of implementing bitcoin as legal way to pay for day to day stuff,  then this could be what bitcoin needed as it would bring awareness to society about cryptocurrencies.

[hase0278]

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 not a problem for bitcoin to be taxed but I doubt if they can really tax it fully or not. For sure there will be some way to evade tax even if it is decreed by the law to do so. Still, I do not mind paying tax to the government on cryptocurrency trading so long as they make it easier for us who use it to convert bitcoin into fiat anytime or vice versa. This thing is bound to happen sooner or later though in some countries and I expect it to be implemented soon not just on South Korea.

[julius caesar]

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

Yes it is. Aside from that taxes will serve as our individual contribution with our country due to the fact that it is the one of the great way for the development in each country , this is just a behind the scene contribution of bitcoin of the growth and development of the world and I think also to lessen poverty.

[Quidat]

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 not a problem for bitcoin to be taxed but I doubt if they can really tax it fully or not. For sure there will be some way to evade tax even if it is decreed by the law to do so. Still, I do not mind paying tax to the government on cryptocurrency trading so long as they make it easier for us who use it to convert bitcoin into fiat anytime or vice versa. This thing is bound to happen sooner or later though in some countries and I expect it to be implemented soon not just on South Korea.

If we do really try to realize on how bitcoin is a decentralized stuff then there no way that it can be taxed directly this is why they would decide to impose law or implement tax on those services which do make use on bitcoin and other alternative currency because if we do talk on direct tax then its not possible but on indirect thing then it would really be implemented but for its citizens there would surely one who would evade to pay up for sure.

[novhitadaloma]

I will fulfill the responsibility, if bitcoin is taxed.

[Blockfolioz]

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

According to my opinion the fans of bitcoin are increasing with a very high speed and now many people want that bitcoin acceptation start everywhere in their country for buying and other purposes and this is possible only when there is a tax held on bitcoin. Tax on bitcoin is good for bitcoin future and users of bitcoin but the amount of tax should be minimum so that it can’t burden on the bitcoin users. If this tax strategy was succeed then I think every person in the whole world will become bitcoin users and bitcoin will become the whole world currency.

Yes, the users of digital currency around the globe keeps on increasing. Tax is just an way that the government makes an earning, till now the usage were low and same didn't affect the economy even when it's not taxed. Now as the user rate increases, surely more countries will move forward focusing on taxation.

[nomad1109]

Taxes are an evil that pushes the market away from equilibrium, but it is a necessary evil. Without taxes to build infrastructure and systems of regulation we wouldn't even have a society. Anarchy does not work, and so we need funding for the government to do the things no one else wants to. If you privatize everything we would have situations where hospitals help patients based on how much they can bill them. That's just the wrong way to steer capitalism in. Here in Norway we are already taxing bitcoin profits by 25%. The taxation system here is very advanced and efficient. So it's only natural that Bitcoin, like everything else, gets a tax.

[CoinsCoinsEverywhere]

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 not a problem for bitcoin to be taxed but I doubt if they can really tax it fully or not. For sure there will be some way to evade tax even if it is decreed by the law to do so. Still, I do not mind paying tax to the government on cryptocurrency trading so long as they make it easier for us who use it to convert bitcoin into fiat anytime or vice versa. This thing is bound to happen sooner or later though in some countries and I expect it to be implemented soon not just on South Korea.

If we do really try to realize on how bitcoin is a decentralized stuff then there no way that it can be taxed directly this is why they would decide to impose law or implement tax on those services which do make use on bitcoin and other alternative currency because if we do talk on direct tax then its not possible but on indirect thing then it would really be implemented but for its citizens there would surely one who would evade to pay up for sure.

Bitcoin may be decentralized, but if you're going to have exchanges where you can convert bitcoin to fiat, the government only has to regulate those to give it the ability to impose a direct tax on bitcoin.  You could still try to circumvent that by doing things like converting to fiat in another country, converting that country's fiat to your own country's fiat, and then transferring that back to yourself.  But it would be quite the hassle to have to do all that.

[santino11]

how can you tax a thing with no records? whoo know who own the bitcoin or any coins ? who has the ID for that each wallet that has bitcoin in it ? is it possible to file a tax ?

[ThunderCatSteve]

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

Yes, it is hard for the government to keep a eye on bitcoins as they have a decentralized nature and they were originated in 2009 as a anonymous currency so making it difficult for the government to track each and every transactions. Taxation on bitcoins will perhaps not work as they are completely anonymous.

Instead government can apply taxes on converting bitcoins to fiat as it is a centralized process. Bitcoins do not belong to any country as you mentioned instead bitcoins are a global digital currency.

[TrumpD]

I have nothing against the idea of taxing my bitcoin assets, but how will they find them if I work very hard at hiding them? Obviously if i don't declare the voluntary they will have no idea the coins exist. It will be easy tracking and taxing exchanges and such, but avoiding these taxes will be darn too easy.

[X7]

I love Mr. Robots take on it as well - this is going quite mainstream.

[Yadstiker]

Taxes are an evil that pushes the market away from equilibrium, but it is a necessary evil. Without taxes to build infrastructure and systems of regulation we wouldn't even have a society. Anarchy does not work, and so we need funding for the government to do the things no one else wants to. If you privatize everything we would have situations where hospitals help patients based on how much they can bill them. That's just the wrong way to steer capitalism in. Here in Norway we are already taxing bitcoin profits by 25%. The taxation system here is very advanced and efficient. So it's only natural that Bitcoin, like everything else, gets a tax.

I have no further questions about it, but since we are talking about taxing bitcoin, although its not happening yet, i think it would be imposed anyway as long as there is government, it is also a proof thay it was legalized and accepted in a certain country. I was just wondering about 25% taxing you were saying,.i.guess its a bit expensive but just like other people saying there is no choice but to follow.government's order.