Bitcoin to be Taxed......

[maydna]

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

i think this will be the new era for crypto currency for implemented the tax and maybe it will give a good impact for the crypto currency itself. because i guess other country will use the same tax like what south korea did and in the end, the government can give permission for bitcoin to be a legal so people can use bitcoin without worried of anything. but actually i am curious how much the tax amount that will be apply to us and when the tax will be giving to us.

[pureclckr]

Russia is looking into ways to legalise and more than likely tax Bitcoin. Poland already taxed 18% when you try to cash out your hard earned coins. It's up to government in each country, some don't have time now, some already did to get more revenue and some will do it in the future. Remember where is a lot money involved tax man is always there.

Yeah, transaction fee is the kind of tax and this is the right of government to collect taxes without this income there will be no development in the region ad all this taxation will also be implemented over bitcoin and there will be eases for the government and citizen for paying and collection of tax and bitcoin will also reduce taxes amount as due to its volatility and all this the natural thing no worries now.

[pixie85]

How can bitcoin be taxed  

It can be taxed on paper. There can be a law made that requires people to report Bitcoin gains and  impose penalties for those who ignore it.
That would most likely be a dead law that would be impossible to execute. There are such laws in every country.
So a law can be made but making sure people respect it is another thing.

[Osarman]

I think it's perfectly natural if bitcoin is taxed

I guess so because the government will be depending to bitcoin by that time and it's going to be a very good help to the country, to other bitcoin users that are happy with this and it will be disappointing to the bitcoin users that really don't stand with this type of idea.

Actually, there is nothing to worry if having taxes imposed for those who are holding bitcoin unless it is not being abuse by the authorities. Paying taxes is just a big contribution  to our economy, at least we can contribute even in a little amount. All generated taxes are for their projects that the community can benefit on this.

There's nothing to worry because we all love that the government will support bitcoin and this is just the return of their support. When bitcoin will be taxed, other alt coins should be imposed with tax too because we are mostly focus with bitcoin, the government rather. As the taxation will start, others can possibly jump to alt coins that doesn't have tax so it's fair that all crypto's will be taxed.

We will have to pay the tax to the government if and only if the government announces it to be legalized across the country.

In that case, this will help the government to make the economic situation of the country better but it will also take the money from the pockets of those who are having bitcoin as by now, they are not paying even a single penny to anyone in the form of tax.

[malikusama]

Bitcoin is already taxed by governments in majority of the countries over their conversion into fiat, Till now they didn't find any way to tax it over network transactions but it is possible that soon they will implement it over network transactions too. That's why government have legalized bitcoin with some regulations so that they can apply tax over it.

[McKane]

I think it's perfectly natural if bitcoin is taxed

I guess so because the government will be depending to bitcoin by that time and it's going to be a very good help to the country, to other bitcoin users that are happy with this and it will be disappointing to the bitcoin users that really don't stand with this type of idea.

Actually, there is nothing to worry if having taxes imposed for those who are holding bitcoin unless it is not being abuse by the authorities. Paying taxes is just a big contribution  to our economy, at least we can contribute even in a little amount. All generated taxes are for their projects that the community can benefit on this.

There's nothing to worry because we all love that the government will support bitcoin and this is just the return of their support. When bitcoin will be taxed, other alt coins should be imposed with tax too because we are mostly focus with bitcoin, the government rather. As the taxation will start, others can possibly jump to alt coins that doesn't have tax so it's fair that all crypto's will be taxed.

We will have to pay the tax to the government if and only if the government announces it to be legalized across the country.

In that case, this will help the government to make the economic situation of the country better but it will also take the money from the pockets of those who are having bitcoin as by now, they are not paying even a single penny to anyone in the form of tax.

Actually bitcoin is making economy of country even more better if they study about bitcoin seriously if they don't study about bitcoin and they want to ban bitcoin then it's there big mistake because bitcoin is making everyone life better while government cannot play that role like bitcoin. So it's better for every nation to allow bitcoin if they want to become a best country around the world by economically.

[stomachgrowls]

I think it's perfectly natural if bitcoin is taxed

I guess so because the government will be depending to bitcoin by that time and it's going to be a very good help to the country, to other bitcoin users that are happy with this and it will be disappointing to the bitcoin users that really don't stand with this type of idea.

Actually, there is nothing to worry if having taxes imposed for those who are holding bitcoin unless it is not being abuse by the authorities. Paying taxes is just a big contribution  to our economy, at least we can contribute even in a little amount. All generated taxes are for their projects that the community can benefit on this.

There's nothing to worry because we all love that the government will support bitcoin and this is just the return of their support. When bitcoin will be taxed, other alt coins should be imposed with tax too because we are mostly focus with bitcoin, the government rather. As the taxation will start, others can possibly jump to alt coins that doesn't have tax so it's fair that all crypto's will be taxed.

We will have to pay the tax to the government if and only if the government announces it to be legalized across the country.

In that case, this will help the government to make the economic situation of the country better but it will also take the money from the pockets of those who are having bitcoin as by now, they are not paying even a single penny to anyone in the form of tax.

Actually bitcoin is making economy of country even more better if they study about bitcoin seriously if they don't study about bitcoin and they want to ban bitcoin then it's there big mistake because bitcoin is making everyone life better while government cannot play that role like bitcoin. So it's better for every nation to allow bitcoin if they want to become a best country around the world by economically.

I dont think soo which bitcoin can really improve ones economy since we do know people can potentially not able to pay their taxes correctly once they do accept bitcoin knowing on its anonymity aspect it is really possible and this is one of the reasons why most government doesnt really accept or adopt bitcoin because it cant be taxed directly but yet they can impose taxes on the services involve on it.

[Murloc]

Can anyone pls explain me how to pay taxes on BTC if you are reselling it thru localbitcoins? If I'm willing to sell my btc with additional fee for cash and then deposit my card with this cash and buy BTC again for lower price. It is pretty clear that bank will inform  tax department that I had many deposits but how can I prove that it is mostly the same money to avoid extra taxes?

[streetlight]

Bitcoin being taxed should be a non issue if you truly understand cryptocurrencies. Code is a language and you cannot change freedom of speech or even math for that matter.

[macchiato]

So this means that South Korea supports and recognizes bitcoin right? This could be a great way of securing users and reducing the possibilities of illegal transactions. However, the anonymity, which is a unique feature of bitcoin will have no sense. Still, as long as you're not into illegal transactions there is nothing to worry about taxation. Looking forward for other Asian countries like mine to implement this.

[the rise]

So this means that South Korea supports and recognizes bitcoin right? This could be a great way of securing users and reducing the possibilities of illegal transactions. However, the anonymity, which is a unique feature of bitcoin will have no sense. Still, as long as you're not into illegal transactions there is nothing to worry about taxation. Looking forward for other Asian countries like mine to implement this.

The interests of countries in Asia are still struggling in the ICO ban, nothing else and they do not discuss the illegality of transactions, I am very surprised why Asian countries do not do comparative studies with japan, because only japan really support bitcoin at the moment, they always turn to the China government's attitude and take a panicked stance without thinking of a solution.

[erichall]

<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/

Finally a post here that isn't the typical BS "waahhh regulate me" or "wahhhh tax me" or "look how govt will improve crypto!"

I know that in order to go mainstream, crypto will need to attract the eyes and wallets of "normies" (for lack of a better word) and governments, but sometimes I wonder where the libertarian founders of crypto have gone to... Those people are what made this space so successful and amazing to begin with. And the second you pull heavy government into this, this space will turn to shit. Just look at the stock market.

[ethereumhunter]

So this means that South Korea supports and recognizes bitcoin right? This could be a great way of securing users and reducing the possibilities of illegal transactions. However, the anonymity, which is a unique feature of bitcoin will have no sense. Still, as long as you're not into illegal transactions there is nothing to worry about taxation. Looking forward for other Asian countries like mine to implement this.

The interests of countries in Asia are still struggling in the ICO ban, nothing else and they do not discuss the illegality of transactions, I am very surprised why Asian countries do not do comparative studies with japan, because only japan really support bitcoin at the moment, they always turn to the China government's attitude and take a panicked stance without thinking of a solution.

maybe they do comparative studies with japan and start to discuss with the government because i see that in thailand, bitcoin is getting legal but i am not sure about this. and i think if the other country from asia can support bitcoin and make it legal, then bitcoin will be grow in asia as we know that many people from asia is using bitcoin too. i admitted that only that now giving support to bitcoin but i think soon the other country will follow what japan do.

[PartyPete]

If Bitcoin should be taxed then the next move will be to legalize it. I do think some transaction fee on trading site is due to tax.

[Chrystora123]

I agree if Bitcoin is taxed, as long as Bitcoin taxes are used by the government for free health and free school fees,

finance widows and orphans, if the government can do this then I'm really a Bitcoin as a taxpayer..

[haroldtee]

How can bitcoin be taxed  

It can be taxed on paper. There can be a law made that requires people to report Bitcoin gains and  impose penalties for those who ignore it.
That would most likely be a dead law that would be impossible to execute. There are such laws in every country.
So a law can be made but making sure people respect it is another thing.

I do not really see as that will become a dead law. As long as you are converting from Bitcoin to fiat, then definitely you have made some gains and then you have to go through exchanges to do that right for easy transaction and that is where the regulation of the exchanges by the government comes in. Except you just want to do some P2P direct transaction (bitcoin to bitcoin) or something, that is where taxing will become hard to implement, but one way or the other, someone will still end up having it and exchanging to fiat.

[beerlover]

How can they taxed something that is anonymous are they going to inspect each block of transaction in order to charge them with the right fees ?
Maybe this is only possible through a third party site that is controlled by government like for example trading or exchange sites but they will surely be out of business as bitcoin users prefer decentralized exchanges than the one's controlled by government. In any case it will be highly diffucult how tracking and bitcoin users total earning because of it's blockchain technology.

If they’re going to charge Bitcoin users tax, I don’t think they will be doing it directly like it’s normally done, charging everyone taxes by the end of the month.
What they will do is charge the Bitcoin companies heavy taxes that will increase the fees we’re being charged for transactions.

[WannaCry]

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

I don’t like the idea of bitcoin being taxed. We all know that bitcoin’s value is greatly higher than other currencies, correct? Which means it’s tax is also high. So, if bitcoin’s tax is high what will be left for people who are earning bitcoins. I consider this as a bad thing.

[Kr8os]

For Bitcoin to be taxed, that means the government has accepted it as something it owns or has the rights to regulate. Hard to say if it's enforceable universally when transactions are either private or through privately owned exchanges.

[Omega Weapon]

I suppose this is good news, it is certainly better than an outright ban on bitcoin. Governments will be happy to let bitcoin survive if they can benefit also but does this introduce a level of regulation we do not want?

If things were so simple then things would be alright but that is never the case, governments are not going to be happy by just taxing bitcoin, bitcoin is something they do not control and cannot hope to control so the surveillance of all of those that use bitcoin is going to be there, however as bitcoin becomes more popular it is going to be impossible to watch all that info even with their advanced technology, so it is likely they will ask for changes in the code so they can monitor people more effectively.