Bitcoin to be Taxed......

[Hell-raiser]

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

In the world of crpytocurrency, people usually misunderstand the context of the term TAX. They think that when we say bitcoin is taxed, the government are going to get a part of your owned BTC as a tax monthly, which is not true (and I think will not and should not happen). Bitcoin is taxable in the sense that miners are being paid in processing the transactions done by people who use bitcoin. Another way how bitcoin is taxed is that these businesses and establishments accepting bitcoin as payment are actually paying transaction fees especially when the buyer and user are using two different btc wallets.

I don't quite see what you are trying to say. What do you mean by "Bitcoin is taxable in the sense that miners are being paid in processing the transactions done by people who use bitcoin". You seem to refer to miners fees, but does it have to do with taxes. As far as I know in countries where Bitcoin is made legal, it is subject to capital gains tax. You don't pay taxes for transacting with Bitcoin if that was your point. If I'm not mistaken, you pay the tax only when you book profits from Bitcoin operations on an annual basis. But if you don't cash out, you don't have to pay any taxes.

[Jgatsby]

There are existing jurisdiction already who develop and put a tax on BTC, some considers it as asset-like value and some as currency so depending on your jurisdiction, BTC may be tax or not, I suggest research about the rule of btc in your country.

[astrid.uchiha24]

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 know this will happen too soon, any state can tax whatever source of income is and bitcoin being an investment which earns profit could also be taxed by the government and by doing so there will be a lot of new events that will take place and of course the users and the traders will come up with new ideas because of this move from the government.

[jaysabi]

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 isn't new. The IRS in the US announced years ago that bitcoin trades are taxable. In fact, anyone trading cyrpto should expect that profits from the trades are taxable as income. The IRS decided to tax it as property, which is puzzling to me since it makes more sense to tax it as a capital gain like other commodity sales. But in no respect is the idea of taxing gains on bitcoin new or surprising. The idea that everyone is joining bitcoin just to escape taxes has never made sense to me, since doing anything in bitcoin doesn't relieve you of any tax obligation or even make it easier to avoid paying taxes. Not even sure where that idea came from.

[Blitzboy]

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

Do not believe this statement. Even how hard they caan try to tax bitcoin, it will never happen. Bitcoin is decentralized and you can not control it as well as know the people who are holding bitcoin. Using bitcoin will make you completely aanonymous. Therefore, they are just lying about the truth that they can not control bitcoin

[Hamstead]

If ever the bitcoin will be legalized in the whole countries,  There's possibility a big chance that bitcoin will be taxable in that time. So each transactions will be paying taxed in the future. We are not only going to pay with the miners fee but also the taxed as well.

That's right,  because I believe that time will come bitcoin and other crypto will be accepted by local as a mode of payment just like fiat. Considering that, government will surely imposed taxes to those who are holding it. Although having an anonymity identity, maybe its time to show who really you are.

[Kiweikoo]

I actually believe that bitcoin legally should be taxed in almost all countries, the reason it isn't is that it is so hard to prove income so unless someone self declares there is little that the authorities can do.

It this will be implemented in country then it is the sure thing that government will take tax from it taxes are not bad at all taxes help a region to develop itself in a good way and this is the sure thing that bitcoin will give a lot of room to the development in the region and taxation system will also get eases from the bitcoin and on clicks people will pay their taxes and tax in this precious coin will bring luxury in region.

[Alfred V]

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 might be good for the governments but almost all the bitcoin and crytocurrency users are gonna object that plan because users does not want lessen their salaries.

[justspare]

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.

I truly doubt if over network transactions can ever be possible to tax. Sure, anything might be possible, but I really still do not see how this can be. The only easy way it would be now is still via exchanges as long as you are converting to fiat. Then that way, implementing of tax can be done just by regulating the exchanges. Having this anyway, in most countries will start bringing more adoption and awareness for the usage of bitcoin.

The bitcoin is easy and the simple currency to use the payment for the transaction as the payment. Bitcoin tax is a bit different and the value of the bitcoin will be easy because it is the right and the value of the bitcoin is getting high, the bitcoin importance is very bright value. The bitcoin is increasing so in the future the tax and the income receiving will be very good.

[Ilegendph]

If ever the bitcoin will be legalized in the whole countries,  There's possibility a big chance that bitcoin will be taxable in that time. So each transactions will be paying taxed in the future. We are not only going to pay with the miners fee but also the taxed as well.

That's right,  because I believe that time will come bitcoin and other crypto will be accepted by local as a mode of payment just like fiat. Considering that, government will surely imposed taxes to those who are holding it. Although having an anonymity identity, maybe its time to show who really you are.

At that time, do you think people will still patronized bitcoin? I dont think so, because just imagine we are now paying miner's fee and we have complaints about how high it is what even more if tax is imposed.

[SushiMonster]

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

The government is now being threatened by bitcoin growing popularity and their now beginning to accept it and try to control it.
Maybe by the year 2022, bitcoin is now a legal currency in all over the world.
Sad thing is their could be a possibility that the transaction fees will be much higher

[Mobshady24]

If ever the bitcoin will be legalized in the whole countries,  There's possibility a big chance that bitcoin will be taxable in that time. So each transactions will be paying taxed in the future. We are not only going to pay with the miners fee but also the taxed as well.

That's right,  because I believe that time will come bitcoin and other crypto will be accepted by local as a mode of payment just like fiat. Considering that, government will surely imposed taxes to those who are holding it. Although having an anonymity identity, maybe its time to show who really you are.

At that time, do you think people will still patronized bitcoin? I dont think so, because just imagine we are now paying miner's fee and we have complaints about how high it is what even more if tax is imposed.

Then how about businessmen ? why do they still put up a business even they know that there are expenses and taxes to be paid?
it is because there are a lot of ways to maximize profit, so i don't believe bitcoin will lose its users/traders when the government impose tax on it.

[aar]

Not sure how practical it would be to tax....

[TheMojo1]

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

Bitcoin used in Dark things with out control of government so that it is hard to make Taxed on it

[Opquar]

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

Do not believe this statement. Even how hard they caan try to tax bitcoin, it will never happen. Bitcoin is decentralized and you can not control it as well as know the people who are holding bitcoin. Using bitcoin will make you completely aanonymous. Therefore, they are just lying about the truth that they can not control bitcoin

Users are anonymous but exchanges are not. They are businesses and are required to apply for a permit. Governments can tax bitcoins this way.

[zedsacs]

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

To be honest, Bitcoin being taxed by the government is a good thing because if we are going to analyze this kind of situation, this just only tells us that Bitcoin is really being a mainstream across the world. This is actually a sign that there is no such thing being hindrance for the government to accept bitcoin. This will cause a huge impact especially on the volume of the people using bitcoin. This is a good news actually if this is actually true.

[n0ne]

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

Do not believe this statement. Even how hard they caan try to tax bitcoin, it will never happen. Bitcoin is decentralized and you can not control it as well as know the people who are holding bitcoin. Using bitcoin will make you completely aanonymous. Therefore, they are just lying about the truth that they can not control bitcoin

Users are anonymous but exchanges are not. They are businesses and are required to apply for a permit. Governments can tax bitcoins this way.

Few governments use the similar methods to tax the user. Here too we cannot get an cent percent success in the taxation system. Few exchanges for the purposes of recording tax prioritize the KYC norms. Also few governments has made it along with the gold as the taxable asset. Here for what you hold the user needs to pay tax, which cannot be implemented effectively in reality.

[marcbitcoins]

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 better than ban, i just read the news last month about South Korea are banning the ICO so therefore this is a new development that maybe after lifting the ban they just regulate it and to impose a tax to all digital currencies. Well this is one of the advantages if a country is legalizing the bitcoin because it will increase tax collections and will help to improve more the nation's economy.

[adam1230]

There is no way to be taxed. Who is going to follow the money flow? There are some tax free transactions happening. like transferring funds to an exchange or from exchange to own wallet. how the goverment will spot income and own transfers? so this is impossible for now and for ever.

[NavI_027]

Well, I disagree for the idea of putting tax on bitcoins because I don't want my earnings got lessen; who wants to have a lessened earning, no one right?

I decide to say no to tax because of my personal interests but just for the sake of our economy I will let it to be implemented if ever, but in one condition: our governments must used the taxes claimed in giving solutions to our economical problems and also give support for bitcoin's wide advertisement and applications to our society (since it is also beneficial for them).