Bitcoin to be Taxed......

[cluit]

in the news tv stated, the official meet up on yesterday world event talking also about Bitcoin as an alternatives payment. Also talking about the powerfull of Bitcoin and some country also declined that as a alternatives payment gateaways

Bitcoin is the best alternative of payment. As far as tax is concerned, I think it will only be possible when the government will declare bitcoin as legal. Till that time, there is no way that the owners of bitcoins will be asked to pay the tax for holding of bitcoin.

I think this is why it is gaining this much of fame amongst the people in such a short period of time. There is no worry to pay tax.

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[nexus2k14]

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 is everyone battles to see how to control the life of cryptocurrency's

Not only South Korea, Russia is preparing to Tax, Poland have already Tax in place when you withdraw your Fiat from Bitcoin you need to pay Taxman 18%, USA, Canada, Denmark, Sweden and UK are Bitcoin-friendly countries.

[adiksau0414]

That is reasonable way to do due bitcoin is used as means of buying goods. If tax is vested to bitcoin, it means a specific country is legalizing it be part of their system (a law needed to create to make it happened) .  Which means more people will be able to use it.  I also agree that it will also help to lessen or stoping illegal ways of using bitcoin to buy especially in black market. It will also help poor country gain benefit from it because it will generate more earnings to use it in one's country.

[cbob1911]

bitcoin tax is new?  i think it's more of ppl not paying their capital gains tax than anything else.  I read somewhere not long ago that only 8 holders filed capital gain taxes on their bitcoin or i might have read it wrong..

[akablackhat]

in INDIA
The I-T department can catch up if you try to evade tax on sale of bitcoins

[stomachgrowls]

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 is everyone battles to see how to control the life of cryptocurrency's

Not only South Korea, Russia is preparing to Tax, Poland have already Tax in place when you withdraw your Fiat from Bitcoin you need to pay Taxman 18%, USA, Canada, Denmark, Sweden and UK are Bitcoin-friendly countries.

18% on fee conversion is too much.Seems like they do love bitcoin too much  Or just going to the trend since they know that people can make good amounts thats why they decide to impose those ridiculous high tax.
On my own local wallet,conversion of bitcoin to our local fiat doesnt really require any fees.There might be some on conversion but really on small percentage which is somehow considerable.

[TheGreatPython]

We all know that bitcoin has a decentralized structure, it has no central control and can be run by specific people. It is not impossible to happen that bitcoin will be taxed. Some other countries  are already working on it since some countries governing bodies are now being alarmed by the growing tractions with regards to cryptocurrency from which they get an idea to get involved and begin having control  with it.

Not in this day because if it is taxed may the people leave investment in bitcoin and the price will go higher and then the many people will have the purchasing power to but even a single bitcoin. Therefore I think that bitcoin should not be taxed.

Let the people enjoy a tax free investment in a digital currency and earn more and more money in a short period of time. I am not in favor of bitcoin tax.

[Hell-raiser]

bitcoin tax is new?  i think it's more of ppl not paying their capital gains tax than anything else.  I read somewhere not long ago that only 8 holders filed capital gain taxes on their bitcoin or i might have read it wrong..

Which country do you refer to? The IRS has been looking through the Coinbase records since last December, and it is unlikely that only 8 people from the US filed capital gain taxes on their bitcoin holdings. Given that you can easily get behind the bars in the US for tax evasion and all the hard work that the IRS puts into catching people going for tax evasion, you can make a sure bet that this number is well in many thousands. Messing with the IRS may cost you dear, it may cost you your freedom.

[lordquanta]

We all know that bitcoin has a decentralized structure, it has no central control and can be run by specific people. It is not impossible to happen that bitcoin will be taxed. Some other countries  are already working on it since some countries governing bodies are now being alarmed by the growing tractions with regards to cryptocurrency from which they get an idea to get involved and begin having control  with it.

Many Governments are putting tax on bitcoin and cryptocurrency by one way or other. For example in the UK the bitcoin is similarly treated as precious metals like platinum, gold, silver etc. So you need to pay tax accordingly. I think there is this bar upto £11,100 limit profit could made from bitcoin selling without tax. That is if you purchase and sell bitcoin in a year and make upto £11,100 then that profit is not taxable. However anything above that will be taxed.
There is Israel which treats bitcoins as property and you need to pay the tax accordingly.
In India bitcoins is considered as wealth and it is taxed under wealth tax section. In fact there is a section which ask whether you hold any crypto currency or not.

Thus countries are finding ways to tax the bitcoin income in general. Govt loves to put tax on anything under the Sun.

[spngebob]

^
Wait, taxes on bitcoin? And how they are going to tax bitcoin? Would you pay tax in satoshi or what?
As far as I know they can't tax bitcoin, but they can make you pay tax only if you exchange bitcoin to real money and you will pay tax on money, not on bitcoin.

[iMark]

in the news tv stated, the official meet up on yesterday world event talking also about Bitcoin as an alternatives payment. Also talking about the powerfull of Bitcoin and some country also declined that as a alternatives payment gateaways

Bitcoin is the best alternative of payment. As far as tax is concerned, I think it will only be possible when the government will declare bitcoin as legal. Till that time, there is no way that the owners of bitcoins will be asked to pay the tax for holding of bitcoin.

I think this is why it is gaining this much of fame amongst the people in such a short period of time. There is no worry to pay tax.

I think this idea for taxes has been around long time enough, maybe with the tax to bitcoin users it could make the government want to legalize bitcoin but the worst thing is bitcoin will not be a decentralized and anonymous currency anymore, it will disappear and bitcoin will be controlled by the government as well as its users, you want to this happen mate?

[ToyotaFortuner]

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 a good opportunity to buy bitcoin because korea can trigger a bitcoin price increase by using bitcoin as a tax payment in that country.

[Maddinson100]

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 most countries that supports cryptocurrencies are doing that thing even here in my country, our local  exchanges are regulated by central bank so it has tax when we are selling our Bitcoins. Everything in this world are controlled by governments so want it or not tax will be implemented everywhere. But how about islamic countries? I think they have lesser taxes or don't even have taxes at all but I am not that sure just heared some rumors. I am not actually afraid of taxes it doesn't matter for me as I contribute small amount for the good of my country. What makes me worried about crypto most especially Bitcoin is that the transaction fees are getting higher now it is killing my purses. Take note tax is a one time transaction only as we cashout our funds on exchanges so it doesn't hurt that bad.

Yes of course it is the primary responsibility of any government to implement taxes in their respective country for running their country. I think that it is the duty of each and every citizen to pay all the due taxes well in time without delay.

[yamortsac]

It sounds good if they have plan to tax bitcoin because this is an indication that bitcoin is really getting more popular and recognized legally by government. But the concern is how they will do that? I think it is just fine to put tax on bitcoin if this would help to improve the economy of a country and I hope the tax they will impose is just fair so that the income will earn by investor or user of bitcoin is still high.

[usuksobad]

It's not a bad thing that he's getting taxed atleast if you want him to have future.

[Omega Weapon]

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.

And even then they are going to only be able to tax bitcoin of those that choose to disclose their earnings in bitcoin, for those that are only trading crypto against crypto there is no way to tax them and now that decentralized exchanges are coming then that point of failure of all cryptocurrencies is going to eventually disappear, so taxing our earnings on bitcoin is going to be an almost impossible task.

[amaral1977]

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

When this happens one of the things i´m looking forward is to see who wins the battle for anonymity/fungibility. Will it be Monero? ZCash and projects on ZKsnarks? or people will just embrasse the fact that we are all watched and controlled and just give up their privacy permanently. I´ll try to get some more privacy coins, because with BTC on the spotlight that market will pump..

[Mr.Dick]

how shoul this work? since btc works anonomusly peaople cpuld just claim other income sources, which does not mean I expect them to. But Bitcoin works like it this, including the maximal value increase BECAUSE it isnt controlled by government?!
Am I not right?

greetings

[deejhay]

if government is to accept bitcoin as currency, then surely they would issue tax since some of the government funds comes from currency then people have and if people will change their currency to bitcoin, then bitcoin would be taxed.

[amaral1977]

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.

I disagree with you. If they make the exchange follow some kind of KYC policy and only allow that customer to have a single address, that address can easily be monitored. Or on the other hand the exchange can be made to disclosure the amounts each client has. That´s why we are eager to see D -ex working:) and then focus on privacy coins! BTC 2.0 must be a privacy focused coin!