Bitcoin to be Taxed......

[Ailmand]

Hopefully this info is completely valid and signifies that crypto is recognized there. the future of another country will follow in his footsteps
Taxes can also help the state treasury,

The application of taxes to bitcoin can monitor the circulation of coins and avoid abuse so organized

I think many countries have already set their sights in cryptocurrency and has actually seen how it can help their local markets and their economies. That is why it is just a matter of time until some countries, if not all, would try to regulate its use or put taxes on it, so they can use it for their advantage. Since the bitcoin market has been increasing and increasing, it's a good way for countries to reap its benefits.

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[swaptaker]

Hopefully this info is completely valid and signifies that crypto is recognized there. the future of another country will follow in his footsteps
Taxes can also help the state treasury,

The application of taxes to bitcoin can monitor the circulation of coins and avoid abuse so organized

I think many countries have already set their sights in cryptocurrency and has actually seen how it can help their local markets and their economies. That is why it is just a matter of time until some countries, if not all, would try to regulate its use or put taxes on it, so they can use it for their advantage. Since the bitcoin market has been increasing and increasing, it's a good way for countries to reap its benefits.

This is correct, many countries have been trying to tax bitcoin under legal status. I don't think they will miss a great tax income from their citizens. That's why they need to legalize bitcoin and take tax from it.

[berlunberg]

I think that taxing is not so bad. At least it means that the government is reasy to build infrastructure around the electronical ecosystem.

[Harrisonimo]

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

Taxing of Bitcoin is a way of the government accepting it's use and coming to terms with it. This is what the government all over the world will eventually resort to at least to get a participation and somewhat control/regulation. It will have its advantages and also disadvantages but at least some level of good interaction with the citizens if properly harnessed. There is actually a lot to be done by the government to get themselves updated. I believe with the help of private sector partnership, this can be achieved on time.

[Feuerbach]

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

For me, taxation for activities related to the cryptocurrency is one of the worst cases. If this is an effective taxation system that cannot be avoided

[Xising]

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 very much possible to happen since cryptocurrency is decentralized and the government want to somehow gain control over it; by regulating and  taxing bitcoin use. It's bound to happen and it's only a matter of time. I just hope there would be some good ways available to avoid it completely.

[althedge]

It'll be interesting to see how it is implemented on a technical level. I guess they would have to demand data from the exchanges and merchants.

Not good for investors but probably inevitable soon we or later.

[Ngewex Yuk]

My government says that bitcoin is a commodity, maybe someday the government will require taxes for bitcoin. hopefully with bitcoin tax levies could make the government legalize bitcoin.

[goaldigger]

Is bitcoin a ground for taxation ? I mean why does the government need to tax the bitcoin? Bitcoin and government doesnt have a business in each other. Is it because the government wanted to have more money and they see bitcoin as a milking cow? But if thats the case and they tax it , we dont have a choice. I hope it will not happen on my country.

[dogandogru]

That is surely going to happen at global level. But the ques is that how will Govt able to justify the real amount of tax from a person. decentralized BTC wallet just provide a private key with wallet Id which is just a combination of no. Unlike Bank Account,wallet Id is not possible to detect, so how will be real income be justified.

[ramsdaj28]

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.

[rainmaximo]

In my own opinion their are different advantage and disadvantage of bitcoin to be taxed by our governmant. Advantages are: we can help our own government to produce some of best projects for our countrymen, Bitcoin will be legal. But the disadvantes of the bitcoin to be taxed are: the income or profit of our hardwork will be cut, and sometimes the cut or taxes that they collect is too big.We hope if ever that the time will come that the bitcoin to be taxed, we are still here for our bitcoin to support.

[Mainman08]

It is ok for me if bitcoin will be taxed. But the government will make sure that the tax that they will get will be use for the welfare of the people. And not go to the pocket of corrupt official.

[amaydel]

That would probably hurt investors and other jobs related to earning of bitcoin. If the government will now take a step of intervening of the crypto from being a decentralize to centralize and make hold of it in their hands, then we can do about it. But in doing so, i think that will also be a good alternative to prevent people from scamming using bitcoin because they have to register their business under SEC first before they are allowed to operate.

[sclmte]

It is ok for me if bitcoin will be taxed. But the government will make sure that the tax that they will get will be use for the welfare of the people. And not go to the pocket of corrupt official.

This could be probably to happen as everyone think in the future. Though it happens that tax will be collected  from us, I've never get worried to that, since  from tax we've give is for the good  the entire community also unless it is manipulated by the government and our tax went into nothing.

[Searing]

The current tax bill which will go into effect in the USA does not allow "like kind' anymore on Crypto.

This means that when I xfered LTC to BTC and did like kind exchange (shapeshift.io a like-kind exchange) I was supposed to keep track

In that most of my crypto transactions, were simply to pay bills or get equip from A to B and not on the exchange long...this will be minimal for me

for those folk trading between crypto on like-kind exchanges you could be in for a world of hurt

in that IF the tax law is signed in 2016 it APPLIES to 2016....

I used www.bitcoin.tax free site options to see what I did mining simply by plugging my BTC, LTC, and DASH

mining addresses in.....so that is taken care of

but I don't do excel...so can't get the format right to get a CVS file of in /out transactions (even thou most were only a few

days to get equip or hoard a month for equip buy) .... so if anyone looks into this and can figure out this simple excel

field names from their example feel free to post here or PM me for a BTC or LTC tip!

anyway.....this is gonna suck for some folk

brad

(luckily, kept only 3 mining addresses all year and I can do this by hand..but the bitcoin.tax site looks pretty slick ...even thou

I can't seem to figure out some of it!...at least I verified my by hand mining income was correct...before I choked)

[ehrz22]

It is ok for me if bitcoin will be taxed. But the government will make sure that the tax that they will get will be use for the welfare of the people. And not go to the pocket of corrupt official.

This could be probably to happen as everyone think in the future. Though it happens that tax will be collected  from us, I've never get worried to that, since  from tax we've give is for the good  the entire community also unless it is manipulated by the government and our tax went into nothing.

Well, for me It's ok if the government will put tax in bitcoin but they should make sure that they will only put small percentage of tax because if the tax is high then it will sure make the people to hide their bitcoins. Anyway, Im sure whether it get taxed or not some people will never admit that they hold some bitcoins.

[Searing]

Too late in the USA....like-kind is going away for crypto....in 2017 no less...fun times in the Republican 2017 tax bill...it is toast


https://www.allcryptocurrencies.news/bitcoin/gop-tax-bill-blocks-potential-bitcoin-gains-gambit-2/

there is talk also of BCH when it hit the blockchain (around $280) also counted as income....along with BTG and the 22 other forks

all will apply to 2017 because Trump plans to sign it into law before Xmas



this is gonna be great fun (not)



save yourself....I'm doomed the IRS knows who I am

[Fasunathan]

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 definitely interesting because it will make our economy to grow well.  It could also help a lot of government projects to be funded by the other investors who are giving their tax in the country they are in. I hope that it will not be corrupted so it will be used in a good and beneficial projects for the development of our place.

[morrisby25]

Maybe someday Bitcoin to be taxed especially if many people now a days using it as a daily or indemand use of money

There are large number of currencies present in the whole world and still more coming in market but mostly people are following now bitcoin and the reason is that there is no tax on bitcoin if bitcoin can be taxed than some people will be leave using bitcoin.