Bitcoin to be Taxed......

[jaaeeeyyyy]

Yes , as i expected. The past years of cryptocurrency performed so well and gave a silly eyes to those who has a lot to invest but the goverment also see this coming. The wide using of cryptocurrency as transaction medium made the government to put hands on it obviously to be taxed and get some. I think that is why transaction fees are more higher.

[Kokoy]

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 great idea but you know I hope tax wont be high than what we can get cause of course this is all our hardwork and to be taxed and be abused such as corrupted is not really acceptable I hope government will took care for the money that may able to used from here.

[Kevondo]

I think taxing Bitcoin isn't a good ideal because anonymous feature could fuck it

Well you are right it is good for betterment of bitcoin because if it will happen bitcoin will be high in demand and government will put bitcoin in its good list. I think it will make bitcoin recognized by a lot of countries, bitcoin adoption and demand will be larger and people will consider bitcoin a fair and good currency so bitcoin is having bright future and good source of income for people if it will be texted it will get it high.

[ItsEzMkay]

They were always going to be taxed especially if the asset class was worth of any value. That is why governments likely waited until this year to see whether or not cryptos would be worth taxing and it turns out they are for the governments. If you thought they weren't going to be you are naive, I mean take a look at how hard of a stance the USA is taking. It is hilarious but at the same time it makes sense, they want a piece of that pie!

[jak3]

According to Google government take tax because they use those funds on some important factors like military or education. That means anything which import or export from the country has some tax even the money. But Bitcoin is not actually a money it is just some numbers so the data is importing and exporting through the service all around the world in exchange we are getting are giving the services or taking the services. I did not see any. By which government can not take money from us but they are still charging us on this.

[Saksham]

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'm not happy when i hear about taxes but this time i'm glad to hear it because it means that Bitcoin gains more and more power.

[goaldigger]

This is just a prove that bitcoin's popularity is so widespread now that the government takes advantage unto it by taxing it. Its sad that ive read here that more and more countries started to tax it and it id not possible that my country is next.

[michkima]

This is just a prove that bitcoin's popularity is so widespread now that the government takes advantage unto it by taxing it. Its sad that ive read here that more and more countries started to tax it and it id not possible that my country is next.

Just to remind everyone, bitcoins has always been taxable from the beginning, though not the use of it per se. The thing is, if you profit from buying bitcoins and selling them at a higher price, then you are profiting. That means you are liable for income tax to your government since you profited. It doesn't matter where the source of the income came from, the thing is you profited which is taxable in most jurisdictions.

[shield132]

According to Google government take tax because they use those funds on some important factors like military or education. That means anything which import or export from the country has some tax even the money. But Bitcoin is not actually a money it is just some numbers so the data is importing and exporting through the service all around the world in exchange we are getting are giving the services or taking the services. I did not see any. By which government can not take money from us but they are still charging us on this.

Is bitcoin just some numbers? This means when you sell/buy something, you do this to get just some numbers and aren't looking for money? I bet you exchange or buy/sell bitcoins frequently or in a situation when you have a chance. If it's just some numbers, then why do it has price? Especially so high, some thousand dollars? And what's gold? Something similar of a stone but valuable for some reasons, yes? So I think from this example everything is clear.

[CuteBaby123]

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

That's already expected in countries in which Bitcoin has been accepted and well-known. If you encash Bitcoin, there is already a tax.

[PG13]

I'm expecting that will happen soon. Government will surely find ways so they can ride on bitcoin.
It's good on both side.
Hope the Tax should be use to create more jobs not on the pocket of corrupt politicians.

[cheann20]

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 for me,that is reasonable way to do due bitcoin is used as means of buying goods. If tax is vested to bitcoin, so it means a specific country is legalizing bitcoin to be part of their system..  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 to gain benefit from it because it will generate more earnings to use it in one's country ..

[Hell-raiser]

This is just a prove that bitcoin's popularity is so widespread now that the government takes advantage unto it by taxing it. Its sad that ive read here that more and more countries started to tax it and it id not possible that my country is next.

Just to remind everyone, bitcoins has always been taxable from the beginning, though not the use of it per se. The thing is, if you profit from buying bitcoins and selling them at a higher price, then you are profiting. That means you are liable for income tax to your government since you profited. It doesn't matter where the source of the income came from, the thing is you profited which is taxable in most jurisdictions.

This is not necessarily so. Indeed, profits remain profits no matter what asset you buy and sell, but it doesn't mean that it is bitcoin which is taxable here. I think when we speak of bitcoin being taxable per se, we actually mean that its possession can be taxed on its own just like other property.

Besides, not every jurisdiction requires you to pay income tax on your bitcoin earnings. For example, if bitcoin is officially prohibited in some country, earnings obtained with it will be illegal too. Therefore, you can't pay taxes on them because that would effectively mean legalizing bitcoin.

[boyptc]

They can't control supply and market of bitcoin and this is how they'll move. They'll regulate transactions and will finally tax every single of person that will profit for trading bitcoin. The very first move is to tax those local exchanges and finally it will passed to the users.

[jassanpary]

They can't control supply and market of bitcoin and this is how they'll move. They'll regulate transactions and will finally tax every single of person that will profit for trading bitcoin. The very first move is to tax those local exchanges and finally it will passed to the users.

As of now there is no tax on the bitcoin, in future may it can be taxed. Seeing the scenario of bitcoin users if it is taxed that results in the improvement of the economy of the country. If the tax is applied bitcoin users may lose their part of the profit that is also a concern for the bitcoin community.

[Kawasanz]

When it comes to taxes, the Internal Revenue Service has ruled that bitcoins and other "convertible virtual currencies" are "treated as property" and not treated as currency. This concise guidance from the IRS has implications for how bitcoins are taxed, what information is needed to make sure taxes are calculated correctly, and what tax planning techniques people can use to minimize their taxes on Bitcoin transactions.  In brief,

Virtual currencies are property for tax purposes;
That means, you'll have capital gain or loss when disposing of virtual currency;
Income is taxable, even if you are paid in virtual currency;
Spending virtual currency is really two transactions in one: disposing of the virtual currency and spending the dollar-equivalent amount;
Business transactions in bitcoin are subject to all the normal rules for sales tax, withholding, and information reporting;
Keeping detailed records of transactions in virtual currency ensures that income is measured accurately.

[HODL_guy]

Hopefully government in my county will act really slow  I don't want to pay taxes from my BTC income

[boyptc]

They can't control supply and market of bitcoin and this is how they'll move. They'll regulate transactions and will finally tax every single of person that will profit for trading bitcoin. The very first move is to tax those local exchanges and finally it will passed to the users.

As of now there is no tax on the bitcoin, in future may it can be taxed. Seeing the scenario of bitcoin users if it is taxed that results in the improvement of the economy of the country. If the tax is applied bitcoin users may lose their part of the profit that is also a concern for the bitcoin community.

Only those exchanges that are registered to their operating country are capable and being taxed on their services offered. One day it will come and everyone see it coming and visioned it already so for now we just have to be prepared for it and don't get shocked once it was implemented.

Hopefully government in my county will act really slow  I don't want to pay taxes from my BTC income

When their citizens are starting to become rich through bitcoin for sure they will act accordingly.

[Hamstead]

Hopefully government in my county will act really slow  I don't want to pay taxes from my BTC income

I don't think that bitcoin would be taxable at this time. Aside from being decentralized, it really hard for the government to trace individuals who are holding bitcoins. And I don't think that it could be very effective and it have chances to be implemented, unless the community will agreed the wants of the governments towards bitcoin.

[bakkang]

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

Well if our tax has been monitored and it is organized then I am in favored that bitcoin will be taxable to my country. I believe that my tax is a great help to my fellowmen. I expect that our tax has not been used for any crimes just like corruption.