Are You in Favor to Register Your BTC Address to Trace Transaction and Tax???

[Jake052478]

Are you in favor to register your BTC Wallet address to trace transactions and impose taxed it?  It is a big subject now amongst lawmakers to trace down income and transaction about bitcoins.   This has become the talk of the people involved in digital currency lately.  So, What do you think?

[odolvlobo]

Are you in favor to register your BTC Wallet address to trace transactions and impose taxed it?  It is a big subject now amongst lawmakers to trace down income and transaction about bitcoins.   This has become the talk of the people involved in digital currency lately.  So, What do you think?

I don't think that there are any wallets that use a single address (except for paper wallets). People would have to register a new address every time they receive bitcoins, so I don't think it will ever happen.

[CryptosapienZA]

I don't think that would work. Remember first of all most people have multiple Bitcoin addresses.And that address changes every time you make a transaction. If we all had one address, that would work maybe.how would they police that? That would be impossibleto police.

[jseverson]

It simply won't work with the way Bitcoin is currently set up. It's better for you and people you transact with if you don't reuse addresses. It would also make all of your transactions very public, so anyone and everyone can take a peek at your finances. It's going to create more problems than solutions, and if governments start requiring this, I'll probably stop using Bitcoin. If we're only trying to solve the taxation problem, then I think it's still much better to just tax transactions through vendors and exchanges. Your Bitcoins are inevitably going to end up there one way or another anyway.

[Jating]

Are you in favor to register your BTC Wallet address to trace transactions and impose taxed it?  It is a big subject now amongst lawmakers to trace down income and transaction about bitcoins.   This has become the talk of the people involved in digital currency lately.  So, What do you think?

What kind of absurd idea is this? Bitcoin address is not and should not be tied to any names. That's how it was design and giving up your privileges for being pseudo-anonymous will not be good for you. Those proponent of this doesn't know a single thing about bitcoin. Actually this has been used by a lot of trading platforms, asking your data for KYC/AML compliant. That is if you are going to exchange your bitcoin to fiat. However, if you kept it in a wallet like Core or Electrum there should be name association. And this will not gain traction from the community. This is a bad idea to begin with.

[SM23031997]

No, I am not in favor of the decision, We joined the bitcoin because it is anonymous and we can use it the way community(We) like if the government are looking to get it under taxes and trace the transaction to catch people than I'm sorry, what will be the benefit of using a cryptocurrency, I want it anonymous.

[Vendetta666]

Bitcoins are made so that our transactions are easy and will not go through much of the process. The bitcoins do not control it is decentralized. And if each of us has a look at our every action. Bitcoins are no longer decentralized if that happens.

[Filmmmakerr]

I am in no way in favor of that decision. Bitcoin was meant to stand for the complete opposite, I'm kind of frustrated with the way bitcoin is becoming more mainstream now adays, it only draws attention. Good and bad.

[roddy5]

Are you in favor to register your BTC Wallet address to trace transactions and impose taxed it?  It is a big subject now amongst lawmakers to trace down income and transaction about bitcoins.   This has become the talk of the people involved in digital currency lately.  So, What do you think?

That is really the opposite of how bitcoin should work, it should somewhat be anonymous, But if governments would impose this I think we can't do anything about it.

We are still on a world where it is being regulated by governments.

[HabBear]

Are you in favor to register your BTC Wallet address to trace transactions and impose taxed it?  It is a big subject now amongst lawmakers to trace down income and transaction about bitcoins.   This has become the talk of the people involved in digital currency lately.  So, What do you think?

What's this register your BTC address talk? How do you do that? Who's asking you to do that? Nobody.

Pay taxes? Yes! Of course! You gotta follow the laws, man. Plus if we don't follow the laws (like many people using fiat who avoid taxes do), they won't blame the person they'll blame Bitcoin. As if Bitcoin is the reason why a person decided not to pay his or her taxes.

[Festus Maximus]

They can't realistically tax it until you turn it into fiat. In order to do that (in the US at least), you have to run it through your bank, and they'll happily give you up to the IRS. May as well claim it before they track you down. Either that or don't turn it into fiat until you've made so much it won't hurt you. Capital gains is not much on a long-term investment.

[Money Maker Shaker]

i don't have any issues with paying taxes, maybe because they are not that high or a problem where i live, so i don't see any issue with me paying taxes on bitcoin profits too.

but first bitcoin needs to be regulated and adopted first.

[d5000]

I would be in favour of a voluntary declaration of a Bitcoin address, to be able to prove that some Bitcoin transactions really happened.

Above all if you are a business or a charitable organization and operate legally with Bitcoin payments, if the sums you "move" are pretty large (or frequent) the tax office could suspect you to hide information. If you had a "declared" Bitcoin address which you could use for large transactions (e.g. your cold wallet), then it would be easier for you to prove the real transactions that happened.

But that should only be strictly voluntary. A mandatory declaration would not only be opposed by me (and probably most other Bitcoiners) but also would be very hard (=almost impossible) to enforce.

[jtipt]

Are you in favor to register your BTC Wallet address to trace transactions and impose taxed it?  It is a big subject now amongst lawmakers to trace down income and transaction about bitcoins.   This has become the talk of the people involved in digital currency lately.  So, What do you think?

Obviously not in favour of it. But anyways its almost impossible to happen, because very easily one can setup a new wallet and mix his bitcoin via an bitcoin mixer and just like that the the government would has lost track of those bitcoin. The whole point of blockchain was to be decentralized, so obviously it's going to impossible to impose tax in bitcoin.

[HabBear]

I would be in favour of a voluntary declaration of a Bitcoin address, to be able to prove that some Bitcoin transactions really happened.

WHAT?!?! This goes against everything bitcoin stands for! You should just use fiat. Bitcoin isn't for you.

All that said, if you're using an exchange you don't really own a bitcoin address, you lease one. And the exchange owns it. But the government should trust that you're going to declare taxes and if they find out you aren't paying you should get penalized.

[TastyChillySauce00]

If this one is going to keep me away from being accussed as a tax evaders, why not? I'm not gonna gamble my life just to avoid taxes and keeping few percents of my earning.
It's always better to keep secure and obey any government's rules if you want a peaceful life, so I'm in favor to register my address to the department of taxation.

[d5000]

I would be in favour of a voluntary declaration of a Bitcoin address, to be able to prove that some Bitcoin transactions really happened.

WHAT?!?! This goes against everything bitcoin stands for! You should just use fiat. Bitcoin isn't for you.

Why? Blockchains are there to prove someone sent you money.

If you get an advantage proving against the State that someone (e.g. a legitimate business) sent you money and NOT another one (e.g. a scammer/hacker/money launderer) then I see nothing bad if the state gives you that opportunity. If this opportunity does not exist, the state could simply suppose you've received "not legit" money and order a raid. Would that be better?

All that said, if you're using an exchange you don't really own a bitcoin address, you lease one. And the exchange owns it.

I've never mentioned an exchange. What has to do that with the topic of this thread?

But the government should trust that you're going to declare taxes and if they find out you aren't paying you should get penalized.

Completely right, but that is not my point, see above. I wrote about a strictly voluntary possibility.

[GreenBits]

I would be in favour of a voluntary declaration of a Bitcoin address, to be able to prove that some Bitcoin transactions really happened.

WHAT?!?! This goes against everything bitcoin stands for! You should just use fiat. Bitcoin isn't for you.

Why? Blockchains are there to prove someone sent you money.

If you get an advantage proving against the State that someone (e.g. a legitimate business) sent you money and NOT another one (e.g. a scammer/hacker/money launderer) then I see nothing bad if the state gives you that opportunity. If this opportunity does not exist, the state could simply suppose you've received "not legit" money and order a raid. Would that be better?

All that said, if you're using an exchange you don't really own a bitcoin address, you lease one. And the exchange owns it.

I've never mentioned an exchange. What has to do that with the topic of this thread?

But the government should trust that you're going to declare taxes and if they find out you aren't paying you should get penalized.

Completely right, but that is not my point, see above. I wrote about a strictly voluntary possibility.

Agree with d5 partially. Im down for a voluntary submission, not a mandatory submission. I understand that this is money, and that given some of the constructs that exist in our society, it is wise from a societal good standpoint to monitor the movement of large amounts of money. In that spirit, I would even be down for a mandatory reporting requirement on x funds (this is pretty much the case as it is, most of us simply ignore this because it is rather hard to enforce with crypto). But I would rather comply than have my shit kicked in by the Feds. Essentially, people, you are at the mercy of your government. If they say a thing is not so, it no longer is. If that is a hard pill to swallow, moving should be a consideration

and no, its not fair.

[darklus123]

In the first place we are all well if not all most of us doesng want to be taxed accordingly rather we can give them voluntarily. Yet i think that it is also impossible  to legalized  bitcoin without being taxed.

If they can provide a good solution for this tax issues that could both be beneficial to us bitcoin users and the government which is almost not possible cause one thing is for sure it would always be the government that are more beneficial

[Ilegendph]

Are you in favor to register your BTC Wallet address to trace transactions and impose taxed it?  It is a big subject now amongst lawmakers to trace down income and transaction about bitcoins.   This has become the talk of the people involved in digital currency lately.  So, What do you think?

For now its impossible, its because only few merchants are accepting bitcoins. From this we can say that bitcoin works as investment and not as a currency and to tax an investment. One must the current value of that investment but how they gonna declare it if the price is so volatile that may have a big change in just an hour.