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

[Juggy777]

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?

Definitely a big NO, why would anyone even think of this kind of idea, Bitcoin is the only thing that is not taxed and I am very happy to keep it this way, Now let's assume that the government one day decides to tax Bitcoins, how in the world would they able track it. Bitcoin Addresses can be changed by the buyer and seller, there is no guarantee that the person will transact in his or her name. There are so many possibilities, one can never track it and the whole idea would be a futile.

[rcoins0720]

Nice idea but the bitcoin is not design to work as what youv'e said.. why we need to register and pay tax if every time we exchange the tax is always there..
Bitcoin is decentralize and technology and how adresses work is different from registering only only one adress for you to use..
But if this will happen it will affect the bitcoin price and I think it will beneficial in both of us..

[marcbitcoins]

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?

It will not work my friend because we could make a hundred of wallet address in which if we register the one still we have 99 to hide but if you mean our local wallet then i'll support it because this is to ensure to trace the laundering in which it might possibly use in criminal activities and also i support the taxation as long as it will not corrupt it in which it will be use to the welfare and prosperity of the country. The prosperity of the country is the prosperity of all the people.

[TheGodson]

It may actually be a great stepping stone to get more people to trust Bitcoin. The Bitcoin community needs to work with government in order for it to work. If the governments don't like Bitcoin then consider it obsolete. Governments are mighty and powerful we are mere people.

[0t3p0t]

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?

No, I am not of course. I don't think if they can do such thing. Wallets are generating new addresses and who the heck are going to register their adresses for a tax in every transaction? We currently have issues on the transaction fees going high so how on earth we give them our addresses for additional tax? Damn, regulating and putting tax on local exchanges is enough. If registering addresses is gonna happen in the future I think we need another form of blockchain technology that could totally kill taxes or we might give them addresses that is often used. We can actually give them thousands of fake address for them to suffer severe headache.

[jc89]

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?

My opinion doesn't matter whether I am in favor to register my wallet address or not for taxation purposes. That is because it won't happen and lawmakers will always have hard time to trace the address owners. And one thing, how can a local government trace the owner if the address is from different country like the US? I reside here in PH so I'm not sure if the government here will take time to trace every address to trace all Filipinos who have btc wallet. And remember that we can always make multiple wallets and change addresses. And the uses of mixers will always be handy. But IF they succeed to put tax in it it's fine with me as long as it will be fair and reasonable and with utmost consideration.

[albert11]

Of course I do not want this to be seen by others. Because this is my personal transaction. and if someone else knew it was like I was stripped off of what they did. And another bitcoins are decentralized when people know where our bitcoins earned are as if they have centralized the bitcoins.

[harizen]

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?

Im fine with submission of my personal documents to the legit exchanges because that is mandatory as part of complying with the rules of a certain country but for registering the address itself, Im not with that kind of idea.

In the first place what is the purpose? Some exchanges have records about their clients respective addresses so I think this is not necessary. Although it might be a big help in solving illegal activities via bitcoin transaction, it will affect the benefits and advantages why we are using crypto in the first place. Just improved the current security measures and that will be fine.

[RayvenPierre]

I don' think this is necessary and people are enjoying bitcoin because you enjoy the privilage of doing transactions anonymously. And if we're gonna be registering our addresses bitcoin will no longer be decentralized because the government will gain the upper hand to control the users.

[Indrawan77]

No,  I wont registered it until there are no more hole for me to escape,  I was using bitcoin because I like my hidden transaction and I dont plan to reveal all my transaction to anyone,  if bitcoin being taxed maybe I will find other coin that still escape from the government supervision

[audaciousbeing]

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?

This idea I feel will not work because if this is the way they want to ensure that taxes are levied, then they are bunch of jokers because I can then register just one wallet provider then use other wallets provider and aside that, the singular action of registering your btc wallet address to identify you, has taken everything bitcoin stands for that that relates to anonymity.

A way out is to go through the middle men and device a way out of the conventional levying of tax since that is their end game. For example using Coinbase for mostly US citizens, what is needed is to ensure that when you sell on that platform Coinbase deducts their fees and the tax element before paying you the balance thereafter remit it government.

[Kakmakr]

Registering all your Bitcoin addresses are impractical, if you are using Bitcoin to protect your financial privacy from the general public. Whatever you do with Bitcoin, will eventually be audited and then you will have to explain yourself. Just keep record of all your income and expenditure within a specific financial year and provide the proof, when you are audited.

The tax man will only prosecute you, if you do not provide proof or data of your income and expenditure. The Blockchain has all the information they need, you just need to provide the Bitcoin addresses you used. ^smile^

[SamsungBitcoin]

I do not think it will happen now a days, i do not think also how the government impose tax in every transaction we made it is digital currency or decentralized currency which is no physical money involved with it. Also government will use only 1 bitcoin wallet and we will register with our identity to trace who is the person behind in every transaction but i do no think government will do that. Hoping that bitcoin will remain as it is right now.

[stompix]

This has become the talk of the people involved in digital currency lately.  So, What do you think?

It is not lately it started 4 years ago right after the March-April boom.
And there where a few who come with a project of white addresses that would also carry the identifier of the owner.
Since you don't see that project up and running you can think for yourself how the community has and would receive an idea like that.

I don' think this is necessary and people are enjoying bitcoin because you enjoy the privilage of doing transactions anonymously. And if we're gonna be registering our addresses bitcoin will no longer be decentralized because the government will gain the upper hand to control the users.

Bitcoin will continue to be decentralized. Knowing the users behind the addresses does not limit decentralization.
Besides, the governments would easily track more than half of the coins.
A lot of us purchased coins on exchanges and verified themselves, a lot host (big mistake) their coins on web wallets, a few are paying their bills with so they can also be tracked. But this would just end anonymity, it doesn't mean the government will run the block chain.

[npredtorch]

It might sounds good for tracking illegal activities like money laundering but, it doesn't make sense at all. Bitcoin is created for the sole purpose of being a decentralized and anonymous digital coin.
It's already a successful project after all, then why would we let our ass to be regulated and worst, taxed by authorities? It will be a disgrace for Satoshi who give us this golden piece.

[imking]

In not favor to register my bitcoin address to trace and tax because government are corrupt not only that impossible to track the bitcoin every time the address change its too hard to track and I know most of the user have dummy bitcoin address.

[Mr.John19]

Yes, I favor to register the bitcoin address to transaction and tax, because it happens the bitcoin is permitted by law it means bitcoin be legal, the money comes from the bitcoin help to support the common resource like build a hospital and others.

[iamTom123]

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.

Exactly also my point. I am so sure that many lawmakers still do not have even some basic grasp of how cryptocurrency is working. What the law provides is that taxpayers should be the ones to declare any income earned with any cryptocurrency related activities and until then there is no way that they can fully trace everything not unless they have the control on how many coin address a person can create. I hope they can first have a good talk with someone who can advise them on matters of cryptocurrency before espousing any idea which will never work at all.

[iamaruf]

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 think this is impossible.First of all people don't use 1 address to receive or sell bitcoin.Only paper and some others people who have private key of their wallet they only use 1 address. And police or government can not verify who received or sell bitcoin.So I think it will never happen.

[Herbert2020]

in other words "are you willingly going to invade your own privacy" LOL.

and there is no practical way of doing that by the way. because first of all you shouldn't be reusing bitcoin addresses to begin with so every transaction means having a new address and maybe you are just transferring bitcoin from one wallet to another (like from your hot wallet to cold storage). it becomes a mess to explain all of it.

any taxes is usually either on "profit", like trading profit which is 100% clear since you do it on a centralized exchange, or it is from mining, again should be nearly clear, or offering a service like owning a business which is again clear.
and AFAIK it is the same as fiat. you don't pay taxes for holding fiat, but you do pay taxes if you have a shop, or if you buy a house.