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

[Opquar]

This sounds like a privacy nightmare. You might as well start posting your bank transactions online because that's pretty much how this is going to look like. I do hope there is a way to do this without compromising on privacy in the future.

[kiddeon123]

I think that it is possible but it needed a lot of effort from the government and the bitcoin users. But I think the bicoin users will not accept it because bitcoin address changes when you create a transactions, that means that they need to register ther address every single time the had a transaction qhich I think a big hastle to them.

[bigmaster23]

I'm not gonna favor on this way, you see  btc can be hacked through some expert at their given field I will and I will not gonna put my btc addressed into any kind of vocal mouth in some what way.

[Scorpion]

Nah not really, Bitcoin addresses come and go and they can be very problematic to account for multiple transactions daily and multiple addresses for fees and what not.

[posi]

In bitcoin world is not possible to trace people transaction because almost every wallet have the features of creating atleast 3 wallet address per account but if they could trace the IP of the wallet address owner or if exchange expose their customer information, I guess that is possible.

[Tesorex]

Lawmakers-Do you have any Bitcoin?
Me-No

[South Park]

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 never going to work, they can do this with credit cards because they have control of who gets what number and they can make a quick research on you but in bitcoin you can download a wallet and create hundreds of address, how are they going to control that?

[matrixjohn]

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.

 I agree , for sure if the your country will fully welcome and formally legalize the cyrpto currency, the government will surely find ways on how to trace all the transaction for the sake of tax generation. I think that is one of the disadvantage when that time comes.

[squatter]

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?

Of course I'm not in favor. And who are we supposed to register with, exactly? Some government office? I don't register my bank accounts with the government. The banks are supposed to forward Suspicious Activity Reports above a certain threshold of activity or if structuring is involved, but otherwise my banking activity is none of the government's business. Why should this be any different?

Anyway, it's simply not workable, particularly with the way that Bitcoin works. Users aren't supposed to be reusing addresses, and wallets don't reuse them by default. Are we supposed to register addresses that aren't even visible in the wallet yet?!

Governments should regulate exchanges and brokers, and tax authorities should publish tax guidance. What the OP is talking about is straight out of some dystopia...

[Williamsss]

That would not work with the mechanics of bitcoin but even if it did I would not agree with that, simply because it's against everything bitcoin fights against. When you want decentralization and freedom against that type of power and control from entities you cannot allow such a thing.

[gentlemand]

Depending on where you live Bitcoin is being taxed right this very second. It's the users' job to tell the tax man about their huge profits and it's the same in virtually every other area of life too.

[eaLiTy]

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 am hearing this for the first time that someone will be able to trace back to you when you have not disclosed your amount of coins stored in your wallet 
unless you disclose your wealth stored in crypto currencies how on earth are they able to know how much you are worth and why would anyone pay taxes for storing their coins in their wallet,this is just absurd and no one will disclose their worth to anyone unless they wanted to convert some of the coins to fiat.

[South Park]

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.

Correct, people will have to limit themselves and we know that is never going to work, now the government may create their own wallets and ask their citizens to use them but the moment your bitcoin is out of that wallet, if you ever put it there, then they no longer have any control over your bitcoin.

[joseafonso123az]

Taxing all of the newly generated addresses in your wallet might be a difficult task! Not impossible, but though!  I would be in favor of this, because you would be able to trace the source of the BTC coming to your wallets. With that I believe BTC would gain more users because it would start getting in the legal standards!

[darklus123]

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.

you have a good point. Taxes should only be performed  when a certain person uses a general services or to buy anything and profits.

 If bitcoin could someday be taxable it would really be hard for the investors to buy bitcoin because of being charged for a tax which is an acceptable. Unless if you are going to buy something  which is i think was already being performed

[Agozyen]

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?

There's no point.  Anyone that wants to hide a transaction can do it quite easily.  Anyone that feels compelled to pay taxes can do it as capital gains or equivalent. 

[illyiller]

There's no point.  Anyone that wants to hide a transaction can do it quite easily.  Anyone that feels compelled to pay taxes can do it as capital gains or equivalent. 

It's not just about hiding a transaction, though. It's about the larger question of privacy in the context of a public, transparent blockchain. In some ways, Bitcoin is so transparent that it works right into regulators' and law enforcement's hands. Sure, you can hide transactions now.

But with the speed at which blockchain analysis companies are developing and given that governments now seem very interested in cryptocurrencies, I don't think it will be so easy in the future. Not unless Bitcoin develops significantly better privacy features, like sidechains/drivechains that use CT, the Lightning Network, Tumblebit, etc. Law enforcement watches the centralized mixers closely (if they aren't running some themselves), and they run lots of TOR exit nodes, too. We need much better privacy technology.

[shivansps]

There is no one fixed address and anyone can generate as many as he wants.What is the point in registering address then?

[Diablesfunis]

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, why should i let them know my full information, my transactions and what I do. I never reuse an address in the first place so i can't register a single btc address. I already pay the transaction fee so why should i let them impose another tax on top of that? They should just tax the merchant who accepts bitcoin and the exchange.

[mast3rm1nd]

kinda defeats the purpose of bitcoin don't you think ?? it's really a problem that needs a solution in order for bitcoin to have a future.