Bitcoin being taxed?

[IceOleg]

When we pay for something with bitcoin today we have to pay such a high fees that I would prefer to pay taxes instead. When you pay takes you support government, which is generally a good thing!

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[supine]

Just happened across this one: https://motherboard.vice.com/en_us/article/7x4vad/putin-cryptocurrency-russia-mining-regulations-ico-bitcoin-ethereum?utm_source=mbfb

It sounds like a good idea from a government's perspective but wouldn't miners just move to locations where they don't have to register?

I don't think this is such a good idea. Yes, when bitcoin is being taxed, it means the government is now acknowledging it as a legal currency. However, bitcoin's value is big, which means the tax will also be big and many bitcoin users will suffer.

[ClownSpider]

Bitcoin IS NOT being taxed.   lol lol lol

[lucifochrome]

In my opinion, bitcoin being taxed can either be good or bad. Since bitcoin is decentralized there is no way for the government to monopolize on this and with that being said it may be that more and more illegal activities will be made or transacted with bitcoin. The government tends to tax it in terms of regulating bitcoin since they cannot fully control it. In some point they get commission out of that, on the other hand it gets positive feedback from the people and with this more and more people may invest and it is good for the bitcoin community.

[finzyoj]

Bitcoin IS NOT being taxed.   lol lol lol

Yes. Bitcoin itself is not being taxed because it is decentralized currency. The goods and services offers in the industry and interprises where we spend bitcoin is the one being taxed by the government.

[szpalata]

Bitcoin IS NOT being taxed.   lol lol lol

Yes. Bitcoin itself is not being taxed because it is decentralized currency. The goods and services offers in the industry and interprises where we spend bitcoin is the one being taxed by the government.

It is not taxed because the governments around the world lacks the platform to identify each user and the transactions they effect. These limitations makes it impossible for them to identify and tax individuals unless certain laws are passed and a corresponding new technology emerges.

[Kelvinid]

Bitcoin IS NOT being taxed.   lol lol lol

Yes. Bitcoin itself is not being taxed because it is decentralized currency. The goods and services offers in the industry and interprises where we spend bitcoin is the one being taxed by the government.

It is not taxed because the governments around the world lacks the platform to identify each user and the transactions they effect. These limitations makes it impossible for them to identify and tax individuals unless certain laws are passed and a corresponding new technology emerges.

Right.It's really hard for the government to implement taxes on bitcoin because we are decentralized from the start and will remain anonymous till the end.And i think our own government here is not aware of the existence of bitcoin so how come they'll be implementing tax on it.

[honeyb0y]

Bitcoin is not the one that is being taxed it the income that you are getting from bitcoin. So if you only have the coin and never converted it to fiat then it is not taxable.

[tulpe123]

bitcoin needs to be taxed as soon as you get fiat. its up to you country and the regulations about it and which view the goverment has to it.

if its under the categorie " stocks " you may need to pay taxes.


best way is the loophole to get Gold as many countrys dont tax gold if you buy and sell so you can easily get cash at the end without paying taxes.

[NavySeals]

Bitcoin IS NOT being taxed.   lol lol lol

Yes. Bitcoin itself is not being taxed because it is decentralized currency. The goods and services offers in the industry and interprises where we spend bitcoin is the one being taxed by the government.

It is not taxed because the governments around the world lacks the platform to identify each user and the transactions they effect. These limitations makes it impossible for them to identify and tax individuals unless certain laws are passed and a corresponding new technology emerges.

Right.It's really hard for the government to implement taxes on bitcoin because we are decentralized from the start and will remain anonymous till the end.And i think our own government here is not aware of the existence of bitcoin so how come they'll be implementing tax on it.

In my country, the government are investigating the bank accounts that sent money to bitcoin exhange platforms. They're probably planning to tax bitcoin. As far as I see, the rest of the world is still tax-free for bitcoin earnings.

[Nevis]

Taxing bitcoin is somewhat good but someway bad also,almost all users come into bitcoin because they know that it is a tax free currency letting them get all their money without being deduct by the government,if this would happen imagine what will be the reaction of those users

[blackr15]

if in my country has not been in taxes because my government is not so know about the contents of bitcoin. if my government knows about bitcoin then it will also be in taxes the same as in your country ...

hopefully in my country bitcoin not in taxes ...

[augmentedinvestor]

More of a PR move to attract interest/investment regionally within Switzerland (to be competitive with Zug) but found it interesting that you can pay a portion of your taxes using Bitcoin in Chiasso: https://www.swissinfo.ch/eng/swiss-fintech_chiasso-accepts-tax-payments-in-bitcoin/43503464

[andthereyou]

It sounds good for government but not for miners. Morely likely miners will move to avoid governments because paying taxes defeat the purpose of cryptocurrency.

[nurulbd]

Every countries depands on tax and revenue.Which countries are uses in bitcoin ofcourse there are encluded taxed.

[Nerman]

I think this is good news and legal since it is still an income and if your country has an income tax you still need to declare it. It also legitimizing bitcoin and crypto currency. I know miners will probably try to avoid taxation but it is good for the local economy.

[Karakyli]

Your Bitcoin is taxed when you convert Fiat to Bitcoin or Bitcoin to fiat. You aswell pay indirect taxes through Centralized exchanges and other related services.


So no need for governments to demand for extra taxation unless they want people to be pissed and avoid taxes entirely, which is possible with Bitcoin.

These indirect taxes on the exchangers go into the hands of the owners of these exchangers, and the state is interested in collecting direct taxes on profits from operations with the crypto currency. There is nothing new in this. Any activity that generates profit is usually taxed by the state. So far, only the only country - Ukraine has registered a bill on exemption from payment of taxes for activities related to the crypto currency.

[justyourkuya]

Tax is a form of social responsibility that benefits the community. It encourages individual to contribute finances when it is for public interest. I guess it's fine when Bitcoin will be taxed if the money contributed by the active forum users here or miners is for good cause.

[Nilda]

This should alone motivate forward thinking governments to regulate cryptocurrency. Think of the taxes it can generate that can be used for social services. Not to mention the trust and confidence boost it will give to prospective investors.

[deviant99]

Bitcoin is a tax free currency and people are used to it because they know that if government are in to bitcoin they will add a taxes and it will cost you more . You're saying that government will reduce the little charge of sending bitcoins, i think it's impossible.