Bitcoin being taxed?

[yashjaat]

Bitcoin is a virtual currency that uses cryptographic encryption system to facilitate secure transfers and storage. Unlike a fiat currency, bitcoin is not printed by a central back, nor is it backed by any. Bitcoins are generated by what is called mining—a process wherein high-powered computers, on a distributed network, use an open source mathematical formula to produce bitcoins. It takes real high-tech hardware and hours or even days to mine bitcoins. One can either mine bitcoins or buy them from someone by paying cash, using a credit card, or even a PayPal account. Bitcoins can be used like a fiat world currency to buy goods and services.

[sksshopee]

In our country Bitcoin has been not taxed by government. We are happy if it will be taxed by government because that is a good step towards financial freedom.

[jazmuzika217]

Thats would be great but if we think of attributes of btc, it is decentralized thats why it is using by people because it is less hassle. And also faster than bank to bank transaction. I think if the government would taxed the btc it would be a major crisis for crypto world especially those countries that starting to adopt its function.

[minisegway]

It will not happen, the mining has been profitable and they will remain if they start to be squeezed - they just change the location and nothing happens, everything is simple. there are many countries - where there are no clamps for mining - everything is open and accessible, so the miners are the engine of progress in the Crypto-currency

[kokoko77]

"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 ." , i agree.

[Anti-Cen]

You only tax profit and anyone providing a real service using BTC has $45 per transaction fees
to deduct from any tax returns and I hate to point out the profit in price appreciation of the
coin is being eroded by the day.

Tell me how often does a gambling addict walk into a casino and walk out with a profit
or are all the people in this forum stock brokers and software developers.

Lets take a inside look at what this new generation of "Day Traders" are really doing for a second
https://yobit.net/en/dice/

Yes playing dice even when they know the bankers skims 5% of the top and I am sure the average
roll of the dice will always come in at 50:50 but look closer at what is happening because bots are
playing and bet $0.0001 on the roll of the dice, few small bets from the punters for fun but can you
guess what will happen on the site if you turn up and bet $2000 on the dice or should I leave it
to other software developers to explain that one.

Spot the ball will offer greater returns and this is what the semi-pro BTC traders are doing
so when the market turns down as it will then taking money from them is going to be like
taking candy from a baby, you have been warned.

[roberthus]

Until Governments start calling bitcoin currency, it cannot be taxed.
IF BTC could be taxed, you could simply not report it, because it is anonymous enough to just NOT report.  lol

You could mine it, and not report it.  Easy.  Give me a break.

It is assumed that one of the main advantages of obtaining and paying with BTC is anonymity and skip the payment of taxes. It would not make much sense, although if for a country

[piter66]

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'm really against taxing bitcoins because it defeats the main feature of bitcoins which is its decentralization. If it gets taxed, the goverment takes over bitcoins one by one. Imagine that you have to pay a percentage of the bitcoins for transaction fees and then pay for tax. That's too much if you ask me.

Not really though the point of bitcoin wasn’t being able to evade taxes or anything, the point was not being tracked on EVERY single thing we do so it’s pretty alright

[zzxswqq]

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

Agreed, why don’t people get that “The goods and services offers in the industry and interprises where we spend bitcoin is the one being taxed by the government” for some reason people thing that taxes = centralized control over bitcoin

[mkettler]

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

Actually i read somewhere that when one is either exchanging their cash into bitcoins or the other way round, the government in some countries actually tax the bitcoins and after that when they use it buy goods and services, they are again taxed again.

Don’t all countries do that though? Earning are always taxed and on top of that you get taxed for buying goods, that’s not a new concept

[akiraminai]

I think the government taxes were not just in one site. In my country, the government take actions about taxes the day or time a bitcoin user withdraws.

[Budugbass]

There's a taxed or not, applied or not applied a taxes on bitcoin / crypto currencies in our respective country.. it's good if we trying to pay a taxes as we can, we must showing be a good citizen for the progress of our country and not detriment the government of our respective country.
We must not be selfish, this life must be complementary to one another. The progress of our country is very important, and with any taxes.. the small or poor people can be helped of course.
So well obviously.. for me it doesn't matter at all if indeed there will be applying of taxes in my country on bitcoin.

[louie69]

There's a taxed or not, applied or not applied a taxes on bitcoin / crypto currencies in our respective country.. it's good if we trying to pay a taxes as we can, we must showing be a good citizen for the progress of our country and not detriment the government of our respective country.
We must not be selfish, this life must be complementary to one another. The progress of our country is very important, and with any taxes.. the small or poor people can be helped of course.
So well obviously.. for me it doesn't matter at all if indeed there will be applying of taxes in my country on bitcoin.

I think that bitcoin should be taxed if bitcoin currency is recognized in a certain country such that the government may also gain substantial profit and helped the people that is in need. In effect, this will be bad for the bitcoin users because this will lessen the income they had made with bitcoin.

[azker]

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'm really against taxing bitcoins because it defeats the main feature of bitcoins which is its decentralization. If it gets taxed, the goverment takes over bitcoins one by one. Imagine that you have to pay a percentage of the bitcoins for transaction fees and then pay for tax. That's too much if you ask me.

Taxing individual transactions is autistic af and the governments probably wont even bother with that. They’ll tax your profits though with BTC

[rog1121]

Attempting to tax BTC and other cryptocurrencies in the "general western world" in the same top down fashion would be an act of folly, besides perhaps for fiat purchased or derived coin, unless you have a complete iron curtain over your nations communications, ect - which is what Putin et al are certainly going for by criminalizing VPN use, ect, but they too won't be completely effective. Smart people will have coins socked away (with differing levels of utility depending on what you can do with them), as long as the internet still has provisions for encrypted communication, and it will as long as the is one.

They don’t need to tax your BTC though. They don’t have a way to track crypto, they can however tax your fiat income when you convert

[queenhallmark]

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

Actually i read somewhere that when one is either exchanging their cash into bitcoins or the other way round, the government in some countries actually tax the bitcoins and after that when they use it buy goods and services, they are again taxed again.

That mainly happens only when you official spend them on some site like say Steam where they declare the BTC and not p2p

[zmkriel]

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?

This right here is mostly an attemp of the governments to adapt with the increasing and unstoppable demand for bitcoins. Thinking it wouldn't be easy to stop bitcoins, they resulted into using this demand for bitcoins to their advantage. Hence, they tax peope for mining bitcoins. Although i don't see anything bad yet, i think this is the first step of the government to take advantage of the people and tax the hell out of us. So having said that, i would probably not reveal myself being a bitcoin user. Damn taxes makes me feel chanied in the outdated system of this world

Definitely right. Anyway, it will always be our choice not to revail ourselves of being a bitcoiners so that the government cannot collect taxes from us. But sad to say that when we converted our bitcouns into fiat then that will be the time that we oblidge to pay taxes. Hopefully there will come a time when there are lots of options to use bitcoins as a payment.

[brylleleandre0012]

well this is expected, for this is the only way the government can benefit from the massive amount of money circulating in the crypto world, the government knowing that bitcoins price and daily transactions are expected to grow significantly in the coming years.

[TheKeyLongThumbI]

I know that things like this is inevtiable but please don't take this as a disadvantage guys. Taxing is part of regulating crypto and regulation means it's much safer for new investors' perception and to avoid bitcoin getting used on money laundering and drug deals.

[Geoll29]

I don't think the government should tax bitcoin yet. Earnings through bitcoin is still not guaranteed. There are times that we can lose. I think they need to find other ways for tax.