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Author Topic: Government put on tax on bitcoin  (Read 2678 times)
udayantha11
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November 13, 2017, 11:58:36 PM
 #1

If the goverment put tax to bitcoin transaction, what will the consequences?

The profit will decrease and attraction also decrease in my opinion. How about yours

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November 14, 2017, 12:07:04 AM
 #2

If the goverment put tax to bitcoin transaction, what will the consequences?

The profit will decrease and attraction also decrease in my opinion. How about yours
If the government makes a tax on Bitcoin of course this will make a little panic for Bitcoin users because now we all know that one of the reasons Bitcoin users is to avoid taxes if using real cash. but until now I still believe that the government will not withdraw taxes from Bitcoin because of the complicated calculation system and also the anonymously Bitcoin nature that makes bitcoin very keep secret users. there must be strong regulation as well as a very systematic understanding to be able to adopt taxes in the Bitcoin system. probably the easiest implementation can be applied to an exchange so anyone who withdraw bitcoin to real cash then that will be applied tax.

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Hanablue
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November 14, 2017, 12:13:25 AM
 #3

I dont think it will ever happen, if it will be still there will be so many ways to get pass those taxes lol.

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November 14, 2017, 12:44:43 AM
 #4

If the government place taxes on bitcoin it will be a big factor to those who engage in bitcoin. Due to high fee and taxes they might back out engaging in cryptocurrency.

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November 14, 2017, 12:46:41 AM
 #5

I dont think it will ever happen, if it will be still there will be so many ways to get pass those taxes lol.

I wouldn't say that it won't ever happen, though it's going to be hard to enforce taxes on each transaction as of course everything is going to be in bitcoin and people aren't going to pay this as most people are going to be anonymous to the government unless of proper enforcement of the wallets/exchanges. Only way I could see this is if they classed BTC as a currency and forced the wallets to listen to them on taxing a certain  percentage (IN USD or the currency) all the time.

Tough to do, but if Bitcoin is enough of a threat to these people they'll sure as shit do it.

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udayantha11
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November 14, 2017, 01:03:41 AM
 #6

If the goverment put tax to bitcoin transaction, what will the consequences?

The profit will decrease and attraction also decrease in my opinion. How about yours
If the government makes a tax on Bitcoin of course this will make a little panic for Bitcoin users because now we all know that one of the reasons Bitcoin users is to avoid taxes if using real cash. but until now I still believe that the government will not withdraw taxes from Bitcoin because of the complicated calculation system and also the anonymously Bitcoin nature that makes bitcoin very keep secret users. there must be strong regulation as well as a very systematic understanding to be able to adopt taxes in the Bitcoin system. probably the easiest implementation can be applied to an exchange so anyone who withdraw bitcoin to real cash then that will be applied tax.
[/quote


Most of the people think that bitcoin is the way to send money with low charges. If these happens surly problem arises.

Another reason you point out that this is complex system , yes due to that goverment may have research more and enter to tax mode

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November 14, 2017, 01:11:11 AM
 #7

I personally think that this is going to be extremely hard to achieve due to the decentralisation project that inevitably developers in blockchain are aiming for in the cryptocurrency market place. We must remember that Bitcoin has surfaced as an international currency of the world and isn't linked to any one single nation state currency, therefore giving it a certain flexibility to operate on its own terms through ICO's and other large whale investors. The government of a state would legally have to claim right on the currency working in its own borders and pass appropriate legislation through their parliament for this to happen. I think this in a proper judicial democracy would be very hard to implement.

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November 14, 2017, 01:23:20 AM
 #8

If the goverment put tax to bitcoin transaction, what will the consequences?

The profit will decrease and attraction also decrease in my opinion. How about yours
If the government will put a tax to a bitcoin transaction there will be a midman to every transactions. First the government will need to control the value of bitcoin and control the bitcoin system in the country. Anyway it is not possible to the government to put a tax on it because it is anonymous. Bitcoin is powerful and uncontrollable. The government has nothing to do with it.

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November 14, 2017, 02:19:33 AM
 #9

I do not think that's possible, because the government will not know who uses bitcoin.
even if the government imposes taxes, they will have difficulty in terms of payment.

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November 14, 2017, 02:34:28 AM
 #10

I do not think that's possible, because the government will not know who uses bitcoin.
even if the government imposes taxes, they will have difficulty in terms of payment.


low revenue governments means poor governments may think a strategy to gain tax from this block chain technology.

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November 14, 2017, 02:36:16 AM
 #11

It is ok for me if government will imposed tax to our bitcoin earnings provided that they will encourage the adaptability of bitcoin in our economy and also the legality issue of bitcoin will be finally settled in that sense more establishment will accept bitcoin, we can also use it in a lot of transaction unlike now which is very limited and hopefully time will come that bitcoin will be our main currency that is accepted globally.


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November 14, 2017, 02:38:18 AM
 #12

Government has already implied a tax on bitcoins in many countries.
Also since bitcoins are legalised anything thats money coming from any source is taxable.. bitcoins are no exception.
Well I think People who are looking for hefty gains will have to switch to non taxable legal cryptocurrencies but also at the same time none can generate greater profit than bitcoins so that depends on the personal opinion of the mass community about what they decide to choose.
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November 14, 2017, 02:43:45 AM
 #13

I do not think that's possible, because the government will not know who uses bitcoin.
even if the government imposes taxes, they will have difficulty in terms of payment.
Yeah i agree it is not possible they cant make taxes in bitcoin because they cant recognize what bitcoin is.
but i think they will give higher transfer fee.

udayantha11
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November 14, 2017, 02:45:01 AM
 #14

I do not think that's possible, because the government will not know who uses bitcoin.
even if the government imposes taxes, they will have difficulty in terms of payment.
Yeah i agree it is not possible they cant make taxes in bitcoin because they cant recognize what bitcoin is.
but i think they will give higher transfer fee.


yes i agree. transfer fee can be increase.

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November 14, 2017, 02:45:36 AM
 #15

thats will never happen, bitcoin is a digital cryptocurrency and legalize on Online transaction. thant i know Cheesy

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November 14, 2017, 03:08:23 AM
 #16

It will be hard for the Governments to put tax  because is bitcoin is anonymous, they cannot distinguish the owner because of its hidden nature.
 But if possible, it will be a great issue for the bitcoin users, they might loose their hope for investing and using cryptocurrencies.  Having no tax is also the one reason why bitcoin users love to invest and trade.

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November 14, 2017, 03:17:42 AM
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thats will never happen, bitcoin is a digital cryptocurrency and legalize on Online transaction. thant i know Cheesy


If legalize means their will be something. Sometimes when bank recieved the money they can tax.

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November 14, 2017, 03:38:03 AM
 #18

I guess every government has this idea, because taxes are a big part of their income. But really it is not possible to collect taxes, because bitcoin is globalization, a country separate tax, so people can be traded through other countries or other trading platform. If a country can shut the world wide web, then it can be done, otherwise it can't be done. Grin

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November 16, 2017, 12:28:38 PM
 #19

Governments can set up laws and regulations and then set up "departments" to monitor and enforce.
Whether it is successful or not is another question. No doubt they will have to skill up and understand how digital currencies really work, maybe monitor a few people, monitor the flow of their btc's and audit them, create some "high profile" cases to be made examples of etc.
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November 16, 2017, 12:35:28 PM
 #20

For sure many will be irritated with that because even on the internet you can't escape the greediness of these government employees they want to tax on everything and people will get frustrated because we know for sure that when the government imposed tax they will impose as high as they can impose because they know the number of income passing to the bitcoin and when that does really happen then we can say our freedom here in bitcoin goodbye because those greedy workers of them will imposed a lot of regulations for that.

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