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Author Topic: Government put on tax on bitcoin  (Read 2670 times)
isaac_clarke22
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November 21, 2017, 01:37:19 PM
 #101

Buyers might think twice in buying BTC even if its price is low now. The thing is we're already paying miner's fee in making transactions in BTC such as transferring funds into another wallet. What more of the expenses can it make when government starts to make some regulations of taxes? Withdrawing BTC into fiat cash already has a processing fee, how much more can it be with government's taxes?

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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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November 21, 2017, 01:44:47 PM
 #102

I don't think that would be possible as Cryptos, especially BTC is much anonymous and decentralized. But if Any Government thinks such way, that also triggers a little hope - that country is thinking about cryptos in a good way and also looking to legalize it.

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November 21, 2017, 02:01:36 PM
 #103

oh no government please look somewhere else to put any taxes. We do pay taxes for electric,water,house, and everything (btw the goverment already put taxes from the tools that we used to earn bitcoin,right?)but please don't put that silent but deadly weapon a.k.a taxes to reduce what we earn from bitcoin, the consequence I will convert it to another crypto that free from tax. Smiley
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November 21, 2017, 02:04:36 PM
 #104

I don't think that your opinion will apply on every country. I think they will also tax you base on your earnings. For example, here in the Philippines, you get taxed by 12% of your total earnings. And every country has different styles of taxing.

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November 21, 2017, 02:05:14 PM
 #105

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
To the government imposed a tax on the deal of the bitcoins, this transaction must take place on a platform or exchanger, which was created by the government itself. There are many people wishing to use such an exchange office Cheesy
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November 21, 2017, 02:12:23 PM
 #106

If the government introduced such a tax measure, in the short run it certainly has an impact, but in the long run it may not be certain
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November 21, 2017, 02:15:10 PM
 #107

Maybe bitcoin can have taxes if it is widely known.
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November 21, 2017, 02:19:34 PM
 #108

i think as long still worth it with the income and the lesson about bitcoin for me i will pay the tax. it is the best way than government block bitcoin in their country, we still can access bitcoin in my country

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November 21, 2017, 02:27:10 PM
 #109

yeah maybe they can , but how if the user didn't agree ? it will be war between government vs people lol ....
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November 21, 2017, 02:33:09 PM
 #110

If the government put tax in btc, some people won't like it and leave the cryptoworld because btc has a high value (completely volatile) it makes higher taxes. But I think when you get or withdraw your money there's still a tax. The one thay you'll pay after the transaction.

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November 21, 2017, 02:33:27 PM
 #111

If governments adopt this choice, no one will use bitcoin as a payment method.
The majority prefer bitcoin because it is free to use and all you have to do is to pay transaction fee which is generally negligible.

Technically speaking, it will be hard to implement taxes on transactions due to the fact that bitcoin network is decentralized and transactions are almost untraceable.

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November 21, 2017, 02:36:02 PM
 #112

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

I dont know for sure, because right now it has not happened for my country. I think there's going to be a profit and a loss, that's for sure. but if analyzing from what happens it might be good if the state is involved in bitcoin.

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November 21, 2017, 02:36:18 PM
 #113

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 put tax on the bitcoin it maybe they control or manipulate the bitcoin in his way in ones countey because they can put an tax or any payment in using the bitcoin. In this wau the government can controlled the bitcoin. I think it will be a negative impact in the bitcoin because it might the user and investor will much less if have an tax. And in the other side, the government will be very happy because they earn in the bitcoin

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November 21, 2017, 02:43:24 PM
 #114

The government will make a tax for digital currency, as a good citizen I am ready to be in taxes such as transactions or taxes.
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November 21, 2017, 02:45:06 PM
 #115

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
applying high taxation rates on bitcoin is not so good for the country itself. it will makes business enterprises think twice to build bitcoin related company in that country, but if government do not tax bitcoin, it will open doors for greater levels of fintech investment for that country.

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November 21, 2017, 02:52:34 PM
 #116

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 imposes a tax on bitcoin then the profit automatically decreases, but the interest of people to follow the bitcoin will not decrease in my opinion, bitcoin is a job that will not require the labor to work so that people will still be interested to use bitcoin.
I personally feel very grateful if bitcoin can be licensed from the government even though taxing, rather than bitcoin is still illegal, it is better to have permission even though there are taxes used by the government.

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November 21, 2017, 02:56:38 PM
 #117

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
You are right. But bitcoin cannot be taxed by the government because they do not own it. If they want to own it then they must buy the whole 21 million BTC around the globe.

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November 21, 2017, 03:22:35 PM
 #118

If they tax bitcoin, soon enough they have most of coins in their possession.

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November 21, 2017, 03:49:22 PM
 #119

It would take very strong regulation and control. I'm not sure that it's even possible. It could drive the market to the anonymous coins like Monero.
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November 21, 2017, 03:54:12 PM
 #120

I agree that the profit will decrease but it'll be more attractive because the government only can put tax on Bitcoin income when and only when they can be able to legalize Bitcoin in their country so when Bitcoin is legalized, it'll be widely used as a local currency so the number of people using Bitcoin will increase and it'll make Bitcoin become more popular and acctractive.

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