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Author Topic: Government put on tax on bitcoin  (Read 2670 times)
Markzuckertion
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November 24, 2017, 03:36:03 AM
 #141

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
Governments are already do that. You can see the about how to pay tax that issued by IRS, every country has different regulation so you don't need to pay any tax if your country is not regulate it. My country did not accept bitcoin but also didn't ban it so there is no bitcoin taxation in my country.

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November 24, 2017, 10:36:54 PM
 #142

Logically yes but i think it would not happen.
It is not secret that some countries r trying to regulate relations of bitcoin and whole crypto world by legislative actions,but how they are going it to monitor everything?it’s like searching something small in ocean.they can’t control it whole system.may they control concrete mining companies wich are in their jurisdiction but not all of them, its a very bad fact,but finally bitcoin always shows what it can do.look at history how many years is bitcoin alive and continious to rise price? Why they did’t regulate it? Because most of them want sto put inappropriate tax on it wich is opposite to principles of legal state.

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December 21, 2017, 04:55:54 AM
 #143

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.
Bitcoin is decentralized coin and no one can affect or change their rules and regulation. So if government want to put taxes on bitcoin they will need to own all bitcoins which are approximately 21million around the world which is very high price. So it means it not possible that any government can get authority of putting taxes on bitcoin.

naily
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December 21, 2017, 05:09:11 AM
 #144

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 users means the government has legalized bitcoin currency, I think it's natural as long as there are clear rules and do not harm the bitcoin users

lunaalthea
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December 21, 2017, 05:23:26 AM
 #145

To be honest, I do not think it is possible for the government to have taxes for every transaction of bitcoin since bitcoin is decentralized, it cannot be controlled by the government and the people who use it are anonymous

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December 21, 2017, 05:23:37 AM
 #146

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

This will create panic among the people who are using bitcoin to hide tax i.e the people who have excessive  amount of money already. But the people who are looking to build money using bitcoin (trading, or working for bitcoin what ever may be) the will get a relief because putting tax on bitcoin will legalise the bitcoin. And lots of people, who still think that bitcoin is illegal will then take a chance on bitcoin.

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December 21, 2017, 10:11:51 AM
 #147

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

This will create panic among the people who are using bitcoin to hide tax i.e the people who have excessive  amount of money already. But the people who are looking to build money using bitcoin (trading, or working for bitcoin what ever may be) the will get a relief because putting tax on bitcoin will legalise the bitcoin. And lots of people, who still think that bitcoin is illegal will then take a chance on bitcoin.
money has value only until it can be transformed into goods or services. And at the moment of this transformation, the government will have a lot of things to say about whether the participants are paying their taxes.

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December 21, 2017, 10:16:21 AM
 #148

I think that idea is not gonna be good in the future if they will turn bitcoin with taxes and many changes again can happen to it. and I don't agree with that bitcoin with taxes we all know that it has permanent price that's why it will conflicts to the prices sometimes.

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Miles123
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December 21, 2017, 10:17:47 AM
 #149

It is hassle if governments put on tax in Bitcoin because we should pay after we get our money. But no one can control bitcoin because it has a powerful backs. That's only my opinion.
Hemady17
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December 21, 2017, 10:28:41 AM
 #150

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
This will be the end of bitcoin! If the government forced to implement taxes in bitcoin transaction, many users will hessitate to transact with bitcoin. Hopefully it will not happen because it will affects the investments and stability of bitcoin.

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December 21, 2017, 10:29:26 AM
 #151

maybe this could happen ..
if indeed the government adopted a policy of taxing on bitcoin, I do not think the taxes are so ... because the bitcoin players who have been long, definitely negotiate with the government. and in my opinion the government also joined bitcoin in silence.
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December 21, 2017, 10:48:16 AM
 #152

Bitcoin is a decentralized program and I think Government is not be able to control it or they don't the power to do what ever they want. It's a bad form for bitcoin investors or users if that will happen. I hope Government will invest their money for bitcoin instead of putting a tax.  Wink

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bitfocus
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December 21, 2017, 10:58:30 AM
 #153

I don't think there is any possible way to track or tax Bitcoin, but Governments can change their rule and ask people to submit tax on their Income from Bitcoin-related earnings. That will bring another good thing - government will be forced to declare Bitcoin and Cryptos legal.

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December 21, 2017, 12:04:00 PM
 #154

Many bitcoin investors are investing in bitcoin only to avoid taxes from government. If government impose taxes on income from bitcoin currency, these investors will become panic. We may say that government have no knowledge about the user of bitcoin currency then how can they tax them. But government will tax the investor when he converts bitcoin to fiat cash. In many countries bitcoins`s status is not yet decided but income from bitcoin currency is taxable. Taxes have nothing to do with source of income. In India, USA income from bitcoin currency is treated as Capital gain and taxes are imposed accordingly.

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December 21, 2017, 12:29:18 PM
 #155

I think not, the profits will only fall slightly because it may be subject to state taxes, but if the user a lot, I think bitcoin prices will rise.

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December 22, 2017, 04:01:47 PM
 #156

As BTC is not yet centralized by the government in many countries so the government is not yet implying tax on BTC but it's popularity and it's increasing craze among people signifies that in coming future government would impose tax on BTC and BTC then will become centralized because in the future every one will be using BTC because of its such a profitable criteria and being a future of finance that every investor is now looking forward for BTC  to for having their own profit, government would impose tax on BTC in future.

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December 22, 2017, 04:12:35 PM
 #157

It will be hard for the government to identify all people that gain revenue thru bitcoin trading unless the exchange itself impose taxes from each completely executed buy and sell. Another thing is that do, people who keep dollar and after the time the dollar increase its value the government will come by and ask for the tax. I think that is not possible. A person hoarding a bitcoin and when the price goes up it can't be taxable.
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December 22, 2017, 04:18:17 PM
 #158

The government puts taxes on everything. That is just how the world economy goes, they're supposed to use the money they earned from you to improve the nation, but of course, it's not always a fairy tale.

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December 22, 2017, 04:18:58 PM
 #159

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

the government collects taxes from the circulation of bitcoin as the government wants to master bitcoin and this is not good for the future, bitcooin should not be mastered and influenced by the government.

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December 22, 2017, 04:23:05 PM
 #160

If government would impose taxes on bitcoin earnings, many people would oppose. Firstly because earnings would then be lesser. Second, we will be giving another nonsense income to the government. It is not advisable that they would want shares on every earning we get from bitcoin. There will be limitations if that happens. It is of no good. Those big earnings will be deducted with taxes. Al our efforts will not be totally worth it. There will be conflicts as well if government will take control of bitcoin.

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