Government put on tax on bitcoin

[Sub1]

Is the cryptocurrency bitcoin the biggest bubble in the world today, or a great investment bet on the cutting edge of new-age financial technology? My best guess is that in the long run, the technology will thrive, but that the price of bitcoin will collapse.

If you haven’t been following the bitcoin story, its price is up 600% over the past 12 months, and 1,600% in the past 24 months. At over $4,200 (as of 5 October), a single unit of the virtual currency is now worth more than three times an ounce of gold. Some bitcoin evangelists see it going far higher in the next few years.

What happens from here will depend a lot on how governments react. Will they tolerate anonymous payment systems that facilitate tax evasion and crime? Will they create digital currencies of their own? Another key question is how successfully bitcoin’s numerous “alt-coin” competitors can penetrate the market.

[putrii]

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 asks tax from bitcoin seems the role of government is very bad, because not everyone who trades in bitcoin always profit there is also bitcoin players who suffered losses will still be in taxes? it is very sad if it happens.

[fanita]

personally I think that this will be very difficult to achieve because the decentralization project is definitely a developer in blockchain aimed at cryptography market.we should all remember that bitcoin has emerged as the world's international currency and is not related to one currency of another country, thus giving some flexibility to operate on its own terms through investors and other large investors in ICO. the government of a state should legally claim the right to the currency working on its own borders and enforce appropriate legislation through their own parliament in order for this to happen. the government always talks about it until it happens

[Satish147]

Its not good to put tax on bitcoin. Mostly Govt is earning from taxpayers slot and they are not spending as people desired and the taxed money also not reaching to people ultimately.

[Vatimins]

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 would probably be dumping all of my bitcoin possessions asap by the time this gets announced. And by the time this gets implemented, there will be no more bitcoins in my wallet. I would rather tramsfer all of mu funds suddenly not caring if the fees are high on that time. Because just imagine how much we oay for transaction fees, it would literally be bullshit if governments would put taxes on bitcoins. Can't even imagine what will still be left for us after every transaction. Just bullshit.

[Pamadar]

Its not good to put tax on bitcoin. Mostly Govt is earning from taxpayers slot and they are not spending as people desired and the taxed money also not reaching to people ultimately.

If they can use the tax in the proper manner then taxing bitcoin will be okay with investors, but we can't assure that government will do that
so better to stay away from this crypto investment and make some ruling in their jurisdiction after bitcoin already been exchange to its  local fiat.

[yvesp110]

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.

Bitcoin and all other crypto currencies are decentralized in nature which makers it independent of any kind of influence of the government. Government cannot put a tax on bitcoin until and unless government will not declare it as legal currency. So far, there is no possibility for the government to impose even a single penny in the form of tax for the ones who are holding bitcoin or dealing with bitcoin.

[cutikanzilong]

I think government did't find ways to collect tax in bitcoin. Why? bitcoin is not a fiat and it is unpredictable. This is a cryptocurrency that used in electronic payment. And most of the country in this world, bitcoin didn't accepted as fiat.

[BlackRacerX]

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

Profits for the one who cashes-out their bitcoins would decrease even lower than what they should be receiving. Bitcoins would now be less profitable and maybe people would lose interest with bitcoins due to the government placing a leash on bitcoins. This defeats bitcoins main feature, which is to be decentralized.

[iv4n]

I think government did't find ways to collect tax in bitcoin. Why? bitcoin is not a fiat and it is unpredictable. This is a cryptocurrency that used in electronic payment. And most of the country in this world, bitcoin didn't accepted as fiat.

They didn't find in most of the countries, buy in Japan some people in one company will have their salary partially in bitcoin, their government will find a way to tax it very soon, Australia had double tax on bitcoins but their government canceled if to push technology industry forward. Don't live in illusion, bitcoin is open source if you have a wallet with your name on it anyone will be able to see what you are doing how much coins you have, and you will be taxed accordingly depending from place you live and where you are register for tax paying.

[wjchong]

Yes attraction and profit may decrease but Bitcoin will be still alive and used by many people. People will never left Bitcoins in future. It is now like a habit.

[TheGodFather]

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 honestly think that it would be the other way around considering that with bitcoin if it gets regulated yes there would be a decrease in price momentarily however the effect that cou tries would let bitcoin and cryptocurreny in would be huge for its stock

[Bakemat]

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 bitcoin then they allowed the bitcoin in their country. it can be a great deal to government and bitcoin. the government allowed the bitcoin but they put taxed in  this so they earn and bitcoin allowed in country so that there are more people got know and will be interesting because the knowledge about the bitcoin is spreading

[lalabotax]

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 do not know, because in my country is not taxed. neither legal nor illegal

I think if this policy exists in my country, it will always have profit and loss.

[ice098]

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.

Many people will not accept it if government put on tax in bitcoin because there earning will lbe lesser. Also if the government will put on tax it means it can control it and or maybe they will impose law and rules in bitcoin.

[Cryptoguru274]

If Bitcoin is taxed by Government then the whole concept of decentralization of Bitcoin is ruled out. The user of Bitcoin is suppose to be financially free from Government control. Taxes always increase the cost of business therefore we don't want taxation here. Thanks.

[CherRic]

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 taxe on Bitcoin, then there will be some adjustments to happen. The transaction fee will increase and as you said lesser profit. Likewise, people in the Bitcoin world will protest for a short period of time but they will eventually accept it. But bitcoiners I think wont decrease if the tax is just minimal.

[KingOfWinterfell01]

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 does tax bitcoins, a lot of people will lose interest on bitcoins. Maybe people will actually stop supporting bitcoins because it is not decentralized anymore. This will also make transaction fees more expensive because of the tax imposed by each government.

[Amelial]

If government take a tax of btc so our earn money will be more less and can make people panic too.

[Bezobraznike]

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 does tax bitcoins, a lot of people will lose interest on bitcoins. Maybe people will actually stop supporting bitcoins because it is not decentralized anymore. This will also make transaction fees more expensive because of the tax imposed by each government.

   Why would anyone lose interest cause of taxes? You pay taxes now if you are old
enough for that. Taxes should be used for country infrastructure, to help the citizens
that needs help, and many other good things. If Bitcoin become currency in some
countries same Bitcoins should be returned in country and help all citizens in some way.
   Taxes need to exist, there is no other way for country  be functional d to have good and
reliable social program. We need to pay taxes, that is reality.