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Author Topic: Government put on tax on bitcoin  (Read 2670 times)
fredo123
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November 17, 2017, 02:10:02 AM
 #41

For sure tax will give headache to bitcoin investors, As we all know people love bitcoins because it is decentralized and if the government enforced tax, probably it will lessen the user and the value will start to decrease.

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November 17, 2017, 02:34:51 AM
 #42

How sure you are that it will be happen? Because no government officials or branch are involve or has the connection to bitcoin. It will not declare or they are not suppose to put tax or everything on bitcoin. They are not part of it.
Yes it is, i am not sure this will happen.
We already seen how many government tried to control bitcoins with regulation but failed. They are still have no idea for how to get definite information about how many bitcoins that people have. if the benchmark tax applying when we exchange btc into cash in exchanges.
Any cases like this, suppose I have 1 BTC, then I exchange my Btc to another virtual currency such as paypal / neteller / others in abroad exchanges, how government can put taxes on this?

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November 17, 2017, 06:29:45 AM
 #43

maybe the government that is approve bitcoin that will put on tax on bitcoin but i am not sure how they applied the tax itself. but for the country which bitcoin is in the grey side, i don't think that the government is ready to apply the tax. i don't imagine how much we should pay the tax and i wonder how the government will calculate the tax, is it from the transaction of our withdrawal or from the other things. but there is many things that the government to do to controlled bitcoin in future but i don't think that they can controlled bitcoin.

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November 17, 2017, 06:19:33 PM
 #44

Tax season can be confusing enough with complicated rules about what types of income are taxable and which are not, and there are bound to be questions about how Bitcoin relates to taxes. However, users will have to look into the tax requirements for whichever country they are paying taxes in and sort out how their home countries classify cryptocurrencies like bitcoin. the Government to put tax because is bitcoin is anonymous, they can not distinguish the owner because of  its hidden nature.
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November 17, 2017, 06:25:34 PM
 #45

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
[/quote

If government put on tax on bitcoin it will affect the demand factor of hierarchy. Someone will pause or should stop using bitcoin or dealing with it. It will also affect to the value of bitcoin, its price will be decrease to lower amount.

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November 17, 2017, 06:38:18 PM
 #46

If you invest it, it's treated as a capital asset, subject to capital gains taxes. The percent your gains are taxed are dependent on how long you've held the asset.

You are required to self report this information when a taxable event happens.
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November 17, 2017, 06:46:40 PM
 #47

In Holland (Europe) the government has several types of taxes.
You have to declare the Euro's, crypto-currencies and other assets you have on the first of January.
Calculation is with a hypothetical 4% interest. (Don't know which Bank gives 4%).
Happy that they don't (yet) split it up and make calculations with 4% on Euro's and 900% on Bitcoin.
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November 17, 2017, 07:32:08 PM
 #48

I live in Europe and i have to pay taxes for bitcoin if i want them to cash out also i pay taxes for a lot of things but i am happy because this way i can earn bitcoins and it is legal.
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November 17, 2017, 07:34:54 PM
 #49

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

hahaha here in the philippines if the bitcoin is very popular here they will put a tax of every transaction made using bitcoin
so they earn money to the people then the corrupt person will more richer than before




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November 17, 2017, 07:41:51 PM
 #50

Governments definitely will impose taxes on bitcoin as it becomes more prevalent. Although this sounds bad, I'm trying to look at it on the bright side and say that regulations like this will improve bitcoin's legitimacy.

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November 17, 2017, 07:46:46 PM
 #51

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

They cannot put a tax on bitcoin transaction because they are anonymous and there is no way to prove that someone is using a specific address. They only can put a tax on you when you cash out.

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November 17, 2017, 07:49:24 PM
 #52

I still expect bitcoin to remain this way, because if it is legalized by a certain state and clearly the government will impose a tax on every bitcoin transaction. But, I am grateful to my country the government does not legalize bitcoin, with this we are free of taxes because the government is not responsible if there is a loss in bitcoin transactions. If at any time the government legalized and imposed a tax on bitcoin then I think it is the beginning of decline and bitcoin deterioration in the country.



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Rainbot
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November 17, 2017, 07:53:18 PM
 #53

the government can not prohibit bitcoin, they can prohibit trading on the exchange, which means they can impose a rather large commission on transactions, this may provoke a decrease in demand for bitcoin, and its fall in price

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November 20, 2017, 03:04:52 PM
 #54

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 we stay realistic, then this is going to happen. People will start going away form bitcoin because most of them would not be able to pay high taxes. People are in love with bitcoin just because of the reason that it is decentralized which means not control by anyone whether it is a person, a company or a government. We all know most of the taxes are used in wars and we don’t want them.


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November 20, 2017, 03:10:33 PM
 #55

I think it's impossible for now to impose tax on bitcoin because until now bitcoin is not considered legal or illegal currency government focus first on how they can possibly gain control over bitcoin so they can implement policies as well as putting tax on our earnings. Just in case government will tax our income I don't this will be too much if it will help the economy grow I'll be in favor on it.

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November 20, 2017, 03:17:11 PM
 #56

Yes exactly. Because our income will definitely go down due to the taxes and fees we will pay before our currency crystals become fiat. With the exchangers paying fees immediately and when it comes to replacing taxes then what will we do if this happens. So make bitcoins for us to become financialy freedom. Not to give us tax

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November 20, 2017, 03:22:09 PM
 #57

if the Government imposes a tax regulation for Bitcoin, it may be that the government will order part of the existing Exchanger in the country, to increase the amount of tax between state tax and tax for exchangers. I think this scheme is more effective if the government wants to bet on Bitcoin tax. The rest is just how we follow it.

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November 20, 2017, 03:24:02 PM
 #58

And how on Earth is a government going to do that? And what government, The world government?
What would keep me from just flying to Tahiti with my BTC to avoid such a tax? Would driving bitcoin money off-shore be in the interest of this hypothetical government?

I see no practical path to a Tx tax.

EDIT: And don't forget, there already are taxes on bitcoin in most every country in  the world. 

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November 20, 2017, 03:28:25 PM
 #59

They cant do it easily but if that will happen then I guess we will be losing a lot of investors and will certainly have a big dump of bitcoin.
It will certainly fall thinking it should've been a free currency and yet we lose that part of bitcoin feature which is the most important of all.
If they can tax us then it will be easier to trace it now. It aint the same with fiat anymore so why use bitcoin.

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November 20, 2017, 03:33:10 PM
 #60

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
In my own personal opinion, the government is takingbit too far if they put a tax to bitcoin because the price of our earnings would decrease and it will be much harder to convince other people to invest in bitcoin. I also think this is just a scheme so the government could also earn in bitcoin.

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