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Author Topic: Government put on tax on bitcoin  (Read 2670 times)
allthingsluxury
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November 20, 2017, 03:34:58 PM
 #61

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 highly doubt this will happen. Currently, you are supposed to be paying taxes on bitcoin when you sell for a profit, similar to how you would if you made a profit for selling a stock.

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November 20, 2017, 03:36:23 PM
 #62

I dont think it will ever happen, if it will be still there will be so many ways to get pass those taxes lol.
It is not possible for now because the only thing government can do or can make in bitcoin in terms of transaction is by being open enoguh to accept its system. Government doen really have the power to manipulate bitcoin , but they some how can control the implementation of regulation in terms of the usgae of bitcoin in a particular country.

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November 20, 2017, 03:36:48 PM
 #63

Tax free in Germany when you hold the coins for longer than a year. Otherwise when you cash out to USD or EUR the in and out investment tax applies under the Einkommenssteuer.
Not a problem for me, I will be holding for a good while longer.
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November 20, 2017, 03:40:31 PM
 #64

Technically it is impossible to put a tax on the Bitcoin transactions. However, the government can put the taxes on conversion of Bitcoin into the fiat currency or vice versa and other option might be imposing taxes on the miners and thus it will reflect in the indirect inclusion in the transaction fees. As of now, Unocoin (Indian Bitcoin exchange) users have to pay the 18% goods and service tax on the transaction fees so we are already paying taxes in that case.

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November 20, 2017, 03:41:36 PM
 #65

Yes. Profits will be reduced, and the number of participants will be reduced. But it's not easy to tax, because bitcoin is circulating around the world. Not subject to the control of a certain country


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November 20, 2017, 03:45:24 PM
 #66

Wallet addresses are anonymous, government can't know how many BTC or crypto one has. Only when you exchange crypto into real currency through your bank account the IRS can tax and can only tax that. Otherwise it cannot be regulated. And if it is a significant amount you just go to another country where it doesn't get taxed and return with the money from there.
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November 20, 2017, 03:47:55 PM
 #67

It's hard to put tax on every bitcoin transaction so i don't think it will happen in the future, and the fact that we already paid transaction fee which cost quite expensive will make me think twice if they put tax on it. However they can tax the exchange according to the country tax regulation, make strict verification so people will pay their income tax from bitcoin.

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November 20, 2017, 03:52:39 PM
 #68

I don't think that it will happen, bitcoin is created by the software that a person who have that can mine it, we are the one's who are earnings because I can't afford to mine bitcoin, it will not happen since bitcoin don't need to go under government. It is an online process that government cannot control it.



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November 20, 2017, 04:00:27 PM
 #69

I'm sure the government has been eyeing bitcoin, let alone seeing its existence today bitcoin really on the clouds,
then it must be very potential for the state income.
But they also know to set taxes to bitcoin is not easy because one of them they must inaugurate bitcoin in the country and detect anyone who uses bitcoin is also very difficult.

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November 20, 2017, 04:06:07 PM
 #70

If theres a way to tax bitcoin, I think governments will start to like it a lot more, and some of us a lot less.

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November 20, 2017, 04:08:02 PM
 #71

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 think tax would have many good affect to bitcoin than bad. My point is, if the government decide to pay tax on earning and using bitcoin, that's mean they have ways to control it and protect the user, especially they will have law for bitcoin transaction and even more. Thats not really bad actually, bitcoin holders will feel safer when decide to use bitcoin, scammer will be punished (just like crime, stealer, robber,...) by law. secondly, taxing will help that country avoid from losing money to another country and losing tax from payments, and I believe that, the economics of that country will grow up because the money from bitcoin is take part in their finance.
BUT, till now, there are no way for government to control and tracking bitcoin transaction (and never will). So, I don't think they could put tax on it. lol

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November 20, 2017, 04:09:51 PM
 #72

is not easy because one of them they must inaugurate bitcoin in the country and detect anyone who uses bitcoin is also very difficult.

Maybe they can release an official cryptocurrency, make it the only legal one, and then have taxes implemented in the code.

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November 20, 2017, 04:18:27 PM
 #73

yes I really like your advice, because transaction costs will continue to increase, as the development of bitcoin.
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November 20, 2017, 05:08:43 PM
 #74

government can make a tax when it make sell / buy bitcoin legal which can’t be happen so that let’s enjoy which our free technology

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November 20, 2017, 07:24:28 PM
 #75

I do not think this is possible, because the government does not know how many people use Bitcoin, it is hard to determine, if Bitcoin imposes a tax on it, then I think it would be very difficult.
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November 20, 2017, 07:28:43 PM
 #76

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 they do that i am afraid governments will get destroyed by bitcoin and cryptocurrencies

because they more and more look like a kraken that want to controll and surpress everyone, it will even more increase the popularity of those.

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November 20, 2017, 07:36:19 PM
 #77

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
obviously the profit decreases if the government participates taxes on users bitcoin ,this is a disadvantage for me but I must be patient for bitcoin success this in fact also feels difficult because the nature of bitcoin is hidden and we can freely expression wherever we want like a ghost friend not seen by the ordinary eye

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November 20, 2017, 07:37:26 PM
 #78

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
Its too difficult to tax bitcoin unless everyone becomes an honest citizen of their country. Moreover before investors the miners are the ones who must be taxed. They are the people who earn the most from this chain. There can be two types of consequences. This may satisfy govts. that bitcoin can be used as primary medium of exchange therefore they might end up adopting it or it as you said it might become less attractive.

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November 20, 2017, 07:38:23 PM
 #79

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 obviously don't understand how bitcoin works. which government and how would impose a tax?
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November 20, 2017, 07:45:35 PM
 #80

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
obviously the profit decreases if the government participates taxes on users bitcoin ,this is a disadvantage for me but I must be patient for bitcoin success this in fact also feels difficult because the nature of bitcoin is hidden and we can freely expression wherever we want like a ghost friend not seen by the ordinary eye

There are many people really worry about increasing of fees in the wallet provider site. In that meanwhile we see that taxes on bitcoin means that is biggest trouble for the all bitcoin users. Please Government can adopt the bitcoin and make it is legal but putting taxation on bitcoin or altcoin transaction means you will find the more trouble by using it. Without knowing the satoshi and claiming the copy right is not at all possible as of now.

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