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Author Topic: Government put on tax on bitcoin  (Read 1828 times)
Mister1k
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November 20, 2017, 07:45:35 PM
 #81

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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November 20, 2017, 07:47:44 PM
 #82

Almost all governments will subsequently establish a profit tax on income from the crypto currency. There is nothing wrong or unusual in this. Apparently, this will happen when exchanging crypto currency for ordinary money and when dealing with crypto currency. One must be prepared for the fact that in such cases the state will oblige citizens to leave their personal data, or such tax will be levied upon exchange or other transactions. In many cases, collecting tax from citizens will be problematic due to the anonymous nature of the crypto currency. It will be soon and we will be able to see this in practice.

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November 20, 2017, 10:57:40 PM
 #83

Government involvment with bitcoin would really change a lot of its framework. Bitcoin have been designed to be decentralized and not to be controlled by govt. That can result to high fees and users would have less interest of it. I think it would be no good if ever that happens.

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November 20, 2017, 11:03:43 PM
 #84

I don't think that taxation of Bitcoin is possible. It's too independent for government's control. And I hope that we'll be able to buy BTC freely
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November 20, 2017, 11:07:57 PM
 #85

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'll never think that the government can put a taxes on bitcoin because bitcoin was  fix or exact amount that they compute on how much they earn so that they can't put a taxes on bitcoin specially the value of bitcoin was not stable or what we called always fluctuated the value so do you think they can know the taxes and they didn't know who are the user of each account so that no identity who can they get a taxes.

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November 20, 2017, 11:11:36 PM
 #86

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
Of course, it will never happen - who's government? how are they going to implement such a tax, this is one of the features of Bitcoin, it is not controlled centrally, it doesn't answer to the government. Of course, a government could request their citizenry to pay taxes on transactions they make - but "good luck" enforcing that.

richardsNY
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November 20, 2017, 11:16:06 PM
 #87

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.

Firstly, people worrying about the fees online wallet services charge has nothing to do with this. Secondly, Bitcoiners paying tax over their holdings and gains isn't anything new -- it's something that basically in all modern economies is a normal thing. It's basically the same as when I earn fiat through whatever job, or make profit with stocks, etc -- all this is subject to tax, so everything we do with Bitcoin isn't an exception. Governments don't tax transactions when it comes to fiat, and for that reason will never do it with Bitcoin, and to make things even more obvious, they can't even do it.

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November 20, 2017, 11:16:42 PM
 #88

If government will out tax on bitcoic chances this will probably helo the economy to earn and may also the reason why bitcoin will become a legal currency. The idea of tax is good provided that it will be imposed properly and government will not tolerate illegal transactions which regards to tas implementation

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November 20, 2017, 11:23:11 PM
 #89

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
Bitcoin is not legal all over the world. Government can put tax on some countries where Bitcoin is legal and government look after it. But tax on bitcoin will impact on the price of it sure. Because bitcoin is still decentralized.

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jason meneses
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November 20, 2017, 11:30:26 PM
 #90

i think the government will find out what is bitcoin and put on tax .. bcos bitcoin community are investing and pot some money ..
   

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November 21, 2017, 12:11:41 AM
 #91

If the government put a tax then we need to pay, it will decrease our income, but the good side is when the government tax bitcoin then maybe bitcoin can become legal, I think by taxing it, bitcoin attraction will not decrease, it is still super profitable to earn bitcoin compare to the little tax that need to be paid, somehow every  country will either tax or ban bitcoin, bitcoin name is already too big to missed
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November 21, 2017, 12:25:40 AM
 #92

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 makes a tax on Bitcoin of course this will make a little panic for Bitcoin users because now we all know that one of the reasons Bitcoin users is to avoid taxes if using real cash. but until now I still believe that the government will not withdraw taxes from Bitcoin because of the complicated calculation system and also the anonymously Bitcoin nature that makes bitcoin very keep secret users. there must be strong regulation as well as a very systematic understanding to be able to adopt taxes in the Bitcoin system. probably the easiest implementation can be applied to an exchange so anyone who withdraw bitcoin to real cash then that will be applied tax.

I don't think that governments can tax bitcoin as long as it is still a bitcoin but once you converted it into a fiat currency then it is already subject to taxes. Bitcoin is somehow anonymous and it is hard to know who owns it and since it's price keeps on changing from time to time ways on how to calculate the tax will be hard but once it is converted to fiat then it should be considered as an income and should be subject to applicable taxes.

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November 21, 2017, 12:34:01 AM
 #93

I don't think it is possible at scale to do this with success without having access to information on nearly every wallet service. I reckon it could be hard until bitcoin is more widely regulated.
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November 21, 2017, 12:45:53 AM
 #94

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 wrong the government can not put tax to bitcoin's transaction due to the bitcoin transactions are not regulated by the government it run by community (the miners), if you think the government apply the taxes for bitcoin's users, it is can be done depending on the rules of every countries, so bitcoin must considered as digital asset or something else like properties and bitcoin won't be currency. The good consequences is bitcoin's price will rise due to there are clear rules about the bitcoin and the bad consequences is the profit decrease as you said.


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November 21, 2017, 01:00:09 AM
 #95

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
One benefit that a bitcoin holder and user right now is a low fees on transactions and if government put taxes in it well we dont have any choice but im afraid if this would happen some government officials might take any advantage on its price that are not stable,but being a decentralized currency i think the government might be skeptical on putting tax in it and its very impossible of doing every transactions made by an anonymous and cant be traced  holder,pretty sure they can't control it.

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ihsanskanzaone
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November 21, 2017, 01:06:44 AM
 #96

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 makes a tax on Bitcoin of course this will make a little panic for Bitcoin users because now we all know that one of the reasons Bitcoin users is to avoid taxes if using real cash. but until now I still believe that the government will not withdraw taxes from Bitcoin because of the complicated calculation system and also the anonymously Bitcoin nature that makes bitcoin very keep secret users. there must be strong regulation as well as a very systematic understanding to be able to adopt taxes in the Bitcoin system. probably the easiest implementation can be applied to an exchange so anyone who withdraw bitcoin to real cash then that will be applied tax.
I think this is just the beginning for bitcoin to further expand because if the government has used tax on bitcoin it means that bitcoin has been approved by the government as a legitimate means of exchange. Imagine if bitcoin is acceptable in all the stores out there and all the biggest online stores like amazon, ebay and others, then definitely bitcoin will be the world currency or unifying currency so if you want to get out of the country do not have to bother doing money exchange. You can directly spend it in other countries and this is a tremendous freedom of transactions.

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November 21, 2017, 01:12:30 AM
 #97

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 just don't get the "tax thing". When we are sending transactions, there is what we called a miners fee, for example I send my BTC to electrum, there's a fee and I must pay for it, why am I saying this? Because they can't just put tax on BTC, are we going to send transaction and pay for the miners fee and tax? Thats double payment, and they (the government must have a platform for that) for example a service online that is interfering with your transactions and then subtracting some tax. They've already put some tax on the goods, why put tax on BTC too.?
Let's say a supermarket is accepting BTC as a payment and you bought some tools for construction that has a price of 300 dollars, and you paid for it, but if you can see on the receipt the tax is already included in the price tag of 300$, just like the present system, and lets say you will pay 300$ in BTC (tax included), so why put more tax to it>? Thats a double tax if they will have a tax on every BTC transactions.  Huh Huh Huh


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November 21, 2017, 11:50:48 AM
 #98

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 just don't get the "tax thing". When we are sending transactions, there is what we called a miners fee, for example I send my BTC to electrum, there's a fee and I must pay for it, why am I saying this? Because they can't just put tax on BTC, are we going to send transaction and pay for the miners fee and tax? Thats double payment, and they (the government must have a platform for that) for example a service online that is interfering with your transactions and then subtracting some tax. They've already put some tax on the goods, why put tax on BTC too.?
Let's say a supermarket is accepting BTC as a payment and you bought some tools for construction that has a price of 300 dollars, and you paid for it, but if you can see on the receipt the tax is already included in the price tag of 300$, just like the present system, and lets say you will pay 300$ in BTC (tax included), so why put more tax to it>? Thats a double tax if they will have a tax on every BTC transactions.  Huh Huh Huh

why put tax on BTC too   => Governments needs money.
double payment              => Nothing new. There are more examples when you pay triple or more times tax:
 Buy things for construction 1) first pay tax for earning the money, 2) pay tax for having money a while on the bank account, 3) pay tax for spending money in the shop and perhaps 4) if the house increases in value with the item bought you need to pay more tax and 5) when finally selling the house with more profit due to the items bought you need to pay tax again.
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November 21, 2017, 01:08:17 PM
 #99

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 the attraction and interest of the bitcoiner will be lost and the fate of bitcoin will decrease dramatically .. I strongly disagree if the government did that because I am one of the bitcoin enthusiasts


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November 21, 2017, 01:25:03 PM
 #100

until now I still believe that the government will not withdraw taxes from Bitcoin because of its difficult calculation system. and if the government continues to withdraw taxes from bitcoin users, then there will be panic. and of course their income will be reduced, because one that makes everyone interested in bitcoin is not taxed.

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