Government put on tax on bitcoin

[Shafiqul Islam]

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 government put on  tax on bitcoin, bitcoin makes or becomes legal world wide. but transaction rate is decrease because profit decrease.

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[Arindava]

I've been heavily taxed so let Bitcoin be tax free, and how much money should I spend on Bitcoin taxes if bitcoin reaches $ 10,000.
Let not Bitcoinyang be taxable but the transaction  just taxable..

[no0dlepunk]

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

Actually, in the United States, they are already putting taxes to bitcoins once it has been wired to your banks. I don't see any problem with that because at the end of the day you are the ones to control your cash-outs. Keep in mind that there are tons of ways to make cash out of your bitcoins such as selling by peer to peer. On the other hand, giving the government a little taste of your bitcoin is good for our community in the long run. The more they get from bitcoins, the less chance of them harassing the exchanges. just my two cents... Anyway, instead of troubling your mind with taxes, why don't you try investing in Angel Token? It's the safest ICO that I can recommend... cheers!

[IanRidgwell]

For sure many will be irritated with that because even on the internet you can't escape the greediness of these government employees they want to tax on everything and people will get frustrated because we know for sure that when the government imposed tax they will impose as high as they can impose because they know the number of income passing to the bitcoin and when that does really happen then we can say our freedom here in bitcoin goodbye because those greedy workers of them will imposed a lot of regulations for that.

Yes I think this is possible because bitcoin is now one of the most popular and useful currency now and large amount of people invest in bitcoin and that’s why government make a lot of plans for them to use bitcoin easily therefore for that security they put on tax on bitcoin.

[layoutph]

Now that even governments are investing with bitcoin, expect some additional fees from our local exchange site. They are now fully aware thats why they taxing it. Before Bitcoin is not that popular, Bitcoins are simply ignored by investors. Now one by one they are jumping to the crypto wagon.

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

[MakeMoneyBtc]

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

There are going to be a lot of consequences. Obviously the profit will descrease drastically becaude since bitcoin price is so higher they are going to put a minimum 10-15% tax. If governments will start involving in bitcoin they are going to be like the owners of it because they can create absolutely any law and also apply any tax.


I personally think it is hard for governments to control every transaction and put tax on everything that someone is withdrawing through bitcoin because there are no details about the person who sented the bitcoin and the one who received.

Government has to create a special program so people are going to use bitcoin only through that program and every transaction is verified by them. This seems very hard and it is not going to happen very soon

[spngebob]

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

Can you explain to us please how they will do that? Will they force you to give them your private keys?

Actually, in the United States, they are already putting taxes to bitcoins once it has been wired to your banks. I don't see any problem with that because at the end of the day you are the ones to control your cash-outs. Keep in mind that there are tons of ways to make cash out of your bitcoins such as selling by peer to peer. On the other hand, giving the government a little taste of your bitcoin is good for our community in the long run. The more they get from bitcoins, the less chance of them harassing the exchanges. just my two cents... Anyway, instead of troubling your mind with taxes, why don't you try investing in Angel Token? It's the safest ICO that I can recommend... cheers!

OK, as non US resident how they are exactly taxing bitcoin? How do you wire bitcoin to bank, US banks are accepting bitcoins?
Or do you pay tax on dollars which you get when you sell bitcoins and withdraw money to bank account? If so isn't it like that in whole world?

[buharikx31]

I think people would find any other way to withdraw and use bitcoin and it's really hard to regulate it, because of the possible services, goverment still cant conrol everything, I know my country want to to provide the tax for miners and other people who are using bitcoin, but how they are gonna realize idea I dont get it, if people earning 80$ per month or 60$ taxing people even with bitcoin it's not a wise choice

[lorenilla__]

Although it is not impossible, it will be very difficult for the government to make such a decision. Obviously, bitcoin and other cryptocurrencies were born to avoid taxes and all the shitty procedures and whatever that can tie us to the current financial system. I am sure that all the community will do whatever it's possible to avoid that situation. Meanwhile, we can still contribute and make Bitcoin better everyday and of course, worldwide finantial system will change.

[freebutcaged]

For a government to have the power to block, deny or reverse transactions mate, they'd need to have control of and over %75 of total hash power, more

Miners would join to mine their own transactions, governments would increase their hash power, arms race will continue to a point of not enough electricity

To keep their miners running, with the first signs of governmental control over the network, miners+nodes will ban any misbehaving pools. full nodes are very

Important to be under people's control, if they can become a full node majority then Bitcoin will die due to centralization, I'm a small BTC holder mate, yet

I'm running 4 nodes, a tax+gov free Bitcoin is my first priority.

[AjithBtc]

If governments levy tax upon bitcoin, gradually it'll be starting to face some issues in the market. Growth won't be affected big, maybe similar to the recent days drop in price takes place over which the price once again reaches new ath. Already few countries had implemented the taxation upon bitcoin, but this is not that effective. Only the people who cash out bitcoin were taxed based on the transaction.

[weewee]

I can't imagine how the G will be able to monitor all the transactions and crpto is not within 1 country, it is globalized, so how to create a 'fair' tax system....

[Kingofbitcoin12345]

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

Nope that is no way to be true,, “the profit will decrease” is not accurate as maybe the price will be boost if the government will regulate bitcoin(dependable on one country’s reputation towards its citizens,, corruption issues) like japan after regulation issue the price of bitcoin surge steadily because of good governance by Japanese and supports from its own people.. “attraction also decrease” is also wrong as I stated about Japan’s popularity after all.. This is also my opinion hope to be respected as such..

[FlightyPouch]

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

That will be terrifying, we all know that the decentralization is one of the best feature of bitcoin. If the government put tax on bitcoin, then I think the decentralization, the way we avoid to these taxes from the government is gone, and that is obvious that the price will go down and the users will find another crypto currency that they can use.

[eddyhalim]

if the government put taxes on bitcoin, bitcoin will be controlled by the government, i am sure many people dont like this, they may be depressed by taxes charged on transactions all the times, their profits will decrease, the will have no choice but dump bitcoin and find different altcoin not be controlled to replace bitcoin.

[Phoenixpple]

If the government levies taxes on special currencies, there's no doubt that the market will soon have a lot of heat in the city, but I think it's going to be hard to achieve, or it's impossible, because bitcoin is circulating around the world. It is not a commodity of a country

[entrepmind23]

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

There are already countries who charge taxes in the transactions if they cash out to fiat and if they hold it for a long time and the value increases then they need to file a capital gains tax. Failure to do so would result to a penalty if the government finds out that you evade to pay taxes. Sure the profit will decrease because of your additional expenses but just think of it as your duty as a citizen of your country and besides if you try to avoid it then you will suffer if the authorities find out. For the attraction towards bitcoin, I don't think people would just back out investing in bitcoin if they knew there are applicable taxes to it because as far as the profit is bigger than the expenses then it is still a net gain.

[etsonarrantes]

I think it will happen. Probably goverments have started to plan about BTC tax. I don't know how they can but what ever happens BTC will stay as King, don't worries.

[PointHope]

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

Actually, in the United States, they are already putting taxes to bitcoins once it has been wired to your banks. I don't see any problem with that because at the end of the day you are the ones to control your cash-outs. Keep in mind that there are tons of ways to make cash out of your bitcoins such as selling by peer to peer. On the other hand, giving the government a little taste of your bitcoin is good for our community in the long run. The more they get from bitcoins, the less chance of them harassing the exchanges. just my two cents... Anyway, instead of troubling your mind with taxes, why don't you try investing in Angel Token? It's the safest ICO that I can recommend... cheers!

Wow! that was a pretty shameless shill for your ICO, good luck to ya.

but bear in mind central government taxation is theft. Money they gather is used to oppress people worldwide, sometimes quite viciously with their nasty taxpayer funded military toys.

[DrGuns4Hands]

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.