Government put on tax on bitcoin

[Byatt]

I hope government will not go for tax on bitcoin anyway we do pay taxes in another form like buying goods, pay bills and others from earnings in bitcoin. Hope they will leave bitcoin users alone and freely.

[1714191953]

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[Sendibere]

If this happens, it definitely does not have a good effect on bitcoins because it is sure that many people will be dissapointed here. Bitcoins were created to enable people to achieve financial independence and if it were to enter the government it was useless as well.

[JL421]

i will try to evade it as much as possible if any such thing happened i had bought bitcoin before any taxes were being charged on it so in order to save myself from taxes i will mix up my coins and if possible not withdraw it so that the government wont be able to take any profits

[Zabrielle]

Probably yes in the long run. Whethee we like it or not what we are donf is subject to tax. Good thing that the government is not imposing taxes on it hopefully the government will not though. But we should prepare ourselves anytime soon.

[JohnB31]

..... it'll be more attractive because the government only can put tax on Bitcoin income when and only when they can be able to legalize Bitcoin in their country so when Bitcoin is legalized, ......

Why do you think that a government only can put tax on something when it is legal?
When (in my country) you get (big) money with illegal activities, and it is discovered, this info is also send to the tax office.
They can also check you and you need to pay tax. Even with a fine as you did not report this income.

[SixOfFive]

To tax bitcoin is really a difficult task because of its decentralized nature and anonymous property. But if say such thing happens obviously people attraction towards bitcoin decreases. As transaction fees are also being too much now a days, Users have to bear double load on them.
Moreover if attraction decrease, price will also dec. which will cause a serious threat for bitcoin market cap and growth rate.

[greeklogos]

By my opinion it is normal final of crypto regulation by the government. They will count a person who get profit from crypto as self busy person and every one will have to pay individual tax, which is different in many countries. I just don't know how do they plan to follow such persons.
Actually this is going to be very important change about bitcoin. I just can imagine what is waiting for a person who do not pay taxes from crypto profit, it is going to be different kind of fines.
Well, to me such individual tax seems ok, I'm a micro earner, but what are going to do those people who make really big money on this?

[Yanisumin]

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.  

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.

Hmmp, It is nothing new but its everyday transactions that we are talking about here, for example is that we bought some kilogram of sugar in the store, that 1 kg of sugar already had tax on it, but on our present money (fiat) it doesn't have a reduction in every transaction man, imagine if BTC will become a major payment for transactions and everyday it has a tax + miners fee, not everyone can afford that kind of taxes and fees everyday. Sad

[merlyn22]

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 heard news in philippines. that our goverment planning to put taxes on bitcoin. but i think it is very impossible to happen because bitcoins is  decentralized...               
in that case if happen ofcurse if goverment put tax on bitcoins it will less total earning from bitcoins.

[mambavrogs]

how come can governmanet put tax on bitcoin.,if the government bought the blockchain?

[BingoDog]

Maybe in some countries governements have imposed taxes to bitcoin but this is not mass or a rule. Actually, in countries that do have tax on bitcoin that relates not to holding bitcoin itself in wallet but to exchanging bitcoin transactions in fiat currencies, for traders or for income in bitcoin but that is the same for any other income or for trading in any other currency so I don't think this taxes are aimed specialy against bitcoin.

[milewilda]

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 transaction do already have tax then it is already centralized and not decentralized thing anymore since government do already have the involvement on such thing. People who did love bitcoin because of its decentralization will surely lost its interest because one of the reasons why do people love it because no one can able to control it and at the same time cant be taxed.

[qwertyup23]

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

Firstly, the government cannot impose tax on something that they cannot regulate. This would result to them, abusing their powers and discretion since bitcoin being a foreign object, is decentralized. Second, in the event that the government would impose tax, then this would result to its price decreasing dramatically relatively. Other countries prohibit the utilization of bitcoin while others support its system and opportunities provided. If they impose tax on my country, then this would likely result to some individuals, evading to pay tax which will contribute more to the stigma of bitcoin.

[waitforme]

The government has put taxes on bitcoin, which means that the country has accepted bitcoin and the crypto market is good. I think this issue will not affect the bitcoin price much.

[NorrisK]

Bitcoin is already being taxed. You have to pay capital gains over it (whether you do this is or not does not mean bitcoin is not taxable!)

Charging transactions as well would mean it is being double taxed.

[taiwww]

Taxes are the only source of income for government of any country. Government put taxes on every income generated. As bitcoin is a virtual, decentralised currency it is not possible for the government to calculate the exact income of bitcoin traders. Government can impose tax when bitcoin get converted to fiat currency. Many bitcoin users never en cash their coins, so they never pay taxes. To avoid this many countries have started regulating bitcoin transactions . This may reduce the amount of profit of bitcoin user or miner. To avoid government tax they may shift to another currency.

[/GeertJohan]

If this happen it really big news for bitcoin users..
But,  i think it won't be happen ever. because the bitcoin is internationalization. So the country not have permit to decide this tax decision.. Because every country has separate rules for taxes. Some country has more tax price or some other countries has low tax it depend on their economic level.
If they need to put tax on bitcoin all global governments are should be decide with their unity..

[mxyzptlkof6th]

The government cannot do that. They have way many more other things to be solve than just puting taxes onto something.

[traderethereum]

The government cannot do that. They have way many more other things to be solve than just puting taxes onto something.

the government want to do that but i think for now, they need to find a gap so they can apply the tax on bitcoin. but i think they can not apply the tax since bitcoin is only use in internet but i don't know if the government decide to approve bitcoin as a new payment method then maybe they will applying the tax on bitcoin. the government needs to learn about bitcoin so they can apply and integrate the financial system with bitcoin and then maybe the tax can applied.

[Markzuckertion]

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

Governments are already do that. You can see the about how to pay tax that issued by IRS, every country has different regulation so you don't need to pay any tax if your country is not regulate it. My country did not accept bitcoin but also didn't ban it so there is no bitcoin taxation in my country.