Does Bitcoin need to be taxed?

[blue_dragon]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

I think it should not to be taxed because the government dont have a power to control the bitcoin. And the government, any government and authority dont have a relationship to bitcoin which they should not taxed the bitcoin transactions.

[Crypto Jaga]

quite debatable, but without taxing, governments will never support them because if not for cryptos, investors put money in something else and governments receive tax, but at early as this stage where there is huge risks when someone putting money into cryptos, I think governments should wait before tax is introduced, or least should have a min limit such that below it, no tax such that governments can indirectly help for mass adoptions, then as any business running with internet, governments can introduce tax, but the stories I hear about 30% tax in US is utterly rubbish, it should be much much lesser.

[bitctrimor1]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

Depends on (a) your local government and (b) the amount and type of income.

In some countries, under certain circumstances, there's no tax on capital gains on Bitcoin. However if you accept bitcoins as a form of payment, depending on the amount, you very likely will have to file it as part of your tax report.

I guess if there is a capital gain tax in the country, gains from bitcoin fall under tax. When we talk about capital gain, taxation happens when the gain is realized - that is when the capital asset is sold. When you sell bitcoins for USD that you receive on your banking account, you can be asked about the origin of the money.  The question is, how can the government estimate your real gains from bitcoin: what was your cost of mining that can be deducted from the revenue received from selling it for USD. I'm sure very soon they will try to come up with a methodology of some sort.

It depends on the country. Some countries will need that you report every single trade, including trades between altcoins which is insane I know, but I don't make these stupid laws.

Also in some countries you have to pay every month if you are making money every month. I had no idea about any of this when I got into bitcoin so I just focused in making BTC, then I found out about the taxing thing. I still have no idea how it works because this is so new that there are too many grey areas. Im scared to cash out some and get my account frozen by the bank, so I will wait until it's more clear.

Oh and in a lot of countries you must prove the origin of the funds. You can't simply cash out but demonstrate that you made the money legally.

That's right, although there is no actual "need" for countries to do that. I think that if a country sees fit that it's a good way for them to earn more money and add revenue to the government, then it is well within their power to actually impose taxes on bitcoin use or cryptocurrency-related activities, in general. I think that since the crypto market is rising, it is already in the sights of many countries to try and exploit that continued rise by way of imposing rules and regulations with it with which one of those regulating means is taxation. It's the main means of any government to add profit to them for their own used and advantage, and given the value exhibited by cryptocurrencies, it not at all a surprise if governments would impose taxes on it.

[bitfocus]

I guess governments will only tax the profits, not the investment, and paying income tax on my profit is ok with me, paying tax makes me a law abiding citizen.

[Maryverycool]

I think the transaction of bitcoin is taxable.
It depends on the policies of your country.
South Korea, for example, now has to pay taxes.
Other countries that are friendly to bitcoin do not have to pay taxes.

[sneeze11]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

No for me bitcoin don't need to be taxed because government don't have the power to control it. There are so many users here that are working on it because bitcoin don't have tax. Others said that bitcoin needed to be tax because they want fair but I'm absolutely disagree to their opinion.

[dammang]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

i think so,because bitcoin is more on money  discussion so its need to tax it so that government protect it from scammer.

[amzad]

Bitcoin can earn a lot of money. It removes people's unemployment. Bitcoin helps build the future. This is the best way to work online. Bitcoin became popular day by day.

[AmpaLex11]

Why? on my country, the goubern dont know about cryptos hehe

[mulukey]

In my opinion, it is impossible to levy bitcoin taxes, manage transactions and income on the internet is not possible. Due to the lack of tax administration, some countries have banned the bitcoin trade. But in the future if the technology develops, maybe the government will have a way to manage taxes from bitcoin.

[Wipangga]

As in my country, right now I do not have a tax payment at the moment, and I can do it with the easy way to get a good profit, even though bicoin is currently not taxable. and I also hope someday bitcoin will be taxed, but for me no matter if taxed, maybe someday the government will acknowledge bitcoin, bitcoin will be taxed. so it's better for me if bitcoin is in tax payment so bitcoin is more popular anymore.

[DannyHamiltom]

I think it depends on how your country treats bitcoin.
In South Korea, they have introduced new rules to trade bitcoins for a certain percentage of the tax.
In more bitcoin friendly countries, bitcoin is not taxed.

[germansupremacy]

If you are a established company meaning you own a big amount of BTC and you render a service then you should pay your taxes based on your income as any other company. Any activity that generates a profit should be taxed, furthermore, exchanges as an example who are holding very large amounts of capital are at the aim of the governments. Taxes would be a middle ground between the dark and anonymous cryptoworld we are now and the world of the future where you can buy anything anywhere using a digital wallet.

[millionaireshs]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

It will be good in general for we benefit from our tax, from roads, bridges, parks etc. Also, it was a good news to the government for they will also gain profit from it.
On the other hand, it will be a burden especially to small earners like me. Some say that we are so desperate to gain profit but the reality is that profit really matters and serves as the major reason why they/we are still working here.

[Pegasus13]

Bitcoin taxation depends on country's acceptance and how do they deal with it. But haven't you noticed that when  you withdrawn your bitcoin into a certain flat there's this called transaction fee or payment from where you have encashed. I think that it is some sort of tax already.
Another point is that it would be nearly impossible to apply taxation in bitcoin itself, since the accounts and wallets always remain anonymous. It would be hard for the government to identify whom they should be adding tax onto.

[378budiman]

Depending on the policy of each country, sometimes the state requires you to report it as capital gain or when you convert it into a traditional currency, you have to pay taxes and not just by holding Bitcoin.

[PalindromemordnilaP]

Not at all since bitcoin is decentralized which means the government don't have the authority to intervene on its transactions. But some countries are making a motion to taxed all crypto earners. So for now, let us just enjoy our tax free hard earned tokens.

[_noname_]

I think there should be some taxed on bitcoin and that goes to the country from where user belong because in this way if many countries will start legalizing bitcoin and that will be a great step for bitcoin if bitcoin accepted as a legal currency in any country. But remember tax on bitcoin should be low then other currencies so that users can't face any problem while paying taxes.

[Golftech]

Each countries have their own set of rules about taxation, bitcoin is not own by any country around the world, so the question will be depending on how each countries decide about this industry, from where am I, bitcoin still tax free as the government here doesn't have any control yet, they only give rules from  the exchange who's catering the transfer, but if ever the government will create rules about it I will surely complied and won't argue, better to help my country in a small way so we can build a better nation someday.

[penig]

Not every country is the same, but generally government dont tax things.  They tax income, profits and sales.  With a few exceptions most taxes are under one of these.  So if you regularly (daily) trade bitcoin and make income, they tax your income.  If you make profit from holding longer term and make profit, they tax profit.  They tax the sales if you buy something with bitcoin.

They dont need to tax bitcoin because they already do.