Does Bitcoin need to be taxed?

[webtricks]

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? 

Doing contract killing gives you income but is it job? Do we tax Killing Bounty income?
Earning Bitcoins isn't come under economic jurisdiction of most of the countries. You can send, receive, hold, trade as many Bitcoins as you want to. But where problem actually comes is while converting them to fiat money. As according to law of all countries, when you sell or buy Bitcoins, such activity will be considered economic one. Depending upon your countries laws, you have to pay tax.

[Siopao]

In my country it is not the bitcoin thta is being taxed and regulated by the Central Bank, it is the company or the businesa that accepts bitcoin as payment. The central bank regulates it for the purpose of avoiding irregulailrities in terms of legality. In my personal opinion I wouldn't want bitcoin to be taxed because it will set limitations in the industry, btc is created and deaigned as decentralized cryptocurtency. If it will be tax imposed there is a chance that it will be abused and can affect our btc earnings.

[audrey12]

If bitcoin will be considered to be a legal tender I guess it is just and right to imposed tax on any income out of bitcoin but since at this moment it is not control or regulated by laws and government putting tax is not a fair thing besides whenever we use our income to buy things there is already VAT so for me no need for bitcoin to be taxed

[0t3p0t]

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? 

Well, as our countries has it's own laws regarding assets, and undeniably governments regulated some  local exchanges so I think tax is also implemented automatically when the time we convert Bitcoin into fiat money or as long as Bitcoin is accepted in a specific country. Since Bitcoin is a valuable asset I think yes and I have no problem with tax as long as it will help to make some improvement to the country and if it is with a reasonable amount but I know a lot of people don't like it due to additional transaction fees which is way too high these days. Here in my country it has already been implemented and as I have said tax plus transaction fee is alarming since it is now hard to earn Bitcoins due to high price I am not able yo buy candies anymore with BTC. I mean it's not good to pay with Bitcoins now if your amount due is only below $3.

[Insomnia family]

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? 

All productive ones can be called jobs. Because we are looking for income in Bitcoin as well by doing the job even though it only requires computers and internet network, and we are also required to work on projects that we follow.
So I think it works even though our other people's views do not do anything. remain optimistic will produce maximum results.

[steadyrice]

If bitcoin will be considered to be a legal tender I guess it is just and right to imposed tax on any income out of bitcoin but since at this moment it is not control or regulated by laws and government putting tax is not a fair thing besides whenever we use our income to buy things there is already VAT so for me no need for bitcoin to be taxed

Most governments tax any sort of income you have. Speaking about other, traditional investment instruments, the money you make off of them is taxed as well, so why not bitcoin? I do realize this is easier said then done due to the unique features of bitcoin, but it shouldn't be a surprise to anyone that governments want to tax bitcoin.

[whitemacna]

yes, bitcoin is like a job. we like freelancer here. promoting, translating, and otherthey can take little money from bitcoin, and i think bitcoin is buy and sold something (trade).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.

[denzkilim]

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? 

Doing contract killing gives you income but is it job? Do we tax Killing Bounty income?
Earning Bitcoins isn't come under economic jurisdiction of most of the countries. You can send, receive, hold, trade as many Bitcoins as you want to. But where problem actually comes is while converting them to fiat money. As according to law of all countries, when you sell or buy Bitcoins, such activity will be considered economic one. Depending upon your countries laws, you have to pay tax.

Bitcoin doesn't need to be taxed because when you convert your bitcoins to flat or traditional currency and you bought some stuffs from it you are already paying a tax but majority of the countries in the world want to put tax on digital currency because of too much greed of this evil peoples, specially in my country where our taxes goes straight to the pockets of politicians. 

[Lindazz]

I don't think bitcoin should be taxed, it's going to be taxed on your personal account, but you're going to lose money and nobody's going to tax you.

[shezu007]

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? 

Doing contract killing gives you income but is it job? Do we tax Killing Bounty income?
Earning Bitcoins isn't come under economic jurisdiction of most of the countries. You can send, receive, hold, trade as many Bitcoins as you want to. But where problem actually comes is while converting them to fiat money. As according to law of all countries, when you sell or buy Bitcoins, such activity will be considered economic one. Depending upon your countries laws, you have to pay tax.

Bitcoin doesn't need to be taxed because when you convert your bitcoins to flat or traditional currency and you bought some stuffs from it you are already paying a tax but majority of the countries in the world want to put tax on digital currency because of too much greed of this evil peoples, specially in my country where our taxes goes straight to the pockets of politicians. 

Indeed, There is already taxes when you are going to convert your BTC to your own currency while many people are using bitcoin because there is no tax on bitcoin still. People are leaving using of bank because of their high taxes. So if bitcoin can also start taking tax then i think it will lost their some of customers which is not good for future of BTC.

[senin]

Like any other activity of a person that generates income, the income of each citizen from the occupation by crypto-currency the state has the right to possess a tax. It's another matter how the state can control this process, because such a citizen's activity is difficult to control, given the relative anonymity of the crypto currency itself. It can be the introduction of tax collection for all persons exchanging the crypto currency for fiat through exchanges, exchangers, banks and so on. Also, the state can use other forms for this, as well as oblige every citizen to voluntarily declare their income from operations with crypto currency.

[Mohamme]

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 there is a real need for a tax on cryptocurrency, which is a huge industry, and it should be taxed as a country.

[NuttyOrange]

It depends on the country you are in. In united states and united kingdom, they have made laws to tax the bitcoins use. Also, when converting your money to fiat you still get a bit of tax from banks when you withdraw your money.

[Clairee Aimee]

I think bitcoin will be taxed. According cryptocurrency news update, Bank goverment in may countries want bitcoin in regulation system.
 

[akram143]

Already some countries have implemented taxes for bitcoins income but I am wonder how can bitcoin can be taxed?

No one knows right how much bitcoins we have,then it is impossible to implement taxes for bitcoins.

[batang_bitcoin]

There are sort of jobs that can be done through bitcoin and one of it is being a trader and if you are thinking that if you are earning through bitcoin and you will be taxed. It all depends on the taxing agency on your country if you will oblige of doing it or you can voluntary going there and just declare that you are earning through bitcoin. And as regulations come from the government, it's expected to see it coming.

[Dudeperfect]

In a democratic system, it is said that everyone has to contribute to the growth of the nation and collectively build a stronger economy. However, disruptive models like Bitcoin can change the traditional system of this process. I am sure most of the people have no issues with paying appropriate taxes but they are concerned about the method through which they are been taxed. I believe surplus amount/profits should be taxed at a normal rate but there should no control/intervention from the governments in holding the wealth in cryptocurrencies.

[BrewMaster]

"does it need to be" is a hard thing to answer. and it will be a whole different kind of discussion about taxation and what are the things that should and should not be taxed in general. which has nothing to do with bitcoin but with the taxing policy of different countries.

but bitcoin is considered different things in different countries. for example US considers it a commodity and treats the profit you make differently. but Japan considers it a currency and treats the profit somewhat the same but when you use it as a currency you are not forced to pay any taxes.

[parassinghal]

Its depends on the policy of the country like in our country if we change them in our traditional currency then for sure we have to pay the tax. And i think its fine, because in this way we can earn white money in huge amount.

[rizkyhiw]

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? 

This is very difficult, because basically the government can not monitor how much you earn and how much wealth you have in bitcoin.
Maybe this is the purpose of making bitcoin so as not to pay corrupt people in government. Another thing if the government knows your income.
Well, if they know and you do not pay taxes you will face the consequences of them as corrupt people against taxes.
If the government can accept bitcoin and legalize bitcoin as a good citizen, everyone will pay taxes.