Does Bitcoin need to be taxed?

[Stigmooo]

Maybe other politics now start making proposals that bitcoin should have taxed..because the value is getting up..

[magicmeyk]

I hope not. We are already paying high transaction fees for transferring bitcoin to our wallet and the government doesn't hold bitcoin why would they put tax on it.

[Crypto Girl]

I think Bitcoin needs not to be taxed, since there is no third party involve in every transactions so it needs to be free of the taxes that imposed by the government, bitcoin never uses facilities like in banks or a physical market, so for what is the tax?

[Ozero]

Almost any activity that brings income to an individual or legal entity can be taxed and, as a rule, taxed. In this there is nothing unusual. In the case of crypto currency, the unusual is the difficulty on the part of the state to first determine the object of taxation and then monitor its implementation. However, I think, the states will find the possibility of collecting such a tax. While this issue is only being developed by them.

[Janation]

I liked bitcoin as a currency since it is decentralized, banks, government and other third parties has nothing to do with it but if bitcoin will taxed, I think that is unfair. We love using it because we are free from tax and other payments that will be deducted to our profits, expect the fees obviously. This is the first work that I have ever done without any taxes so I think bitcoin do no need to be taxed.

[Vin183~]

I think it is not necessary. but it all depends on each government in each country there are some countries use taxes but some are not.

[Tatalk]

If we look overall, I think BTC should be taxed. Although I know the tax amount is going to be deducted in our profit only but it should be taxed and the reason being is that it could only be taxed if government centralize BTC and thus all the illegal activities associated with BTC could be banned. As far as there is no governing body over BTC and everyone is using according to their work including terrorist so humanity comes first, before profit also, so there is no harm ni taxing of BTC.

[IsuruMaduranga]

Taxing on Bit coin is not easy as it seems because of its volatile behavior but some country have tried. Bitcoin is not yet
accepted in most of the government around the globe.So why they bother to only tax it??? If Bitcoin is accepted by governments , taxing on it will be fair. However my opinion is "Bitcoin should not be Taxed yet!"

[giogio0504]

I hope not. We are already paying high transaction fees for transferring bitcoin to our wallet and the government doesn't hold bitcoin why would they put tax on it.

If people will use actively crypto currencies and if they will be acceptable in public places, the government will lose significant income from taxes, and this might lead to the collapse of certain areas of economics, an in same cases may destroy state system as well.

[nightxglow]

Well i think it will be good. Since i read there are countries that banned bitcoin because they are afraid of it or such.
If money that comes from bitcoin get taxed, i think it will give benefit to everyone, the user and the government.
The government doesn't need to complain and feel threatened again, they will get money from the taxes for country's need. And the bitcoin user can continue making money from bitcoin, because bitcoin is not banned and they still have bitcoin as a job or source of income.

[dado7]

My opinion is that nobody's earnings shall be taxed..... This way I feel like I have a huge parasite that is slowly sucking on anything I earn and I get nothing in return. OK, maybe your countries are more advanced and better organised and have more honest governments, but here it is little what we get in return.

However, regarding the Bitcoin, or any other crypto, I believe it depends on the individual governements and how they categorise earnings. In some countries Bitcoin is considered to be a product, in some it is the asset, and in other a financial instrument. Now it depends how they treat products, assets and financial instruments. In our country since 1.1.2016. when you cash Bitcoin (convert it to FIAT) it is the moment when it is treated as capital earning and has to be reported in the tax return form. The tax is 12% or 18% (40.000 EUR being the boundary between the two (less, if less).

For me however "the feeling" is not right. It cannot be called double taxing because the tax is applied only on profit, but still it doesn't feel right.

[johnyespapa]

Theres no one operating our community,no one is getting touched the BTC's price,no one is regulating why do it need to be taxed? taxed for what?

[BCTalkaccountforsale]

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? 

For my country if the government wants to levy taxes from doing bitcoin I must first recognize and allow me to use bitcoin as a legal currency and treat it as a legitimate job then I would be willing to pay taxes.

[Sallysakky]

Of course Bitcoin need to be taxed turning your BTC into fiat. Even some countries don't have such a regulations, anyway improvement in you financial situation will be classified like a capital gain or the income from the activities (in our case from mining/trading).

[dbutp]

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 can also be said that investing in btc is becoming a job. and most transactions are paid, whether by transferring coins to exchanges or purchases. If the income from investing in btc is taxed, I think the profit from the investment will not be much for us and the newbie apply to this job which is difficult. That means the amount of users will decrease.

[zzxswqq]

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.

Income is taxable always, you might earn from contract killing but if you’re caught you dont just get a murder charge, you also get IRS on your ass

[mkettler]

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.

Which country is that? Seems like a good country if they recognise cryptocurrency as a currency instead of just fuding on cryptocurrency like other countries

[anga3636]

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

It’s not considered a legal tender in most countries though it’s considered an asset or more like a stock market investment

[RichPitty]

Yes I think btc need to be taxed because it is an income source, but it depends on rules in your country.

[The_prodigy]

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 does because it is a form of stock, or an investment and it might help alleviate the high transaction costs when it becomes regulated as a form of compromise. BEcause I think yhat if it gets tax and transaction fees are high then bitcoin will collapse