Bitcoin and not Paying Taxes

[genocide]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

Since Bitcoin is not yet legalized in all countries, there is no tax apply for all transactions made. But in some countries that bitcoin is already legalized, they should pay taxes to avoid unwanted circumstances that can affect business transactions and cases related for not paying the correct taxes. If you are a good citizen of a country, pay the correct taxes and declare it in your financial statement as you are receiving extra money from Bitcoin to avoid cases as seen on video.

[Semosuchi Tesongrato]

It is true that the moment of change in fiat is a critical moment, but with a little attention one can avoid being discovered.
And then, if the sums at stake were really high, just move the residence in a nation that does not have a law for bitcoins.

[Altero]

I know some of us getting mad when they hear bitcoin/crypto holders will pay taxes as of the government demands. But then, since isn't finalize yet and such regulations isn't totally imposed still we are free from that.
Actually, we should be never argue with that cause those taxes collected from us will be a big help for the community as the government used it for projects which we can benefits it also, unless we are abused by them then that's the time that we take steps against them.

[algerianimminent5]

I think if we are to pay taxes then whats the difference between the fiats and the btcs anyway??

[eurobend6]

We should pay btc tax to Govt so that in return they legalise its fluent circulation

[princess.tyche]

I don't know about taxes yet, since my country haven't release rules about bitcoin taxes. But for the usual income, i always paid every months and make a report every year.

[semobo]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

It is necessary that everyone need to pay taxes to the governments according to their earnings if you don't do it then you will be considered as criminal and actions will be taken against you of you get caught.
But as long as you use bitcoin as bitcoin there is no tax in many countries but some countries already have regulations so they will keep track your crypto earnings too if ykur country already regulated.

[burnchan]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

Paying taxes is one of our obligations as citizen of our country and violating this will result to a serious consequences. Thus, we should pay crypto tax if already specified in our government. Fortunately, our government hasn’t imposed yet a clear regulation on digital currency like bitcoin. But they are still studying on it. But when the time comes, that it will be imposed, it gives me no choice but to pay crypto tax.  Corruption gives us heartache in paying your taxes but let us give this issue to the “Clean” government officials.

[kiloiko]

We cant do anything if any Govt imposes tax upon btcs. We are bound to abide by the govt

Actually we have double standards. We want to make enormous money from bitcoins by regulating them in our countries. We pledge different proposals to governments on this platform for legalizing them as soon as possible. But on the same side, we don’t want to pay taxes if governments would have legalized bitcoins. Due to hypocrisy we haven’t seen bitcoins living in our official papers.

[gristlygrudging34]

Its better to pay the tax because in that case your transactions will be under a lawful onlooker

[jakoylantern]

For me, that is the real aim of bitcoin they don’t want to pay some taxes or control by the central bank. That is the main reason for some country why they ban bitcoin because they can’t control it, and it is very demanding to recognize or to track how is the user behind that code. But I read some article that they will put a tax on bitcoin I don’t know if they can do that all over the globe. 

[mahilchii]

Yeap. Paying tax for your profit is nothing harm and that is a duty of a good citizen. There is no tax law implemented as of now for any countries until now but some countries imposing heavy tax on cryptocurrency profit when converted to fiat. There will be stable regulations in future but different countries tax people in different tax slab.

[carlisle1]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

Well, that only perfectly applies to a country that imposes rules and regulations on cryptocurrency. Of course, if your country is requiring you to pay tax for your crypto earnings, then you have to or else you will be liable to tax evasion.

and i really dont know what would be the problem just because the country is implementing collections on taxations upon crypto will be big issue,just like in regular work wasnt we obliged to be collected by tax and were not complaining right?but why in crypto when most of the times were earning much higher than regular work we still not complying,if thats the case we have our own problem and not a governments or this forum

[RodeoX]

I think if we are to pay taxes then whats the difference between the fiats and the btcs anyway??

That is a central question. Bitcoin is "fair" money, not magical money. It is the only system in the world that anyone can use in any place. It is a math algorithm and not a business or person. It does not need to take profits. No one can stop me or compel me to use it. It is trustworthy open source code that operates on a peer-to peer network that can't be hacked or "taken over". No one can control the supply or decide who gets coins from mining. It is unassailable money that does not require trust. The opposite of fiat.

Taxes have nothing to do with it. Taxes are the business of governments and they can tax whatever they like. If you have a problem with taxes you are wasting your time here. You need to speak with your government.

[South Park]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

This is easy pay your taxes, I know that no one likes to do it, every time the government raises taxes no one is happy about it but if you like your freedom you need to do it especially since in my country jails are really not places where you want to be, so forget about trying to beat the system if at some point you're going to cash out then declare your profits and pay your taxes.

[flower1024]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

This is easy pay your taxes, I know that no one likes to do it, every time the government raises taxes no one is happy about it but if you like your freedom you need to do it especially since in my country jails are really not places where you want to be, so forget about trying to beat the system if at some point you're going to cash out then declare your profits and pay your taxes.

Exactly if you really don't like to pay tax to your government then don't convert your coins to fiat. use your coins directly to buy your needs that are the only option you left or else find a local buyer and sell your coins for direct cash. If you convert your coins into fiat using any exchange you must pay tax you don't any option.

[Ishiro5]

I think it would only be fair for governments to collect taxes on bitcoin earnings if they have invested in contributing to the technology, otherwise, it would not be fully justified. You cannot make my business difficult and still want to be a beneficiary of the same business, it does not sound right.

[Janinjo11]

This issue also worries me a little. But, I'm sure if we withdraw small amounts every now and then maybe taxmen wouldn't be so suspicious and tax could be avoided. Of course, it depends from country to county. But if cryptocurrencies continue to rise I'm sure they will find a way to tax even the smallest transaction.

[Lyne1982]

If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.

Somewhat agree on you, it depends on how much you are earning, if you earn maximum or in the limit that it should be taxable then you are require to pay taxes accordingly. But since bitcoin is not legalized yet in our country there's no requirement to pay taxes,

[y_stars]

I saw that video before, basically it can cause you big time in potential. Lesson is don't leave thing for a later time or to chance.