Bitcoin and not Paying Taxes

[zarados]

well, it becomes a problem for investors, as long as bitcoin cannot be said as a global digital currency of course movement and access to a transaction of sale and purchase of goods still very limited. We still need an exchange in which we will pay a fee when withdrawing. If in the future, bitcoin can replace the whole Fiat function, we may not need to pay taxes anymore, although the possibility is very small, because a tax is one of the main income of the government.

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[yoseph]

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

That's one of the reasons why the recent G20 meeting called for regulations into BTC and they declared that it shuld be considered as an asset just like Gold and when this regulation happens every bitcoin sold will attract a tax just like people pay taxes when they are selling their Gold.

[0t3p0t]

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

Yeah once we convert Bitcoin into fiat money taxes will automatically applied. Our local exchanges here in my country are regulated and that is how they tax our funds. I am not against tax and to be honest we cannot evade from it though it will also be helpful to our economy too. Tax is everywhere and that is how we live life from now on.

[Viyamore]

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.

And I believe so. If the government invests in bitcoin, such as making sure that there is faster internet connection or better gadgets or systems to improve the use of bitcoin, and requiring companies and stores or any other businesses to use bitcoin, then I would be so glad to pay future tax.
But then, if they fail to do so and tries to interefer without us, having any advantage or benefit, then, I would disagree.

[akishang]

It is our obligation to pay taxes in all of our earnings. It just so happen that bitcoin earnings are not taxable automatically so we need to declare it. If everyone is doing the same (paying taxes on bitcoin earnings), I think the others will also follow and it will be easier to track those who are not paying. I hope that they won't automatically apply tax on btc transfers. This will make our life a bit harder than it is now.

[cahbagus555]

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

If government want taxes from bitcoin, they can get it from bitcoin trade. In my opinion, its better bitcoin trade get taxes and government issueing regulation on bitcoin trade, thats make bitcoin investor more confident

[tylerderden]

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 the reason that I always cash out my bitcoins in a different account than my usual account which I use regularly so as to keep track of the money that I have made in INR with bitcoins, if it goes above the non taxable limit then I pay whatever the tax applies so as to not get into any legal trouble, as getting into a legal trouble like tax issue will hamper my reputation in my community which I respect the most even more than the money I make as money can be earned again, but if reputation get tarnished then it's pretty hard to earn it back.

[WolkGold]

As far as I know, with bitcoin trading features, bitcoin can become the focus of unauthorized purchases and tax evasion. This problem has been resolved with the good plan put forward by Japan, Germany by law. Their government will introduce control measures by imposing taxes to create accountability and fairness for their citizens.

[Betheng10]

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

why sould you evade taxation in the first place? It where government projects and developments get their funds from. Aside from it's your obligation, the benefit of it returns to you. So unless you don't trust or badly hate your government you should pay your taxes.

You don't wanna grow old knowing that funds alloted for your retirement goes to zero right?

[themughni]

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

i think,
Tax payment is a necessity and No one should ignore that.
 Doesn't matter whether you are earning from your job or from Cryptocurrency. you will end badly.

[darkangel11]

i think,
Tax payment is a necessity and No one should ignore that.
 Doesn't matter whether you are earning from your job or from Cryptocurrency. you will end badly.

No, it's an obligation. You're required by law to do it, but it's not necessary, unless you feel the need to do it and your conscience would kill you if you didn't. A necessity is something you can't do without. An obligation is something you are made to do.

While some taxes should be paid (for instance i'm paying my property tax which pays for the roads around me to be maintained and lit, my garbage to be collected and disposed, things of that sort) some like the income tax shouldn't. They are nothing but a robbery.

[glavos]

Well depends on a lot of factors. There are ways where you can avoid taxes tho. Google it.

[uozer]

I don't think there is any cause for Alarm with respect to payment of taxes at all since there is no how taxes can currently be calculated based on each members encrypted wallets that is inaccessible for anybody saved you alone. So, how can your accumulated Bitcoin in your wallets be calculated by Governments Revenue Services especially in those Economies shortfall of Government support for the unregulated on line currencies. However, it shall become mandatory on all of us that are Holders of Bitcoin whenever this cryptocurrency becomes acceptable in each of our economy unless you are a Tax Avoider or Evader which does not portray a good dignity/image of a respectable Bitcoinner.

[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.

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.

Correct, if you ever exchange your bitcoin for fiat then you are at the mercy of the system established by banks and governments and you must follow the rules, we don't like it and in fact that is one of the biggest reasons of why bitcoin was created in the first place but you need to follow the rules, pay your taxes and be free and without any worry especially if you have a big amount of bitcoin.

[acener]

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 our responsibility to pay taxes so we should know the importance of it. We must do our duties for us to help our community. We should know the the taxes that we are paying usually goes to our government's necessities. Our government's expenses and budget lies on our hands so we better do our duties and responsibility in our society.

[ged00u]

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 depends on which resident you live. In many places, it is easier to not pay tax because the government does not have enough power to control citizen. In someplace such as Spain, people are struggling about tax and you can see that many football players have to stand trial because they are found not paying enough tax

[pixie85]

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.

If you use your bank account you have to watch the amount. While nobody will ask  you about that $500 you got from an exchange, they might ask about $5000.
It's also much worse in the US than other countries. They have some really tough tax laws.

[JohnWick_Bitcoin]

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

Actually we are paying electricity bills while we are running our mining hardwares and if you are transferring your coins then you also need to pay your transaction fee's so taxes are just bullshit and government just want to get money from people.

[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

It is our responsibility to pay taxes so we should know the importance of it. We must do our duties for us to help our community. We should know the the taxes that we are paying usually goes to our government's necessities. Our government's expenses and budget lies on our hands so we better do our duties and responsibility in our society.

If this were true people will not be angry at paying their taxes but we know that is false, we know that the government does not spend the money as they say they do in some cases they spend that money in something else and in the worst case scenario they just steal that money for themselves and keep it in secret accounts in offshore bank accounts.

[tailwate07]

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 our responsibility to pay taxes so we should know the importance of it. We must do our duties for us to help our community. We should know the the taxes that we are paying usually goes to our government's necessities. Our government's expenses and budget lies on our hands so we better do our duties and responsibility in our society.

When we know that taxes that we are paying are used in wars and killing of innocent people, still we should pay the taxes? The taxes we pay are not always use for the welfare and betterment of the society. Some insane governments use it in wars and making atomic bombs for bringing mass destruction in the world. People should be properly informed about taxes that they are paying and their utilization.