Is Taxing Bitcoins Possible?

[webdevmastery]

I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.

Yes it is possible if government will handle the cryptocurrency in different countries. It was a very bad idea if they will place tax on bitcoins since the tips on exchanger is very expensive today. Placing a tax on bitcoins is a very bad idea for the government it was like they will only milk the miners from getting taxes to them.

[burner2014]

I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.

Yes it is possible if government will handle the cryptocurrency in different countries. It was a very bad idea if they will place tax on bitcoins since the tips on exchanger is very expensive today. Placing a tax on bitcoins is a very bad idea for the government it was like they will only milk the miners from getting taxes to them.

It really depends in each country, if a certain country will put up bitcoin in their market then it is not possible to have to imposed tax on it, just like what South korea wanted to do with those people investing not only in bitcoin but to the whole cryptocurrencies as they don't like someone avoiding tax, they don't really want to ban crypto they just wanted to imposed tax on it by stating the real name of each person investing in the market as much as possible.

[BlackRacerX]

I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.

I think it is impossible to tax bitcoins. But taxing fiat money out from bitcoins (trading bitcoins to fiat money) is indeed possible. The government may count this as income and may place an income tax on it. Unless they impose a law to tax cryptocurrency-fiat conversion by a certain percentage.

[jekzy]

Bitcoin in our country is already spread the news about it when bitcoin reached the 1M price.i guest they're not going to put tax bitcoin because they just earning as to careful when you invest because we might scam fake crypto.

[gordeevaar]

It is already taxable. In fact, in my country government is strictly after big investors and had issued them tax notices for investment in crypto.

[ChicoGeronimo]

Don't know if they can tax Bitcoin per say, but they can definitely get you when you cash out.

[Yakamoto]

Bitcoin in our country is already spread the news about it when bitcoin reached the 1M price.i guest they're not going to put tax bitcoin because they just earning as to careful when you invest because we might scam fake crypto.

I'd be willing to put money on whatever country you're living in starting to tax Bitcoin at some point, it's simply far too lucrative for getting taxes from and it's almost free money for the government under most circumstances. Plus having the taxes be developed around them helps to cement their control over the entire developing economy, which is something absolutely all of them would want to have happening. Even if Bitcoin thrives right now, there's going to be a high chance it won't be like this forever. Governments are going to start getting aggressive eventually, assuming they aren't also exploiting the crypto market situation as well.

[cryptobd86]

Tax not possible to catch. Because, there is no owner of Bitcoin. System is regulated. Because of the failure of tax on the island. In today's illegal countries

[gracedungso]

Its imposible because its untracable..if ever it would be i guess there is a long process..

[Shrihari]

It's fine even if the money is taxed we have surety that govt. Shall not ban crypto

[Finestream]

It is already taxable. In fact, in my country government is strictly after big investors and had issued them tax notices for investment in crypto.

But in our country,bitcoin is not yet adopted by the government so they cannot impose taxes on it.Although i believe that there are lot of bitcoin users in our country which remain anonymous,still the government have not taken actions provided that all bitcoin users and investors should pay taxes in all their transactions.

[BtcBling]

I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.

Yes, the government can tax Bitcoin if we will change it to fiat or vice versa. It is already happening in African and Asian countries. In our country, our Central Bank already created a regulation that stated all Bitcoin conversion is submitted to tax. There are a transaction fee and remittance tax on the transaction that I have made.

[CarylnBoy]

I think tax can not be bitcoins. But it really depends on the country, taxing bitcoins is a very bad idea for the government, just as they only allow miners to collect taxes for them. And the government is hard to know how many bitcoins a person has.

[marydale]

In my opinion, yes it is possible! Government can find a way in tracking transactions and impose tax on it. However, it would be quite tricky to do so since transactions are done by people that didn't use real name but aliases or screen names.
But it will be a good leap in cryptocurrency, could mean that government now recognizes the digital currency

[TheGodFather]

I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.

During its stay in the network or in the internet nothing can ever tax it however once you try to encash it and change it to something real and physical then that would be hhe time that regulations and taxation would take place and would really be susceptible to all these sanctions as they are now in the real world and can now be handled by anyone and everyone

[Samueltalk]

if this time can not be taxed, because in my country has not been made legislation but if it was inaugurated by the government it could be in taxes.

[buinchain]

I think this is very difficult, but it is possible. Enlightened by the profits of cryptocurrency governments envy, I think they are looking for excuses to rectify cryptocurrencies, taxation is a good excuse for them to take the opportunity to take the opportunity to formally join the bitcoin world.

[novhitadaloma]

for the time being this may not have been in taxes, because there is no law that regulates about bitcoin. but maybe if it is set or in sahkan, income from bitcoin must taxable.

[Aneuk cabang]

with my knowledge in crytocurrency, i guess it almost imposible to make bitcoin and others taxable. but nothing is imposible, japan used to accept bitcoin but i dont know if they have found away to make bitcoin taxable

[MCVXYZ]

I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.

It is possible to have tax in Bitcoin if you transact using centralized exchange that holds your identity and when you convert your Bitcoin to paper money, but I think it is impossible to put tax in all Bitcoin transactions especially if you use over the counter that is used to buy and sell massive amount of Bitcoin. There's nothing to worry about this if your country does't have a tax regulation about cryptocurrency gains but if IRS in your country declared it as an asset then you should pay your tax, and report to them every transaction you made.

Yes I think the same thing about this,Of course Its possible to have tax if you transfer your funds using financial sector wich has centralized administrator or there are identificator documents in any centralized service wich you use..As in South korea,wich is good example:Financial commision of South korea has just announced that exchanges  will be obliged to send transaction information of traders to the banks,wich i think is nonsense.but for this there must be legislative basis in your Country.