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Author Topic: Will people pay taxes for bitcoin ?  (Read 650 times)
Ozero
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March 05, 2018, 02:36:35 AM
 #101

Now, more and more countries are beginning to impose taxes on profits from operations with crypto currency and on capital gains. In each country, the conditions for taxation and payment of taxes differ from each other, but this is within 20 percent of the amount of profit
 Most citizens themselves voluntarily pay such a tax, because for tax evasion there are various sanctions. I do not think that this is a problem. The tax must be paid so that the state could legitimize the crypto currency and take its holders a kind of judicial protection.

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qwertyup23
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March 05, 2018, 07:18:39 AM
 #102

I would be willing to pay a bitcoin tax, rather than bitcoin would be in danger in my country.
yes, I sincerely pay taxes, as long as my country's government will legalize the existence of bitcolin, and support it.

Exactly. Taxation is a form of implicit legitimization. So you want your country to tax and regulate it. That's what the South Koreans did. It's good for Bitcoin and crypto in general.

The government will only impose tax on products/services that they can regulate and monitor. As for cryptocurrencies, tax imposition would differ from country-to-country as each has their laws with regards with it. As far as I know, countries like China, South Korea and Indonesia have imposed laws with regards with its regulation and control in the economy.
As a law abiding citizen, we are mandated to follow the law and its implications. If a law was created focusing on the tax aspect on bitcoin, then expect its prices to be controlled and regulated at some point.

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March 05, 2018, 08:58:19 PM
 #103

Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?

In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

What do you think?
It is not a new things to pay tax on Bitcoin and crypto currency in general business related activities. For it is an on going activities in some developed countries where Bitcoin is accepted as a means of payment for goods and services, weekly and monthly earning from Bitcoin and crypto currency in general are been tax by government already.
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March 06, 2018, 02:19:54 AM
 #104

If a law was created focusing on the tax aspect on bitcoin, then expect its prices to be controlled and regulated at some point.
That makes no sense. The government doesn't care about the price at all, they just want to build a framework that will give people enough (forced) incentive to pay their taxes, which is the most logical path to follow for them.

This framework is getting more shape by the month. It won't take long before they have completely regulated this market, allowing no room for tax evasion. If you think you can outsmart the government in that aspect, you'll pay for it.

Centralized exchanges are nothing more than a toy for authorities. Coinbase functioned as primary example of how you can't ignore the drastically changed market ~ they suffered a major loss by snitching on 13,000 users.

It's nasty, but at the same time understandable because they had to comprise one way or another. 13,000 users with likely the highest balances have now something to think about, and hopefully they'll learn from their mistake.

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March 07, 2018, 12:17:23 PM
 #105

Cryptocurrency and taxes. It is the controversial topic. Noone wants to pay taxes, especially for bitcoin. Now, this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?

In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

What do you think?
The tax is a duty to all people across the country. If I think Bitcoin should be taxed. Because the income earned from Bitcoin is very large and should be obliged to pay taxes. But because Bitcoin is not there is set so Bitcoin is still free and not taxed. Maybe if later Bitcoin has been legalized across the country would Bitcoin will be taxed and we must all accept it.
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March 07, 2018, 12:32:54 PM
 #106

Cryptocurrency and taxes. It is the controversial topic. Noone wants to pay taxes, especially for bitcoin. Now, this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?

In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

What do you think?
The tax is a duty to all people across the country. If I think Bitcoin should be taxed. Because the income earned from Bitcoin is very large and should be obliged to pay taxes. But because Bitcoin is not there is set so Bitcoin is still free and not taxed. Maybe if later Bitcoin has been legalized across the country would Bitcoin will be taxed and we must all accept it.
Governments have made tax payments the responsibility of every citizen. It's wrong. It turns out we were captured and paid tribute. My opinion is that the payment of taxes is a social contract between citizens and the government. Our taxes should be spent effectively and improve the quality of our lives. In this case, the payment of taxes will not be compulsory. But why should I pay for politicians ' luxurious lives and Fund their shadowy schemes?

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March 07, 2018, 02:52:56 PM
 #107

The IRS has obliged bitcoin transactions of all kinds, no matter. Accordingly, any US payers are required to keep records of all purchases, sales, investments, or use of bitcoin for goods or services (which the IRS considers to be barter). Because bitcoin is treated as an asset, if you use bitcoin for simple transactions such as buying groceries at a supermarket, you will be subject to a capital gains tax (either long-term or short-term depending on how long you hold bitcoin
Around the world, tax authorities have been trying to put rules about bitcoin. The US Internal Revenue Service (IRS) and its counterparts from other countries are mostly on the same page on bitcoin handling. The IRS says that bitcoin should be treated as an intangible asset or property and not a currency, since it is not issued by a country's central bank. The treatment of Bitcoin as an asset makes its tax implications clear.
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March 08, 2018, 07:40:59 PM
 #108

Yes of course, Bitcoin has created a lot of income generated businesses around the world and such businesses are all expected to pay tax to the government or face the legal implications for not complying with government directives on tax law.
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March 09, 2018, 06:54:03 AM
 #109

You know what tax is base on centralized business. Malls, companies, factories, corporations, foods if possible,house, and many more that the government have the jurisdiction in the land. Part from jurisdiction government couldn't interfere beyond the boundaries. Bitcoin in not centralized it is decentralized not own by any form of government, not own by any influential man, not controlled by one nation. It is anonymous. It is not the right thing to required by government to let the bitcoiners pay taxes while the country didn't recognize bitcoin. Although tax is meaningful but it can be put in the right place.

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March 09, 2018, 07:55:37 AM
 #110

Crypto income will be taxed and it is not like some far far future, the process has began this days already. Of course it may be seem hard to prove such income, but I suppose taxation organization will do their best in this case to not skip even a coin of a possible profit to them and the government.

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March 09, 2018, 09:27:06 AM
 #111

Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?

In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

What do you think?

Should there be a tax? Though tax is paid when making money in fiat,  It's not that necessary or a system should be followed with crypto currencies as well.  It's unique so let everything be unique with crypto. The main motivation of innovating bitcoin and crypto currencies may not be teased by applying tax please.

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March 09, 2018, 10:23:29 AM
 #112

Yeah it's basically the taxes should be applied to a given incomes, and there's certainly must be adjusted with the incomes we earned. If the system of government of each country can really adapting well on crypto, of course a tax will be applied for the purpose of advancing the country and its citizens, and I'm sure it will not be burdensome.
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March 09, 2018, 10:33:06 AM
 #113

The tax on the use of bitcoins is a very small amount. It doesn't matter to the state. Governments are afraid of the other. They don't want to give people freedom. These people are hard to manage. Economically independent people are the biggest enemy of the state repressive machine. Therefore, through tax, the government will try to minimize the profitability of the use of bitcoin.


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March 09, 2018, 11:27:49 AM
 #114

I am still confused how the taxes can be made for bitcoin transaction,because it is fully anonymous no one can identify how much bitcoins we have,then how it is possible to make taxation system for an anonymous currency.
The taxes can be made only while converting fiat to crypto and crypto to fiat and it will be must to pay those taxes as per your country rules.Many countries don't have the taxes for bitcoin so people from those countries are not paying any taxes for bitcoin yet.

Bitcoin is used by many as a speculative tool. Bitcoin-transactions are expensive. When converting fiat, a commission is paid. What taxes can there be?

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March 12, 2018, 01:54:45 PM
 #115

It is not enaugh for goverments to create bitcoin taxation system,the main factor in this situation will be ''putting into effect'' and their ways...
As we know it takes a long time and great effort from special authorities to achieve their special goals connected bitcoin taxation...but at the same time if it is more liberal approach for people they will not try to avoiding taxation issues.so this process doesn't need distinctive approach,I think it will be good if goverments show people that processes like that are created for their well-being.

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March 12, 2018, 02:05:19 PM
 #116


I think it will be taxed for the day but I do not know how this happens.
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March 12, 2018, 03:23:21 PM
 #117

I think everyone will willing to pay taxes for Bitcoin income if they have to. But this case will only happen when Bitcoin legalized as a local currency and can be use to buy or purchase anything in their country. For now, there are only few countries is tesing to legalize Bitcoin in their country as a local currency, people can't use Bitcoin to pay for everything but they still can use it like a local currency in some fields. Maybe in the future when Bitcoin leglized worldwide, everyone will have to pay taxes for Bitcoin income and I'm also agree to pay taxes for it Smiley

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March 12, 2018, 03:44:42 PM
 #118

I think everyone will willing to pay taxes for Bitcoin income if they have to. But this case will only happen when Bitcoin legalized as a local currency and can be use to buy or purchase anything in their country. For now, there are only few countries is tesing to legalize Bitcoin in their country as a local currency, people can't use Bitcoin to pay for everything but they still can use it like a local currency in some fields. Maybe in the future when Bitcoin leglized worldwide, everyone will have to pay taxes for Bitcoin income and I'm also agree to pay taxes for it Smiley

Unless and until if the respective country accepts bitcoin, yes we can pay tax. But still should it be done as bitcoin is earned from another source where the government doesn't have to do anything from their side?  I wish to pay tax to the crypto community and it's development rather than to the government. I don't know how you guys would take it. But I feel the gratitude paid as tax should reach the concern who are behind it. 

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March 12, 2018, 05:08:30 PM
 #119

I think everyone will willing to pay taxes for Bitcoin income if they have to. But this case will only happen when Bitcoin legalized as a local currency and can be use to buy or purchase anything in their country. For now, there are only few countries is tesing to legalize Bitcoin in their country as a local currency, people can't use Bitcoin to pay for everything but they still can use it like a local currency in some fields. Maybe in the future when Bitcoin leglized worldwide, everyone will have to pay taxes for Bitcoin income and I'm also agree to pay taxes for it Smiley

Unless and until if the respective country accepts bitcoin, yes we can pay tax. But still should it be done as bitcoin is earned from another source where the government doesn't have to do anything from their side?  I wish to pay tax to the crypto community and it's development rather than to the government. I don't know how you guys would take it. But I feel the gratitude paid as tax should reach the concern who are behind it. 

I think we are paying taxes to our government, you know why? when are you going to cash out your fiat and when you converted bitcoin to fiat which mostly does your claim at? Me, at remittance center every time I cash my money I paid them his a little so, nothing to worry here.
So, we pay tax but not directly to our government and it served that in BTC.

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