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Question: Should we be paying taxes on profits that we make
Hell no - 5 (18.5%)
NO harm in giving something back - 16 (59.3%)
Sucker pay up - 6 (22.2%)
Total Voters: 27

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Author Topic: Taxes and crypto.  (Read 410 times)
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February 07, 2018, 06:07:11 PM

I agree. I'm so upset with the way politicians use the public money in my country, that I'll do everything to avoid being robbed by them.
However, whit bitcoin is risky, because any transaction is recorded, and if they can connect a bitcoin address to you, they'll have all your situation under their eyes.
So, the real problem with bitcoin is when you try to exchange them in fiat money.

According to my opinion many of people are investing in crypto because of their negligible taxes and high security.
But there is a big issue of this negligible taxes and the issue is that due to No tax many countries are not legalizing bitcoin if bitcoin is start accepting some taxes then i think countries will be start accepting bitcoin legally most probably.

Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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Semosuchi Tesongrato
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February 11, 2018, 12:34:22 PM

The real problem is that the blockchain is a double-edged sword: at present, it assures to you a good level of anonymity, but in the same time keeps trace of any transaction.
If the tax authorities can make a connection between you and an address, they will have the possibility to know all your past movement.

So, the problem is not now, where it's not difficult to hide what are we doing, but in the future.

So, be careful.

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February 13, 2018, 01:06:22 PM

It's possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion.
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February 13, 2018, 01:18:28 PM

Oh no my friend! There is no reason for the state mafia to steal on money we earned by taking risks with our already taxed money. By definition I am against any kind of tax, but even more when you are taxed twice! Just "you are taxed" is a word invented by government robbers for "you are stole".

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February 13, 2018, 01:25:30 PM

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

There should be any problem on being taxed on crypto earnings. If they start adding additional taxes, it can be a huge issue.

I don't see any problem on that besides as a residence of the country we are oblige to follow the government orders. I don't want to be in jail for not paying my taxes. As long as I'm profitable in my investments no problem to me. I do hope that they will use (Taxes from crypto) for the good of the people not for their own interest.  

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February 13, 2018, 01:38:21 PM

Actually, no person authorize or authorities to collect taxes in cryptocurrency, it is totally free of tax. When we say payments of taxes involves, it is already decentralized system of all cryptocurrencies, but until now cryptocurrencies are operated by a private sector, without any assistant from government. So, no need to worry about taxes payments because cryptocurrency today are free from taxes. Many speculations also stated that if government enter in crypto business and collect taxes, the price of bitcoin will affected and result into price bottom line.

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February 17, 2018, 05:37:14 AM

I don't mind paying taxes for the government. The only problem I see is that I don't know where my taxes are going. In my country, there are too much corruption and the taxes are already high (around 30%). That's why I dig my hands on crypto to stay away from the prying eyes of the government. But with all the regulations around crypto around the world, it will be just a matter of time before everyone of us started to pay taxes with our crypto earnings, specially converting it to fiat. If I know that the money that I'm paying is going to be for let say health care or education. But if its just going to the wallet of corrupt politicians, I would rather hold my bitcoins for a long time.

I also can not calmly pay taxes while in my country there is too much corruption. It is better to engage in charity sending money to the needy, and not to pay taxes and do not know where your money will go.   
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February 20, 2018, 05:23:53 AM

i could be in Forex if i want to pay taxes... Crypto is the only way that i am feeling freedom with my gainings also i hate tı contribute on social life and goverments with boundries and i hope that will change soon . They are living as rich people with my saving and risks for gaining money ... Ahh hate it .
It is even funny how most of them at the top do not pay tax and then the common man is busy working hard and still feeding them while they keep getting so rich. Now they are after my cryptocurrencies? No way! I just cannot wait to see the look on their faces when they find out that we can easily spend our cryptos without having to exchange to fiat. Punks! I am done with their shits! Nothing for them!


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February 20, 2018, 05:50:44 AM

The fact that you are feeling freedom with your gainings is good, but you won't be able to transfer the funds you earned to your bank account later if you won't pay taxes.
I can't accept the reason to use bitcoins because you want to avoid taxes, you can do so with fiat currencies as well, work with cash and don't declare earnings to your government.
Nothing has been changed.

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February 20, 2018, 05:56:23 AM

I pay enough tax already outside the crypto field, so I am definitely not letting to government eat off any of my crypto holdings. The downside of this is that my freedom to have it converted back to fiat gets drastically limited by doing so. It doesn't mean that I can't have it sent to my bank account, but these bastards register and report everything, which is forming quite an obstacle. Good thing however is that I am not a fiat centric person, which means that I gladly keep holding on to my coins for plenty of more years, just like I have always been doing.

Will you not have to pay taxes the  time when you finally cash out ? I mean one day you will get the profits in banks and then how will hide those transactions. In my country, the Income tax department has already started raiding the exchanges and collecting the information of investors. Thereafter notices were sent to those who were investing huge amount of money in Bitcoins.
Well, is it not the information they have that they will be able to make use of? Apparently, it is what I declare on the exchange to make use of or convert to fiat is what they are going to tax, isn't it? However they want to do it, to find out my other wallets, I guess we will have to wait and see, but for now, I am still managing their fiat and they can be taxing that one until I am totally done with it. Can't a man just have peace from taxes?

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February 20, 2018, 06:56:13 AM

Governments taxing crypto is something they agreed that crypto is a currency. However they shouldn't  tax until or unless they legalized cryptocurrency in their country. It is baseless in taxing crypto without accepting that as legal tender in their country. Tax also should be minimal or less since crypto is a not grwon completely on all the aspects. I really don't like governments taxing apart from the transaction fees we pay in lump sum.
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