Tax on Bitcoin

[Angel0]

Transaction of cryptocurrency inside the internet and between wallets tax should be free but if you purchased using it to buy tangible product outside online shopping it should be minimal!!! I hate tax.

[unneros]

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

Yes, Bitcoin is a risky investment if it has to pay taxes on Bitcoin. There will be a lot of investors leaving Bitcoin, and Bitcoin will reduce the number of investors. In this investment field, the risks are many if the investment has lost, but the tax is a significant loss.

[dothebeats]

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

But then again if you are living in a particular country wherein you are receiving help and aid from the government, you are obliged to at least contribute to the government's budget in terms of paying taxes on capital gains. You can only be taxed if the government deem any crypto gains as capital gains, otherwise you are free to use your money into whatever you like without anyone taking a cut from you.

[Westinhome]

Maybe if the bitcoin would be popular in the whole country and they accepted a bitcoin as a payment in any other store or any uses for bitcoin. I think the tax for bitcoin it will be going high cause we know if the bitcoin it have a time to be increase the value and sometimes too low.

[Manoharachan]

It is true that the regulation should be applied but mostly only the rules of each country, and better if in every country there should be regulations in order to create calm and comfort for investors and traders.

[tylerderden]

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

We must pay taxes on the money we make as it is our moral duty and that's how we can help individuals the betterment of our country, but the government also needs to stop the corruption and that would then be beneficial for the betterment of the country and also then the taxed money will be used for right purposes. But if corruption still persists then there is no point in giving taxes, but government can fuck you up if they find out that you haven't paid any taxes.

[gantez]

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

Yes . Paying tax or being tax on bitcoin isn't actually the way blockchain was made. It was made to be independent of the government- Agreed

Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not.

You might not be correct on this one. I believe everybody is suppose to pay some level of tax to the government whether income tax, etc. This is a duty that citizen own to the government. However, bitcoin itself wasn't made to be for government interference.

[Boximuss]

I think the tax should be less than 10 percent until this market stabilizes and normal ecosystem appears

[navneetjais]

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

We must pay taxes on the money we make as it is our moral duty and that's how we can help individuals the betterment of our country, but the government also needs to stop the corruption and that would then be beneficial for the betterment of the country and also then the taxed money will be used for right purposes. But if corruption still persists then there is no point in giving taxes, but government can fuck you up if they find out that you haven't paid any taxes.

Totally agree with you. I think block chain can help to make a transparent and corruption free and environment.

[ellabanana]

There should be no tax on Bitcoin. The transaction fee is already a large amount and if we add tax on it, it would discourage many user. It's decentralized so it would be difficult to put tax on it.

[carlbreezy]

I think, upon trading, we should not pay any tax for that because as we trade sometimes the price goes down, so if that happen, we will lost some money but still pay tax? That will be unfair to us, I think the proper way in puting a tax to us is when to convert it to fiat because thats the time that the bitcoin will have a value from where we can spend it.

+1 to this. Having taxes imposed to Bitcoin is inevitable in near future. Let’s just accept the fact that taxes are everywhere lol

[Marileno]

The applicable tax rate should be the same as capital gains on any other investment. In Australia for investments held for less than 12 months this is 50%. In spain where i am currently living it is on a sliding scale averaging at around 22% for profits of around 50K Euros. I dont see why BTC should be treating any differently from profits made trading stocks or buying/selling real estate.

[Klestar]

Crypto regulation in may countries are awaited. I believe that crypto regulation should be global (one world one rule). However many countries has regulated crypto due to the huge pressure of investors and traders. Being an honest trader/investor we all are ready to pay tax but that should be legitimate.    

I guess there should be one law for the world to regulate tax on bitcoin because it is done internationally, so the alliance of some country should come up to one rule, regulations and laws for bitcoin excising tax on it and if they cannot formulate one then they should stop running tax on bitcoin. Also if they want to tax bitcoin the other cryptocurrency must be the same, the problem is government didn't want to this kind of currency.

[donpepot]

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

The US government’s tax authority was able to successfully get a court order asking Coinbase to provide information (name, birth date, address and taxpayer identification number) for users who have accumulated transactions worth more than $20,000 on its platform between 2013 and 2015

[Mickznet]

For me 10% tax on bitcoin is enough, higher than that is to much for all investor in bitcoin and other crypto currency, all transaction in bitcoin already have fees and they added already the tax.

[galkina]

in India it is 20% for long term (more then 3 years)
and 30% for short term investment (less then 3 years)

I do not think that there are separate rules for bitcoins in India:

1) To make rules for a particular investment option, government will first have to make it legal. Indian government has not made its opinion clear about bitcoins yet. RBI keeps advising people for not investing in bitcoins. Thus, government cannot introduce special tax for bitcoins.

2) Current situation is that you should pay tax on bitcoins as per your tax bracket. For instance, if the total income ( including bitcoin profit) is less than Rs 250000, you need not pay any tax at all.

[MarVicsa]

taxes in bitcoin are also good to be applied because they help the economy of a country, but not all countries that want to legalize bitcoin for example in some countries to this day have not legalized bitcoin, we wait for the future whether bitcoin will be in taxes.

[Fire316]

      Tax in bitcoin is good rather than government ban  bitcoin. But it is against the law of bitcoin, which is the decentralized digital currency. It is free from government. And another thing there should no tax because bitcoin already has a high transaction fee. If  higher trasaction fee plus tax people will gain less income.

[Lodipetmalu]

Many people were very angry in regards to income in bitcoin.Because many people will take the risk on investment in bitcoin so they thought that it would not proper to be tax on their income while not tax on their losses on holding bitcoin. But in the end, the government has right on anything, so if they plan to have tax on bitcoin they can have it.

[navneetjais]

in India it is 20% for long term (more then 3 years)
and 30% for short term investment (less then 3 years)

I do not think that there are separate rules for bitcoins in India:

1) To make rules for a particular investment option, government will first have to make it legal. Indian government has not made its opinion clear about bitcoins yet. RBI keeps advising people for not investing in bitcoins. Thus, government cannot introduce special tax for bitcoins.

2) Current situation is that you should pay tax on bitcoins as per your tax bracket. For instance, if the total income ( including bitcoin profit) is less than Rs 250000, you need not pay any tax at all.

Current government in India is looking aggressive in recovery of taxes. Though bitcoin is not a legal tender in India but tax rules on crypto gain has been setup and effective from December 2017. If you earn even a single dollar from crypto investment you will have to pay tax, your income slab/age/gender will not matter in crypto tax rules.
There is still lot of confusion and uncertainty in current rules. Govt may propose crypto regulation bill by end of this year.