crypto earnings

[Murat]

When a country imposes a tax on Bitcoin then it might not be a fruitful issue for those people who're dealing with Bitcoin, because when we already pay tax when it turns into any local money so it would be double-counted if the government again impose a tax on Bitcoin, I think it's high time for every country to consider about Bitcoin because blockchain system is being a popular system, not only that but also China has taken an initiative to develop blockchain system within the country for their own purpose. so Bitcoin should be the legal currency around the world and in this way, the crisis will get solved.

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[peter0425]

In the future, hopefully you will not need to change bitcoin to fiat

of course because why need to convert in Fiat when Bitcoin and other cryptocurrency can be use as payments for everything?
when cashless society comes this problem will never occur again instead the main problem is how to have bitcoin/cryptocurrency than how to get a fiat.


for OP it depends on your country because in my location it is easy to convert Bitcoin to fiat using only wallet.

[DabsPoorVersion]

guys how to get around local tax laws and convert crypto earnings into legal fiat?

actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto

It is one thing, if you really don't want to avoid paying tax then you can put to your record that you are working online or freelance.
Actually there are still no taxation law saying that crypto users are subject to paying tax. As of now, it is still under the consideration of the government (depends on the country you reside in). If crypto is legal in your country, then sooner or later, paying tax is necessary.

Expect that to happen once the government will impose taxations once the rules for crypto already being ordered. There's no way that you can avoid
as it required by the laws that every individuals who are getting salaries inside the jurisdictions of the government is subjected to pay tax to help
the country, it's an obligations that citizens needs to follow.

It is really expected but it will take a lot of time before it happens. Maybe around 5 years or more if crypto achieves popularity than it never has before. There are consequences you might face if you avoid paying tax, it is also correct that it is every individual's obligation to pay tax since our money is the one that is being used for the development of the country.

[Darooghe]

The government has seen people make very large sums of fiat buying crypto and selling it at a later date. They want their cut. I think the CGT event on spending is a misguided way of closing the loophole "I didn't sell it for fiat when I bought that $15,000 item directly with BTC that I bought for $150, so no CGT". It also has the bonus effect of reducing the chance BTC will become a widely used Currency and pose any real threat to the government Dollar.

[pakhitheboss]

In my country whatever you earn through crypto will fall u need the tax bracket. As soon you convert crypto to fiat you are under the lens of the tax department. I do not know what exactly happens in your country as you never wrote about the country you are referring to.

[Danne87]

What I love about cryptocurrencies is where you can learn how to generate money from anywhere. Do you like to watch a movie, here write reviews or do not forbid advertising. Do you like walking, here are the rewards for the steps. If you want to blog, here you can get recognition and money. It is exciting to try everything.

I am still studying cryptocurrencies, but I am amazed that you can find passive income without really worrying whether you have a lot of knowledge or not. But of course, expectations are not always met. I tried to mine Monero on a laptop. I’ll tell you, this method is good and does not require special attention, but it suits those who have a powerful graphics card. otherwise, you can get less than $ 50 per month. And it turns out that even walking and using applications that will support you financially for physical activity are more profitable.

Perhaps you should pay attention not to mining but to the proof of stakes. Of course, this requires an initial investment. But I think if you are a supporter of the idea of ​​buying and saving crypto this idea fits perfectly. Getting rewards for content is really easy. publish0c is known to many who want to earn money through approval, likes, typing systems. But an interesting proposal for a more professional approach is provided by the taklimakan platform where I can choose my price for articles and build an expert reputation. To try the POS when I collect a little money from the content.

You forgot to mention the costs. Such as electricity and equipment. and $ 50 is definitely not worth it

[Arkann]

In my country whatever you earn through crypto will fall u need the tax bracket. As soon you convert crypto to fiat you are under the lens of the tax department. I do not know what exactly happens in your country as you never wrote about the country you are referring to.

I believe that the simple cryptocurrency user who stores his assets for the long term or trades his coins on the cryptocurrency exchange cannot fall under the lens of tax structures.  It seems to me that, first of all, the tax inspectorate should work with cryptocurrency exchanges and cryptocurrency exchangers, which will be taxed.  But in turn, each cryptocurrency exchange will charge interest on the transactions of each trader.  In this way, it is possible to organize the payment of tax for the state from the cryptocurrency market.

[Meowth05]

guys how to get around local tax laws and convert crypto earnings into legal fiat?

actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto

It is one thing, if you really don't want to avoid paying tax then you can put to your record that you are working online or freelance.
Actually there are still no taxation law saying that crypto users are subject to paying tax. As of now, it is still under the consideration of the government (depends on the country you reside in). If crypto is legal in your country, then sooner or later, paying tax is necessary.

Expect that to happen once the government will impose taxations once the rules for crypto already being ordered. There's no way that you can avoid
as it required by the laws that every individuals who are getting salaries inside the jurisdictions of the government is subjected to pay tax to help
the country, it's an obligations that citizens needs to follow.

There's no doubt. After the cryptocurrencies been added to the constitution of one country you can guarantee that they will impose taxation. Fortunately, we have no law regarding this matter so I can freely spend some of my coins without paying any taxes. Cryptocurrency and blockchain is very promising technology indeed and I have no issue about getting a tax on it because I do believe this will have an impact on the improvement of one place especially on third world countries.

[sapnu]

guys how to get around local tax laws and convert crypto earnings into legal fiat?

actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto

It is one thing, if you really don't want to avoid paying tax then you can put to your record that you are working online or freelance.
Actually there is still no taxation law saying that crypto users are subject to paying tax. As of now, it is still under the consideration of the government (depends on the country you reside in). If crypto is legal in your country, then sooner or later, paying tax is necessary.

Expect that to happen once the government will impose taxations once the rules for crypto already being ordered. There's no way that you can avoid
as it required by the laws that every individuals who are getting salaries inside the jurisdictions of the government is subjected to pay tax to help
the country, it's an obligation that citizens need to follow.

There's no doubt. After the cryptocurrencies been added to the constitution of one country you can guarantee that they will impose taxation. Fortunately, we have no law regarding this matter so I can freely spend some of my coins without paying any taxes. Cryptocurrency and blockchain is very promising technology indeed and I have no issue about getting a tax on it because I do believe this will have an impact on the improvement of one place especially on third world countries.

We are earning a lot of money without paying any taxes that is why I think the government wants to regulate or give tax to us crypto traders or bounty hunters but how do they do that if they do not know who are earning, maybe the banks can give taxes but not the government because they do not know who are the group of people organizing cryptocurrency since cryptocurrency are decentralized, meaning there are no people involved managing every transaction we are making.

[Dildo Shwaggins]

guys how to get around local tax laws and convert crypto earnings into legal fiat?

The problem is that even if your country don't have regulation right now things can change at any time. I'd suggest not to sent much to your bank. There are ATM's as well that might help.
Always use small amounts though. I don't know the standards and the limits each country sets but I guess if you try to sent to your bank 100K bells will start ringing.

[AniviaBtc]

guys how to get around local tax laws and convert crypto earnings into legal fiat?

If the government in your country regulates cryptocurrency then you will have no problem in changing your stock to fiat currency. all the while, if cryptocurrency is prohibited in your country, then that's the time you have to go through blockchain to change crypto to fiat for as long as you have the credit cards which accept crypto. You will have to go through some process in exchange to do that though like in coinbase.

In short, you should go to a country that is no hassle in giving you a service you want about crypto currency. You've stated a very obvious matter, of course you should only regulate your crypto in a country that allows it.

Also you should know first the security of the country for you to avoid being hacked or scammed. Security is very important when it comes to crypto currency. Most especially if it has a potential or if you're going to convert it into fiat. Fiat is more vulnerable to negative things.

[imstillthebest]

i dont think you cant escape the tax especially if you are going to convert your cryptos unto fiats but that is if your using an exchanger but i think you can escape the tax and exescive fees if you are only going to trade from person to person   . you will just have to talk to the person and agree if how much crypto they are going to recieve as well as how much money they are going to pay  . this can be done without fees depending on you if you arent really that generous  .

[sehoon]

getting around tax laws is really hard. And I have no experience getting around it since, in my country, we are lucky that we are able to use cryptocurrency freely. And as of now, there are no signs of regulations. But they kept on saying warning about how we are going to secure our funds.

[MWesterweele]

getting around tax laws is really hard. And I have no experience getting around it since, in my country, we are lucky that we are able to use cryptocurrency freely. And as of now, there are no signs of regulations. But they kept on saying warning about how we are going to secure our funds.

If here in my country will gonna put taxes on our earnings in bitcoin then it could be really hard for us, since my earnings here in bounty is not too big for them to give me tax. It is okay to regulize it and legalize it but I wish that there would be a better and good tax rule in every earnings. Even now, we dont have tax yet , everytime I converted my btc to fiat it lessen as big as 10% of it.

[Wintersoldier]

Based on our country, you cannot actually get away from taxes in cryptocurrency conversion to fiats. How? Because if you have local exchanges, then that is the place where you need to convert your cryptocurrency. In this case, what you need is to pay transaction fees with taxes from conversions. What is good about it is that, if you have huge accumulation of cryptos, instead of converting, you could transact and pay in crypto without taxes.

[bitbunnny]

Based on our country, you cannot actually get away from taxes in cryptocurrency conversion to fiats. How? Because if you have local exchanges, then that is the place where you need to convert your cryptocurrency. In this case, what you need is to pay transaction fees with taxes from conversions. What is good about it is that, if you have huge accumulation of cryptos, instead of converting, you could transact and pay in crypto without taxes.

If we want to actually use crypto in real world for payments in most cases we need to face the problem of conversion. Thus we lose money on exchange rate, taxes, fees and etc. So far the only or maybe the cheapest solution for me is to use crypto debit card. No need to worry if crypto is accepted, no transactions fees and taxes.

[Swordsoffreedom]

Based on our country, you cannot actually get away from taxes in cryptocurrency conversion to fiats. How? Because if you have local exchanges, then that is the place where you need to convert your cryptocurrency. In this case, what you need is to pay transaction fees with taxes from conversions. What is good about it is that, if you have huge accumulation of cryptos, instead of converting, you could transact and pay in crypto without taxes.

What about peer to peer trades with a person from your country? He gives you cash, you send him Bitcoins. And you keep that cash at home, not deposit it to the bank because you might need to explain origin of money.
But I guess it's difficult to find buyer for large amounts of Bitcoins.

[qiman]

Well really everyone should go to their local tax accountant or look up the information regarding taxes and Bitcoin in their respective countries. In Cyprus, for example, taxes are good for people there because you can bring in your crypto and not pay at all tax as long as it comes from one bank account to another, or to be safe, just pay 10% capital gains tax on it and then you are done. In other countries of course there are more strict laws pertaining to Bitcoin and other altoins. You should be careful and do everything the legal way, not to have problems with law enforcement agencies.

[princesspoppy]

guys how to get around local tax laws and convert crypto earnings into legal fiat?

actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto

It is one thing, if you really don't want to avoid paying tax then you can put to your record that you are working online or freelance.
Actually there is still no taxation law saying that crypto users are subject to paying tax. As of now, it is still under the consideration of the government (depends on the country you reside in). If crypto is legal in your country, then sooner or later, paying tax is necessary.

Expect that to happen once the government will impose taxations once the rules for crypto already being ordered. There's no way that you can avoid
as it required by the laws that every individuals who are getting salaries inside the jurisdictions of the government is subjected to pay tax to help
the country, it's an obligation that citizens need to follow.

There's no doubt. After the cryptocurrencies been added to the constitution of one country you can guarantee that they will impose taxation. Fortunately, we have no law regarding this matter so I can freely spend some of my coins without paying any taxes. Cryptocurrency and blockchain is very promising technology indeed and I have no issue about getting a tax on it because I do believe this will have an impact on the improvement of one place especially on third world countries.

We are earning a lot of money without paying any taxes that is why I think the government wants to regulate or give tax to us crypto traders or bounty hunters but how do they do that if they do not know who are earning, maybe the banks can give taxes but not the government because they do not know who are the group of people organizing cryptocurrency since cryptocurrency are decentralized, meaning there are no people involved managing every transaction we are making.

Yes, I agree. We are making tons of money with cryptos and this is the reason why the government would like to put taxes on it but in my country, the taxes paid in converting cryptos to fiat are through wallets and banks where the transaction happens, the government is not involved. It is not that big so I think it's fine to pay taxes through these things, after all, it is our obligation as a citizen in a country.

[noictib]

guys how to get around local tax laws and convert crypto earnings into legal fiat?

All depends upon your law of country about digital currency , my first suggestion for you is that if bitcoin is allowed to use openly then do works manually to pay tax that what the law of your country's govt. Made .
Otherwise you have to pay tax by select the category of "other" , your lawyer can tell about it to you in very accurate way .
If you have no lawyer then don't don't take tension , simply google it " how to pay tax "  and then you will understand that how to do all the things .
But be Careful that if you are paying tax for the cryptocurrency earning then pay for all profit , otherwise do deceive the system .