Are you in support of paying your taxes in Bitcoin?

[stopthefud-blog]

Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.

Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.

For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/

But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?

[1714824840]

1714824840

[1714824840]

1714824840

[1714824840]

1714824840

[1714824840]

1714824840

[joebrook]

Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.

Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.

For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/

But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?

Though I support such a move, I will not be any of the people who will be paying taxes in bitcoins but first and foremost I am not in Georgia and secondly even if I was there I will be making those payments in with cash rather.

[avikz]

Personally I wouldn't pay my taxes in bitcoin. But it is a good news for the crypto community as a whole. Because if an US state start accepting bitcoin for any payments, it will make bitcoin legal tender in that state. Bitcoin will also receive free promotion which may make a lot of people intrigued about bitcoin which can significantly boost the adoption rate.

[squatter]

But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin?

Sure, it's a good thing for establishing legitimacy. What better endorsement could there be than government acceptance? It would mean that mainstream acceptance is inevitable. That's a giant leap from 5 years ago when mainstream opinion said that BTC was only for drug dealers and criminals.

Or is it another way the government is trying to take our Bitcoin?

It's definitely a way for governments to take our coins. I would never pay my taxes in BTC, just like I would never sell after a prolonged downtrend. Both Wall Street and governments want your coins cheap. Don't give it to them.

[player514]

Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.

Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.

For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/

But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?

I think paying taxes in Bitcoin is a good idea. As far as I use bitcoin, it's a side currency for me. I think it works out for me because I can keep more of my actual income and use bitcoin to pay my taxes if I want to. In a way, I do believe that the government is going for as much bitcoin as they can get, but I don't think that's a bad thing because we as the population still have the option on whether or not we want to use crypto to pay for our taxes or not. If we don't, we can just use normal currency.

[BlackRacerX]

Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.

Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.

For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/

But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?

I do think paying your taxes in bitcoins is actually a good thing for the industry of bitcoins but for owners, I wouldn't recommend it to anyone investing on bitcoins. The government has its own intentions but I guess it is one way to get a hold of bitcoins from its citizens. Nice try, US Government.

[andrew1carlssin]

no way .. 1st step gov will do create legislation that accept bitcoin .. next step will be to create more legislation to force you to give up your coins ...  I would prefer to send my coins to 1111111111111111111114oLvT2  

[livingfree]

But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin?

It is a good thing for bitcoin. When the government gives authority to bitcoin as a currency that can pay tax, it means that people can trust bitcoin. So those people who are doubting it will eventually think that bitcoin is a legit one.

Or is it another way the government is trying to take our Bitcoin?

Who knows? it's a good money maker so they are also interested though they can regulate it.

[Maglaver]

Taxes for Bitcoin is a good thing because they started to regulate it and with paying those taxes you can spend your money freely.
I mean big amounts. Smaller amounts you can always push through under the table.

[douhancan58]

Using BTC to pay taxes indicates that the government has recognized the legal status of BTC!

BTC can pay taxes like other currencies! Of course I do!

[Deathgamer]

At some point yes, since goverment just want to earn on their own through giving taxes to all users of bitcoin. But not that severe only, just few taxes for the progress of a certain economy of a country. If it is for the betterment of our country then why not. Everyone would agree to it.

[peter0425]

Its better to pay your tax to the government so that we can enjoy crypto in return. So its a win-win situation for both of us. But you have to remember, afaik, that you will only pay tax if you just convert your bitcoin to fiat.

I don't have problems paying taxes to the government. What irritates me is that most of the times we don't know where our taxes go. Maybe it goes to the pocket of corrupt politicians. Taxes that should be spend on good projects like education and building of public roads etc.

But at least what most of you guys are saying are true, it will give legitimacy to crypto as a whole, so its image will not be frown but instead will be portray as 'trusted', because the media has been portraying crypto in bad light since the beginning.

[zhea]

There is no problem in supporting paying taxes in bitcoin to make it legal and acceptable by the government. Revenue collected from bitcoin will be useful in the economic development of the country in building expenditures to benefit people in putting up projects in some areas specially in building schools that is very conducive for learning for some young educators. And as long as we can see and we know where our taxes goes it would be very good because we know that this will be for the good of all.

[CoPil]

Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.

Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.

For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/

But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?

If ever my country will do that, (since they already regulated Bitcoin) I would not support it. The reason why we opt to join the cryptocurrency world is to transact/invest without taxes since cryptocurrencies are decentralized (even if sometimes I think it was not fully decentralized ...). Since I'm not from Georgia, I don't have the right to say lots of stuff but if ever that happens here in m country, a lot of citizens here will definitely complain to the government. Our citizens and me myself would not tolerate such a manipulative act especially if the fees are so high. Anyway, I'm from a democratic country where even online bashers and opinionated people were heard by the govenment especially if they have a great reason, point, or argument.

[entrepmind23]

This would mean that government supports the usage of cryptocurrency which is a good thing because another country supporting it would mean being closer too mass adoption. However, I wouldn't pay in bitcoin because of the possibility that the value of my coins might go up so it would mean I paid higher than what I was suppose to pay so it would be better to pay in cash. I hope they have the option to pay with other coin as well like paying with litecoin or stellar coins. They would convert it to fiat anyway unless they would trade it with other coins.

If ever our government decides to implement this as well then I might consider paying it with other coins other than bitcoin since I am accumulating more of it. This would also be a good exposure of bitcoin because others would be convince that bitcoin is not just use in illegal transactions since most of the people who doesn't have any idea about it has the first impression that it is criminal's money.

[bisdak40]

Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.

Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.

For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/

But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?

I don't support this move by the government to tax bitcoin because in doing that, it is like they are now controlling bitcoin which is not supposed to be.

[kingworld]

I very much agree that Bitcoin is taxed because it means that the government not only recognizes Bitcoin but also promotes Bitcoin, which is good news for people in the community. This is a great opportunity for people to change their impressions on Bitcoin and cryptocurrencies. Because in the eyes of many people, Bitcoin is a criminal tool. We need a good image to improve for Bitcoin.

[imyashir]

Of course we should support our government. With taxation it is a great help to the government. I think the local exchanger will pay the tax harder to impose tax on the bitcoin holder first of all it is difficult to identify who owns the bitcoin.
great help in bitcoin if we are paying tax personally. The bitcoin background is especially good and recognizes bitcoin a legit. Many think that bitcoin is a scam. So when bitcoin goes through government many think bitcoin is a good asset.

[bettm]

I think it is good news to attribute bitcoin transactions to the taxation industry, indicating that the country has accepted bitcoin and that bitcoin transactions can be formalized, which is very beneficial to the long-term development of bitcoin.

[cocal]

If Bitcoin can be used to pay taxes, it is very likely that Bitcoin will be legalized. The government opposes Bitcoin because Bitcoin does not pay taxes and damages their interests.