Government Furious

[dunfida]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

As of writing the entire cap of BTC is on $120,595,809,352 which is really huge which government wont really make it easy for them to set aside its 45.0% dominance on the entire cap of crypto market. They cant impose taxes due to decentralized feature of cryptocurrency specially on bitcoin. Users are indeed comfortable with this one since gov't cant sip out taxes if they wont regulate any 3rd party involve like on exchanges.

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[Minnasan]

I'm sure time will come that governments of all counties will regulate cryptocurrency in general in their countries. I think South korea already implementing the tax for crypto asset revenue.  For sure many countries will follow later on.

I think if governments in each country can manage bitcoin primarily in terms of taxes to get some crypto assets, it will only change the original purpose of creating Bitcoin as an alternative (if applied tax, it is no different from the regular currency), decentralized payment method.

[mlgblockchain]

With our current rules and regulations about the taxes, people still try their best to escape from the tax and pay as less as possible. The major feature of Bitcoin or other crypto currencies are "It's decentralized". Which makes it untraceable. You can't expect people to pay their taxes on their own will. I think it's not going to be easy to apply a useful rules on crypto transactions.

[GayOfThrones]

Governments don't want to consider bitcoin as something valuable, but all the same they would like to tax it. This is a quite interesting contradiction.

[sindikat]

With our current rules and regulations about the taxes, people still try their best to escape from the tax and pay as less as possible. The major feature of Bitcoin or other crypto currencies are "It's decentralized". Which makes it untraceable. You can't expect people to pay their taxes on their own will. I think it's not going to be easy to apply a useful rules on crypto transactions.

People don't pay taxes because the AI doesn't trust the government. They see how politicians have stolen most of the money. After the publication of data from offshore, we also saw how politicians and rich people hide their money in offshore. At the same time, they want us to pay all taxes in full. This is the main reason why people don't want to pay.

[JL421]

Why do you even support or what the government to regulate if you see in terms of government it is a pure loss for them there are way too many services or coins which are made to enable privacy and can help holders evade taxes way easily. There are surely few people honest enough or scared to pay their taxes but setting up a tax collection agency for bitcoin is clear waste

[pixie85]

Government cares less about taxes and the possible losses that this 1 % of the population that keeps money in Bitcoin and is against paying taxes. I think it's even less than 1% of the population.
What the government might care about is the lack of control and cryptocurrencies being used to move money in and out of the country under their nose the way people used to smuggle drug money. The difference is now they can do it sitting on a couch.

[daarul50]

Before as thankful for your suggestions
I still have not found any good advice regarding proper regulation for bitcoin in a country. Of the many suggestions that argue that bitcoin transactions are anonymous and can not be known where a fund goes in a transaction so the government can not provide taxes because they do not know who is doing the transaction. I am still waiting for more advice from friends but the conditions are slightly changed: The government imposes a tax on a bitcoin transaction in its exchange-based services in both its payments and trade.

[Shenzou]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

The only way that govermments would start applying taxes to get profit from bitcoin transaction is if they accept it first, and at that point i think many poeplple would be totaly ok with it, because if you think about it, people right now uses bitcoin online and when they want to exchange it to fiat they have to go throw many process like finding an exchnage and somone to sell to which will take time and fees, so if we can directly go to the bank and exchnage our bitcoin instantly and use it when we want and just by paying a small fee than i see no harm if governments tax it.

[Slow death]

[...]

I do not think governments are "Furious" because of the reasons you mentioned, governments are a group of people who have their own interests, are people who are or partner with banks and governments want to have control of everything, the governments are taking tough measures against bitcoin due to its decentralization and being anonymous and very volatile.

countries that have a very transparent democracy will not see a problem in regulating bitcoin, but countries where there is a dictatorship, where there are political elites, where bankers are the kings, do not look bitcoin with good eyes.

[Ejanend]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Government dont get taxes because they do not want to regulate bitcoin trade. If bitcoin trade regulated, I am believe bitcoin investor fine with taxes and feel more confidence to investing more money

This is not just about taxation, people have no confidence in their governments and this is why most of them are preferring a system of currencies which is not controlled by corrupt politicians. Again corruption will be done with bitcoin just like it is done with cash. I don’t think so there is any need of paying high taxes for bitcoin because we are already paying too much taxes on each and everything.

[GoodLuck2]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Government dont get taxes because they do not want to regulate bitcoin trade. If bitcoin trade regulated, I am believe bitcoin investor fine with taxes and feel more confidence to investing more money

It should not be considered that Governments do not want it for their own money to get tax from their people that are not the real facts I think. Bitcoin is decentralized and anyone can use it in order to get huge profit same as Governments can also get benefit from the Bitcoin and can make more money than the money getting as taxes from people. So, their economies will grow hundred times more than that which is from taxes.

[Yamifoud]

Of course the government want to take shares from a big amount of money involve in here that't why they tried to regulate these and collect taxes. But people won't let them do it cause it only lead them to take a away the decentralization character of crypto and it also create a huge manipulation in the market price which basically lessen our chances of gaining more profit.

[burnchan]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

If taxes are clearly imposed to all crypto transactions, then I think we have no choice but to comply what is imposed by the government. At first, I am against bitcoin taxes. But I was thinking that if this is the only way that the government would accept Bitcoin then I would prefer paying taxes than not allowing bitcoin or any crypto transactions in mu country. This would be a win-win situation to the government and the Bitcoin or crypto users.

[linshisui38]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

I think the country has gotten taxes on bitcoin transactions, because people generally trade bitcoins on exchanges, and often these exchanges are regulated. So every time you trade a bitcoin, the state gets your taxes.

[CuteBaby123]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Governments find it hard to input tax on bitcoin because its beyond their control. Bitcoin resides on the internet world and its really hard for the government to detect those who are involved in bitcoin. The only way they can do is to ban bitcoin because its the easiest way for them.

[VeronAncient]

if the income from bitcoin or altcoin is taxed, will the government legalize bitcoin? if true, I agree. currently with the existence of blockchain technology should the government can take advantage of it for the future of the economy of the country so do not feel harmed by the existence of bitcoin. so far the unemployment rate has fallen because many people are using bitcoin to make money. because so far the government can not provide jobs to reduce unemployment rates.

[Hell-raiser]

if the income from bitcoin or altcoin is taxed, will the government legalize bitcoin? if true, I agree. currently with the existence of blockchain technology should the government can take advantage of it for the future of the economy of the country so do not feel harmed by the existence of bitcoin. so far the unemployment rate has fallen because many people are using bitcoin to make money. because so far the government can not provide jobs to reduce unemployment rates.

It's an illusion of wealth and employment. People get themselves busy with speculations but this is not a real employment since it doesn't create real wealth. All it does is redistribute already existing wealth, but someone has to create this wealth in the first place. Nor can you redistribute it indefinitely simply because it is consumed in the process and has to be constantly created by someone. Not surprisingly, at the end of the day most of these "self-employed" people will be left with nothing, with neither money nor jobs. And we are already well on the way there.

[mokong11]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

I'm just curious who take the advantages of every transaction fees of bitcoin ? is it bitcoin or blockchain? i don't know the answer thats why I asking because in my opinion if the government take the advantage of every transaction fee of bitcoin and not make it a tax its probably help the economy of a country because of its big source of money and value.

[beccer]

actually I do not mind if I have to pay taxes for bitcoin investment, if the government is worried about a dark transaction in bitcoin then they should communicate with the founders to discuss this instead of spreading the news will close btc access so that everyone feels afraid and do sell panic