Bitcoin as property

[Basmic]

Yes it seems that bitcoin can be expressed like that, bitcoin is an asset, just like a property that if sold and scarce will be more expensive its price, as well as bitcoin, in the future bitcoin will be rare because it will run out after being mined. So saving the bitcoin for a long time I think it's very profitable.

Yeah if you follow law of  taxation it seems that  bitcoin be sold like and asset in the law of taxation if you sell properties there is a corresponding tax, these  will happen when we legalized bitcoin but  since this is a crypto currency and anonymous, decentralized and no boundaries I don't think that government can emposed  tax easily but  it will entail a thorough study and evaluation. Before they can emposed  taxation.

I can't understand why all people are discussing how to properly pay taxes for using bitcoin. You completely lost the craving for freedom? I have an Association with what the pet itself is leafing through the catalogue and chooses the method of his murder. Maybe it is better to think about how not to pay taxes and generally less dependent on the government?

[qwertyup23]

According to this video, https://www.facebook.com/cnbccrypto/videos/1688689147880991/

Bitcoin is considered as property and therefore whenever you sell your BTCto cash, there are two transactions. You first sell the ‘property’ to cash value then what you gain from the sale is used as cash. These transactions are therefore taxable.

For HODLers, if you cash out it in less than a year then it would be considered as income so there’s tax for that. If you hodl for more than a year, then IRS will consider it as 20% capital gains.

Bitcoin is indeed, an asset and a property according to the Banko Sentral ng Pilipinas (Central Bank). A friend of mine interviewed a group of lawyers at our Central Bank and they viewed bitcoin, not as a currency but as a property. Therefore, bitcoin is not subject to legal tender since the country does not view it as a currency. Though it may be different from other countries as well, bitcoin can be regarded as a property due to its amount and value to the market.

I suppose for bitcoin being a property is also a sensible thing. Because if bitcoin is an asset, its value will be determined by the law of supply and demand, and if it is currency, it will be subject to many legal frameworks of government.

Bitcoin cannot be a currency yet, as the government should accept its existence and view at as a standard medium of exchange in the country. Other countries must also confer to this stipulation as it may deemed worthless if exchanged to a country who does not see bitcoin as a currency. Though in the future, once we adapt to the digitalized form of payment, bitcoin can be seen as a gateway towards this ideal scenario of having electronic money.

[daarul50]

When bitcoin is said to be a property it must have a physical form, while bitcoin is known to everyone just stored on the internet. Then I tend to be more bitcoin as an asset because the data from bitcoin is complete and has value, the only bitcoin has no physical.

[Palmerson]

When bitcoin is said to be a property it must have a physical form, while bitcoin is known to everyone just stored on the internet. Then I tend to be more bitcoin as an asset because the data from bitcoin is complete and has value, the only bitcoin has no physical.

I agree with you. Bitcoin has no physical form and therefore cannot be recognized as property. Governments are inventing different ways to put cryptocurrencies under control. They don't follow the rules. It is important for them to win bitcoin at any cost. That's why I don't support the government and will do anything to keep bitcoin out of control.

[Binugon]

I think what you mean by the word property is not what you think, maybe what you think is a barng but that is said there as a stash.

[Edraket31]

When bitcoin is said to be a property it must have a physical form, while bitcoin is known to everyone just stored on the internet. Then I tend to be more bitcoin as an asset because the data from bitcoin is complete and has value, the only bitcoin has no physical.

I agree with you. Bitcoin has no physical form and therefore cannot be recognized as property. Governments are inventing different ways to put cryptocurrencies under control. They don't follow the rules. It is important for them to win bitcoin at any cost. That's why I don't support the government and will do anything to keep bitcoin out of p.

What we can expect from our government they will really do something that will imposed tax on cryptocurrency. So, we cannot do something about it if our government will push that bitcoin should be tax since it is just like a property then we should just follow them.

[Lieldoryn]

When bitcoin is said to be a property it must have a physical form, while bitcoin is known to everyone just stored on the internet. Then I tend to be more bitcoin as an asset because the data from bitcoin is complete and has value, the only bitcoin has no physical.

I agree with you. Bitcoin has no physical form and therefore cannot be recognized as property. Governments are inventing different ways to put cryptocurrencies under control. They don't follow the rules. It is important for them to win bitcoin at any cost. That's why I don't support the government and will do anything to keep bitcoin out of p.

What we can expect from our government they will really do something that will imposed tax on cryptocurrency. So, we cannot do something about it if our government will push that bitcoin should be tax since it is just like a property then we should just follow them.

I am against the position of the outsider. We have to be part of the system. If the government calls bitcoin our property, then so be it. You need to be able to protect your property. Attempt to levy a tax for the use of bitcoin is an attempt to capture a portion of our property. We must not let the government into our territory. If for this need to abandon Fiat the need to do this.

[whirlcoin]

When bitcoin is said to be a property it must have a physical form, while bitcoin is known to everyone just stored on the internet. Then I tend to be more bitcoin as an asset because the data from bitcoin is complete and has value, the only bitcoin has no physical.

I agree with you. Bitcoin has no physical form and therefore cannot be recognized as property. Governments are inventing different ways to put cryptocurrencies under control. They don't follow the rules. It is important for them to win bitcoin at any cost. That's why I don't support the government and will do anything to keep bitcoin out of p.

What we can expect from our government they will really do something that will imposed tax on cryptocurrency. So, we cannot do something about it if our government will push that bitcoin should be tax since it is just like a property then we should just follow them.

I am against the position of the outsider. We have to be part of the system. If the government calls bitcoin our property, then so be it. You need to be able to protect your property. Attempt to levy a tax for the use of bitcoin is an attempt to capture a portion of our property. We must not let the government into our territory. If for this need to abandon Fiat the need to do this.

The complete adoption to the cryotocurrency will give us the full freedom to use it and governmenys can't control our cryotocurrency when there is mass adoption but government don't let us to do this they will alwyas try to control us and impose tax on us because governments are running on the people taxes only.

[DeadCoin]

According to this video, https://www.facebook.com/cnbccrypto/videos/1688689147880991/

Bitcoin is considered as property and therefore whenever you sell your BTCto cash, there are two transactions. You first sell the ‘property’ to cash value then what you gain from the sale is used as cash. These transactions are therefore taxable.

For HODLers, if you cash out it in less than a year then it would be considered as income so there’s tax for that. If you hodl for more than a year, then IRS will consider it as 20% capital gains.

I just went through the article. Feel bit silly. Tax can be paid in any means. In order to pay tax, should this be a property. How can a currency be decided as a property. Currency is currency. Will you consider gold, silver and diamond as a property? Kindly avoid bringing such silly news here dude. This does not help. You just say, its worth buying a property instead of holding back the bitcoins in the wallet. We can command if its really worth to have or not.

[ajochems]

Bitcoin is both an asset and currency. In some countries, Bitcoin is used as a one of the transaction. Some of the country try to regulate the bitcoin in their country. Bitcoin is used as asset to inverse the savings and it is now consider as trusted asset as like a gold.Bitcoin holders should keep the bitcoin till the price of bitcoin reach maximum value.

[maarx]

Bitcoin is both an asset and currency. In some countries, Bitcoin is used as a one of the transaction. Some of the country try to regulate the bitcoin in their country. Bitcoin is used as asset to inverse the savings and it is now consider as trusted asset as like a gold.Bitcoin holders should keep the bitcoin till the price of bitcoin reach maximum value.

Assets are gained via currencies. Currencies as well is an asset as you said above. A property can be bought as an asset with currencies but how can a currency be a property in any means. I wonder what can make one to think a currency as a property. Bitcoin and other crypto currencies are so valuable to enrich our assets and our lives. Bitcoin has set its standard. The authorities who adapt bitcoin will be healthy in economy. This is what can be said now.

[Alice123]

It is simply an issue of time, exchange will be managed without trading bitcoin to fiat everywhere throughout the world. Similarly if bitcoin is thought to be property this mean all other Fiat for various nations in the entire world is additionally a property since individuals trade one cash for another. E.g Dollars to pounds.

[quality.crypto]

I am investing in bitcoin on a monthly basis because I am treating Bitcoin as a property. There is a huge chance in the coming next 5 years it may reach more than $70k and it will increase even higher value in the coming 10 years.

[orions.belt19]

According to this video, https://www.facebook.com/cnbccrypto/videos/1688689147880991/

Bitcoin is considered as property and therefore whenever you sell your BTCto cash, there are two transactions. You first sell the ‘property’ to cash value then what you gain from the sale is used as cash. These transactions are therefore taxable.

For HODLers, if you cash out it in less than a year then it would be considered as income so there’s tax for that. If you hodl for more than a year, then IRS will consider it as 20% capital gains.

I just went through the article. Feel bit silly. Tax can be paid in any means. In order to pay tax, should this be a property. How can a currency be decided as a property. Currency is currency. Will you consider gold, silver and diamond as a property? Kindly avoid bringing such silly news here dude. This does not help. You just say, its worth buying a property instead of holding back the bitcoins in the wallet. We can command if its really worth to have or not.

There's no implication that (real estate) property is worth having as compared to crypto(currency). Crypto may be a currency but not in the eyes of other authorities. I was in no way discrediting the value of Bitcoin nor does the video say anything like that - it even recognizes how high the price of Bitcoin went up just last December of 2017. I just reiterated what the video has showed which is what the United States and the IRS views on Bitcoin. Even if we call crypto as a currency, it's still not applied as such.

[sindikat]

Bitcoin cannot be regarded as property. The government are deceiving us. The property has a material form. Moreover, the property has a price only at the time of sale. How can bitcoin be considered a property? Today it can cost $ 20,000 and tomorrow $ 5,000. Who will return the difference? I think there will be a lot of questions about taxation.

[Tigorss]

the more rampant bitcoin, bitcoin used as a means of payment, even in dubai, we buy properties can use bitcoin, even can also as an investment tool, it's really a very amazing development

[t2yax]

We know how much important of legalization of bitcoin. We know how the bitcoin is being legal for these days. We can own our own bitcoin or being registered the bitcoin in your own name. For now, we should expect a lot of transaction fees for we have bitcoin as property. Bitcoin  under your name is like registering your own car on your own name.

[valera10]

According to this video, https://www.facebook.com/cnbccrypto/videos/1688689147880991/

Bitcoin is considered as property and therefore whenever you sell your BTCto cash, there are two transactions. You first sell the ‘property’ to cash value then what you gain from the sale is used as cash. These transactions are therefore taxable.

For HODLers, if you cash out it in less than a year then it would be considered as income so there’s tax for that. If you hodl for more than a year, then IRS will consider it as 20% capital gains.

In General, taxes vary from country to country. For example, in Russia there is very little tax to work with cryptocurrency.

[King Koy]

According to this video, https://www.facebook.com/cnbccrypto/videos/1688689147880991/

Bitcoin is considered as property and therefore whenever you sell your BTCto cash, there are two transactions. You first sell the ‘property’ to cash value then what you gain from the sale is used as cash. These transactions are therefore taxable.

For HODLers, if you cash out it in less than a year then it would be considered as income so there’s tax for that. If you hodl for more than a year, then IRS will consider it as 20% capital gains.

I think this has two different point of view depends upon the philosophy of every bitcoin hodlers and supporters so it could be acceptable as property and/or it could also not a property.

When we talk about property we are talking about for something own by a person and stands as a source or assets of his/her income. It is also a thing you bought or received as a gift, and far as I know money is not a property but the product of property or of the source.

[Biscutard]

When bitcoin is said to be a property it must have a physical form, while bitcoin is known to everyone just stored on the internet. Then I tend to be more bitcoin as an asset because the data from bitcoin is complete and has value, the only bitcoin has no physical.

Well, it really depends on every countries regulation on how they have to accept bitcoin. But bitcoin could be accept as property but digitally so if they wanted to tax something from digital money because they think it is a thing but its not they don't know the feelings.