Taxation and Bitcoin

[russaa8]

Bitcoin is anonymous on one side and absolutely transparent on the other.

When I first heard about taxation bitcoins, I was very upset! Sooner or later it will come to me! But then I thought that this could make the world much better and more just.

If most countries legalize bitcoin as a payment card and will tax 5% of the additional cost or capital gains, it will be much more fair and efficient than the current monetary and tax system in most countries of the world.

For example, in my country some earn 20.5% of earned income (salaries), and then another 20% still pay when buying products, for example, in a supermarket. As a result, if a person earned $ 1,000, he actually gets $ 795, then he spends in the supermarket, 20% ($ 159) of which are spent on taxes. That is, 1000 earned, 364 paid for taxes.

Yes, a lot, and perhaps you could accept this, but these taxes are paid only by the poor and middle class, and that's not all. And the rich have firms and accounts in offshore, others work exclusively in the shade and pay scant taxes.

I think that bitkoyn can solve this problem because it is absolutely transparent and 5% in return for 36.4% of the tax will be enough and fair for all, both for the rich and the poor.

What do you think about it? Is it good or bad to make taxable bitcoin?

Thank you for attention)

[Untold]

In my country, Bitcoin/cryptocurrency is treated similarly to stock/shares.

The taxation laws, however, are quite vague and new, so I'm sure people will slip through the cracks. I would always err on the side of caution and file taxes appropriately, with the assistance of a qualified accountant.

In answer to your question though, I don't see why governments shouldn't tax Bitcoin/cryptocurrency, like any other investment.

I'd love to hear others experiences with cryptocurrency taxation though!

Thanks,

-Untold

[danniwide1234]

Making Bitcoin taxable is a good development because it will connote that in places or countries where this happen the government of such countries have accepted bitcoin and other cryptocurrency as a legal means of transaction and that will definitely contribute to the growth of cryptocurrency. However, I don't think it will be very easy to to tax bitcoin in this state because of its decentralized nature. This will be a major set back in the quest to make bitcoin and other cryptocurrency taxable. I believe in the future if a system can be developed to make every transaction concerning bitcoin traceable to a particular person then the issue of taxation will be a welcome development.

[russaa8]

In answer to your question though, I don't see why governments shouldn't tax Bitcoin/cryptocurrency, like any other investment.

I still consider bitcoin as a currency, not an investment! And the fact that the price of the currency is growing relative to other currencies should not be taxed. For example, if the euro rate has increased relative to the dollar - it is not taxed. Therefore, bitcoin should not be taxed.

[Yakapo]

Many countries are still facing problems on how to treat BTC and how to properly tax it because its still a new technology andthereare no set laws to properly govern it. BUT if thegovernments find a mutually benefdicial stand on how to deal with it then it will be a win win for both BTC users and the government

[boy130]

It is only natural that bitcoin will be taxed, how do people expect the governments of the world to accept an alternate currency that circumvents tax regulations, hence allowing people to avoid income tax, or launder money? Of course there needs to be some control, but with this control comes acceptance, standardization and protection. These features will be necessary for crypto to move into the prime time.

[Kotone]

Bitcoin is anonymous on one side and absolutely transparent on the other.

When I first heard about taxation bitcoins, I was very upset! Sooner or later it will come to me! But then I thought that this could make the world much better and more just.

If most countries legalize bitcoin as a payment card and will tax 5% of the additional cost or capital gains, it will be much more fair and efficient than the current monetary and tax system in most countries of the world.

For example, in my country some earn 20.5% of earned income (salaries), and then another 20% still pay when buying products, for example, in a supermarket. As a result, if a person earned $ 1,000, he actually gets $ 795, then he spends in the supermarket, 20% ($ 159) of which are spent on taxes. That is, 1000 earned, 364 paid for taxes.

Yes, a lot, and perhaps you could accept this, but these taxes are paid only by the poor and middle class, and that's not all. And the rich have firms and accounts in offshore, others work exclusively in the shade and pay scant taxes.

I think that bitkoyn can solve this problem because it is absolutely transparent and 5% in return for 36.4% of the tax will be enough and fair for all, both for the rich and the poor.

What do you think about it? Is it good or bad to make taxable bitcoin?

Thank you for attention)

Taxation for bitcoin is actually the best scenario it can put itself in. Once that this becomes the ordeal then I do believe that everything else will follow. Countries and major incorporations could seriously look at the taxation laws and cound use it to regulate bitcoin which for so long they have been left scratching over and has led to their fear in regards to bitcoin. That is why I am waiting for a country, a corporation or even a small business to lead or redefine this

[gantez]

Bitcoin is not popular yet where I'm operating from, so when I read about tax issues, I get surprised. Moreover, the rate to be tax for income earn from bitcoin is high.

[meanwords]

In answer to your question though, I don't see why governments shouldn't tax Bitcoin/cryptocurrency, like any other investment.

I still consider bitcoin as a currency, not an investment! And the fact that the price of the currency is growing relative to other currencies should not be taxed. For example, if the euro rate has increased relative to the dollar - it is not taxed. Therefore, bitcoin should not be taxed.

I think the government will consider this as an investment because you use fiat money to purchase Bitcoin. I don't know much, that's just my opinion.

But I'm against about Bitcoin getting taxed.

[Tisubasha]

I think the sense to be in taxes is reasonable and it will be better but the government must also legalize bitcoin. if it is still illegal but in taxes would not be fair alais certain game of course .. and of course we as the perpetrators bitcoiner will not mind .. anyway if there is such a regulation is equally profitable.

[Pursuer]

In answer to your question though, I don't see why governments shouldn't tax Bitcoin/cryptocurrency, like any other investment.

I still consider bitcoin as a currency, not an investment! And the fact that the price of the currency is growing relative to other currencies should not be taxed. For example, if the euro rate has increased relative to the dollar - it is not taxed. Therefore, bitcoin should not be taxed.

I believe you still have to pay taxes when you are trading currencies with each other like buying and selling EUR and USD in Forex market and making profit from it. and as long as that is true, paying taxes on bitcoin when people use it as an investment (trading it on exchanges) is not that illogical.

but paying taxes when you use it as a currency to buy stuff is not at all acceptable which is why some countries such as Japan have already removed taxes on that part.
but you can never deny the fact that people are using bitcoin as both an investment and as a currency at the same time.

[penig]

In answer to your question though, I don't see why governments shouldn't tax Bitcoin/cryptocurrency, like any other investment.

I still consider bitcoin as a currency, not an investment! And the fact that the price of the currency is growing relative to other currencies should not be taxed. For example, if the euro rate has increased relative to the dollar - it is not taxed. Therefore, bitcoin should not be taxed.

Are you sure about that?  It may be treated as a capital gain and taxed as an asset, or if you trade regularly it may be treated as income and taxed as such.

[Cakalasia]

In answer to your question though, I don't see why governments shouldn't tax Bitcoin/cryptocurrency, like any other investment.

I still consider bitcoin as a currency, not an investment! And the fact that the price of the currency is growing relative to other currencies should not be taxed. For example, if the euro rate has increased relative to the dollar - it is not taxed. Therefore, bitcoin should not be taxed.

Are you sure about that?  It may be treated as a capital gain and taxed as an asset, or if you trade regularly it may be treated as income and taxed as such.

Having a taxation to bitcoin are good to development and it will help to our government through paying tax.
But we hope that the government don't corrupt it and didn't used the taxes for the politics.

[russaa8]

Now the tax system is very complicated. It is necessary to study more than 1000 pages of text and rules, that would be right to pay taxes. This makes this system entangled, it provides an opportunity for tax evasion and avoidance of responsibility. If bitcoin becomes a world currency, he can fix it.

[Pain Packer]

By putting tax on bitcoin, I hope that they can improve the system. As long as they can improve the transaction fees and the system. But legalizing it means that they can gain control over it thus creating a monopoly of price.

[Cryptoipad]

 I have discussion about think generating a tax deduction for the market value without having to pay tax on the appreciation.crypto from Bitcoin, would have to give tax. He further said that their source of income would also be asked and if they don't pay tax, action will be taken against them.To simplify things, we are only talking about bitcoin here, but note that these general guidelines apply to other cryptocurrencies as well. Also, none of this is legal advice, so if you have specific questions, it’s best to consult with a tax decision of profit to btc.there are  bitcoin holdings are not taxable but any time you sold bitcoin or used it to buy something, you were accruing taxable income.

[keycellko]

I think its ok to put tax on bitcoin. Afterall it is called income. All income we have we are entitled to pay the government portions of that earnings. In order to avoid government with IRS, for the government to make sure your assets are legit. I think its best we come to trrms with what the government want regarding taxation.

[russaa8]

I think its ok to put tax on bitcoin. Afterall it is called income. All income we have we are entitled to pay the government portions of that earnings. In order to avoid government with IRS, for the government to make sure your assets are legit. I think its best we come to trrms with what the government want regarding taxation.

To be honest, I'm very tired of the government. They do everything to make the people happy. Nothing has changed in 10 centuries. Most people sell themselves to be slaves who work for food and clothing. I think that the crypto currency will be able to change this world and make it more fair. But I'm not happy with the fact that the government wants to name everything under control.