Controlling Bitcoin

[bingbing001]

Control currency may not be anyone, because it is dispersed, unstable and easy to transfer.

[1714798689]

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[huhhuh18]

Yep, and I think that is what the countries who haven't banned BTC yet are planning to do. I even heard some news that China would want to review their regulations on blockchain next year (and I'm sure that will encompass Bitcoin)

[fenzuijk]

Can any government control bitcoin?or add taxes for btc users?

This is impossible. It has been nine years since Bitcoin began. The government cannot control it. This has already been proved.

[neo444]

I think who control the price of bitcoin is the coinmarket and the tax depend of it but the government can make an additional tax to have profit from btc transaction

[Everandi]

Some of the countries force to pay taxes for declared crypto

[ershovspa]

Can any government control bitcoin?or add taxes for btc users?

No government can control BTC because it's not centralized and they cant print more of it or manipulate it in any way. The only thin governments can do is pass laws that can forbid people from using it or to tax them. Governments always find a way to tax something.

[acheampong64]

Can any government control bitcoin?or add taxes for btc users?

Well, for governments to control Bitcoin is a difficult thing. The control can be in diverse ways but governments can take charge of Bitcoin. Bitcoin is its own technology and can take care of itself. What governments can di is to set regulations, and yes they can tax BTC transactions

[tranvanvan]

Technically there’s no single person control it. It’s the whole Bitcoin community control it alltogether.But in the real world, those who owned tons of bitcoin, especially those participate earlier has big influence on the bitcoin development

[Bokile]

I think it can be controlled. Maybe not totally, but it can be controlled. Don't forget that one company already control almost half of the Bitcoin hash power. Soon they will reach 51% and they will be able to manipulate with bitcoin transactions.

[fishxrboi]

No, Bitcoin is decentralized. It's not controlled, it's not regulated, it is neither legal nor illegal.

However there are countries that took steps to limit bitcoin's uses as they can't regulate it. Most notable is China's banning of bitcoin, and there's also a country pushing for a regulate cryptocurrency (forgot which one).

[chulos]

There were times when nobody cared about Bitcoin. It was a new idea that was primarily used by IT enthusiasts. Bitcoin's rocket growth, as well as adoption and mainstream adoption, led governments - and banks, governments, regulators and technology giants - to a very nervous and impulsive response. These reactions, however, only confirmed the fact that Bitcoin is a legitimate threat to them. However, the progress will not stop, and banks with the support of state regulation have enough reason to be nervous. There are countries where tax is paid from cryptocurrencies such as Japan or South Korea. There is also a possibility where Individuals can now enter direct peer-to-peer trustworthy exchanges with strangers, and i do not see the possibility of regulation there.

[Michael333Wells]

But with such utilities and knowledge, such high profits are regrettable for non-legalizing BTC countries like Vietnam.

[HeatherAdams00]

I do not understand what you mean, but controlling Bitcoin is not possible. The only thing that the government can do is to impose taxes on transactions or obstruct the laws that depend on the government of that country.

[zacad]

Bitcoin is not under the control of any institution or government (unless you hold 50% bitcoin, so you can control the bitcoin price, nothing more)

[Dudeperfect]

Bitcoin as a technology is very strong and not only the government but any organisation out there cannot control it in any way. That's why decentralisation is getting momentum day by day since last 10 years. On the other hand, when it comes to taxation, Bitcoin is not yet legalised and recognised by law in most of the countries so there is a huge chaos in this particular area. However, I would recommend paying tax according to the income source and classification as per the income tax law.

[Diane757Clarke]

The government is in charge of regulating the exchange of transactions between the parties. The government may introduce laws or regulations for the cryptocurrency market.

[Sabertoothboth]

Bitcoin cannot be controlled by anyone, not even the government of the day, one of the reason is, bitcoin is a digital currency, not Fiat, It is decentralised and volatile. all these characteristics are not under the control of anyone.

Absolutely. But the government potentially might detect your transactions of exchange of crypto and impose a tax on those transactions, but you'd better check with your local lawyers who might be aware of the issue.

[Troubleshoot]

I don't think it's technically possible. For the moment, at least. The government might get some kind of a tool to do so, but as far as I understand, they don't have a way to do so directly. 

[ShamoKe]

They can be controlled, but only if they have more than 50% bitcoin! Otherwise they can't completely control the trend of Bitcoin! This is a fact that cannot be changed!

[geard]

In my country Indonesia, bitcoin users are required to pay taxes.

If there is a profit when trading / buying or investing in bitcoin, it is taxable income. In accordance with the self assessment system, the taxpayer reports the income in the annual tax return and pays taxes.

In addition, there are no specific calculations regarding the benefits of bitcoin investment, Normal only, the difference between the selling price and the purchase price is the profit that is the object of income tax.

He asserted, taxpayers must also include bitcoin ownership in the column of assets in their annual tax letters. If not included and the treasure is found, the taxpayer can be threatened with fines.