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Author Topic: Taxes and regulations  (Read 1647 times)
leavolnhals
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May 06, 2018, 03:49:07 AM
 #21

Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
I think the government has done it right, because Crypto is making a lot of money for many people, not just a payment method.
Many became billionaires thanks to the development of Crypto such as Vitalik Buterin (founder of ETH) and Changpeng Zhao (founder of Binance). So I see Crypto as a new market and bring a lot of profit to everyone. So the imposition of taxes is correct.

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May 06, 2018, 04:35:33 AM
 #22

Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
I think the government has done it right, because Crypto is making a lot of money for many people, not just a payment method.
Many became billionaires thanks to the development of Crypto such as Vitalik Buterin (founder of ETH) and Changpeng Zhao (founder of Binance). So I see Crypto as a new market and bring a lot of profit to everyone. So the imposition of taxes is correct.
As what have stated previous replies that it depends on which country you are there because there are some countries that quiet putting any taxes on bitcoin holder so we consider that depends on what country you are. Luckily here our country we are free of cashing out our money from bitcoin without deducting any tax only have tax when we buying goods.
Yeah property, just like we store gold for a long time and that is considered that in bitcoin is a great property that must have a taxation.

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May 06, 2018, 04:49:05 AM
 #23



Cryptocurrency is still so young that is why there remains to be a big debate on how to view or treat it from the prospective of the taxman. Of course, the government though reluctant to recognize cryptocurrency they are very much interested to have a slice of the tie by imposing taxes. Eventually, Bitcoin will be treated more as a currency or money more than an asset as adoption will slowly be creeping to the general population...though the road to get there can be rough and there can be some confusion sometimes. 

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May 06, 2018, 04:56:16 AM
 #24



Cryptocurrency is still so young that is why there remains to be a big debate on how to view or treat it from the prospective of the taxman. Of course, the government though reluctant to recognize cryptocurrency they are very much interested to have a slice of the tie by imposing taxes. Eventually, Bitcoin will be treated more as a currency or money more than an asset as adoption will slowly be creeping to the general population...though the road to get there can be rough and there can be some confusion sometimes. 

Taxes is what government wants from all the things that derives profits. As government require money to bring new schemes and to maintain and develop all the projects they also want new revenue source of income and crypto currency could be one of them provided they accept them.


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May 06, 2018, 06:19:44 AM
 #25

Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
'Though money is not a property, it can is earn through our personal effort and every earning we make is subjected to pay on the government if it is under the authority of government, but since btc is decentralized, taxes is not applicable so whether it is called a property or money that doesn't matter.
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May 06, 2018, 06:35:45 AM
 #26

The government only sees cryptocurrency as a source of income. They judge if all forms of income should be taxed like working in a company and others. But to keep in mind we should be aware of such thoughts, I and probably many people (users of cryptocurrency) just make cryptocurrency as a source of income, and few of them only use as a payment system. Actually it does not depend on the government alone, but we as users should be aware if cryptocurrency used as a source of income we must try honestly and pay taxes.

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May 06, 2018, 06:36:54 AM
 #27

It's normal, Governments always wants to get its share. Government as an entity isn't much interested in anything else.
Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.

In the latter case, I hold nothing against them taxing anything.

About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.

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May 06, 2018, 06:53:31 AM
 #28

Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?

I am not sure if it is really about property vs means of payment. Think about fiat: When you hold a currency in your bank account and you receive interest payments you will have to tax your profit. This is at least the situation in my country. Also from a legal perspective you first have to own cryptos before you can use them as a means of payment, thus becoming the proprietor of the coin. So the two are not mutually exclusive.

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May 06, 2018, 06:54:51 AM
 #29

I think it's true that crypto should be taxed because income from this crypto is big. If money in my opinion is private, maybe only certain countries are taxed. Usually taxed are high officials or civil servants.
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May 06, 2018, 06:57:52 AM
 #30

It's normal, Governments always wants to get its share. Government as an entity isn't much interested in anything else.
Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.

In the latter case, I hold nothing against them taxing anything.

About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.
But bitcoin is not a property it is just a currency so we need to consider it as a currency if we change the property of bitcoin for someone's benefit then bitcoin may not last long as it could be.Even if it consider it as a currency still governments will get benefit but still it is hard to categorize and hard to regulate so its still the governments and politicians need to make decisions in this case.

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May 06, 2018, 07:55:17 AM
 #31

Yes most of the countries consider cryptos as assets so that they could be taxed and not willing to recognise then as currencies as they might not be helpful to them for taxing.I would say that even if that even if they consider it as asset for taxing,even that would be far better from totally banning it or declaring it illegal.Even by this way,bitcoin would get an entry point for getting used widely.


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May 06, 2018, 08:03:48 AM
 #32

It is fine as long as it is not an abusive regulation and overtaxes it means that they acknowledged and legalized the crypto asset with some restrictions to avoid theft and fraud, it is better than to ban the usage and trading of this assets and currency, anyway, they can't tax wallets that you own private keys as long as you are not using a local exchange or cashing out you are just paying for the miners fee for the transfers.

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May 06, 2018, 08:04:00 AM
 #33

Taxes for farmers are unavoidable in almost all countries, and I think that many people bring contradictions to the government, but many investors and private businesses do not generate revenue. So many people have to pay taxes to the government.
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May 06, 2018, 08:50:42 AM
 #34

I think taxes are outdated because the authorities are no more using our taxes for the intended purpose.They are stealing our taxes to enrich themselves so I honestly do not support taxes now because of our leaders actions.The regulations on bitcoin is also against cryptocurrency which should change now.This is a free world so I do not understand why governments try to regulate bitcoin because they are afraid of losing taxes.

This is true only to an extent. The governments do steal taxes either to enrich themselves or to consolidate the grip by raising the salary of the police and the army. But not all the taxes are being stolen. They do build public schools and hospitals, and the police not only protects the governments from their people but also protects people from thieves, mobsters and terrorists. So, if you want to live in a civilized society you have to admit that the taxes are necessary, regardless of what Murray N. Rothbard taught us to believe when we were young. Smiley

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May 06, 2018, 09:18:36 AM
 #35

Even in my country, everything that could adds up to my wealth and increases it will be taxed. Bitcoin taxation is not a new thing, when you trading bitcoin, it will be also considered as income and it dcan be taxed aswell.
So basically, just pay the taxes and obey the regulation, if you don't want to get the bad consequences of course.
However there's some country that taxes bitcoin directly through exchangers, for example, japan.




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May 06, 2018, 10:59:16 AM
 #36

Well it depends on how the government look at crypto, crypto was meant as currency but in reality more people are using it as assets, so when the government state crypto as asset it is not a wrong judgement, but I believe it should be treated as currency because the main purpose of crypto being created was as currency, for me taxing crypto is not a problem but the government should go easy on the tax percentage

That's right I do agree that it is good to have taxes because as far as I know taxes are usually use for enhancement and to fully development of our economy. In having taxation in crypto let just consider that we can also help others in that way and maybe all of the people connected to crypto will be much agree to this when the taxes that subjected to it will be reasonable for us so no one will objected to this.

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efxtrader
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May 06, 2018, 12:48:51 PM
 #37

Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?

Government collecting taxes on bitcoin trade. If bitcoin as an assets, we will make trade with others and thats means we make profits and as far i know, that profits are taxed by government but maybe i am wrong

Tynovten_
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May 06, 2018, 01:27:15 PM
 #38

If you want to invest, this thing is really important for me, you can see the responsive people behind ico here, beside that there are so many informations that you can get here of course. You don't need to regularly take a peek at the website to get information.

Johnny Lgz
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May 06, 2018, 01:32:40 PM
 #39

That why we need to declare things as our own, declare that you earn some $500 worth from crypto trading and online investing then you pay tax if there is so when someone notice your savings and they know you don't have work then you can just show your declaration or tax exemption on trading and you'll be safe to any large violation.
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May 06, 2018, 01:50:35 PM
 #40

If bigger government, higher taxes, larger subsidies, more regulations and double-digit minimum wages led to better middle- class ...
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