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Author Topic: Bitcoin holders will have to pay their tax?  (Read 3189 times)
kenlyresuello08
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June 22, 2018, 05:29:06 PM
 #1

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.
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vibingpositively
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June 22, 2018, 05:58:12 PM
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What do you mean "if"? Most governments are already beginning to tax it, and given the fact Bitcoin won't go away and "die" the others will join as well it is only a matter of time. To your second point, I don't think that hinders the growth of the community, if anything I believe it helps it in an indirect way. You see the biggest sharks and sharps in the world won't enter the market because it is unregulated and they don't want to put millions on unregulated exchanges. If all the exchanges become regulated, sure it may stifle growth a little in the short term, but in the long term I think it is in all our best interests because the sharks will enter knowing the exchanges are 100% regulated and secure from fraud.

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June 22, 2018, 06:08:53 PM
 #3

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Trade profits are already being taxed. Crypto tax already exist. It's part of a needed regulation that could actually help increase adoption contrary to your statement. You can't expect to make profit and not pay taxes.
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June 22, 2018, 06:13:33 PM
 #4

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.
When the process of legalization of the crypto currency will be approached in the states to completion, almost all countries will be introduced a profit tax on income in the crypto currency. Therefore, we all really have to pay such a tax, otherwise the state will have to take measures to limit the circulation of the crypto currency and change its status. If we do not want to, we must pay such a tax. One of the first countries that introduced such a tax is Japan. There, now the profit from the crypto-currency in the form of tax is received by the state, as well as citizens from the occupation by this activity.

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June 22, 2018, 07:24:49 PM
 #5

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Yes .This is mean regulation of bitcoin.If bitcoin is regulate in particular country,all the people who holding bitcoin in that country should pay tax.The people who had doing bitcoin related business like trading and mining should pay tax.If bitcoin is regulate in a country,the people will inverse without any fear.
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June 22, 2018, 07:38:27 PM
 #6

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.
That is what some of us think and that is why we are trying to defend governments position on bitcoin.  Governments must tax bitcoin before we should expect them to regulate it.  The community will definitely increase if governments will adopt and promote cryptocurrencies like every other assets. Investors are going to have more confidence on bitcoin and cryptocurrencies market if governments are involves.

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June 22, 2018, 08:08:54 PM
 #7

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

I think you are already late on this topic, many countries government including my country Indian government have started collecting taxes for big Bitcoin accounts and transactions. They are also planing to levied some special taxes on bitcoin and altcoin traders apart from their regular taxes. If government goes on collecting huge taxes like this things then we must be seeing people to leave this sector in a slow manner. But if the prices, growth of cryptocurrency, and the demand of bitcoin stays growing then you can see the people joining here on high numbers. It all depends on how you approach and your level of confidence on cryptocurrency.

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June 22, 2018, 08:31:59 PM
 #8

Just have to be organised and record all your trades as a matter of course. No point risking getting a hefty bill down the line. Prepare for it now, keeping track of both winning and losing trades. Governments are always on the lookout for tax revenue, and cryptocurrency is a veritable goldmine for them over the next few years. Or move to a tax haven.

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June 22, 2018, 08:36:06 PM
 #9

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

I don't want to pay any tax for my bitcoin holding.I had earn that bitcoin from my investments.I had started  Mining with some investments.My most of holding is from mining.I strongly disagree to pay tax for my investments in bitcoin and profit from it.

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June 22, 2018, 08:49:04 PM
 #10

I don't want to pay any tax for my bitcoin holding.I had earn that bitcoin from my investments.I had started  Mining with some investments.My most of holding is from mining.I strongly disagree to pay tax for my investments in bitcoin and profit from it.

No one likes to pay tax, but if your holdings and earnings can be traced back to you, then you are better off paying due taxes. I was initially not paying any taxes over my coins, but once you have used centralized services to buy-sell-trade you are no longer enjoying any privacy. The exchange has all information about you that they need, and if governments find it necessary to force exchanges to hand over your data you are in deep trouble. I don't want to scare off anyone, but that's the price you pay for centralized services. The privacy aspect as little as it was years ago, doesn't exist anymore....
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June 22, 2018, 08:52:56 PM
 #11

Clearly the OP is a tax avoider! Can't really blame him as most of us don't bother paying taxes on bitcoin profits. At the moment however there should a tax reduction due to this bear market

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June 22, 2018, 09:04:03 PM
 #12

I don't think that this is necessary. It would give a big pressure to investors.
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June 22, 2018, 09:45:34 PM
 #13

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

I am sure that in some countries they already pay. In most you have to pay only after you sell them for their local currency and that currency lays on banking account that is in that country.



What will happen is that:
a). people will just pay taxes.
b). people will move to other country.
c). people will exchange their Bitcoins fro something else that will not make them pay taxes.

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laravuemaster
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June 22, 2018, 09:47:50 PM
 #14

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

In my own opinion, those who are investing on cryptocurrency and having different transactions like passing their coins to another wallet are already paying a transaction fee and that will be compensating for the tax.

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June 22, 2018, 10:31:58 PM
 #15

It purely depends on where you are located into, if you are on the US then it is obvious that you will need to pay some taxes after all

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June 23, 2018, 02:51:19 AM
 #16

Well,  it doesn't matter I think if the government say like that, and also as long as the taxes aren't too high. Because if the government saying like that we need to follow it.

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June 23, 2018, 03:07:13 AM
 #17

I think personally responding to issues related to btc holders have to pay taxes? I agree, it does not matter but how much and the tax details to be issued for eg people who have 0.001 BTC to 1BTC up to 100BTC of course the amount of taxes that must be issued by different users, then how when sipenguna BTC buy and sell? My opinion is simple when I have to issue taxes to the government what I get from the government? security of working comfort, or other form and then tax should be differentiated when I just sell and buy and I as an investor, like a bank deposit and savers in the bank different interest earned, I hope the government should be wise to see it all and workers at once citizens are more comfortable in life and work, may be useful and successful for all of us
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June 23, 2018, 03:09:10 AM
 #18

This is decentralized and not govern by any government. Now SEC really want that close to secure taxes but using crypto is like peer to peer operation that should not be restricted strictly with taxes. On the other hand they already impose charges fee, taxes on exchanger where bitcoin and other coins are being transacted. Only the equivalent charges should be checked if imposed properly by Government by any chance they have sovereign power on crypto hopefully never. This will result to chaos and bias decision.

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June 23, 2018, 04:14:40 AM
 #19

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Trade profits are already being taxed. Crypto tax already exist. It's part of a needed regulation that could actually help increase adoption contrary to your statement. You can't expect to make profit and not pay taxes.
Exchanges are the one who are paying taxes for us, But in U.S if you have profit through cryptocurrency you still need to declare it and pay the tax. Its ok to pay taxes because its really mandatory if there is already a regulations, no way to escape it but to follow.

a). people will just pay taxes.
We really have no choice if its already a law.

b). people will move to other country.
Quiet expensive especially when you only have small value of bitcoin or any cryptocurrency.

c). people will exchange their Bitcoins fro something else that will not make them pay taxes.
Mostly they will spend their bitcoin so the profit they will declared is quiet small.

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June 23, 2018, 04:48:22 AM
 #20

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Tax for bitcoin is not yet implemented in our country.  But if  government requires us to pay taxes then we have no choice but to comply with the law.  I think paying taxes is preferable than totally banning bitcoin in a country.
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