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Author Topic: Bitcoin holders will have to pay their tax?  (Read 2188 times)
Flor1982
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September 08, 2018, 11:40:42 AM
 #381

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.

If all can be tax then nothing will happen as all Bitcoin tax that will be collected by the government will be spend and will be return to the people in form of basic services, infrastructures and salaries of the government employees. Bitcoin supply will normally circulating in the market maintaining the balance of supply and demand as the government is impossible to hoard Bitcoin because of the TX hash and wallet address that could be monitored by everyone in the community.

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September 08, 2018, 01:30:21 PM
 #382

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.

If all can be tax then nothing will happen as all Bitcoin tax that will be collected by the government will be spend and will be return to the people in form of basic services, infrastructures and salaries of the government employees. Bitcoin supply will normally circulating in the market maintaining the balance of supply and demand as the government is impossible to hoard Bitcoin because of the TX hash and wallet address that could be monitored by everyone in the community.

That is no problem to the government at all. A transparent record by the blockchain can easily be blurred out. Supposed that there's a specific wallet for the government's funds. It's when they distribute it to different wallets (supposed that each institution gets one wallet for each) that will make it blurry as the more transactions that has happened, the harder it can be tracked unless they name each and every address the money was sent to. It has been a long time since the transparent records of where our taxes are going was asked by the people but to no avail. Gone are the days when people actually cared about this thing anymore. People are now more focused on educating themselves, learning how to survive in this world full of corrupt government. After all, we shouldn't be depending on the government as they were never dependable anyways.


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.

The problem is, how can the government  take taxes if Bitcoin users are anonymously earning it? To impose tax on every earnings an individual has, they should be able to declare it as their ownership but crypto is different, so the government should find a way first on how to void the anonymity of crypto to be able to impose taxation.

The anonymity can be voided by KYC that's required in using our local exchanges but then again what would happen to the transactions that are done outside the exchanges. It really is hard, man, but all of the goods and services are taxed anyway and that's where our money is ultimately spent. When you directly buy something from someone using fiat, the seller doesn't have to declare that in his income tax. So in a way, nothing has changed except now you can send money overseas without the need of a bank or a remittance center.
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September 08, 2018, 01:40:28 PM
 #383

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.

The problem is, how can the government  take taxes if Bitcoin users are anonymously earning it? To impose tax on every earnings an individual has, they should be able to declare it as their ownership but crypto is different, so the government should find a way first on how to void the anonymity of crypto to be able to impose taxation.
government could track investor's asset from exchanger data.while government legalize it, exchanger must give them reall data of their member.so they could track how much the value of our asset.


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September 08, 2018, 01:52:52 PM
 #384

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.

The problem is, how can the government  take taxes if Bitcoin users are anonymously earning it? To impose tax on every earnings an individual has, they should be able to declare it as their ownership but crypto is different, so the government should find a way first on how to void the anonymity of crypto to be able to impose taxation.
government could track investor's asset from exchanger data.while government legalize it, exchanger must give them reall data of their member.so they could track how much the value of our asset.
that's right dude, if government legalize about cryptocurrency, opening member data of exchanger is their obligation.they could not avoid about it.and we could not hide our asset anymore.

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September 08, 2018, 02:13:43 PM
 #385

I am not sure what are you willing to say exactly but as of now, I am paying taxes for the earning made in Bitcoin or any other cryptocurrency for that matter. It is true that Bitcoin is not yet legalized by most of the governments but that doesn't mean we shouldn't pay tax on it. Any gain is subject to tax (with some provisions and exceptions) in my jurisdiction so even if it is not taxable as Bitcoin but it is taxable as a monetary gain in my country.

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September 08, 2018, 02:56:18 PM
 #386

I am not sure what are you willing to say exactly but as of now, I am paying taxes for the earning made in Bitcoin or any other cryptocurrency for that matter. It is true that Bitcoin is not yet legalized by most of the governments but that doesn't mean we shouldn't pay tax on it. Any gain is subject to tax (with some provisions and exceptions) in my jurisdiction so even if it is not taxable as Bitcoin but it is taxable as a monetary gain in my country.
but if they collect taxes from crypto, they should make new regulation.cryptocurrency is different with digital money.maybe for digital money they shoud do this.if they want taxes they must legalize it first.

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September 08, 2018, 03:14:27 PM
 #387

Taxes are parts of the world's system of regulations. For the governments to recognize cryptocurrency, taxes should be put in place. These will pave the way to legalizing cryptocurrency.

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Capt00
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September 08, 2018, 03:26:30 PM
 #388

Pay tax? that is no problem for me that is a small amount compared to what you are holding is that a huge amount compared to your tax payment. Don't hesitate your self to pay tax if it is needed, indeed, that makes you proud that you made contribute a little amount just for your country by giving tax.
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September 08, 2018, 04:34:34 PM
 #389

in my opinion, bitcoin holders will decrease with taxes, they will be reluctant to invest in bitcoin because they will pay taxes and if their bitcoin gets more, the more taxes will be paid.

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September 08, 2018, 04:52:44 PM
 #390

Part of the problem comes from how slow regulators have defined their views on virtual currencies. maybe this is the reason for the difficulty of applying taxes to Crypto holders,
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September 08, 2018, 04:57:25 PM
 #391

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.

This is a very interesting question, but I am more interested in how they will collect this tax? Many people keep their bitcoins anonymously and they are not afraid of these taxes...
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September 08, 2018, 04:59:28 PM
 #392

If this is considered at the global level, then this is possible for the better. Thus, bitcoin will officially be accepted as a payment instrument and it will be easier to use it.

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September 08, 2018, 05:48:14 PM
 #393

If this is considered at the global level, then this is possible for the better. Thus, bitcoin will officially be accepted as a payment instrument and it will be easier to use it.
Here in our country since there is no existing law about it then we don't need or we are not oblige to pay for tax since they are still in the process of learning things about what they are going to do with those who are investing in bitcoin, but as the law requires us to pay then we will follow the rules and will pay for tax required.

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September 08, 2018, 06:49:07 PM
 #394

I think and hope they will only tax the people who have invested and then earned some on which tax will be imposed. If the tax is put on every transaction, which I guess is not possible, or on every fiat-crypto trade, then it will be a bad thing as there are many online sellers who now accept Bitcoins or other crypto coins. Its better if tax is imposed upon the earnings, not in terms of each fiat-crypto trading.

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September 08, 2018, 07:02:56 PM
 #395

If bitcoin is legal in a country, of course I think bitcoin holders must pay taxes. But I think this is difficult to implement because bitcoin is anonymous. So I think this will be a difficult choice for a country's government. I just hope bitcoin is accepted in my country.

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September 08, 2018, 07:19:07 PM
 #396

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


We are actually paying gases which is a burden and it would be hard to have taxes to pay. It is important that we are spending and saving enough to sustain our needs and taxes would really be a problem for us users especially that the market is in red.

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September 08, 2018, 07:25:23 PM
 #397

If bitcoin is legal in a country, of course I think bitcoin holders must pay taxes. But I think this is difficult to implement because bitcoin is anonymous. So I think this will be a difficult choice for a country's government. I just hope bitcoin is accepted in my country.
I think if the bitcoin traders is trying to sell some bitcoins through regulated crypto-currencies exchanges operating in that specific country, the government tax officials should be able to track the amount of bitcoins sold by a trader, as the trader would surely need to provide his personal information and documents before his account would get approve by that specific crypto-currencies exchange.

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September 08, 2018, 07:58:43 PM
 #398

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 believe that the cryptocurrency price will drop because most of them will sell their coins in the market and that is the reason why government should not apply taxes on cryptocurrency.

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September 08, 2018, 08:57:41 PM
 #399

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.
If we want to create a crypto society. we will have to comply with the laws of the state in which we live, otherwise you will have problems with the law. If you live in a country where it is forbidden to have bitcoins, then move to another country where there are favorable conditions for this activity.

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September 08, 2018, 09:01:41 PM
 #400

I don't think that it will ever happen. It is nearly impossible to indicate the holder of an exact wallet so how would the make people pay?

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