Bitcoin holders will have to pay their tax?

[Maveth13]

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.

Some countries only make you pay taxes when you trade or withdraw it to the local currency. If you use bitcoin as it is in the internet, then you won't he taxed.

As for saying that you don't want to pay any tax, you don't really have a choice if your country demands that.

[rutherford]

I think it's fine. As long as the government legalized bitcoin into their country. I would rather pay taxes but i'm allowed to use bitcoin for transaction rather than do it secretly. It is hard enough to convince the government to accept bitcoin, and if by paying taxes can make them legalize it then why not.

[cleygaux]

Are you saying that if I found a money in a certain place and luckily its worth $1000 and if I stored it in my house then I should pay a tax for holding it? Just like holding a bitcoin if you win in a betting site and won worth 1 btc and you want to store it in your btc wallet for a long time then you have to pay a tax for it?   

[Theb]

The real question is if Bitcoin or cryptocurrency earnings are tax exempted in the first place? The simple answer is no, I don't even know where the misconception of cryptocurrencies being tax exempted started. The only problem the government is facing now is their respective classification of taxes. Should cryptocurrency trading gains be counted as capital gains or should cryptocurrencies earned via mining be considered as income and be taxed via income tax? Remember our earnings from something is not just for ourselves the tax burden is our contribution to both our country and the government. Being a cryptocurrency earner does not exempt us from anything.

[iv4n]

How will government send a bill to me, or someone else? It will be interesting to see how will they track down all bitcoin holders. Will they force us on some kind of registration, will they make a bank and force us to keep bitcoins in that bank?
What ever they do, there will always be a way for us to skip all od their regulations. For me crypto is already regulated, we are paying transaction fees, and if governments wish to earn from bitcoin they should start with mining, or they can open exchange site and they will earn from commission.

[2beAmillionaire]

Speaking of taxes implemented by the one government,it will be a mandatory order that everyone will be forced to pay,but the question is,how to implement it by the government?they can trace someone who have stored bitcoins on their wallets?how?

[leonair]

As far as I know all of the trading platforms that is currently available in the whole world and operating legally are paying taxes to their respective governments to be eligible to operate to the public so with that Bitcoin holders are already has been taxed ever since by paying trading fees to those exchanges. In case you are buying something online using Bitcoin as a payment there are already taxed right before it is posted by the seller. Almost all the things in this world are taxed though.

[Slash61]

Of course the application of taxes on every Bitcoin user is as the main capital to acknowledge Bitcoin thoroughly, all acts of crime on behalf of Bitcoin can be resolved in the absence of any harm, then anything related to the government there must be an obligation to pay taxes, for me the rules are not off track and still can be received it will not harm at all, but government greed is sure to happen.

[sirenmoon]

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.

Every country has the tax system that is unavoidable. Every citizen of the specific country is obligated to pay taxes. The countries would fall apart if this system would fail. At the beginning of the crypto revelation, the taxes were avoidable because the government wasn't instructed, and had a lot to learn about newly values. Today there isn't a man which isn't acquainted with the cryptosystem and its capabilities. There are ways of avoiding the taxes but that is also questionable. Everything that you want to hide is revealed sooner or later. The problem with the tax system is not in the system itself but in the specific countries which have higher tax rates than other. When that will be solved I think that everyone will be satisfied with a little loss they are making on the taxable crypto.

[samcrypto]

Speaking of taxes implemented by the one government,it will be a mandatory order that everyone will be forced to pay,but the question is,how to implement it by the government?they can trace someone who have stored bitcoins on their wallets?how?

Definitely they cannot track it for now but in time they will make a strong regulations on that. Exchanges are already paying taxes and soon invetors around the world will oblige to pay taxes. I have no problem with this kind of regulations my only worry is about the corrupt government.

[bhadz]

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??

There will be more adoption to come if the government shows support and gives signal that they are already supporting bitcoin / cryptocurrencies.

Maybe the expansion of BTC community will get low than usual.

No it won't get low. Just because we are oblige to pay tax? there's more people that are skeptic about bitcoin because it is not supported by the government. And if this happens, do you think there will be lesser people to like it? it is unlikely.

[Ridwan Fauzi]

It will never be a problem with me, I will stick to it. But before that, I want to know
what the government functions and what is the role of government against bitcoin users?
will they provide comfort in terms of investing or trading in bitcoin?
Providing the decision to require taxation should be coupled with the effect on bitcoin price developments, so the government not only earns income, but they work and contribute to the wider development of cryptocurreny.

[batang_bitcoin]

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.

It's an approval that the government is totally hands on with bitcoin if they making it's holders to pay their tax. But it doesn't mean that because you are holding, you are accountable for taxation.
You have to sell first and declare your income before getting taxed. There will be a misunderstanding if by just holding bitcoin you're already taxable, not yet until you sell.
But that's how it goes, you'll still be taxed anyway.

[orions.belt19]

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.

That’s true. I’m not sure why people think that you do not have to pay any taxes for bitcoin. In fact, the IRS has expounded on how you still have to pay taxes for every bitcoin transaction you make and even just for holding. More details here from CNBC crypto:

https://www.facebook.com/cnbccrypto/videos/1612209732195600/

This may not discourage the holders though. It only legitimizes holding btc so this won’t scare them anyway so long as they still get profit. I would honestly prefer to pay taxes rather than having to deal with a crypto ban in my country. It’s likely, however, that most hodlers are just evading.

[lelangsabun]

well i think it can help some country by giving it a tax, but usualy right now with a few people using it many goverment just let it without any tax so it can make the growt of crypto user filled enough to making a tax later

[Wilfrer]

I think this will not happen because Bitcoin users seem to be anonymous and the government will not know who is using it to collect taxes. Instead, Bitcoin users will still have to pay fees for their transactions. Because the fee will be paid to the miners, they will make your transaction faster and more accurate.

[Direwolve735]

In my country, bitcoin Hasn`t have an official status yet. However, the government raised the issue of regulating crypto-currencies and taxation of owners of electronic money. Bitcoin is recognized as an asset (what brings in revenue), and therefore such a decision will have consequences for the miners and owners of this crypto currency.

[Johnzky]

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 dont see any problem about paying taxes if this is the only reason for us to be legalized and may work normal worldwide and for me this is the problem why governments are against crypto since this is decentralized and people earning without obligation of paying taxes,dont you think this is fair enough about u?

[okissabam]

Then most of those Bitcoin holders will have no choice but to pay taxes. We all pay taxes in some way so I dont think it would be a huge difference when we’re not paying taxes yet. And I don’t see any problem with paying taxes because its for the good of the nation as well.

[mitchr4]

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.

You mean that bitcoin can be controlled by the government paying taxes for bitcoin users, I think that is unlikely to happen because bitcoin is decentralized. Bitcoin is free from tax only need a fee to send bitcoin. And taxes only apply when you are trading on an exchange for every transaction there.