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Author Topic: Tax on the crypto currency! What do you think?  (Read 3210 times)
Harkorede
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October 01, 2018, 12:43:04 PM
 #421

Since two of most the important distinguishing features of Crypto currency are Anonymity and Decentralization, while Tax on the other hand needs to be imposed, regulated, monitored and centralized by an authority, these are two diverse phenomenon and doesn't complement each other. Taxes on crypto currency will bring about the crypto space losing the two afforementioned features which are its core intended and initial goals.
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October 01, 2018, 01:01:02 PM
 #422

The cryptocurrency taxation may be the first step towards legalizing cryptocurrencies!
The meaning of taxation is supported by the government, and the government needs to protect the cryptocurrency in accordance with the law!

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October 01, 2018, 01:40:24 PM
 #423

If they put a tax on cryptocurrency. We can't do anything but to obey or pay it. As long as they will make cryprtocurrency safer. And the tax that we pay will use for the well being of those people who are in needs.

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October 01, 2018, 02:09:42 PM
 #424

If they put a tax on cryptocurrency. We can't do anything but to obey or pay it. As long as they will make cryprtocurrency safer. And the tax that we pay will use for the well being of those people who are in needs.
But I do not think the government can increase our security in the crypto when crypto is a world where control is completely absent, it is an independent world and it blocks the control, governments do not really want us good, they just want to benefit from us. So, if they try to impose taxes on the crypto, I will object, unless they do something useful and ensure the future development of crypto, otherwise, they should not think the tax issue, which only leads to meaningless struggles

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October 01, 2018, 02:42:59 PM
 #425

taxing cryptocurrency may not be a totally bad idea from the government. It will give people more confidence in having cryptocurrency related businesses as it will be protected as well by the government.

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October 01, 2018, 03:28:21 PM
 #426

If they put a tax on cryptocurrency. We can't do anything but to obey or pay it. As long as they will make cryprtocurrency safer. And the tax that we pay will use for the well being of those people who are in needs.
basically for cryptocurrency itself has many types, and we don't know how to pay, and for what it's done. Well, I think it's very difficult to make rules like that, moreover that each person has a different country, and different rules regarding this.

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October 01, 2018, 03:57:17 PM
 #427

If they put a tax on cryptocurrency. We can't do anything but to obey or pay it. As long as they will make cryprtocurrency safer. And the tax that we pay will use for the well being of those people who are in needs.
basically for cryptocurrency itself has many types, and we don't know how to pay, and for what it's done. Well, I think it's very difficult to make rules like that, moreover that each person has a different country, and different rules regarding this.
its depend on each government rules.every countries has their own rules that regulate about cryptocurrency legal standing.

 
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October 01, 2018, 04:13:53 PM
 #428

I don't think that VAT is a good idea for crypto currency. The reason is that crypto is difficult sphere and crypto asset can grow by 100% today and fall to 0 tomorrow. How can authorities count profit? What if you deposited funds prior to legislation? Crypto has too much fees like depositing, withdrawal, trading and transfer fee, in general it is like up to 10% on a whole amount. If we add taxes, then how crypto investors will earn in this case? I am definitely against crypto taxes.
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October 01, 2018, 04:30:01 PM
 #429

it seems that only a few countries have implemented it and the tax for the existence of cryptocurrency like bitcoin does not have to exist and should not be there because the purpose of creating bitcoin is to create a digital currency that can never be controlled by anyone including its founder.
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October 01, 2018, 04:33:04 PM
 #430

I like bitcoin because there is no any tax on it and if taxes imposed on it for now then the people will oppose it and people like it because through this people can safe their money and there will be no tax and no other obligations so people love it to buy now and hold it and i want to trade my Ethereum for bitcoin now because the price is going up and i want to start a new business with this money so i am waiting for that opportunity.

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October 01, 2018, 05:35:26 PM
 #431

Taxation in the digital economy has become a complex phenomenon, especially if it has been related to the calculation of profits in trade and investment in Bitcoin. Taxation on the benefits of Bitcoin varies greatly. Some countries treat Bitcoin as a currency, while some other countries like the US and Australia regard it as an asset or commodity.
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October 01, 2018, 05:43:23 PM
 #432

This two subjects represent polar opposites from a cultural/worldview perspective. In the eyes of many people tax law symbolizes excessive regulations imposed by a central government agency. This is in contrast to cryptocurrencies and the associated blockchain technology, which is not under the thumb of a central power apparatus. The complexity of these two spheres increases if one attempts to integrate cryptocurrencies into the world of the tax code.
Detection of cryptocurrency investments is difficult–to–impossible for government tax collectors. Although investments that stay in the digital world may go unnoticed for a few more months, the rising value will ring the alarm for tax agencies. Banks that receive large transactions will ask questions and report suspicious activity. Instead, investors are expected to honestly declare cryptocurrency income and wealth to authorities each year.
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October 01, 2018, 06:11:32 PM
 #433

I do not understand how to levy a tax on cryptocurrency transactions.
If you trade on a licensed exchange, the tax will be charged automatically.
And if you trade on a decentralized or unlicensed exchange, then it is impossible to collect taxes.
Most people will not pay what is unreasonable to collect.
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October 01, 2018, 06:19:46 PM
 #434

It seems to me that it is impossible to impose a tax on the crypto currency and completely control its state, no matter how much they want it.
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October 01, 2018, 06:24:22 PM
 #435

if there is a tax in crypto can it make crypto legal or not?
for the sake of the future of crypto and the support from the government and the development side of crypto tax results.
the government would certainly take advantage of its capitalization

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October 01, 2018, 06:26:01 PM
 #436

All bitcoin transactions are monitored by the IRS in the U.S.  Those who have deluded themselves into believing that tax does not apply to bitcoin are in for a sore lesson. It may take a few years to sort it all out, but you will still owe the money, plus interest, plus penalties that could include jail. Just pay your taxes like a grown-up and live in the light of day.  

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October 02, 2018, 01:24:53 AM
 #437

I totally agree with you. I think that tax is an important reason why the government want to ban bitcoin, if we put tax on cryptocurrency, that will be a good regulation for bitcoin to be legalized
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October 02, 2018, 02:16:20 AM
 #438

if there is a tax in crypto can it make crypto legal or not?
for the sake of the future of crypto and the support from the government and the development side of crypto tax results.
the government would certainly take advantage of its capitalization
government should make cryptocurrency legal first before they take taxes from it.we could call them make ilegal action if forced taxes from us meanwhile they have no regulation on it.

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October 02, 2018, 07:20:50 AM
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 #439

This is very difficult question to answer in many aspect. Lets just put or consider in some maybe hard question, do we have to pay tax for crypto at all. Do you have to pay tax for selling or gaining capital from crypto. And maybe the best one is crypto tax free. On this many more can come with not so good or adequate answers as we want or like.

With so many question and maybe for this subject to little answers, some could say what if you or me bought crypto few years back and hold all this time, do we pay tax. What if tax is just bitcoin related (research a little and there are some that have bitcoin tax), do they change to ETH or some other coin just to escape tax obligation. And what about this for example someone bought in december last year, will that person pay tax for loss or the tax commission will return money he lost (kidding on this one they never refund Grin).

The point is that they are many confusing explanation, and most government want to have this done in force, so that they could have additional income, my point is that this will not be good. Bitcoin is not design to be taxed in any form or way.

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October 02, 2018, 07:31:05 AM
 #440

I think this cryptocurrency will never be taxable, what is clearer is bitcoin, this bitcoin is created because it wants to make a currency that cannot be controlled or influenced by taxes, bitcoin is a digital currency that is tax free and can be used to store all assets that you have safely and comfortably.
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