Bitcoin and Taxes

[PsylockReborn]

I'm not against paying taxes, it's just that how can those guys really implement it hundred percent to everyone who tried to hoard bitcoins. There are ways to buy coins out of exchanges and those transactions are untraceable specially if you have multiple wallets that is not directly connected with your identity. If people really wants to launder money using bitcoin then the government can't really do anything about it.

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[Kelvin36]

Though humans generally do not like to be taxed, I beleive if the IRS want to tax crypto coin holders it is a step in the right direction for formal government recognition and approval. I also beleive this recognition can make crypto more appealing for the business world to accept crypto in their exchanges. So yes it is a bit worrying to be taxed but we can view it in a positive light too!

[darkangel11]

I'm not against paying taxes, it's just that how can those guys really implement it hundred percent to everyone who tried to hoard bitcoins. There are ways to buy coins out of exchanges and those transactions are untraceable specially if you have multiple wallets that is not directly connected with your identity. If people really wants to launder money using bitcoin then the government can't really do anything about it.

And why would you care? Why would you be concerned that they can't implement it 100%? Even though murder is forbidden it happens every day and many cases never get solved. Same thing with Bitcoin. There will always be money laundering and there will always be people who don't pay taxes or don't declare their coins. Laws are meant to be broken, as the saying goes. I'm one of those people who would rather leave the country than surrender to unjust laws, and a law telling me to tell the governments how many coins and on what addresses I'm holding is certainly unjust.

[zabizana]

Yes, I think, Bitcoin as a decentralized system must be tax-free. But, we cannot avoid taxation if the government oblige it.

[robertcross07]

I feel that bitcoin should not be tax free as tax is the most important for any country and bitcoin has no intention to evade tax and this not the purpose of the bitcoin. So bitcoin should be under tax system like the fiat money which will make it more popular and reliable in the world.

[roueen]

There are no taxes associated with BTC. This is mainly because it is run on a decentralized market and for that the need of paying taxes is eliminated. Maybe this is the reason as to why the government in some countries have banned it.

[ziro cent]

Bitcoin is not for evading taxes as such type not intention is not good. Taxes are important for the development of any economy. Moreover taxes will make the bitcoin reliable and so we should not use for evading tax. Bitcoin should not be tax free

[Leo mons]

I don’t think users of crypto currency have to answer anyone for their coins. The core theme of this innovation is that is a decentralized currency market and there should be no taxes to pay upon these coins.

[Harlot]

Even though if the IRS classified it as a property it doesn't mean it gets exempted to being taxed, remember that even properties such as land is subject to tax. This taxes includes real estate tax and most commonly is the capital gains tax. Just like stocks they are classified as property/asset but they still are still subject to tax This big misconception could really make a man be in trouble as IRS could easily file a criminal investigation after the audit for you is wrong. This might be common now as the U.S. government is saying that they will focus more on AML in cryptocurrency related transactions.

[F_Ivanov1993_]

People should choose, pay taxes or not for bitcoin.

[goaldigger]

The problem with this is that bitcoin is decentralized and you are anonymous in it but you cannot hide all your money forever. There would be a time that you will withdraw it and all of us will do that in the future. You need to have third party like exchanges or banks in order to encash or transpose all your earnings if you need them. The government will go in this time and do their part whether it can be taxed or not.

[Spaffin]

We know that the attitude of states towards the decentralized crypto currency is mostly more negative than friendly. States will always dislike the fact that they can not fully control the decentralized crypto currency. In order for the crypto currency to penetrate into our life and develop further, it is necessary for the state to legalize it, that is, it determines the status of the crypto currency, its conditions of circulation in the society and determined its taxation. Thus, in order for the state to recognize the Crypto currency, we will have to pay tax on profits for its use. If we do not do this, the state can limit the circulation or even prohibit its circulation inside the country. I do not think that paying taxes on profits for the use of crypto-currency is contrary to Satoshi Nakamoto's vision or, in general, to the principles of its existence.

[Janet Wright]

All of  us know that Bitcoin is decentralized and no having third side. Thus, it is not necessary to need taxes here. Besides, Bitcoin is not accepted in many countries. Briefly,  no tax in Bitcoin makes inventors earn more from Bitcoin

[Patrick Carvalho]

Bitcoin can make incomes for people, so it needs taxes. Moreover, Bitcoin was trading quite spread in some countries all around the world. With the develop of the cryptocurrency now, sooner, BItcoin will be taken taxes. That is inevitable.

[kerremy]

Bitcoin and Taxes. Well, of course, this is something complex, where most users consider taxation on bitcoin to be against the goal of creation Bitcoin.

I think this will be a long debate, considering that most users are interested in Bitcoin because they hope it is completely tax-free.

[samcrypto]

Bitcoin is not for evading taxes as such type not intention is not good. Taxes are important for the development of any economy. Moreover taxes will make the bitcoin reliable and so we should not use for evading tax. Bitcoin should not be tax free

Taxes is good only if the government will use it in a right way but since many corrupt politicians people are afraid to pay their taxes. I think governmetn will be having a hard time monitoring your bitcoin holdings, because they cannot control this so its really up to you if you will declare it.

[royaljack200]

Taxes are great for a country. It helps with services for both the rich and poor and anyone in between. But most countries do not use their rights with taxes properly and abuse the system. This is why I really hate the tax systems. I do like the fact that bitcoin isn't taxed.

[Gadhoh]

Yes of course it seems to me that in the aftermath of the adoption of crypto currency, it is inevitable that we will pay some taxes from it

tax will only apply to countries that do adopt bitcoin because the state also benefits from crypto or bitcoin, but what about countries that do not legalize bitcoin? Will it be taxed by bitcoin or not?

[CryFr]

The tax is not on bitcoin. Income tax (sic!) from bitcoin transactions.
There are property taxes - on real estate, cars, etc. And there are income taxes. If there is no income from bitcoin transactions, then there is no need to pay tax. In the conditions of the fall of the rate, most likely the majority has such a situation.
A citizen shall submit a tax return. If the tax service has any doubts, it will be able to check its correctness. Anonymity and untraceable transactions turned out to be a myth. Besides, you can't buy anything with bitcoin. Except exotic (pizza) and criminal case. Therefore, the change bitcoin to Fiat currency, which is credited to the Bank account. And it's very easy to track.

[sheenshane]

Yes of course it seems to me that in the aftermath of the adoption of crypto currency, it is inevitable that we will pay some taxes from it

tax will only apply to countries that do adopt bitcoin because the state also benefits from crypto or bitcoin, but what about countries that do not legalize bitcoin? Will it be taxed by bitcoin or not?

Legalization of bitcoin is hard to implement in a country, just like here in my country government did not implement any law that state the bitcoin to pay tax. Bitcoin taxation is not directly applied on the bitcoin it may only cause on the holders per transaction that have.
But for me, paying tax is just a little amount that you contribute in paying by your government in order to improve or have an economic growth. So, I don't hesitate my self to pay if ever we required or oblique to pay taxes.