Sorry all. I think I was probably not making sense and some misunderstood what I was saying.
AND YES I PAY SALES TAX/VAT you have to. I probably should have been more clear. There probably a few other things I pay tax for that I might just not know about. I was talking about income and capital gains as in. You don't have to pay tax on crypto that you get paid for.
For example, I earn 0.1btc a month designing websites or whatever it is it doesn't matter. You can keep that 0.1btc you dont have to pay tax and only get like 0.06 bitcoin. If you convert the bitcoin to local currency and it exceeds the minimum amount before taxation happened then you will pay capital gains tax. So if I sell half of it to cover my costs of basical stuff I can't use bitcoin for then I pay tax because I have to convert it to fiat first. If I buy something online, gaming console, chairs, fans, pc hardware, games, smoking equipment, make-up, plushie toys, cell phones and things like that I pay directly with bitcoin no need for tax because there is no convertion to fiat.
I said that I use it for everything excluding food water electricity and fuel. The places accepting bitcoin do so through a payment processor just like bitpay does.
Yes, obviously I am paying sales tax you can't get away from that. I am talking about capital gains tax or income tax. You do not pay any tax on that. Only if you convert to fiat. Crypto is run by the people the government.
Only if you use government currency you will have to pay tax. Though you might have to explain where your new sports car and house comes from. I am not sure how that will happen. Maybe crypto will have its's own tax structure. Right now you don't pay tax. Unless your government has a bitcoin address?
The IRS has been around since 1862.
The KYC laws have been around since 2002.
What exactly is America doing now that is new that would satisfy you comment about "America at it again..."?
You do you, friend. But taxes aren't something you can escape from very easily, at least not in the US. You sound like someone who might live outside of America, if so why do you care what America does to its people?
I meant because first the bring KYC now this. Too many scammers asking for it. You don't need KYC unless you making an investment over a certain amount, the reason is simple. People don't launder for less then say $10k ?? Why? Risk vs reward. Asking KYC for a $500 investment is ridiculous and that is not what it is there for. I KYC has been around for a long time. I fill it when I opened my bank account and when I made a big fiat investment. Both are trusted so I don't mind. If I buy $10k of centralized coin and they ask for KYC I will give it to them if they organized and go through the correct channels. If someone wants my KYCfor $500 I will get suspicious. I said America is at it again because first it is KYC now dumping for taxes. If I am wrong then correct me but I am pretty sure it is for taxes I read about it and it makes sense.
first you are confusing two things:
- a legitimate company that is actually regulated and registered and is a company in real meaning of the word that asks for KYC to protect themselves from fraud such as people using stolen credit cards,...
- a random scammer running an ICO which is always a scam and then asking for KYC documents only to pretend they are legit.
the next, every year people say the same thing about taxes and the thing is sometimes price goes down sometimes it doesn't even move because like always it is an irrelevant thing. if tax date was a real thing then most of the markets should have tanked hard. so what is your explanation about that?
and in case you have missed it, bitcoin does not belong to "America" it is global.
I agree with you.
BTW!!! Besides internet, electricity, food, fuel, I use btc to pay for everything else. TAX FREE GUYS WAKE UP!!! Pay with bitcoin = no tax. Only pay tax when you convert to fiat. Oh and I am from a third world country so I am not sure what excuses other people have for not spending their bitcoins....
Thoughts?
in our country, there are no payment services available that all of you mention, how we do that, whereas services don't exist yet, in our country bitcoin is just a virtual investment tool that brings together sellers and buyers in the internet world as stock exchangers with each other
Are you absolutely sure you have looked properly? Some don't say they accept bitcoin but the have a payment processor that does.
