Please DON'T pay any taxes on your crypto!

[yrrehc16]

In my view on this matter, as long as you are holding your altcoin or crypto/Bitcoin you are not going to pay any taxes. But in time that you are going to convert your profit here from Bitcoin/crypto into fiat I think in that way tax come in to the exchange who is legally registered under the government SEC, and since that we are already under that exchange we are also automatically deducted by tax in it.

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[Lucius]

IN my country is already very strict law about crypto and taxes.

To my knowledge in your country (Croatia) there is crypto physical store where you can walk in and sell up to 1000 Euros worth of crypto without any ID, you get cash in hands, is that true? https://www.bitcoin-store.hr/

Based on that I do not see any strict laws in your country, exactly the opposite of what you are talking about.

The only thing I’m really bothered about is when I come to cash in a certain big % of my bitcoin’s in the future I’ll have to pay taxes then because it’ll be too much to just sweep under the carpet & not be noticed.

There is always a way if you want avoid tax - you can sell direct to people without involving banks or exchanges, but then you need pay attention to not spend to much money at once, especially if you have bad neighbors/friends who will tip you off to tax office.

[BitBustah]

If you don't like the tax laws in your country you can vote with your wallet and move to a different country.  I guess if every country eventually had similar laws you couldn't do much except outright refuse to pay.  I would have no problem paying taxes if the funds weren't used for wars and other evil purposes.

[traderethereum]

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that

Even if they look for your wallet on your PC/phone ,
your wallet data is not accessible to them because it's  encrypted with password  ( uhm.... have you set the password protection on your wallet... right? ).

You got the answer
How can they prove that we have crypto in the exchange or our computer/phone? They need to have confiscated our computers, I mean all of the computers in their country and scan everything inside our computer to let them know if we have crypto or not. It will need a big effort to do that thing because they cannot imagine how many people have a computer and phone in their country and need to scan one by one to find what they want.

Besides that, we don't exchange bitcoin directly into local fiat in our bank account because we need the third party that will help us to send that money. It will difficult to search who is the citizen who uses crypto.

[poptok1]

People don't want to pay taxes but want a free hospital, free school, free house, free food, free everything and even get money from the govt. but still, complain.
If someone pays himself the hospital (a birth cost +$30,000 in total btw) and everything then he will be entitled to say, no taxes

I feel you m8. It can be infuriating when you realise how many sheeple there are.
Worst thing is that in a way, it isn't even their own fault. They just don't know any better. They don't! its madness how badly informed most of the society is these days. IMO this solely is the key for socialism success.
But wouldn't you agree that defending this system of enslavement, just because one lucks the guts is pure evil?
Taxation is actually a very good example for such conversation, mostly because it is hard, or is it?
You know what, I very often provoke those kind of conversation in real life and in 9/10 folks, after some arguments, starting to state similar views. They don't want to pay for all this crap gov. is providing, because of the low quality, miserable efficiency and high cost of such services. Our nature is in fact opposite to laziness, opposite to being taken care of. "They" don't want us to talk about it, tahat's why all the distractions. Human nature is different than we were thought in school (even women's :-p).

[TheNewAnon135246]

I don't mind paying my taxes since I also want to use my BTC for purchases etc. Dutch taxes are extremely low on crypto so I don't see the issue at all.

[Ucy]

I  do not agree with this totally. This isn't mentioned in Bitcoin Whitepaper... Not really why Bitcoin was invented. Cryptocurrency need some kind of support from governments. If they cannot tax it, they will probably not support it. They should be able to tax it when you use it for goods and services that is within a country’s control or registered/regulated within a country

[pixie85]

Does this mean you're willing to pay the fines or serve the jail time of every single person you encourage to this who gets nailed?

Either you stand behind your 'advice' or you don't. In most places the money needs to finish up in your bank if you want to spend it. Once it's in there you may have some explaining to do.

In most but not all. You can buy gift cards, you can buy stuff for bitcoins like cars and real estate. There are countries with liberal tax policies and nothing will stop you from going there and spending your coins. I agree with OP that taxing bitcoins is a ridiculous law and impossible to uphold.

You can't even be sure that when you decide to spend your coins in 2 or 3 years the law will still be there in its current form.

[Lionel]

I think making regulations must pay taxes if we have bitcoin or cryptocurrency that is something that is not clear because the tax cannot recognize people who have cryptocurrency or not. if you are asked to pay taxes, then just say you don't have it.

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THIS

What's been mentioned in the Op is true. Government try to profit out of the cryptocurrencies. Governments just want money, they doesn't want the good in it. Already there are countries like Israel that has got its taxation on bitcoin. They've added bitcoin along with the gold and other commodities. Upon the holdings one has got they're asked to pay taxes, but this isn't that effective as governments cannot trace the holdings of cryptocurrency belonging to a person.

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THIS

Your post shows the ignorance -snip-

“Disobedience is the true foundation of liberty. The obedient must be slaves.”
― Henry David Thoreau

I don't think he was purposely ignorant, those are just views of somebody that was given a chance to have and make them in to reality. That was the whole point of crypto wasn't it? To give us true financial independence. No one can be ostracized for utilizing that built in feature of cryptocurrency's technology.

“Quod timet servit.” (those in fear are slaves)
―Seneca the Younger

This brave fellow is just saying what you all* are only dreaming of!
Some members above already have implied and actively called for group responsibility...
You know that this is one way ticket, one way ticket to world totalitarian government, called nwo.

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And THIS



I 'll try to answer to most of your comments here.

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1) Paying taxes for helping your place to develop
These types of comments deserve a big Facepalm.
When you go back home tired from work, please relax on your couch and watch this classic that pretty much everybody knows of: Zeitgeist.
https://www.youtube.com/watch?v=pTbIu8Zeqp0&t=5776s
https://www.youtube.com/watch?v=HbvCxMfcKv4

You will learn a lot of things from that, for example that the taxes and the fractional reserve are big scams.

We will be turned into slaves more and more year by year.
The real development and scientific research gets hindered and slowed down by them.
They definitely spend most of our money for less legit purposes than "development" or "your well being".

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2) Cashing out to my bank account ( ... really? )

Some of you are incorrectly assuming that you MUST convert crypto into bank savings... why must you? There are many ways to cash-out, mostly anonymous:

- Restaurants/Shops/Services that directly accept crypto, are spreading out, even though at a slow pace

- Exchange crypto for cash by meeting with other people in your city (i.e. over-the-counter, LocalBitcoins, etc.).
Hint: check the banknotes' validity with something like this https://www.amazon.com/Dri-Mark-Counterfeit-Detection-Watermark/dp/B07F6PW69G

- [Caution with this] Get a crypto-enabled credit card like WirexApp , and cash out just a tiny amount of money at a time on it, just for small purchases at the moment you need to buy something. This is a handy way of cashing out, but it's traceable. Cash out a VERY limited amount per year in this way.

- Yeah, convert crypto into bank savings, but at a bank in a tax heaven so at least you pay very little taxes. Don't be a fool like some guy that keeps his bank reports at home, so that the dogs have the proof on a silverplate... ( some guys got caught for this naive move ).


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3) Going to jail
If there's no proof, there's no jail for you.
Do you want additional safety?
- Withdraw BTC from the exchange to your BTC wallet
- Create a new BTC wallet, and move all your coins there

Why?
In this way, there is a  proof on the blockchain that you moved all your BTC to another person (which is you, but there's no evidence, it can be anyone).
So it's like you have "cleaned" your coins from your name


What is the advantage?

They want to tax you on the FIAT money that you moved on the exchange for buying the coins, AND on the additional earnings you got from an eventual
 price rise if they know you hold the coins for, say, 2 years, and the price went up by 500%.

But if you followed the 2 smart moves listed above, you proved that you gave all your coins to another person right after you bought them, so there's no earning to be taxed due to the coins' value increase.
Thus, you will only pay the taxes for the FIAT money that you spent for buying BTC
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[CryptoToxicAvenger]

I agree with you. After all, this is the money that we earned ourselves without the help of the state. Then why should we pay tax on them? But on the other hand, you have to be very careful, because tax evasion is punishable by law and you may have problems.

[miropp]

I'm not going to pay taxes on crypto either. If you do everything carefully, there will be no problems. But if your country has strict laws on the use of crypto, it is better not to risk and pay tax, so that you do not have problems then.

[Cryptrx]

I still don't know how the crypto tax works since it's not in my place in my country, but to me it looks like taxing people for the money they have already which makes no sense to me.

[gentlemand]

I agree with you. After all, this is the money that we earned ourselves without the help of the state. Then why should we pay tax on them? But on the other hand, you have to be very careful, because tax evasion is punishable by law and you may have problems.

Posts like this seem to pop up here with great regularity.

Do most people not earn their own money themselves? Do they have to pay tax anyway? You bet.

Just because it's 'virtual' and 'on the internet' does not mean you can magically ignore the law. We keep seeing this playing out, ICOs being the latest one.

Continue feeling special all you want. The Man won't give a fuck if he catches up with you.

[_Miracle]

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that

Wow? I guess I will only speak on behalf of my ignorant self as a person who has paid taxes on my bitcoin gains...
You make the assumption that we wouldn't know "how" to evade taxes? Tax evasion is not that complicated, not ever getting caught..?

In America we know better:

Al Capone Sentenced To Prison For Tax Evasion On This Day In 1931
https://www.forbes.com/sites/kellyphillipserb/2018/10/17/al-capone-sentenced-to-prison-for-tax-evasion-on-this-day-in-1931/#6904283c7c4c

The IRS doesn't mess around when it comes to getting "their money"
Go up against an entity with unlimited resources at your own peril.

Wonder how many years it will be for the --- "they froze my bank account" --posts?

[Indrawan77]

I think there are so many flaw in your way to escape from the tax, its not that easy to escape from tax, the government got access from all over the place, and there are not a lot of stores that accept crypto yet, so we need to exchange the coin into fiat, if the government decided to tax the crypto just pay for it, don't because of some people try to cheat the tax payment the government ban all the crypto

[iMark]

I don't mind paying my taxes since I also want to use my BTC for purchases etc. Dutch taxes are extremely low on crypto so I don't see the issue at all.

You right, as long as the use of crypocurrency is released, in the sense that you can use it to shop anywhere freely, it is not a problem to pay taxes. there is no freelunch dude, there is always payback. if you want legalization, the tax must be applied

[meanwords]

Nice try mate. That's now how this works. I bet that you really know do what you said in those. Most of the time, you will use those cryptocurrency to either pay bills or pay something, that way they could track you and you'll have some explaining to do.

[Lionel]

Wonder how many years it will be for the --- "they froze my bank account" --posts?

It's the same old story...

Let's get back to the basics.

This whole Bitcoin thing has been invented for the exact purpose of giving the people an alternative to the banks: remember that a bank account is not the best thing for you , in that it's your money in the hand of another guy, not yours.

This guy may decide not to give back your own money to you (or say he can "freeze your account" if you want), for whatever reason , no matter if it is fair or not.
When you will close that account ... you'll kind of feel like a bird like many guys that have no properties to be distrained. I know a couple of them

The aim of this revolution is to protect the people from a possible distopic future made of slavery, and from the fear of losing their money which is not in their physical control.
But i don't know, maybe it is too early to think about these problems, in that we "just" live a financial crisis now, not a serious recession or distopic reality... yet.

AFAIU your comment has one assumption: you still cannot live without a bank account with all your money in it.

There are still too many with your mentality, maybe the govs are not repressive enough yet, so the people is still not enslaved enough to need a decentralized money system.
I guess the real crypto boom will happen when the people start to desperately try to escape from the jaws of a future tyrant, and want to close their bank accounts to move their savings in a safer place.

It is a matter of years or decades at most.

Who knows what Satoshi had in mind when he wanted to craft this technology?
Maybe he has been watching too many movies like Zeitgeist and got scared?
I guess he predicted a distopic future and wanted to "prepare".
Time will tell if he was right

[tactac]

What nonsense? None of the countries ask for tax on Crypto holding. They're asking for tax only when you are converting Crytp to FIAT. There's no way you can hide that unless you are solely living on cash.

In my country(Japan), when I bought a item with Bitcoin which I bought for a cheap price than the item, that margin is also taxed.
However, I think that it is impossible for the government to grasp all these transactions, and it is also impossible for us to calculate each one.

[shoreno]

What nonsense? None of the countries ask for tax on Crypto holding. They're asking for tax only when you are converting Crytp to FIAT. There's no way you can hide that unless you are solely living on cash.

In my country(Japan), when I bought a item with Bitcoin which I bought for a cheap price than the item, that margin is also taxed.
However, I think that it is impossible for the government to grasp all these transactions, and it is also impossible for us to calculate each one.

Yes buying item do have a taxed no matter what payment method you are using  . the seller can add extra fees whenever they like and they will say that it has a tax and vat included but actually it does not  .  not only for buying or paying but even on exchanging crypto to fiats we also pay excessive fee including the tx fees  . it sucks too much but we cant do anything about this matter .