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Author Topic: Did Satoshi ever mention anything about the taxing of Bitcoin?  (Read 485 times)
o_e_l_e_o
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August 18, 2019, 06:51:18 PM
 #61

However, nobody needs it because the most glaringly tricky part of taxing Bitcoin is that it is not related to any one country.  It is a global "currency" or asset.  See what I mean?  Thus, Bitcoin is not ready to be taxed!
Which country a currency is related to, or even not being related to a country at all, is irrelevant as far as most countries' tax laws go. Even if you are paid entirely in a foreign currency, you will generally be expected to convert your earnings to the relevant amount of your national currency, and pay taxes on that amount. Taking the IRS in the US as an example:

You must express the amounts you report on your U.S. tax return in U.S. dollars. If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U.S. dollars.
Having said that, currency laws are generally inapplicable to bitcoin since most countries consider it property rather than currency.

I've always thought it was extremely convenient that bitcoin was created right at the time when it looked like banks might fail completely due to the housing crisis of 2008. 
I have never considered this before. I have always pictured Satoshi as one individual, and definitely not related to any government, but it's an interesting thought experiment nonetheless.

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August 19, 2019, 09:18:58 AM
 #62

The whole point of Bitcoin is to be a payment system beyond governments' control. I would be very surprised if Satoshi was spending his precious time contemplating on how governments could profit from it.
If he was really known, I am sure that he would have explained to government how he has factored them in, but I think the thing is left for them now to figure out. One of the reasons why government is still about skeptical about cryptocurrency of bitcoin is that they think that the system will be against them in the aspect of tax because they way that people have portrayed it, like a system they will use to hide from government meanwhile that is not the case.

Satoshi is human and I am sure he understands how government is being run, so he would really not do anything that much to affect government, just the banking sector that I am sure that he is after, because this system would affect more of the banking sectors.
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August 19, 2019, 10:40:05 AM
 #63

Did Satoshi ever mention anything about the taxing of Bitcoin?

I think that he didn't.
The reason for that is that taxation varies around countries so it wasn't a concern of him. Also, Bitcoin is a decentralized ecosystem so not any global regulation such as taxation can be applied to it.

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August 19, 2019, 12:44:22 PM
 #64

currency laws are generally inapplicable to bitcoin since most countries consider it property rather than currency.
Then why is it named "crypto currency"?  Did Satoshi coin the term cryptocurrency?

Bitcoin is not "property".  It is definitely a form of money or currency for purchasing goods and services.
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August 19, 2019, 02:12:31 PM
 #65

Did Satoshi coin the term cryptocurrency?
Satoshi certainly used the term, but I don't think it's definitely known who first coined it. I did read this thread recently: Who coined the word "cryptocurrency" ...

Bitcoin is not "property".  It is definitely a form of money or currency for purchasing goods and services.
I agree with you, but again, that's irrelevant unfortunately. What we consider bitcoin to be, even if we are actively using it as a currency (which I do almost daily), doesn't matter when it comes to taxation. If your country's tax authority class it as a property or asset, then they will tax it as such.

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August 19, 2019, 03:15:37 PM
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~
The whole point of Bitcoin is to be a payment system beyond governments' control. I would be very surprised if Satoshi was spending his precious time contemplating on how governments could profit from it.
Who knows.  I've always thought Satoshi isn't one man, but a government operation.  That's my tin foil hat talking, which I don't usually wear.  I've always thought it was extremely convenient that bitcoin was created right at the time when it looked like banks might fail completely due to the housing crisis of 2008. 

I think if it were a government operation we would know about it by now. Information of such a significance leaks like an old faucet these days. Another reason why I think governments weren't behind it, is that they have never been caught in a big hurry for supporting Bitcoin. But, of course, no one can be 100% sure of anything, so we must always keep our tinfoil hats within the reach. )

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