Newchanka (OP)
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November 16, 2019, 06:37:27 PM |
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What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/ |
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kryptqnick
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November 16, 2019, 06:53:08 PM |
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To be honest, I haven't. Bitcoin is not regulated in my country, so there's no legislation requiring to tax it. Although I got to say that in some other countries with a similar situation it's been presupposed that everyone has to pay the income tax. Then again, in my country, the tax is not progressive and is very high. But there's also something like a case when you necessarily have to pay taxes and when there's no such necessity (it depends on income, it's more serious if you earn $2k+ per month). I don't earn nearly as much as is taken seriously by the tax authorities, so I am not paying. Not to mention the level of corruption in my country, so I don't want my tax money to finance private jets of some dudes in power. Until the matter is settled definitely in the legislation, I'm not paying. |
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gentlemand
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November 16, 2019, 06:53:48 PM |
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I haven't spent or sold enough of it to be taxable. In the UK it's 20% capital gains above a certain level. If that goes up then I might consider buggering off as that's a sufficient amount. I will pay it wherever I end up for the sake of a quiet life.
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JeromeTash
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November 16, 2019, 07:43:37 PM |
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-snip-
My countries stand on cryptocurrencies is still not clear thou sometimes some Government official usually come out and say that people should avoid buying and using cryptocurrencies. They use the excuse of cryptos being so volatile and risky. So, as far as i know, they even have no idea on how to tax cryptos as of now  I have come across a couple of Bitcoin ATM but I have never used them. I prefer all my transactions, purchases and sales online and anonymous. |
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pixie85
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November 16, 2019, 07:45:49 PM |
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I didn't pay anything but in Germany you can hold for a year and then sell tax free if that's what you want. I also prefer to hold so I'm probably selling €1k a year and spend it on little things gifts electronics. I buy one phone every 2-3 years and don't have much expensive stuff so even If I lived in a different country I would have such a low income from crypto that I wouldn't have to pay tax.
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khaled0111
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November 16, 2019, 07:55:24 PM |
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Thankfully in my country there is no clear legislations regarding the use of Bitcoin or any other cryptocurrency. Hence, I don't have to care about paying taxes. However, am not against it and won't mind paying my taxes if Bitcoin becomes regulated. This website allows you to find ATMs near you: https://coinatmradar.com/ |
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Artemis3
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November 16, 2019, 08:15:53 PM |
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What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. As far as i know, you are supposed to pay some sort of tax for "money brought to the country". This can only occur if you use a State approved exchange. I doubt many people use those, there is no need unless you want to get rid of Petros... Because ATMs are physical, i suppose they are prone to State control. I don't see myself ever using one... How exactly can you enforce Bitcoin taxation? Force people declare what their wallets are? What stops them from having hidden (undeclared) wallets? Bitcoin is nowhere physically, and everywhere. It lives on each node, which there are several across the globe. It is not really crossing borders, and yet reaches everywhere. The old thinking just doesn't apply here. Since its not really "in your jurisdiction", how exactly do you intend to enforce your laws to it? Only way i can see some taxation going is, for example VAT. At purchase at a shop, and even there could be undeclared (hidden) wallets. Similar to people wanting to avoid taxation, they could forge the accounting book, etc. It would need to be investigated, which you can do a (physical) shop. And then you would also need to make sure your tax collectors are honest, and at the end you have a police state that can never ensure everyone is paying their taxes, but spend a lot trying to make sure they do (If only that money was used elsewhere...). |
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star99
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November 16, 2019, 08:18:07 PM |
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Thankfully in my country there is no clear legislations regarding the use of Bitcoin or any other cryptocurrency. Hence, I don't have to care about paying taxes. However, am not against it and won't mind paying my taxes if Bitcoin becomes regulated. This website allows you to find ATMs near you: https://coinatmradar.com/It seems you are from a Middle Eastern country. Is it hard to buy and sell bitcoins in the Middle East? |
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boltz
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November 16, 2019, 08:22:02 PM |
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So far no as I haven't cashed out big amount of money from cryptocurrencies and I'm intending to do it in my home country as since this year they made taxable every cryptocurrency which made a lot of investors from Romania to go in Malta in order to cash out their money. Our Government is a bad one as our former prime-minister is in jail and the last one was demoted by the politicians ....so even if we have a lot of Bitcoin ATM's in the country, we just buy , we don't sell.
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rdluffy
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November 16, 2019, 08:37:52 PM |
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Not yet
In my country we are starting to have some kind of regulation, but we are not good
We have to declare to government that we have BTC, and it's in the general rule for taxes for now, but the government not yet come to a consensus about BTC and cryptos in general
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bitbunnny
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November 16, 2019, 08:47:17 PM |
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No, never. On Bitcoin itself tax is not being paid and transactions are still not under taxation. Maybe this is going to change in the future but so far there is no law about it. I think that majority of countries don't tax Bitcoin as a coin or asset, only Bitcoin transactions and in that I don't see a problem.
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Astvile
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November 16, 2019, 10:04:27 PM |
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Haven't experience paying tax on bitcoin incomes and using ATM's. There are some bitcoin ATM's here in my country but it is pretty far from where I live and I don't have that much time to go there and just to try it. On cashing out I only do microtransactions just couple hundred of dollars every time I cashout so I haven't pay any tax yet.
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AjithBtc
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November 16, 2019, 11:00:29 PM |
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I haven't made big earning out of bitcoin to pay taxes, even if I get to earn I won't be paying taxes. With what we pay governments are supposed to fulfill the needs of its people. I'm not at all satisfied with the government, in people's money only the politicians were enjoying good. Maybe in the future if things happen good I may pay tax on the bitcoin earning made out of different ways.
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hello_good_sir
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November 16, 2019, 11:14:11 PM |
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In my country, the policy is quite strict - although since it is new here, a lot of people are able to getaway. Pretty sure the way it works, is that it only gets taxed if you convert it into real currencies, and if you earn any BTC, and don't bother selling it for fiat, it's very easy for you to simply avoid taxation. I don't think BTC ATMs are viable, mostly due to the 5 or so percent fee they charge, not the safest measure to be honest. |
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rodel caling
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November 16, 2019, 11:49:58 PM |
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If some country enforce bitcoin taxation is okay need to follow the rules of law because I still be The we need always to follow the laws of every country and if that idea can we can use bitcoin for lega and we can use bitcoin with have freedom O agre that ideas. But herein my country I didn't pay taxes derictly to the government I think the local online wallet they shoulder the taxes of their users came from the transactiin fees. |
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GideonGono
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November 17, 2019, 02:43:18 AM |
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In my country, we have a wallet which can do trading and stored some wallet which we can exchange it into fiat to withdraw from some ATM. They support the bitcoin production but the country didn't support or introduce crypto in the reason of they didnt agree that it can be the one solution to develop a country. |
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The3max
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November 17, 2019, 02:47:54 AM |
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I have never seen any law regarding taxes on bitcoin. Here, traders trade tens of thousands of dollars a day with BTC, and they don't need to pay any taxes. The country cannot control BTC, with the anonymous network, I believe that there won't be much imposition on it!
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airdnasxela
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November 17, 2019, 03:00:39 AM |
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There's no much regulation nor strict policies in my country about cryptocurrency. And there is no tax with crypto since just like I've said, the government isn't strict here. I don't pay taxes with crypto related transactions though I seldom use bitcoin to buy things here since it's hard to find merchants.
About bitcoin ATMs, I've heard that there's already ATM installed in my country but I have never seen one and I've always wanted to see amd try it out. I don't think there's a bitcoin ATM available here in my city
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tsaroz
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November 17, 2019, 03:03:52 AM |
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Not directly but there are taxes added up when you buy products and services. You could be paying taxes to the government while cashing out through banks.
The great thing about bitcoin and other crypto is you don't have to pay taxes for holding them or even while earning interest in various ways.
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Kyraishi
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November 17, 2019, 03:15:38 AM |
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Most of us, including me just simply don't have enough of it to be taxed, or for the government to be worried or care about it, most of the BTC I use slowly goes toward random gadgets I find on Amazon and then using the purse app to pay for it.
I do believe most countries will start caring about your money after you end up with a significant amount, but most people who just earn like 50 bucks a week (or 2,500 a year) will likely have no issues with it (unless their country has banned BTC).
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