Bitcoin should be taxed

[ConnerDalfino]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

[Jawhead999]

Bitcoin is already taxed since few years ago in the countries that Bitcoin is legal, if you are from countries that banned Bitcoin of course they didn't tax it since they think getting source from Bitcoin is illegal etc. But I believe when they already unban Bitcoin, they will taxed Bitcoin because they can't control Bitcoin unless tax it.

[Lorence.xD]

I do think so too since there is a lot of money involved with bitcoin, although I would only be okay about it if I know that the taxes are going to a good place, if it's like my country where corruption is rife, I wouldn't think twice evading those taxes, might as well do the help myself.

[o_e_l_e_o]

Bitcoin is already taxed since few years ago

In the US which is where Ron Paul is obviously referring to, but also in a number of other countries, bitcoin is classed as property for the purposes of taxation, not currency. This allows the IRS or other relevant tax agencies to extract the maximum amount of money out of bitcoin users, where otherwise they might not. Some countries don't tax currency to currency trades at all, whereas some only tax them beyond a certain limit or for businesses but not individuals. Classing bitcoin (and other cryptocurrencies) as currency rather than property would undoubtedly be beneficial for most users, but would result in the government losing revenue, so it's highly unlikely to happen.

[Daniel91]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

In my country, bitcoin is seen as a financial asset.
When I exchange bitcoin for fiat I have to report and pay capital gains tax of 10%.
If I have kept bitcoin for more than 2 years I do not have to pay any tax.
This is actually a very good and fair rule and I have no problem with that.
Personally, I don’t think bitcoin will become money in the true sense of the word, because 99% of people will always invest in bitcoin as a long-term investment and not out of a desire to buy something.

[ampu]

Taxation is a way of recognizing Bitcoin as a legal currency, which also means that Bitcoin's scope of application will be larger than before. The chance of Bitcoin legalization is that money will flow into Bitcoin more often and make the market capitalization of the entire cryptocurrency market larger than ever.

[cryptoknightt]

I think this is necessary if the country has legalized bitcoin. And because bitcoin is money the state must provide a special financial institution for bitcoin. So that bitcoin users can feel more secure using it.

[Gatorelf]

Tax is good for crypto as that legitimizes it as an asset. If the good ole USA see's it as another form of revenue then chances are they wont buck the crypto trend but rather adopt it.

[Yamifoud]

In our country, the use of Bitcoin has still free of tax unless if we converted it to fiat money, may taxation applied.
However, the use of Bitcoin still limited, only a few establishments are accepting this and that just like we are paying taxes as we usually converted it to fiat money.
Well, I don't see any problem with that as the government just do their job and we have to obey the rules. As long as it was fair, everything will just be fine.

[LFC_Bitcoin]

I’d love to get 0% tax on bitcoin I sell but unfortunately in the UK we get charged 20% capital gains tax on profits once we sell. Some countries have it worse than that but I know Germany is 0% if you HODL for 12 months or more.

[DatKing]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

Bitcoin is a type of money but it is totally different than fiat money. It is more like between fiat and investment tools like gold, silver etc. . We are not only using it for buying something but also for investment purposes. It can of course be taxed. But I think that they shouldn't impose an income tax on it. It is really not fair.

[Mr.sprin]

bitcoin doesn't have to pay taxes because the government doesn't legalize bitcoin in their country I haven't heard of any country legalizing bitcoin so talking 'taxes on bitcoin are too far.

[stompix]

Taxation is a way of recognizing Bitcoin as a legal currency, which also means that Bitcoin's scope of application will be larger than before.

Yeah, once you start taxing something the scope of applications goes down as everybody wants to fill a form every time he spends some coins he has bought 10$ cheaper. Also, if you would have paid attention Ron Paul's idea is that bitcoin is money so it shouldn't be taxed! Right not it's viewed as property and is taxed accordingly!

In case somebody wonders where this comes from here is the article:
https://cointelegraph.com/news/ron-paul-legalize-and-tax-bitcoin-like-money

Former presidential candidate and congressman Ron Paul has renewed calls for Bitcoin to be legalized as money and not taxed.

"Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can't tax money, you don't tax it. If you bought a dollar a year ago and it went down 10%, you can't take a loss because your dollar lost value."

But good luck with that, the last thing US lawmakers are thinking right now is exempting things from taxes:
U.S. Treasury calls for stricter cryptocurrency compliance with IRS

And because bitcoin is money the state must provide a special financial institution for bitcoin.

Oh yeah, let's add some more bureaucracy, more laws and regulations, and pay more people for what?
What's the real need for any of those?

I haven't heard of any country legalizing bitcoin so talking 'taxes on bitcoin are too far.

On what planet do you live?

[bekti3]

depending on the policies of the country that legally adopts Bitcoin or only legalizes it for private users. because we heard that some time ago bitcoin was taxed. but whether the holder will feel very monitored for the wealth he has. simply because it eventually turned from Bitcoin to fiat money.

[Nhazwrath]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

you are responding to "lets MAKE a story news"

MSM decided that ron paul needed to air his Opinion.  Bam more controversy thus more interaction and steering of narrative control.   

Fact.  Capital gains are already taxed.   End of story. 

[FatFork]

A plethora of new policies regarding bitcoin are being debated as the virtual currency gains momentum. It's a topic that is under intense discussion around the world, with many countries either legalising cryptocurrencies or considering legislation to regulate them.

Regulation of cryptocurrencies is vital. There's no question about it. While I do not see any problem with taxing capital gains with cryptocurrencies, governments should do so in a fair manner, so the people who earn more do have to pay higher taxes.

[taufik0911]

tax for bitcoin is something that cannot be avoided in the future because if bitcoin is legalized then there will be certain fees that are intended for state revenue
but even then bitcoins used for direct transactions are different from global transactions most likely will not be taxed because of the anonymous blockchain system

[kidbounty]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

if this can make it legal, all that is fine. what we need now is recognition from the government, and if taxes are one of those ways we have to accept it all. that way we will be one step ahead towards mass adoption.

[kryptqnick]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

Right now, whether Bitcoin is taxed really depends on the country where you live. I think that Bitcoin itself shouldn't be subject to taxes, but that the income from trading or just getting BTC as a salary should be reasonably taxed in a way that's similar to fiat income taxes. So it shouldn't be anything crazy because then people will just hide it, and the procedure of filing taxes should also be as simple as possible. I think such conditions would move a lot out of the gray area, and it can be beneficial to countries economies.

[androyster]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

In the USA it's already taxed.