Bitcoin should be taxed

[kayiboyu]

As long as governments don't see Bitcoin at another level, it will continue to be taxed. And the tax rates have been really high so far. If I'm not wrong, the USA is one of the countries that impose the highest tax rate on Bitcoin.

[Gatorelf]

The power to tax is the power to destroy.

The power to tax bitcoin means there is the ability (through taxes) to make it unusable and/or unprofitable. That gives them a way to destroy bitcoin without actually out-right banning it.   

actually its not BTC that being taxed in the USA... Its the dollar   You dont pay any taxes on crypto currencies until you sell them for USD.  and then its only "IF" you made a capital gain.  So you are paying taxes on your USD capital gain on ALL cryptocurrencies just like stocks.

[richcorner100]

In my country, only centralize exchange taxed but for retail investor did not. I think that not necesary because crypto invesment is high risk, so investor are not burdened with tax anymore.

[ultrloa]

In my country, only centralize exchange taxed but for retail investor did not. I think that not necesary because crypto invesment is high risk, so investor are not burdened with tax anymore.

Retail investors earn a profit to so there's no excuse for them to be tax since for sure government will always think about profit accumulated by the investor, But I'm sure government will find ways that people will not feel about having it and maybe they will implement it on exchange and ask a little part automatically in every transaction you made on exchange platforms.

[Maslate]

It is undeniable that the main reason why some countries are on the hunt for crypto is that they want to control it and impose taxes for the users and holders. Well, that won't be an issue, I know it will come, maybe not today but could be in the near future.
If it will happen that Bitcoin will be legalized, the more it gives the authorities the right to collect taxes and I find no excuse for that.

[isaac_clarke22]

I am getting charged through taxes when I tend to cash out my Bitcoin to my local currency. Usually it is when I get into remittance centers to get the money out.
Too bad I am getting one when I use 3rd party apps.

[Daniel91]

Honestly, when I think about this topic, I personally think that bitcoin, or any altcoin, should never be taxed.
It is a high-risk investment, which will not pay off for everyone.
In most countries bitcoin is not fully legalized as money or even financial assets.
The second question is what should happen when bitcoin is exchanged for fiat money, that is, when we withdraw from the crypto investment.
It is often very difficult to prove to the tax office how much we have actually earned or lost on crypto investments, given that they are still trying to apply the rules from classic investments and stock exchanges to such investments.
Because of that, many investors in the crypto market avoid paying taxes and move to the "gray zone", which is an additional problem.
I think that for a lasting and fair solution to the issue of crypo taxes we need a dialogue between the crypto community and tax experts, and the government.

[Reatim]

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

If this is to be taxed then be it , People will only follow what's the government will allow and this is including taxation though they will face big problem on how to implement this.
for how many years that this has been into process yet cannot be implemented but with all respect? i will pay tax when our government asked me to.

[ven7net]

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

If we all want Bitcoin to be accepted in the world and be money, then it must be regulated and comply with international financial laws. Based on this, Bitcoin should also be taxed. I also do not mind this, since it will allow Botcoin and the entire crypto industry to be accepted all over the world, and as a result, it is cryptocurrencies that will be able to replace the existing financial system with a new, more practical one.

[Sanitough]

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

This is happening already, most countries that have accepted bitcoin are already taxing it, it's not new, a tax is a responsibility, it's the lifeblood of a county therefore we have to pay, if we evade tax, make sure we do it well so we will not face a problem in the future.

Bitcoin is regulated, therefore it should be tax, that's my view.

[SaShiRaJaVu]

actually its not BTC that being taxed in the USA... Its the dollar   You dont pay any taxes on crypto currencies until you sell them for USD.  and then its only "IF" you made a capital gain.  So you are paying taxes on your USD capital gain on ALL cryptocurrencies just like stocks.

If your trading amount is higher you will be bound to pay your taxes unless you are able to provide all the evidence of your loss and then you can get away with the capital gain tax. If you are a small time trader then you can get away with it but usually everyone who is in the market for a long time made a lot of money and you are bound to file them if you are not looking for trouble at a later time.

[DoublerHunter]

actually its not BTC that being taxed in the USA... Its the dollar   You dont pay any taxes on crypto currencies until you sell them for USD.  and then its only "IF" you made a capital gain.  So you are paying taxes on your USD capital gain on ALL cryptocurrencies just like stocks.

If your trading amount is higher you will be bound to pay your taxes unless you are able to provide all the evidence of your loss and then you can get away with the capital gain tax. If you are a small time trader then you can get away with it but usually everyone who is in the market for a long time made a lot of money and you are bound to file them if you are not looking for trouble at a later time.

^ Higher or a small amount it should be taxed if you are in the US. Either it is sold or spent, it should be declared any profit each year because that is taxable and you are entitled to be liable to interest and penalties. But there are countries that did not too strict on the tax, if you feel that BTC in your place did not require tax and only a small amount, it is up to you. I think the only UK and the US are very strict on this tax implementation, other countries probably will not and it is okay if you don't declare your gains in crypto.

[Kittygalore]

If this is to be taxed then be it , People will only follow what's the government will allow and this is including taxation though they will face big problem on how to implement this.
for how many years that this has been into process yet cannot be implemented but with all respect? i will pay tax when our government asked me to.

Well, people can't really do much about it, they live in that country and they have to at the least conform to the norms and do their due diligence, honestly I am split into two with this one because taxation is a good way to improve public infrastructure if the government knows how to spend their money but if not then I wouldn't pay my taxes because they will only be pocketed by the corrupt officials.

[ILuckyGuyI]

We already pay a lot of fees for making our transactions these days.

Fees are not taxes, it is the commission. When you buy something at the store and pay with the card, store owner pays commission to the bank for money transaction.

If government wants to collect taxes from investment, how they gonna find out what was the price of Bitcoin, when a person has bought it? How they gonna find out that I have bought Bitcoin at the price of $20k, but not at $60k, compare it with current price and tell if I have profit and owe them, or I'm in a loss?

I know that fees are commissions. I mean that there is no meaning to impose a tax which has a very high rate. I'm totally against governments' collecting it as income tax. The rate should be 1 or 2 percent the most, in my opinion.

[Ararbermas]

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

actually a lot of news i saw around the internet and they want to put bitcoin taxed like literally because of the potential of it to all enthusiast. But until now i cant see any changes and news about such things wherein perhaps its not possible to happen on this kind of decentralised money.. I dont know in the future but for me its impossible..

[conected]

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

This is happening already, most countries that have accepted bitcoin are already taxing it, it's not new, a tax is a responsibility, it's the lifeblood of a county therefore we have to pay, if we evade tax, make sure we do it well so we will not face a problem in the future.

Bitcoin is regulated, therefore it should be tax, that's my view.

- Taxes may be our responsibility but after we solve the tax problem, the government will take responsibility of someone who received money from us or they will try to delay the timing of many problems, usually here there are a lot of risks like being hacked and stolen and a lot of cases of scams, I still don't see the effect of government service, asking for tax would be relatively unreasonable. Fully catering to the participants will never have a story of possible tax evasion but unfortunately, the government has never done its duty to protect us.

[iv4n]

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

This is happening already, most countries that have accepted bitcoin are already taxing it, it's not new, a tax is a responsibility, it's the lifeblood of a county therefore we have to pay, if we evade tax, make sure we do it well so we will not face a problem in the future.

Bitcoin is regulated, therefore it should be tax, that's my view.

- Taxes may be our responsibility but after we solve the tax problem, the government will take responsibility of someone who received money from us or they will try to delay the timing of many problems, usually here there are a lot of risks like being hacked and stolen and a lot of cases of scams, I still don't see the effect of government service, asking for tax would be relatively unreasonable. Fully catering to the participants will never have a story of possible tax evasion but unfortunately, the government has never done its duty to protect us.

I can agree with you Conected! But I must add one thing, a lot depends on the country where you live!

Saintough, we can say that Bitcoin is regulated, we know how coins are being created and distributed, and we know how to transact them... and some countries regulated it in their own way, and if you are cashing them out through the bank, depending on the country where you live, you will probably have to pay some taxes! While in some countries it's harder to cash out, maybe you pay more fees before you get to the cash, but nobody is taxing you!

It will be an interesting future... some governments and countries are speaking about higher taxes for crypto! This new bullish period made another bach of milionares and billionaires... and it wasn't hard to imagine governments trying to take a piece of cake for them!

[todiefor17]

Taxing currency is an absurd thing because I've only heard about taxing goods before.
If the tax on $1, what would be the value of $1? This is illogical so it shouldn't happen. We have a burn-in every transaction for every altcoin. Bitcoin doesn't have that mechanism, just the transaction cost and usually, it's very small. So I think that taxing cryptocurrencies can happen when they profit from trading. Taxing Bitcoin is the act of treating Bitcoin as a commodity, not a currency.

[jamespaulll789]

Is this even possible? i think the whole concept of decentralization is to avoid some of the financial practices that is currently unfair to the masses by giving them an open source currency that has no third party interaction and is completely anonymous.

[Asuspawer09]

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

You could probably get out with it if your not really earning a very big amount of money in trading or any cryptocurrency, as far as i know. But it was probably only in US or some other countries.

We could expect cryptocurrency or trading or bitcoin to be taxed but its not really a case for some countries since in my countries the government are probably already have a few plans about it, most of the time as long as there are big money involved government is gonna put tax on it.

Probably exchanges are already paying the taxes to continue their business, so i guess that's one way already. For now I can still trade freely in my country but if bitcoin or cryptocurrency continue to mass adapt taxes are surely gonna happen soon, but for me as long as its only a small percentage its gonna be fine at some point.