Bitcoin should be taxed

[Weawant]

Bitcoin is already taxed. In IRS, they were able to build this type of tax system where Bitcoin holders will have to pay from their capital gains.
But technically, Bitcoin wasn't originally taxed but still every time you go and cash-out specially with big amount of it, you will be taxed as same as cash.

But you don't have to worry, you'll only get taxed with what you earned (if your capital is big). When your capital is somehow on the lower scale, then I guess you don't need to worry about it yet. There are exemptions with it and you might be included in non-taxable ones.

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[Mahanton]

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

I can really be taxed but in forms of capital gains or when those coins had converted out to fiat and this is already happening at the moment on some country and once you are earning some money no matter what form then you are obliged to pay up a certain tax but i do highly believe that only a few
do still have this kind of set-up no where its been asked to pay up taxes but majority its just easy to avoid if they wanted too. Crypto earnings is really
hard to be traced nor to be determined so thats why its a bit no point on asking it out and this is why government do really hate up bitcoin.

[Gamerholic]

I agree that this is money, but not really at the expense of taxes. First, let the government legalize Bitcoin and other alternative cryptocurrencies unconditionally. Will create clear, transparent rules of the game and then people will be willing to pay taxes and sleep peacefully. In the meantime, this is just another attempt to rip off money from people in the absence of a legislative framework against this background.

[Ryker1]

Well, the government can not impose tax directly on the bitcoin but when you sell your bitcoin or something you spend it, that the time that paying tax should be implemented and mandatory. But I think not all countries are strictly about the tax because here in my country, there is a minimum amount that you gain per annum before considering that you will pay a tax but if you do not exceed that amount, you are not liable to pay tax. I don't know the law of tax in other countries like the US. I have heard that you are mandatory to declare your gains either it is a small or big amount. So, all of these are depending on which country you live.

[nightrider]

In my opinion bitcoin should be taxed like gold. We need to ensure that bitcoin is not used for illegal transactions and need to put in place investor protection. Therefore, it is very important to regulate organizations that deal in bitcoin and hold them to compliance with the related legal responsibilities. We will avoid a lot of risks from this virtual currency.

[Blowon]

Some countries may receive taxes with bitcoin, but some also do not, however unstable bitcoin is, How can we calculate the tax, some countries that have bitcoin tax also start to stop it it looks like they are actually banning the circulation of bitcoin.

[Nunoluck]

Yes but only in countries which didn't ban bitcoin. In my country government didn't recognize bitcoin as currency. So government didn't give any protection to their citizens who own cryptocurrency if they loss their cryptocurrencies, for example if they being scammed on fake website. In my country the citizens forced to use national currency, but for me it is okay as the citizens of my country has strong nationalism. And my country also only print money regarding the amount of gold, there is only one case which the president decided to print regardless the amount of gold and that was very controversial. But for now everything is okay.

[FIFA worldcup]

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

For that bitcoin needs to be regulated by the countries. If crypto is illegal in some countries or there is no certainty on the legalization of bitcoin in some part of the world, people won't pay any taxes on it. Governments need to think and devise a mechanism on how can they tax on bitcoin and other crypto holdings.

[Wawa2013]

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

For that bitcoin needs to be regulated by the countries. If crypto is illegal in some countries or there is no certainty on the legalization of bitcoin in some part of the world, people won't pay any taxes on it. Governments need to think and devise a mechanism on how can they tax on bitcoin and other crypto holdings.

To impose taxes, the government should first legalize Bitcoin, because currently there are still many countries that have not legalized Bitcoin.
Unfortunately the government is too afraid of Bitcoin which will replace fiat, even though Bitcoin can be used as an alternative payment,
no need to replace fiat. With negative thoughts towards Bitcoin, some countries have decided to reject the presence of Bitcoin.
Therefore, in some countries Bitcoin owners do not need to pay taxes, because Bitcoin has not been regulated by the government.

[Woodie]

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

In the real world why do people get taxed? Because our governments do provide some kind of service to the community unlike in the crypto world were I think there have nothing to do with this....if you said services like electricity we already pay for that using fiat.

So why should I pay tax for my crypto when the governmenthas no hand in it?

[AniviaBtc]

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.

That's the reason why some governments are now adopting bitcoin because they are benefiting in some transactions that we made.

There are really advantages in legalizing bitcoin in a certain country and it only depends on how to the government will regulate it just to allow people have financial freedom.

It is much better to live in a country that is open-minded about the existence of cryptocurrency and getting taxes from it is not that bad especially that if it is fair for the citizens.

[Peanutswar]

Bitcoin is decentralized but again once you use a different platform that is supported by the government or someone who owned it there must be a fee on it because they are the know who makes more convenient for your use and transactions you only have a choice you will use without any payment but you need to find another way or just having more convenient use of the crypto or the bitcoin but you need to give a small amount on it.

[Nightz]

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.

Correct and in most countries that I know every conversion from crypto to crypto is also subject to taxation. It makes sense because giving away your Ether for Bitcoin is nothing else but a realization of the profits you made on the first asset.

But it is a delicate topic because the lack of global harmonization in taxation and generally taxation on crypto makes it difficult to push it into the mainstream because it has limited usability. If you buy smaller items and then have to take account of everything and calculate your tax, you can imagine what kind of mess is going to punch you in the face at the end of the year or at the beginning of the year so to say.

Gouvernements just don't want to give up their participation on the awesome profits that cryptocurrencies brought to their citizens and the only way to get their hands on that is by taxation.

[bryant.coleman]

Most of us don't have any issues in paying taxes on our cryptocurrency gains. But the problem is that Bitcoin is fully legal and regulated in only a handful of countries. In countries such as India, cryptocurrency still exists in the grey area and the legality and tax implications are not clear. So unless the government comes up with a mechanism to clarify the doubts on these issues, at least a section of the users will be reluctant to pay their taxes on time. Who will pay their taxes, if the authorities will use it an excuse to further harass them?

[aysg76]

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

The users who are withdrawing Bitcoin profits to their respective bank accounts are already paying taxes to the government under Capital Gain tax mechanism if the income is more than the specified limit of country under taxation policies.Those who are evading taxes by not cashing out profits through banking system run away from taxes otherwise you have to pay tax even if it is not recognised as legal tender in any country.But if the government has put a complete ban on crypto usage then you don't need to file ITR for Bitcoin because you can't trade or invest in them as it becomes illegal in that prespective.But in other cases many are already paying taxes and government earning million dollars of revenue from crypto industry as well.

[Alert31]

In our country, bitcoin is not regulated yet, that's why it is still not taxable. Sometimes, I think what if one day government impose taxation in cryptocurrency, how it will be? What is the process? Because we only have a digital wallet address, they don’t know our identity until we make a transaction like sending or making a withdrawal at banks or some remittance center. So, it means, Government will deduct the tax from our crypto earnings during the time that we are going to make transactions in any banks or remittance center.

[Erdogan]

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

TAX is the only difference b/w governments and BITCOIN. If bitcoin is taxable then governments have no objection in accepting it as payment system. Being taxable means it can be monitored and controlled by central entities. In short, anything taxable is just like FIAT.

[Paisleyvn]

Each country’s policy will be different. If Bitcoin is legal in that country, it can be taxed as government support and guarantee the legality of doing business on Bitcoin. The government recognizes the legalization of Bitcoin, and I think it would be fairer to tax Bitcoin.

[BETTY B]

Beginning in 2017, tax authorities began to take this unprecedented income seriously. At this point, you'd better make sure that you do everything related to tax filing right. It is now in the tax season in the United States, and the Internal Revenue Service (IRS) will not let go of this part of the income they deserve.

[Argoo]

Any state has the right to tax any activity of citizens that brings them income. Cryptocurrency in this regard cannot be an exception. Therefore, I do not see anything unusual in the fact that profits from cryptocurrency will be taxed. Anything that is taxed is recognized by the state as a legal activity and this is very good for a cryptocurrency, since in this case the state takes it under its protection, including protection by the judicial authorities.