Legislation will prevent Bitcoin from being used as an everyday currency?

[dansus021]

hey to be honest the reason why some government dont like crypto is they cant  controlled like fiat do, and the second was, there no tax mean no piggy bank for the gov

if bitcoin/crypto taxed maybe gov will think about it

[Poker Player]

hey to be honest the reason why some government dont like crypto is they cant  controlled like fiat do, and the second was, there no tax mean no piggy bank for the gov

if bitcoin/crypto taxed maybe gov will think about it

I have not reported your message for low value simply because I doubt if in the country where you live it may not be regulated.

For your information Bitcoin is taxed in most countries in the world where it is not prohibited. Most commonly it is taxed with a capital gains tax, which makes it difficult to use it for small day-to-day payments, as I was explaining in the OP.

[Ozero]

As of now, yes its almost impossible to use it as a payment because we are going to pay more taxes for the same thing we do with cryptos but in future the things may change when the society force them to make such changes in the government monetary policies. Even now its hard for someone to spend cryptocurrency and also when it comes to tax reporting.

This is indeed a big problem for cryptocurrency users. I think that the problem should be solved in other ways than filing cryptocurrency holders with the tax authorities in all cases when they made transactions using it. Indeed, for many, these will be very large lists.
Most likely, this will be the deduction of certain sums immediately when calculating with a cryptocurrency, and they will be paid by the other side of such settlements at the expense of the holder of the cryptocurrency.

[With Gusto]

... I can't imagine people filing their tax returns with thousands and thousands of payments. Unless an app is created that does it automatically, but that would mean giving the data of all your transactions to a third-party....

What do you think about it?

The app is a great idea and does not have to give data to a third party. It could be, for example, open source software with a free/community version that handles 2 or 3 thousand transactions per year, and a premium/commercial version with unlimited transactions, plus a few more features, etc. There is a huge need for this! Thank you, for the exciting business idea. Does anyone know if this already exists - in any country - especially for the USA?

[fara_buduk]

... I can't imagine people filing their tax returns with thousands and thousands of payments. Unless an app is created that does it automatically, but that would mean giving the data of all your transactions to a third-party....

What do you think about it?

The app is a great idea and does not have to give data to a third party. It could be, for example, open source software with a free/community version that handles 2 or 3 thousand transactions per year, and a premium/commercial version with unlimited transactions, plus a few more features, etc. There is a huge need for this! Thank you, for the exciting business idea. Does anyone know if this already exists - in any country - especially for the USA?

when it is legal, the tax will be applied, it's just that the application of taxes for transactions of goods and services is very difficult to apply except using an application that is as mentioned but behind that there is a weakness and how it works considering the way that is put forward is opposite to the cryptocurrency system .

[Wakate]

Paying tax from Bitcoin is not the best for me, maybe the government can make up a simple task system so citizens will not have to be paying tax everytime they makes transactions. This is a big problem that is before us and need to be looked into.
 I don't really know much about how countries that accepted Bitcoin as currency runs taxations but I think it is not gonna be easy as we think. Since bitcoin is volatile and the price can fall and raise any time, running taxation can be somehow complex to me.

[Don Pedro Dinero]

I don't really know much about how countries that accepted Bitcoin as currency runs taxations but I think it is not gonna be easy as we think. Since bitcoin is volatile and the price can fall and raise any time, running taxation can be somehow complex to me.

Well, someone correct me if I'm wrong, but if a currency, bitcoin or otherwise, is considered legal tender there is no taxation on capital gains, no matter how much it has appreciated against the USD or other currencies as long as you haven't exchanged them.

I am not an expert but I would say this is the case.

[NotATether]

Another thing is countries like El Salvador, which recognize it as a currency, and I imagine that citizens do not have to account to the IRS for every transaction they make.

And why would foreign country residents have to report their earnings to the IRS (a USA institution) in the first place? Those procedures don't apply to them at all. But this argument is just a minor formality as the apropriate tax institution for X country could be substituted instead.

Ultimately, the only way a country can go about preventing the use of cryptocurrencies as payment methods is if the respective government explicitly goes out of their way to see to that e.g. Turkey. It is not going to happen just by some increased oversight laws.