Do you think a 10% tax on Bitcoin profits is fair for long-term investors?

[PVequalNRT]

Well, for people who don't like paying taxes, any amount will be too much. 

I actually disagree with the idea that governments don't care how you earn your crypto. As far as I'm aware, this 10% figure actually refers only to capital gains tax; it doesn't mean that other tax obligations don't exist, depending on how the asset was acquired. For instance - did you mine it, or were you paid in crypto for actual work? There's income tax. Did you win it on an online casino site? That's gambling tax. Did you sell a house for Bitcoin? That's a whole different story - and so on.

The government needs to do better and wave capital gains on crypto and treat income tax when people spend. Back then when people do make 10x from crypto is reasonable to tax people what they want but now the market has changed, the crypto market is not like before again. You can barely make 5x from this market now and be happy. You can make 5x from your investment and wake up to see that you can't recover your investment capital, that's how terrible the market is looking.

They should be a clear treatment on how the government also protect investors. You can't be taxing people like wild animal and not treat the crypto investment with security. They neither want to accept crypto as legal tender neither do they want to let it be used freely. Crypto doesn't have freedom, the limitations is why we don't have steady growth like it were.

[danadc]

They should be a clear treatment on how the government also protect investors. You can't be taxing people like wild animal and not treat the crypto investment with security. They neither want to accept crypto as legal tender neither do they want to let it be used freely. Crypto doesn't have freedom, the limitations is why we don't have steady growth like it were.

I've always blamed governments for tripping us up and forcing us into everything. In my case, I've had a run of bad luck in that regard. It was the same in my home country, and I left because I didn't see how I could survive. But things were different. In the country I'm in now, which is a first-world country, we have the problems that governments create, triggering economic and health issues. Now, seeing what OP said, it's a classic scenario: governments always want to profit from us by force, by coercion.

If I want to save in BTC, the government shouldn't interfere. It's my right to do so. Politicians always break the law; for them, there are no restrictions whatsoever.

[MisFoxie]

However, I would like to know how you view this decision?
Is a 10% tax on Bitcoin profits a reasonable rate? And is such a tax system good for the cryptocurrency market,? And what is it like for crypto users? or will it discourage long-term investors?

The government collecting taxes would be good for Bitcoin and users would be able to use it anywhere as legal money. Since the government can benefit from Bitcoin, it won't take long for Bitcoin to become legal in many countries worldwide because if they don't make it legal, they won't be able to collect taxes either.

They are not taking taxes from every trade you make. Instead they will take 10 percent of your yearly profit. If your profit is very low or you make a loss they won't take anything. Suppose I make $10,000 in profit in a year, I would definitely be willing to pay $1,000 in taxes.

[Ojima-ojo]

However, I would like to know how you view this decision?
Is a 10% tax on Bitcoin profits a reasonable rate? And is such a tax system good for the cryptocurrency market,? And what is it like for crypto users? or will it discourage long-term investors?

The government collecting taxes would be good for Bitcoin and users would be able to use it anywhere as legal money. Since the government can benefit from Bitcoin, it won't take long for Bitcoin to become legal in many countries worldwide because if they don't make it legal, they won't be able to collect taxes either.

They are not taking taxes from every trade you make. Instead they will take 10 percent of your yearly profit. If your profit is very low or you make a loss they won't take anything. Suppose I make $10,000 in profit in a year, I would definitely be willing to pay $1,000 in taxes.

Taxation Open door for adoption and regulations, so you are right to say that the tax will make cryptocurrency assets acceptable and legal in those countries that already have an approved cryptocurrency tax regime.


10% is something that is seen as a motivation for cryptocurrency holders to make tax returns easily, the amount differs and in my country almost 25% tax in individual cryptocurrency custody holder.

[OgNasty]

10% is something that is seen as a motivation for cryptocurrency holders to make tax returns easily, the amount differs and in my country almost 25% tax in individual cryptocurrency custody holder.

I know if I only had to pay 10% in taxes I would be tickled pink...  Last year I paid a significantly higher tax rate than that and a 10% rate on Bitcoin gains would have saved me hundreds of thousands of dollars in taxes last year alone.  It is getting harder and hard to justify being an American citizen these days.  I really hope something changes and we don't keep raising taxes to pay for our country to be invaded and conquered.  Unfortunately, we seem to have a political party that is set on following Europe's playbook.