Topic: Are you in support of paying your taxes in Bitcoin? (Read 351 times)
I agree that there are taxes for transactions. Or, otherwise, simply there would not be any transactions at all. Bitcoin is both anonymous and decentralized. I pay no taxes to any state for its use.
After all, this is the money used to fund your school system, hospitals, pensions, police, fire, and all other government services. It sounds awfully risky to rely on something with such volatile price to provide for needs that are so important to the community.
Accepting payment doesn't necessitate hodling. Maybe they could hook up with a licensed payment processor like Coinbase.
Eventually, BTC might be held in government reserves just like other hedging assets -- gold, etc. It's rational to be skeptical now, but don't ignore the trends. Gold also rallied over 600% in a decade (early 2000s). It's volatile but is still considered a value hedge.
but is this another way the government is trying to take all our bitcoin?
Yes. It's also a privacy hole. Payments provably linked to a taxpayer ID can have implications for de-anonymizing your wallets.
Yes i would! Bitcoin is money. Why would i prefer to use the real currency instead of it. After all, the fact that it is untraceable don't let the goverment trace it back to know how much i got.I really hope that the whole would start it using it too as a sort of payment. It can fix many problems and it can help the wolrd evolve faster.
but is this another way the government is trying to take all our bitcoin?
Yes i would! Bitcoin is money. Why would i prefer to use the real currency instead of it. After all, the fact that it is untraceable don't let the goverment trace it back to know how much i got.I really hope that the whole would start it using it too as a sort of payment. It can fix many problems and it can help the wolrd evolve faster.
Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.
Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.
For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/
But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?
This is a good thing in any respect. The cryptocurrency is taxed on behalf of the local government to recognize Bitcoin. Although not a currency, at least it also recognizes its legitimacy. Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.
For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/
But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?
The financial industry are mostly paper driven at the moment. You have to bring proof of invoices and payments and transfers and deposits and some tax authorities only deal in documentary proof that are certified by some centralized authority.
Bitcoin is mostly digital, so these tax authorities will most probably use some centralized authority for the documentary requirements.
Digital documents can be altered and most documents needs your physical signature.
Bitcoin is mostly digital, so these tax authorities will most probably use some centralized authority for the documentary requirements.
Digital documents can be altered and most documents needs your physical signature.
Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.
Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.
For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/
But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?
Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.
For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/
But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?
If that is for the better of bitcoin community, then i don't see any reason why not to have tax implemented for those who are earning bitcoins. But i have doubt here in my county's government, for sure big tax will be collected in crypto currency. They will just put it in their own pocket instead of government projects.
i wont agree with the idea that bitcoin should be taxed by government, i wont accept a blockchain system be exposed to government, and entire anonymous informations have to reveal to government. Moreover i wont exchange my informations just for the stable price of the market but be taxed all the time instead.
But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?
Better question for you and everyone else, if you're a citizen/resident of Georgia (in your example - are we talking about the Country or the US?) would you want your government to be receiving tax payments in Bitcoin?
After all, this is the money used to fund your school system, hospitals, pensions, police, fire, and all other government services. It sounds awfully risky to rely on something with such volatile price to provide for needs that are so important to the community.
I think yes I favor to have a bitcoin tax in all countries to better identify the bitcoin especially in the bank for no questions yet any source of income when you come out with a pretty big money or you will deposit money in your bank account
The total amount of BTC is just 21M less those were lost forever. If we start to pay taxes in bitcoin, it will be less than 5 years and all the btc will belong to them. How is this going to be decentralize? Its not going to be the best option, lets just use the money they create after all the government created those fiat money and so they shall accept it unless they completely banish those fiat as well.
Thanks Georgia for good step about bitcoin. It's a very good sign to bitcoin. And I am also support this to pay tax with bitcoin.
If I have to pay taxes I have to pay it from my savings and if I pay it via bitcoin what is the difference then. I pay fiat or BTC just my money going away so no difference.
Actually I pro support of paying taxes if the bitcoin always good for my income and just equal for employees pay a taxes so my point I agree for that.
Yeah I agree, plus for money crypto businesses this will make things much simpler. You could essentially write smart contracts to pay employees taxes and corporate taxes, which would be a far more efficient process and easier for employers.
definitely i am in support of this move , because what this really is is an indication from the government that they are now recognizing the legitimacy of bitcoins . Paying our taxes in bitcoins is the same as paying in cash , the only difference is bitcoins provides ease of transaction.
Recently, Georgia is trying to pass a bill allowing payment of taxes in Bitcoin.
Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.
For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/
But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?
If you want bitcoin to be legalised in every state than paying tax is the only way you can achieve it.Every individual,Who is earning money from whichever sources has to pay tax for their income and that is the way every country's financial system works.And I am totally in support of paying taxes in bitcoin. Bill GA-SB464 ?requires the state revenue commissioner to accept cryptocurrencies for payment of taxes and license fees.?
This allows for people in Georgia to pay their taxes and license fees in cryptocurrencies.
For more info on Georgia's stance, see https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/
But do you think paying your taxes in Bitcoin will be a good thing for Bitcoin? Or is it another way the government is trying to take our Bitcoin?
Ah, nobody said it so I'll be the first: taxation is theft 
Anyway, bitcoin is the most efficient currency in comparison to fiat, so I'd rather pay in bitcoin than fiat, yes.
Anyway, bitcoin is the most efficient currency in comparison to fiat, so I'd rather pay in bitcoin than fiat, yes.
Actually I pro support of paying taxes if the bitcoin always good for my income and just equal for employees pay a taxes so my point I agree for that.
bitcoin users do not have to pay the tax rate because if this happens it will reduce the bitcoin users' income just how profitable investors are and they are investing little money out of their income and dropping the price of bitcoin they are losing.
Personally I wouldn't pay my taxes in bitcoin. But it is a good news for the crypto community as a whole. Because if an US state start accepting bitcoin for any payments, it will make bitcoin legal tender in that state. Bitcoin will also receive free promotion which may make a lot of people intrigued about bitcoin which can significantly boost the adoption rate.
This is the government trying to get hold of bitcoin.I agree with you, i won't pay taxes for my bitcoin transaction because in the first place this is why i like bitcoin because it is decentralized and has no taxes involved no matter how big the transactions are.
Nevertheless, I think this has a good impact for bitcoin too on it's acceptance rate all over the world.
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