Bitcoin and not Paying Taxes - page 11.

Dread Pirate Roberts

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Quote from: Lucius on January 08, 2018, 07:32:19 AM

In some countries you can not pay tax on BTC even if you want,there are no rules and regulations regarding BTC.In some countries like Germany you do not need to pay tax if you sold BTC one year + after purchase,also Denmark is completely free from paying taxes regarding cryptocurrency.

There is always way to avoid paying tax when convert BTC to fiat,but if you want to sleep peacefully and your government is pretty strict on this issue then it is better to give them their share.

Agree . in asian not much money bitcoin its legal . only in china i guess . and now miner fee also more than expect
so the fee its follow the price . if i can use real money for fee its will more help than like this.
my option back to altcoin because this fee .

Eternad

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Quote from: pixie85 on January 09, 2018, 10:51:08 PM

Quote from: allthingsluxury on January 08, 2018, 01:39:53 PM

You should be paying your taxes. If you make a massive profit, you are eventually going to be busted. Its on you at the end of the day.

That's the problem with taxes. The less profit you have the harder it is to pay. When you're rich it's one million here or one million there, not worth the risk. When you're poor and got a loan to pay paying the taxes or not can make a huge difference. We all have to make our choices at some point and live with them.

Quote from: worle1bm on January 08, 2018, 01:01:21 PM

The government cannot trace transactions made with this decentralized currency but when converted to fiat then you are in their hand and paying taxes is only way to get on the safer side but if you are planning to erode this and avoid taxes then you are on wrong side because the governments are keeping supervision and you cant win in this game.

It's your personal stance. I wouldn't go as far as to telling people they are on the good or bad side of the barricade. Are you really sure that the government is good and people opposing it are on the wrong side?

The face that its a decentralized system, there is no way to trace it, i think its enough that were paying taxes whenever we purchase goods from the earnings we earn in bitcoin.

lendahawkins

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A lot of people playing bitcoin but not paying taxes. Some of the country not legally bitcoin in their country that's why its hard to ask for taxes fee. But some country take the taxes fee direct from the web of wallet. Its easy way to collect the taxes than should collect from the user of bitcoin one by one. The web include the taxes fee in their change charge.but in my country most of people play btc not paying their tax since it's still illegal here.

pixie85

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Quote from: allthingsluxury on January 08, 2018, 01:39:53 PM

You should be paying your taxes. If you make a massive profit, you are eventually going to be busted. Its on you at the end of the day.

That's the problem with taxes. The less profit you have the harder it is to pay. When you're rich it's one million here or one million there, not worth the risk. When you're poor and got a loan to pay paying the taxes or not can make a huge difference. We all have to make our choices at some point and live with them.

Quote from: worle1bm on January 08, 2018, 01:01:21 PM

The government cannot trace transactions made with this decentralized currency but when converted to fiat then you are in their hand and paying taxes is only way to get on the safer side but if you are planning to erode this and avoid taxes then you are on wrong side because the governments are keeping supervision and you cant win in this game.

It's your personal stance. I wouldn't go as far as to telling people they are on the good or bad side of the barricade. Are you really sure that the government is good and people opposing it are on the wrong side?

youdacapt

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Quote from: jmlona on January 08, 2018, 01:59:14 PM

Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.
https://www.youtube.com/watch?v=hf2fNEUPjQw

It's a concern that I've had myself while I've been having good success in trading I've yet to withdraw earnings, it's difficult to think that 40% of what you earn is going to be taken away once you convert it to fiat and cash it out but I guess it's just the world we live in. It's much easier to take when you have a normal job and the tax is deducted from your paycheck before you are able to do anything about it.

I don't have a problem with it, if the government already has the accuracy of the tax regulations then it is just implemented, it will be proof they acknowledge our efforts so far in the cryptoworld, there will be no ban if we do not do wrong, my country even appreciate bitcoin though can not legalize it yet.

jmlona

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Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.

https://www.youtube.com/watch?v=hf2fNEUPjQw

It's a concern that I've had myself while I've been having good success in trading I've yet to withdraw earnings, it's difficult to think that 40% of what you earn is going to be taken away once you convert it to fiat and cash it out but I guess it's just the world we live in. It's much easier to take when you have a normal job and the tax is deducted from your paycheck before you are able to do anything about it.

allthingsluxury

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You should be paying your taxes. If you make a massive profit, you are eventually going to be busted. Its on you at the end of the day.

Janation

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Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.

https://www.youtube.com/watch?v=hf2fNEUPjQw

I think that will be depending on the country you are in. I've been converting or selling of my bitcoin but the fiat that I am getting is still the same. I am not also taxed by the government, if there will be some additional deduction, I think that will be the fee of the exchange since they will just be adding the tax of that certain exchange and the tendency of that is to increase the fee of the converting of btc to fiat.

worle1bm

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Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.

https://www.youtube.com/watch?v=hf2fNEUPjQw

The government cannot trace transactions made with this decentralized currency but when converted to fiat then you are in their hand and paying taxes is only way to get on the safer side but if you are planning to erode this and avoid taxes then you are on wrong side because the governments are keeping supervision and you cant win in this game.

Tegin92

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Actually, the tax applicable for users of land operating business is not specified for users to pay taxes in bitcoin there is only selling and buying for business actors and in bitcoin there is no unity of bitcoin holders, another thing with the bank in general it can be seen there is one holder companies that require those who want to use it.

Finestream

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Quote from: Lucius on January 08, 2018, 07:32:19 AM

In some countries you can not pay tax on BTC even if you want,there are no rules and regulations regarding BTC.In some countries like Germany you do not need to pay tax if you sold BTC one year + after purchase,also Denmark is completely free from paying taxes regarding cryptocurrency.

There is always way to avoid paying tax when convert BTC to fiat,but if you want to sleep peacefully and your government is pretty strict on this issue then it is better to give them their share.

Yes that could be true.But in my country i do not see the government giving their full attention to cryptocurrencies so paying taxes is not an issue to us.But if one day there will be a law that states its compulsory to pay taxes on all bitcoin users,then of course i will be responsible enough to pay my obligation.If that tax will be for the good sake of everyone,then i see no reason for all bitcoin users to evade from it.

Lucius

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In some countries you can not pay tax on BTC even if you want,there are no rules and regulations regarding BTC.In some countries like Germany you do not need to pay tax if you sold BTC one year + after purchase,also Denmark is completely free from paying taxes regarding cryptocurrency.

There is always way to avoid paying tax when convert BTC to fiat,but if you want to sleep peacefully and your government is pretty strict on this issue then it is better to give them their share.

maianh09

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Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.

https://www.youtube.com/watch?v=hf2fNEUPjQw

Governments around the world are trying to control the crypto market as this is a very large market and if it collects taxes it is really a huge source of taxation for them.

Bitcoinjheta

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Quote from: xuan87 on January 08, 2018, 05:05:49 AM

We should be paying tax, as a good citizen you need to contribute for building a better country for your next generation, and one of the way Bitcoin being taxed is when you convert it to Fiat there are nothing can be hide from that transaction since you need the valid verification for transfer the money to your account, but when all things can be bought using BTC then taxing crypto users will be more difficult

Absolutely correct mate, at this moment even though we are earning fiats through exchanging bitcoins. Even though bitcoin are not paying taxes. We should share our earning through on donation to our community taxed to put on project where they have a lack of budget to be done so it can start because this can really a big help in developing of our society to grow more.

CornHub

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Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.

https://www.youtube.com/watch?v=hf2fNEUPjQw

I think we pay our taxes with bitcoin when we converted it into cash or fiat ( we pay tax here at this point) and when the converted bitcoin turned into cash, obviously we are going to use it to buy sevices and products which is tax generated by government, so i conclude that we are all paying taxes right.

onrise

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Quote from: xuan87 on January 08, 2018, 05:05:49 AM

We should be paying tax, as a good citizen you need to contribute for building a better country for your next generation, and one of the way Bitcoin being taxed is when you convert it to Fiat there are nothing can be hide from that transaction since you need the valid verification for transfer the money to your account, but when all things can be bought using BTC then taxing crypto users will be more difficult

It is mandatory for all the citizens of their respective country to follow the laws of their land. If taxes on the profits earned is supposed to be paid taxes as per the country rules and regulations then one should be following it in order to be able to participate n the growth the country economy.

xuan87

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We should be paying tax, as a good citizen you need to contribute for building a better country for your next generation, and one of the way Bitcoin being taxed is when you convert it to Fiat there are nothing can be hide from that transaction since you need the valid verification for transfer the money to your account, but when all things can be bought using BTC then taxing crypto users will be more difficult

1kings

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Quote from: taiwww on January 06, 2018, 10:05:49 PM

Taxes are the only and main source of income for many governments of the world. One of the main reason for bitcoin`s popularity is avoiding government tax. Bitcoin is an autonomous currency, as no third-party is related to bitcoin, no one can trace your transactions except user and the receiver. You will face no problem until you are using bitcoin currency for trade or transaction purpose. But once you try to convert it in fiat currency you will come under income tax net. Income generated from bitcoin currency is taxable in USA, India and in many countries irrespective status of bitcoin. Bitcoin income is considered as capital gain and taxed thereupon. For your safety always pay taxes.

A very educated contribution. Government runs on taxes. Government has a way of protecting other investments such as stocks, bank deposits, etc where they also get taxes. But there is no protection for cryptocurrencies holders, so what is their justification?

Anyway, I'm a taxpayer but my crypto holding is my business, for now.

The_Dark_Knight

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Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.

https://www.youtube.com/watch?v=hf2fNEUPjQw

If you are going to convert your bitcoin to fiat you need to pay taxes there is not way around that, I know that may seem unfair because the governments gets a lot of money by not doing nothing but if you want to sleep well at night and not have any worries you need to pay your taxes, but if you do not have plans to do that then you still need to declare that you have bitcoin.

biboy

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Quote from: taiwww on January 06, 2018, 10:05:49 PM

Taxes are the only and main source of income for many governments of the world. One of the main reason for bitcoin`s popularity is avoiding government tax. Bitcoin is an autonomous currency, as no third-party is related to bitcoin, no one can trace your transactions except user and the receiver. You will face no problem until you are using bitcoin currency for trade or transaction purpose. But once you try to convert it in fiat currency you will come under income tax net. Income generated from bitcoin currency is taxable in USA, India and in many countries irrespective status of bitcoin. Bitcoin income is considered as capital gain and taxed thereupon. For your safety always pay taxes.

You are right that is why it is important for us to pay the right taxes as well especially when we are in a business industry so that our economy will grow and would be balance, it is important for us to regardless of the corrupt person, let us just disregard them, if they will corrupt our money let them go to hell after this life.

Topic: Bitcoin and not Paying Taxes - page 11. (Read 1213 times)