If we pay tax for bitcoin, I thing this is a good news because government accept bitcoin and make bitcoin is legal alternative investment.
Topic: Bitcoin and paying Tax - page 3. (Read 3935 times)
legendary
Activity: 3010
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
If we pay tax for bitcoin, I thing this is a good news because government accept bitcoin and make bitcoin is legal alternative investment.
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think if the government still forced to give taxes to the bitcoin will not run both because someone could manipulate their bitcoin address because bitcoin is anonymous so that the government will not know if you have a lot of money in another purse? bitcoin tax will not be perfectThere is no way the government can track down every bitcoin address and tax them. Their only option is to rely on your honesty that you will declare your bitcoin income correctly. And that is a loophole you can always abuse. That is why government will not support bitcoin, because they cannot control it.
And I don't think is the government will regulate and implement taxing bitcoins. Because they are not able to control it and every transaction there is already miners fee and we, bitcoin users are already treating those fee already as the tax that are automatically deducted everytime we are transacting or sending bitcoins.
And that Bitcoin can survive on fees only after the last block reward is issued.
Governments can and will tax you if you trade Bitcoin for fiat, most countries just treat it as another asset. Bitcoin is indeed fairly anonymous, but there are companies that can track transactions, plus every transaction is and stays recorded.
Stop spreading this kind of nonsense.
I thought that was very odd when you receive a tax when earning from bitcoin, how to calculate the property tax using bitcoin? whereas very anonymous bitcoin
Why calculate property tax? If you earn bitcoins for providing a service, it is income?
It is very easy to value the bitcoins you receive.
Only when we are ready to spend bitcoin, I believe we need to pay tax for the amount we are spending. When we are saving bitcoin for a retirement life, we never need to worry about pay tax as many countries do not have tax system for senior citizens.
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think certainly the government will think how to profit when the whole community began using bitcoin, but you know that decentralized bitcoin so I think the government will not be able to give taxes to the bitcoin because of decentralization,maybe government will just count the amount of the money that will we withdraw into our bank account, and for bitcoin itself, i think there are no tax we should pay except the fee of sending bitcoin.
Was their any stipulation in the Satoshi White paper where it states that Bitcoin was developed to assist in Tax evasion? Nope. A lot of people are using Bitcoin in a regulated environment. < Coinbase, BitPay, Circle, etc. > and these people's accounts are linked to their bank accounts. They pay their taxes and they operate within the laws of their countries. The rest, will bring the IRS onto themselves, when they are audited and it was found that they are using Bitcoin or any other Crypto currency to bypass taxes
I'm afraid that the rest reside in China, and they would just laugh in the face of the IRS. I don't know how Bitcoin is taxed in China, if ever (everyone is welcome to chime in on this matter), but if the Russian government finally accepts Bitcoin as a foreign currency, no one will be paying taxes on it just like no one had been paying anything before. Since exchange operations with a foreign currency can be conducted only by institutions that have a Central bank license (read banks), cash and non-cash currency exchange is officially considered as an activity that can be undertaken only by banks in Russia...
But no one actually follows these rules in respect to, say, US dollars, and even less would do in respect to Bitcoin
I have taken one example with the IRS in the USA, but in other countries people might be doing the opposite. Take this as a example of what may be going on in other countries, "What is the national pastime of China? If you answered gambling, you probably have a few Chinese friends. What is the national pastime of Chinese business people? If you answered tax evasion, corruption and money laundering, then you’ve tried to do business in China. When a handful of businessmen merged these two pastimes, they made a fortune by building casinos in Macao. Now, the Chinese government is cracking down on Macau, but cultures don’t change—they find new outlets. Is Bitcoin the next combination of these pastimes?" Source : http://www.valuewalk.com/2016/05/chinese-dominate-bitcoin-trading/
My point is, Bitcoin
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think certainly the government will think how to profit when the whole community began using bitcoin, but you know that decentralized bitcoin so I think the government will not be able to give taxes to the bitcoin because of decentralization,maybe government will just count the amount of the money that will we withdraw into our bank account, and for bitcoin itself, i think there are no tax we should pay except the fee of sending bitcoin.
No matter the currency you use, you will have to pay taxes in the country you do your activity.
Either you accept USD, EURO, BTC or Potatoes, the tax service of that country will track you down and make you pay your taxes.
Either you accept USD, EURO, BTC or Potatoes, the tax service of that country will track you down and make you pay your taxes.
I thought that was very odd when you receive a tax when earning from bitcoin, how to calculate the property tax using bitcoin? whereas very anonymous bitcoin
Why calculate property tax? If you earn bitcoins for providing a service, it is income?
It is very easy to value the bitcoins you receive.
I thought that was very odd when you receive a tax when earning from bitcoin, how to calculate the property tax using bitcoin? whereas very anonymous bitcoin
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think certainly the government will think how to profit when the whole community began using bitcoin, but you know that decentralized bitcoin so I think the government will not be able to give taxes to the bitcoin because of decentralization,if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think certainly the government will think how to profit when the whole community began using bitcoin, but you know that decentralized bitcoin so I think the government will not be able to give taxes to the bitcoin because of decentralization,
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think certainly the government will think how to profit when the whole community began using bitcoin, but you know that decentralized bitcoin so I think the government will not be able to give taxes to the bitcoin because of decentralization,
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think if the government still forced to give taxes to the bitcoin will not run both because someone could manipulate their bitcoin address because bitcoin is anonymous so that the government will not know if you have a lot of money in another purse? bitcoin tax will not be perfectThere is no way the government can track down every bitcoin address and tax them. Their only option is to rely on your honesty that you will declare your bitcoin income correctly. And that is a loophole you can always abuse. That is why government will not support bitcoin, because they cannot control it.
And I don't think is the government will regulate and implement taxing bitcoins. Because they are not able to control it and every transaction there is already miners fee and we, bitcoin users are already treating those fee already as the tax that are automatically deducted everytime we are transacting or sending bitcoins.
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think if the government still forced to give taxes to the bitcoin will not run both because someone could manipulate their bitcoin address because bitcoin is anonymous so that the government will not know if you have a lot of money in another purse? bitcoin tax will not be perfectThere is no way the government can track down every bitcoin address and tax them. Their only option is to rely on your honesty that you will declare your bitcoin income correctly. And that is a loophole you can always abuse. That is why government will not support bitcoin, because they cannot control it.
And I don't think is the government will regulate and implement taxing bitcoins. Because they are not able to control it and every transaction there is already miners fee and we, bitcoin users are already treating those fee already as the tax that are automatically deducted everytime we are transacting or sending bitcoins.
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think if the government still forced to give taxes to the bitcoin will not run both because someone could manipulate their bitcoin address because bitcoin is anonymous so that the government will not know if you have a lot of money in another purse? bitcoin tax will not be perfectThere is no way the government can track down every bitcoin address and tax them. Their only option is to rely on your honesty that you will declare your bitcoin income correctly. And that is a loophole you can always abuse. That is why government will not support bitcoin, because they cannot control it.
I think though users bitcoin bitcoin achieve a single country can not be given a tax, even if the government forced him though
bitcoin will never be given a tax. so it is impossible to give a bitcoin in taxes. so calm
bitcoin will never be given a tax. so it is impossible to give a bitcoin in taxes. so calm
It is not impossible to tax bitcoin it is just different from direct tax people usually expecting. Bitcoin p2p transactions, blockchain and bitcoin network of course can't be taxed.
But pretty much everything else can - every bitcoin service: exchanges, online shops, every 'official' bitcoin payment can be taxed.
It will force you to either trade BTC only in a p2p way or not trade at all because of high taxes.
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think though users bitcoin bitcoin achieve a single country can not be given a tax, even if the government forced him though bitcoin will never be given a tax. so it is impossible to give a bitcoin in taxes. so calm
The tax regulation of Bitcoin depends from county to country. I think in most cases you don't have to pay tax on Bitcoin itself but you are obliged to pay taxes when you convert it to fiat money on exchangers or similar, so I think majority of people do pay taxes on transactions like this and governemnts have their share of it.
It depends. Some countries have stated directly that you have to pay tax over your Bitcoin holdings, and some contries only say that you have to pay tax over your entire fiat holdings. If you have a certain amount worth of BTC, then the fiat equivalent adds to your normal fiat wealth. And over that you have to pay tax.
if too many people is using bitcoin then government will make rules to tax bitcoin transaction and maybe the government will banned bitcoin, but actually now we already pay bitcoin taxes, everytime i exchange my bitcoin in local exchanger they will charge few percent of my bitcoin
I think if the government still forced to give taxes to the bitcoin will not run both because someone could manipulate their bitcoin address because bitcoin is anonymous so that the government will not know if you have a lot of money in another purse? bitcoin tax will not be perfectThere is no way the government can track down every bitcoin address and tax them. Their only option is to rely on your honesty that you will declare your bitcoin income correctly. And that is a loophole you can always abuse. That is why government will not support bitcoin, because they cannot control it.
Here in my country, local exchanger reduces the exact conversion of the current btc to usd exchange rate when we are converting our bitcoin to fiat. The said local exchanger is registered under our country's law and they are really complying for the rules and regulations under AMLA.
So even looking at the front desk, still it's like taxable since the rates are not that exact or close to the current exchange rate. Meaning our local exchanger is the one paying tax to the government.
So even looking at the front desk, still it's like taxable since the rates are not that exact or close to the current exchange rate. Meaning our local exchanger is the one paying tax to the government.
Jump to: