Topic: Bitcoin being taxed? - page 2. (Read 1738 times)
"Bitcoin is a tax free currency and people are used to it because they know that if government are in to bitcoin they will add a taxes and it will cost you more ." , i agree.
It will not happen, the mining has been profitable and they will remain if they start to be squeezed - they just change the location and nothing happens, everything is simple. there are many countries - where there are no clamps for mining - everything is open and accessible, so the miners are the engine of progress in the Crypto-currency
Thats would be great but if we think of attributes of btc, it is decentralized thats why it is using by people because it is less hassle. And also faster than bank to bank transaction. I think if the government would taxed the btc it would be a major crisis for crypto world especially those countries that starting to adopt its function.
In our country Bitcoin has been not taxed by government. We are happy if it will be taxed by government because that is a good step towards financial freedom.
Bitcoin is a virtual currency that uses cryptographic encryption system to facilitate secure transfers and storage. Unlike a fiat currency, bitcoin is not printed by a central back, nor is it backed by any. Bitcoins are generated by what is called mining—a process wherein high-powered computers, on a distributed network, use an open source mathematical formula to produce bitcoins. It takes real high-tech hardware and hours or even days to mine bitcoins. One can either mine bitcoins or buy them from someone by paying cash, using a credit card, or even a PayPal account. Bitcoins can be used like a fiat world currency to buy goods and services.
I think that's a very good idea to do data collection and application of taxes to miners and bitcoin users I think it will generate substantial profits on the state although later taxes are very small but if multiplied by many bitcoin transactions the results are not bad anymore, it could used for development in the country.
It's not about whether Bitcoin is taxed currently or not, it's about if governments will be interested in taxing it or not.
Currently, Bitcoin is not strong enough as a payment method in order for governments to take measures against it. As long as BTC and all other cryptos stay in your wallets/exchanges, governments don't give a dime. And, the moment you turn it into fiat and send it to your bank accounts, you're already forced to declare those taxes.
To put another counter-example, governments ARE eyeing e-wallets such as PayPal, Payoneer... because you can actually buy many things on the Internet and therefore evade those funds.
Currently, Bitcoin is not strong enough as a payment method in order for governments to take measures against it. As long as BTC and all other cryptos stay in your wallets/exchanges, governments don't give a dime. And, the moment you turn it into fiat and send it to your bank accounts, you're already forced to declare those taxes.
To put another counter-example, governments ARE eyeing e-wallets such as PayPal, Payoneer... because you can actually buy many things on the Internet and therefore evade those funds.
Bitcoin cannot be taxed.
Especially if you buy Bitcoin account to Bitcoin account.
If it was never fiat, never in a normal bank, they cannot tax it.
Many still say Bitcoin is not money, even tho you can spend it to buy things.
Love Bitcoin.
Especially if you buy Bitcoin account to Bitcoin account.
If it was never fiat, never in a normal bank, they cannot tax it.
Many still say Bitcoin is not money, even tho you can spend it to buy things.
Love Bitcoin.
Tax season can be confusing enough with complicated rules about what types of income are taxable and which are not, and there are bound to be questions about how Bitcoin relates to taxes. However, users will have to look into the tax requirements for whichever country they are paying taxes in and sort out how their home countries classify cryptocurrencies like bitcoin.
I guess many people especially with be frustrated if the government put some taxes on mining especially now that many has quit their jobs and make mining their everyday living in which they prefer their earning on mining rather than their job. Although it would benefit more in the improvements our country but it will depend upon the opposition ruling or prevailing in your country because if their abusive and corrupt then it just another one of those are money gonna be in the possession of those greedy crocodiles.
As some countries are starting to consider to take control here, it is possible. Once government regulates it, transactions happening here would be taxed. It would be great for the government as it will be a new source of income to the country’s budget but will be bad for bitcoin users. Purchases will be taxed and the transaction fees may be higher than usual.
For now I don't no here in my country what he said about this bitcoin if he know about this if ever bitcoin being taxes I don't know but for now we till good
The government does it because bitcoin has become mainstream, and does not seem no matter with that. But I think it would be a problem for miners, they have to pay taxes for the mining results. If I was a miner then I had two choices only:
- stop mining or
- keep mining in secret, haha
- stop mining or
- keep mining in secret, haha
Yeah bitcoin is treated as property according to the IRS and it is taxes as such. Any profits from bitcoin or any altcoins are considered gains and those gains are taxed. I would report any gains from bitcoins on your tax form because the IRS has contracted a company to develop software to monitor and track any bitcoin/altcoin transactions.
That is only if all are honest of what they have now. Bacause some of us getting worried of paying their taxed, that is why some of them deny about their belongings to lessen their tax. Although bitcoin is not totally considered as an assets because of its real identity but some other countries obligue their people to pay their taxes. And I believe it won't be fair because isn't taxed by other countries unless all countries are impossing this, it might credit.
You said Bitcoin can not be taxed ... But my country want to do that. Welcome to Russia 
. The government do not understand what BTC is, but want to get some money.
. The government do not understand what BTC is, but want to get some money. BTC being taxed. Sounds little weird but good. Taxation of bitcoin is good from government perspective because government too get another means of earning and may apply for the sake of development of country. The foremost benefit in legalization of BTC is that it could stop the criminal activities that are engaged through BTC and them those countries could remove the ban from cryptocurrency and then bitcoin could only be used for human sake and people can safely mint bitcoins
That's assuming that governments are pure and tax money is spent where it is supposed to be spent. In the real world, our tax dollars are squandered by corrupt officials.
Also, it is highly unlikely that criminals will stop using Bitcoin/cryptocurrencies.
BTC being taxed. Sounds little weird but good. Taxation of bitcoin is good from government perspective because government too get another means of earning and may apply for the sake of development of country. The foremost benefit in legalization of BTC is that it could stop the criminal activities that are engaged through BTC and them those countries could remove the ban from cryptocurrency and then bitcoin could only be used for human sake and people can safely mint bitcoins
Taxation bitkoyna and kriptovalyuty as a whole should be considered necessary and usual process, since the state has the right to possess tax any income from any activity of its citizens. This is one of the stages of legalization of the crypto currency, since simultaneously with taxation the state will have to recognize the legality of the circulation of the crypto currency in the country and determine the scope of such circulation.
are not. impossible. It is very unfair, when you trade bitcoin, you have to bear a fairly expensive fee. and time consuming. If you are taxed, no one will use bitcoin.
if bitcoin is accepted by the state. It could be taxed. However. It will be very difficult. There will be no way to declare our properties as easycooling. and no way to control
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