Bitcoin holders will have to pay their tax? - page 18.

BryanRoseWalker

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Quote from: Netnox on August 20, 2018, 01:52:10 PM

Quote from: kenlyresuello08 on June 22, 2018, 01:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

As far as I know, simply by holding Bitcoins you are not liable to pay either income tax or capital gains tax. Only when you convert your coins to fiat these taxes will come to effect. Bitcoins may come under the ambit of wealth tax, but for that the government should specify that Bitcoin is a form of investment asset.

I strongly agree with the policy because this is the entrance for crypto recognition. their task is only to perfect the overall draft regulation on crypto.

I am sometimes annoyed that government perceptions are actually inversely proportional if they do not need taxes because they are actually very large if accumulated from the total active users every year.

Netnox

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Quote from: kenlyresuello08 on June 22, 2018, 01:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

As far as I know, simply by holding Bitcoins you are not liable to pay either income tax or capital gains tax. Only when you convert your coins to fiat these taxes will come to effect. Bitcoins may come under the ambit of wealth tax, but for that the government should specify that Bitcoin is a form of investment asset.

tulezua

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When Bitcoin is run by tax, what is going to happen is a complex issue for the government to impose a tax on Bitcoin, if taxes are too high for Bitcoin makers to survive.

sidodadii

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if government say what you think, its mean cryptocurrency accepted on that country. and im sure people will pay the tax though they are cheating by manipulate their income. but its no problem as it can be income for government. as far the government transparent about the regulation, i think people will follow what they say.

Gheka

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Quote from: BigBos on August 20, 2018, 11:41:15 AM

Quote from: Btcjoglyn on August 20, 2018, 11:14:02 AM

Quote from: kenlyresuello08 on June 22, 2018, 01:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

To properly pay taxes on an investment in bitcoin, you'll need to wrangle some information from each sale you conducted over the last fiscal year. This includes the basis for each amount of bitcoin you sold, the date you bought it, the date you sold it, and the price at which you sold it.

Well, I don't think so. it becomes an uncountable treasure, because of the changing prices. but I don't know, every country has its own rules. but it is very difficult for them to pay taxes if they save their assets in crypto

Tax with bitcoin, even crypto is almost a story only in a very distant future, it's so remote that I could not survive until that time because the government has no way to control it and impose it on the bitcoin holder. Bitcoin is free between the laws of countries, although countries always have rules or prohibit the use of bitcoin but the government does not understand that it is meaningless, the bitcoin holder still uses it normally and does not have any pressure, so I never paid attention to the tax issue in bitcoin

BigBos

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Quote from: Btcjoglyn on August 20, 2018, 11:14:02 AM

Quote from: kenlyresuello08 on June 22, 2018, 01:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

To properly pay taxes on an investment in bitcoin, you'll need to wrangle some information from each sale you conducted over the last fiscal year. This includes the basis for each amount of bitcoin you sold, the date you bought it, the date you sold it, and the price at which you sold it.

Well, I don't think so. it becomes an uncountable treasure, because of the changing prices. but I don't know, every country has its own rules. but it is very difficult for them to pay taxes if they save their assets in crypto

Btcjoglyn

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Quote from: kenlyresuello08 on June 22, 2018, 01:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

To properly pay taxes on an investment in bitcoin, you'll need to wrangle some information from each sale you conducted over the last fiscal year. This includes the basis for each amount of bitcoin you sold, the date you bought it, the date you sold it, and the price at which you sold it.

FurDich

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Quote from: vibingpositively on June 22, 2018, 01:58:12 PM

What do you mean "if"? Most governments are already beginning to tax it, and given the fact Bitcoin won't go away and "die" the others will join as well it is only a matter of time. To your second point, I don't think that hinders the growth of the community, if anything I believe it helps it in an indirect way. You see the biggest sharks and sharps in the world won't enter the market because it is unregulated and they don't want to put millions on unregulated exchanges. If all the exchanges become regulated, sure it may stifle growth a little in the short term, but in the long term I think it is in all our best interests because the sharks will enter knowing the exchanges are 100% regulated and secure from fraud.

As one of te bitcoin user I will pay taxes if bitcoin will be legalized but if never happen then I will not pay my taxes to insure that my tax will be place in the right place.

Madara_Uchiha

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I think that this depends on the country in which you live. If the crypto currency is regulated by law, then you need to read this law.

erominer

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if it is for the legality or formality i think imposing tax will strengthen the trust of the public in using btc as daily basis of currency not the fiat, but tax should be lowest rate as possible.

7Dyoknga5

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Well you're right, a lot of previous investors are attracted to bitcoin as it could be an investment that the government could find difficulty monitoring.

But as a GOOD citizen of the country, we should not forget our responsibility. Many, including you are benefiting from the taxes paid to the government.

AmberFlotilla

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It will make the bitcoin as a trusted asset. All the traders in this world will start to inverse in the trusted asset. Then the demand of bitcoin will increase as like a gold and silver. It will increase the bitcoin investors in a very short time. Hence, the price of bitcoin will reach the unexpected maximum value.

localcrypto

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Every bitcoin holders should pay tax at their respective country. Pay taxes is good as a bitcoin investor

kniheant2

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maybe it possible.if the government accepts tax payments using cryptocurrency as well, then this is not a problem for me
the tax may be only a few percent, while bitcoin, always up an down.

Refcrypto

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Quote from: kenlyresuello08 on June 22, 2018, 01:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Paying taxes on bitcoin isn't nearly as hard as it sounds

Bitcoin has soared in value over the past year.
Paying taxes on bitcoin may seem daunting to people selling off their investments.
The reality is straightforward for most investors, based on how much you bought bitcoin for, how much you sold it for, and what you make in income.

andrei56

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Quote from: pinoyden on August 11, 2018, 06:06:04 AM

Yes. Bitcoin users do have to pay tax in the form of transaction fees whenever they used their bitcoins actively like for example when buying or trading . tax on cryptos is working differently when compared to tax in regular currency such as fiat money because the fees or tax that charged for bitcoin users are only payed for the miners and miners dont use it to improve the development of cryptos not only to governments that collects a tax .

That is not going to be possible, if the government wants us to pay taxes for each transaction we make they will have to either control the network in which case we will probably need to fork bitcoin to block the miners of the governments or they will have to control the developers in which case we can reject any malicious update to the code, as you can see attacking bitcoin is not going to be as easy for the government.

automaticmoney

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paying taxes for any country is good for country and safe for crypto traders as well everyone should encourage to pay taxes

South Park

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Quote from: kenlyresuello08 on June 22, 2018, 01:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Then there are only two options, you choose to comply like I think most people will do despite their brave and daring words, but there is going to be a minority that choose not to do it, I really think that in the future we are going to see countries adopting a stance of not charging people taxes for their bitcoin holdings and those that have a lot of cryptocurrencies will just move there and avoid paying taxes.

Girlsbit

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Not the best idea, given what attention the government gives to regulating affairs with bitcoin.

starkan

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Quote from: kenlyresuello08 on June 22, 2018, 01:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

HELL No! Probably they can only tax exchanges who has done KYC, and all people can pay their tax forcibly.

Topic: Bitcoin holders will have to pay their tax? - page 18. (Read 4342 times)