Bitcoin holders will have to pay their tax? - page 23.

xSkylarx

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 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 for me, it would be too heavy to bear if we'll hodlers and traders would pay taxes. However, it would also be hard fpr the government as well to put taxes because they can't track our hodlings or our transactions. What they could do is to put transaction fees and that could serve as a taxes for us to pay.

Bitkoyns

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 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.

It depends on how much tax will be implemented, if too much then a huge percentage of holder will sell their coins immediately specially those who holds with a little amount of bitcoin.

ov3rflow9x

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Quote from: kingasf10 on July 01, 2018, 11:22:57 PM

at least they will accept the reality of Bitcoin. why governments do not collect tax from drug dealers because that is illegal & crime, but collecting taxes from bitcoin earning will make cryptocurrencies more legit. hope they collect tax in bitcoin it will allow more people to join.

Very nice point for that question. The government and politics must accept that bitcoin is the money of people only on the internet. They would not pay taxes to the pocket of some politics.

Freshmen

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Quote from: foxbat on June 28, 2018, 04:33:08 PM

Quote from: superstarbtc on June 27, 2018, 05:29:39 PM

bitcoin holders in any country as per their country rules they should pay their taxes on the time it is good for cryptocurrency industry and for country economy paying on times tax will bring more ease in doing business

This only happens when a government accepts bitcoin and sees it as a commodity. And now I do not know about any such government. this is ridiculous!

Unfortunately you have lack some knowledge and recent updates. You should listen to news and read latest articles in order to stay update. Bitcoin has been successfully recognized by so many developed countries of the world such as America, England, Japan and so on. Recently Germany has also recognized bitcoin which means it is legal in these states. Bitcoin is decentralized so no one can put tax on it.

realaccountakira

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 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.

That doesn't make sense. Bitcoin holdings cannot and will not be taxed. Does your bank account get taxed? No. You get taxed on transactions, income and expenses. It is the interest rates that get taxed, etc. Even so, if BTC is accepted by government in such a way that it is already accepted at a level of taxation, all of us posting here today will already be filthy rich.

InvestICO2L

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Quote from: Wyne on June 30, 2018, 09:49:41 PM

Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 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.

I think the government cannot force bitcoin holders to pay taxes. Why? Simply because of the concept of bitcoin's anonymity. They cannot trace whose citizens have bitcoin and whose citizens who do not have. If they will add tax in bitcoin transaction, it will really add burden to bitcoin holder additional to transaction fee we paid upon processing a transaction. But no matter how we complain If the government will really impose taxes, we have nothing to do but to follow. If we cannot control it, then there must be proper and clear regulations to implement and follow.

If the government imposes a taxation to cryptocurrency, it means they accept crypto for using as the way that fiat do. Although we all know bitcoin or many more coins characterise its anonymity, government will have their way to get tax from citizens.I suppose this issue is completely feasible, it's possible to occurbecause if governments force us to pay tax,they can get much profitable .It’s not really necessary to know how many coins that one are owning to put a tax but they can base on commodities, services or that sort of goods purchasing to force one to pay taxation. The number of people’s in this community will not decrease because they can use bitcoin easily and freely and just spend small percentage of their profit to pay for tax.

cold cool

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If the BTC needs to pay taxes, it also conveniently recognizes the value status of BTC from another point of view, which is similar to the definition of ordinary assets,
which is beneficial to the future of BTC.

kive2k

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I do not think that the owners of bitcoins or crypto-currencies will be forced to pay taxes, how will they be forced to do this? In the world of crypto currency, everything can be anonymous, as far as I know.

InKiTy38

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For organizations or companies with large numbers of bitcoins or individuals who hold large amounts of bitumen, they may be taxed for the bitcoin value they bring to governments who keep the bitcoin number less likely no tax

kisscoin

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The government does not know what measures to take to control the cryptocurrency. I don't think they're going to get the power and control over it! Taxes to impose a crypt is unlikely to succeed... Who knows.. Roll Eyes

ThunderFive

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Quote from: Golftech on July 01, 2018, 11:36:48 PM

The exchange should be the one who's responsible in each transactions that we do inside our crypto business, just like what you have said most of the users are anonymous and they can hide their identity as what's the main goal of crypto so in behalf those registered exchange should take the responsibilities in order for government to acquire decent taxes as well from this market.

There are some problems for the exchanges to charge tax from users:

- The Exchanges trading fee is depending on the crypto-currencies trading pair, not on fiat, so it's hard to calculate how much tax that the exchange have to pay.

- The price of crypto-currencies is not stability, u have 2 bitcoins right now doesn't mean u get profit from trading this year, since you started from buying 1 bitcoin for $19k before.

bitcoinerjawa

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bitcoin holder should not require paying taxes because they do not make delivery or other transactions they just keep it different from the others.

Gab23

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It is impossible as it is unable to check the place of bitcoin. However, They could make tax about bitcoin by the trading as it is able to calculate from the exchange

Golftech

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Quote from: ThunderFive on July 01, 2018, 11:04:17 PM

Quote from: Dbigfoot102 on July 01, 2018, 10:58:02 PM

I think this is possible. But I believe the one that should be taxed are those exchanges as they are the ones at the receiving end of the transactions and the miners as well. If the governement will impose taxes while just holding coins certainly none will be left to be part of the community after being afraid of loses.

Every exchange is a registered company with the government. So they have to pay income tax as a normal company.

It's hard for the government to charge tax from crypto-traders since they are almost incognito

The exchange should be the one who's responsible in each transactions that we do inside our crypto business, just like what you have said most of the users are anonymous and they can hide their identity as what's the main goal of crypto so in behalf those registered exchange should take the responsibilities in order for government to acquire decent taxes as well from this market.

kingasf10

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at least they will accept the reality of Bitcoin. why governments do not collect tax from drug dealers because that is illegal & crime, but collecting taxes from bitcoin earning will make cryptocurrencies more legit. hope they collect tax in bitcoin it will allow more people to join.

manismanja

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it seems that it does not really matter because bitcoin holders do not always benefit if there is a wallet that levies taxes you better move the wallet which is free but has very high security.

ThunderFive

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Quote from: Dbigfoot102 on July 01, 2018, 10:58:02 PM

I think this is possible. But I believe the one that should be taxed are those exchanges as they are the ones at the receiving end of the transactions and the miners as well. If the governement will impose taxes while just holding coins certainly none will be left to be part of the community after being afraid of loses.

Every exchange is a registered company with the government. So they have to pay income tax as a normal company.

It's hard for the government to charge tax from crypto-traders since they are almost incognito

Dbigfoot102

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I think this is possible. But I believe the one that should be taxed are those exchanges as they are the ones at the receiving end of the transactions and the miners as well. If the governement will impose taxes while just holding coins certainly none will be left to be part of the community after being afraid of loses.

startselect

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Bitcoin holders already have to pay taxes, when they cash out. If you're saying paying taxes for Bitcoins that they haven't cashed, out, that would be dumb and most people would just keep it secret.

hahay

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 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.

But I think if that would be true then I think the crypto market will be good and so will the future of crypto. By applying taxpayers to bitcoin holders, I'm sure too will more and more countries that support bitcoin and crypto will be even better in the future. To be honest, I do not mind if it will be applied, but with a note only for bitcoin holders who have a steady income each month, so our income with the miners can not be equally leveled.

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