Bitcoin holders will have to pay their tax? - page 26.

jhongzjhong

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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.

It depends where country you are, as what I have heard US government their people was obliged to pay tax their if they spent their bitcoin. Well, so far luckily here our coutry my government did not implement tax that we are necessarily to pay. We can pay tax if we buy goods in our country.
OP, if ever in your country asking tax don't hesitate to give because that is contributed the economical growth in your country.

BitHodler

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Quote from: shulio on June 29, 2018, 06:15:02 PM

I do not think it is possible for any government to know if a citizen has any Bitcoin if one knows how to hide.

It's getting increasingly difficult to hide that. Most of the newbies enter the market through centralized exchanges not knowing anything about what risks they expose themselves to.

The forks that we have had to deal with didn't help either. Bcash was too tempting to not dump for Bitcoin, and a lot people dumped them at any available exchange at that point to fetch the best possible price.

Coins that haven't been in direct circulation suddenly came back to life and the privacy of these people has suffered a major blow. Greed makes people do stupid things as always.

shulio

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I do not think it is possible for any government to know if a citizen has any Bitcoin if one knows how to hide.

ufaiz50

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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 I ask you, do you know how many bitcoin I hold now? is it possible that the government knows who has bitcoins and who should be taxed. The government is not accepted cryptocurrency, so for what reason does the government charge taxes for the holders of crypto? this does not make sense to me.

neya

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Here in our county paying tax not yet comply by our government.but bitclin here not totally legalized by our government and if that happens maybe its good to pay taxes if they will make bitcoin legal here rather than bannned bitcoin.

Indai24

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Quote from: Chrisjay29 on June 29, 2018, 05:08:29 PM

Thier are some country that accepting crypto is now beggining taxes. But i think it will be unfair if only on the bitcoin holder. What about altcoin? They are profitable also same with bitcoin.

I don't think this is a nice idea that bitcoim holder may pay taxes in the future because it would be unfair. And prices of the commodities are already high because of the tax on top of it, so I hope tax will not be implemented.

Chrisjay29

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Thier are some country that accepting crypto is now beggining taxes. But i think it will be unfair if only on the bitcoin holder. What about altcoin? They are profitable also same with bitcoin.

mimienamphine

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Pay taxes to whom?.Do we need to pay taxes now in cryptocurrency too?After so many years of paying taxes in various countries, but leaders refuse to use taxes for the right purposes now are asking us to pay taxes again even in cryptocurrency. I do not agree with tax payment in cryptocurrency.

cizatext

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Bitcoin as a decentralized asset is very hard to be taxed due to that bitcoin holders will escape tax for a very long time if not for ever, taxing bitcoin is like taking it away from it original design which is decentralization that is be free from all forms of third party involvement and government taxing bitcoin is third party involvement so that can not happened.

longyenthanh

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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.

Nope, for me that only depends on country cause sometimes it is only said that you need to pay it but noone control it, that is different in every country and different restrictions are made on crypto.

bristlefront

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No. Bitcoin holders will only pay a tax once they use its fiat value to buy something. For example, you want a car and you only have bitcoin (you can't be tax since the government dont own it) so he wants to convert it into fiat and buy that car (this is the only time it would be tax when you use the fiat value) for have an convenient time going to work.

galinskiydmitriy

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The government cannot levy a tax for the retention of bitcoin as this would be very very difficult. Now some do not pay the usual taxes, and you are talking about crypto-currencies.

ajochems

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It will made the bitcoin as 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.

leostrong.mo

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Bitcoin is an investment for you! Just like stocks and bonds, you can declare taxes!
Since most cryptocurrencies are highly volatile and trading at high frequencies, calculating tax revenues is complicated!

el kaka22

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Quote from: QuadeBarrier on June 27, 2018, 06:30:56 PM

They do have to pay their taxes, when it's converted to fiat. And that's just fine.

Yeah, as that is the idea of why capital gain tax is somehow going to be the norm of the day as time goes on. I do not expect this to be a problem for anyone as long as the government is not using that tax levy to want to be an issue to those who are looking forward to storing their wealth in cryptocurrency and as long as they take it out in fiat like you said, will have to be subject to paying of such tax.

What I expect is that governments should at least try their best to not put huge sum on tax as that could even end up causing possible tax evasion but should be at least lenient enough to make things work.

Norihiro

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This is a very difficult topic, but I think that they should do that, but tax should be on the level of 1-3%, otherwise it's too much.

foxbat

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Quote from: superstarbtc on June 27, 2018, 06:29:39 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!

Roboabhishek

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No one wants to give taxes especially in bitcoins but unfortunately if it happens we have to give taxes to government we have to obey the law if you refused it they'll send you to jail better to accept.

~But as far as I know it's anonymous hard to trace government can't reach really trace everything so it might possible that people don't pay taxes.
Also, Paying tax for earing through bitcoin is the worst thing I've ever heard

There's a good discussion going on Quora about this "https://www.quora.com/Is-Bitcoin-income-taxable-in-India"

Not sure if it applies to every country.

Altcoins enthusiast

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Bitcoin as a decentralized cryptocurrency also need to be tax for governments to be able to regulate it. If bitcoin is not regulated we are going to have alot of problems in future as a lot of criminals activities are being recorded every day. I think we just need to allow governments tax cryptocurrencies.

MiXxe

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Quote from: BitcoinMarketer39 on June 27, 2018, 08:39:04 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.

In my own opinion, people are using cryptocurrency because they want another way to have income and if government will be planning to to manipulate the price of cryptocurrency then people will fight back just like the war on drugs.

This is why I don't want any cryptocurrecny to be legalized because for sure, bitcoin will just be manipulated by the government. The thing is that, they want to partake from the income we have from investing in the cryptocurrency. Look how the government make ways to earn and just corrupt it soon. Not thinking of the poorest among poor people who are sacrificing right now.

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