Topic: Bitcoin holders will have to pay their tax? - page 27. (Read 4342 times)
very clearly it really is not necessary because storing an asset in bitcoin does not have to pay the bitcoin tax will only be tough if you do the shipping transaction it just cut off from transaction fee not from tax.
I think you are right, because if people would be forced to pay huge taxes, those who earn not as many as others, would literally quit business, because of small earnings that they would have after paying taxes.
I dont think the government can do that because bitcoin is not under there control and they cant track every bitcoiners in the world to have pay their tax and no one will pay it because bitcoin is not under the government so they dont have the right to ask for a tax on it the reason why some countries ban bitcoin.
Yes you are right, government cant do anything about the cryptocurrency because people are choosing to use bitcoins due to its value that keeps on increasing depending on the volatility of the market and it was non taxable because they will not be able to manipulate the block chain.
I don't think so. For one thing, taxing crypto currency holders means that they will be protected by laws from fraud snd all that nasty stuff. Regulation maybe the key to having crypto currencies accepted in the country and then more investors will pitch in and awareness will be an all time high to those in thst country.
I dont think the government can do that because bitcoin is not under there control and they cant track every bitcoiners in the world to have pay their tax and no one will pay it because bitcoin is not under the government so they dont have the right to ask for a tax on it the reason why some countries ban bitcoin.
it should not need to be done even unnecessarily, taxes for those who hold bitcoin in the wallet should not exist, if there is wallet like that it's better you move the wallet just because there are still many purses that provide very high security and not in charge at all for example https://blockchain.info/
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.
Maybe the expansion of BTC community will get low than usual.
if the govt can identify the bitcoin holders, lol. even if they tried to track down a single user, it will take them months or years, what more if they tried to track millions of holders, do you think this will be fine? a govt changes every election period and views of each govt is sometimes different from their predecessor, maybe at present, their govt are active in tracking bitcoin users, what happens after the term if those govt. it will be very difficult for them to centralized bitcoin.
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.
Maybe the expansion of BTC community will get low than usual.
There is nothing wrong with the Bitcoin tax as long as we are protected of the law from scam, stealing and some protections that we will need the help of the government. Except that our income will going to reduce due to tax but still thats fine because Bitcoin exist to help the economy of every nation if they will support it.
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.
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.
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.
Maybe the expansion of BTC community will get low than usual.
Government will be receiving a lot of complains because the reason why cryptocurrency is very profitable is because holders is not required to pay taxes but we are always paying transaction fee's for the market so i think that it will already compensate the tax.
of course not, if there is a place that issues taxes to hold the bitcoin better you leave the place and move it to another wallet that proves to be very free and secure without paying taxes, you can store it in blockchain.com which is directly stored by bitcoin technology .
Government taking taxes from bitcoin transactions might even be a blessing in disguise; people who are afraid to join the bitcoin community will have the guts to join because governments might be taking taxes, and thus legalizing bitcoin indirectly.
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.
Maybe the expansion of BTC community will get low than usual.
no need to worry about it. Because the government does not know exactly who owns the bitcoin and how much they own. Bitcoin is completely transparent with the transaction, but it is also completely anonymous on the owner. It's like a double-edged sword.
They do have to pay their taxes, when it's converted to fiat. And that's just fine.
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
Most governments are already saying this and putting out guidelines as to how much tax individuals should pay and the scenarios at which these taxes are applicable at.
Capital gains tax is probably the most prominent tax that is applicable to bitcoin, and most countries already have crypto CGT rules in place. Does it hinder the growth of bitcoin or the adoption of bitcoin? Not a bit.
I think that your misconception comes from the fact that you're talking about a tax for holding bitcoin which is completely illogical and no countries have or probably ever will implement.
In fact, i think that a clear and refined tax schedule should help adoption, if bitcoin is recognized as a currency instead of a good.
Capital gains tax is probably the most prominent tax that is applicable to bitcoin, and most countries already have crypto CGT rules in place. Does it hinder the growth of bitcoin or the adoption of bitcoin? Not a bit.
I think that your misconception comes from the fact that you're talking about a tax for holding bitcoin which is completely illogical and no countries have or probably ever will implement.
In fact, i think that a clear and refined tax schedule should help adoption, if bitcoin is recognized as a currency instead of a good.
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.
Maybe the expansion of BTC community will get low than usual.
no need to worry about it. Because the government does not know exactly who owns the bitcoin and how much they own. Bitcoin is completely transparent with the transaction, but it is also completely anonymous on the owner. It's like a double-edged sword.
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.
Maybe the expansion of BTC community will get low than usual.
I don't think so, in my country probably it would cause more complaining between the people but actually they would pay in my opinion. Because we already are having many taxes.
That will in a way mean the country mow officially recognizes Bitcoin and accepts Bitcoin as a medium of payment, asset or whatever. This would then mean people are going to trust in Crypto and many people will join.
Yes, I pay taxes on BTC's holdings through transaction costs, which is a tax that the government of the trading floor collects. That is a major blow to taxation in the country.
That is quite right but think about the fact when the government of your country implements progressive taxation as well and you might need to pay taxes from the money you earn with Bitcoin irrespective of how much tax you pay by purchasing goods and services. That is actually something terrible and people are afraid of. The more you earn the more tax you pay. Jump to: