Bitcoin holders will have to pay their tax? - page 30.

BitcoinTurk

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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.

I think it would be correct to answer this question by thinking about two different situations. In the first case we will examine anonymous wallet owners. How will they tax an unshared purse on the Internet or any stock exchange? This wallet will not be taxed unless it is really an idea of the owner of that wallet. But if you look at the second case, yes, taxation will be possible because the wallet account in this case will be shared by the owner on the internet or this information will be exported to some stock exchange sites. In this way the state will be able to acquire the wallet and tax on these gains.

@hosimanaka

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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.

ladydark

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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.

Not at all.By levying taxes on bitcoin holders,government indirectly accepts it as legal.By this way,even more institutional investors would get attracted towards bitcoin.

longyenthanh

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That depend on each country, in my for example earning from crypto is treated as normal income and you need to pay taxes, so maybe in future you will need to pay only for holding, who knows.

speedy963

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Quote from: trecore4 on June 24, 2018, 03:46:44 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.

Ideally you have to pay taxes for whatever you earn from the crypto currencies. As long as you are putting everything in your wallet then it is non taxable because it is just virtual and there is no provision to trace it. When you transact these crypto's in your bank account after converting them then you are eligible for paying the taxes on it. So we are already doing it and depending upon your country of origin you may need to pay different taxes. Also, it wont affect how much people enter into crypto if it is still yet to be taxed. Taxing will actually give it more legal status.

Yes i honestly agree with you. That also depends on a certain country when they started accepting crypto, they are also the ones to be setting the rules and its regulation. For us it may seem to be downside of the hill, but what else can we do if it is compulsory? Instead of being an illegal launderer we'd better pay the taxes.

trecore4

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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.

Ideally you have to pay taxes for whatever you earn from the crypto currencies. As long as you are putting everything in your wallet then it is non taxable because it is just virtual and there is no provision to trace it. When you transact these crypto's in your bank account after converting them then you are eligible for paying the taxes on it. So we are already doing it and depending upon your country of origin you may need to pay different taxes. Also, it wont affect how much people enter into crypto if it is still yet to be taxed. Taxing will actually give it more legal status.

Altero

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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 could be possible at first but eventually they all understand the way it is. Anyway, taxes that they collected from us could give us benefits also as we partake some government project and development. Everything will be find if there is no abuse between parties. The only concerned from the community of the authorities will take control over crypto.

joeperry

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I Don't think any government can track all the transactions of bitcoin or get to know how much bitcoin every person owns in a country. Even if Government puts taxes on it there is a very less chance that everyone will get affected as most of the people will keep their amount of bitcoin anonymous from outside world.

thecoder2017

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Bitcoin are already being tax when trading and thats the law regarding trading in bitcoin and it is also our responsibility to pay our taxes monthly.

ucingucingan

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it is clear that every transaction made must have taxes imposed, but not taxes in the form of money given to the government, but in the form of bitcoin given to the miners on each block as the reward has confirmed on the transaction so that the transaction can arrive at the destination address safely

miyaka26

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Local Exchanges and online wallets that require KYC can impose a tax on its users and that is already existing, now you are asking if the Government can impose taxes to all bitcoin holders? no, I doubt they can track all the bitcoins wallets users and their identity to require them all to pay most especially those people who preferred to store their crypto on wallets that they own its private keys and was stored offline.

Wittycoin

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As we know every cryptocurrency is decentralized and bitcoin is a crypto, so I think bitcoin holders don't need to pay their taxes. Also, I think if people have to pay taxes, then bitcoim users may become lesser.

Herbys

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This will happen as soon as Bitcoin is legalized at the state level. I think that this is the main reason for Bitcoin's recognition - the tax, the replenishment of the budget. Will it be profitable for investors, you need to look at the nominal value of the tax.

Dreamchaser21

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Quote from: Direwolve735 on June 23, 2018, 07:54:22 AM

In my country, bitcoin Hasn`t have an official status yet. However, the government raised the issue of regulating crypto-currencies and taxation of owners of electronic money. Bitcoin is recognized as an asset (what brings in revenue), and therefore such a decision will have consequences for the miners and owners of this crypto currency.

Well, investing in stock market here in my place is still tax free to encourage more people to invest and I believe it will be the same with cryptocurrency. Almost 3% of our total population knows how to invest and I know our government will continue to encourage to save and invest for their future. If the government make a dinal decision, well we really have to pay the tax.

mitchr4

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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.

You mean that bitcoin can be controlled by the government paying taxes for bitcoin users, I think that is unlikely to happen because bitcoin is decentralized. Bitcoin is free from tax only need a fee to send bitcoin. And taxes only apply when you are trading on an exchange for every transaction there.

okissabam

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Then most of those Bitcoin holders will have no choice but to pay taxes. We all pay taxes in some way so I dont think it would be a huge difference when we’re not paying taxes yet. And I don’t see any problem with paying taxes because its for the good of the nation as well.

Johnzky

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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.

I dont see any problem about paying taxes if this is the only reason for us to be legalized and may work normal worldwide and for me this is the problem why governments are against crypto since this is decentralized and people earning without obligation of paying taxes,dont you think this is fair enough about u?

Direwolve735

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In my country, bitcoin Hasn`t have an official status yet. However, the government raised the issue of regulating crypto-currencies and taxation of owners of electronic money. Bitcoin is recognized as an asset (what brings in revenue), and therefore such a decision will have consequences for the miners and owners of this crypto currency.

Wilfrer

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I think this will not happen because Bitcoin users seem to be anonymous and the government will not know who is using it to collect taxes. Instead, Bitcoin users will still have to pay fees for their transactions. Because the fee will be paid to the miners, they will make your transaction faster and more accurate.

lelangsabun

newbie

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well i think it can help some country by giving it a tax, but usualy right now with a few people using it many goverment just let it without any tax so it can make the growt of crypto user filled enough to making a tax later

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