Bitcoin should be taxed - page 4. | Bitcointalksearch.org

Reatim

sr. member

Activity: 2828

Merit: 357

Eloncoin.org - Mars, here we come!

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

If this is to be taxed then be it , People will only follow what's the government will allow and this is including taxation though they will face big problem on how to implement this.
for how many years that this has been into process yet cannot be implemented but with all respect? i will pay tax when our government asked me to.

Daniel91

legendary

Activity: 3374

Merit: 1824

Honestly, when I think about this topic, I personally think that bitcoin, or any altcoin, should never be taxed.
It is a high-risk investment, which will not pay off for everyone.
In most countries bitcoin is not fully legalized as money or even financial assets.
The second question is what should happen when bitcoin is exchanged for fiat money, that is, when we withdraw from the crypto investment.
It is often very difficult to prove to the tax office how much we have actually earned or lost on crypto investments, given that they are still trying to apply the rules from classic investments and stock exchanges to such investments.
Because of that, many investors in the crypto market avoid paying taxes and move to the "gray zone", which is an additional problem.
I think that for a lasting and fair solution to the issue of crypo taxes we need a dialogue between the crypto community and tax experts, and the government.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

I am getting charged through taxes when I tend to cash out my Bitcoin to my local currency. Usually it is when I get into remittance centers to get the money out.
Too bad I am getting one when I use 3rd party apps.

Maslate

hero member

Activity: 2954

Merit: 672

Message @Hhampuz if you are looking for a CM!

It is undeniable that the main reason why some countries are on the hunt for crypto is that they want to control it and impose taxes for the users and holders. Well, that won't be an issue, I know it will come, maybe not today but could be in the near future.
If it will happen that Bitcoin will be legalized, the more it gives the authorities the right to collect taxes and I find no excuse for that.

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: richcorner100 on June 05, 2021, 06:27:32 AM

In my country, only centralize exchange taxed but for retail investor did not. I think that not necesary because crypto invesment is high risk, so investor are not burdened with tax anymore.

Retail investors earn a profit to so there's no excuse for them to be tax since for sure government will always think about profit accumulated by the investor, But I'm sure government will find ways that people will not feel about having it and maybe they will implement it on exchange and ask a little part automatically in every transaction you made on exchange platforms.

richcorner100

full member

Activity: 616

Merit: 100

https://exip.live/

In my country, only centralize exchange taxed but for retail investor did not. I think that not necesary because crypto invesment is high risk, so investor are not burdened with tax anymore.

Gatorelf

sr. member

Activity: 845

Merit: 267

Quote from: whofarted75 on June 05, 2021, 05:34:58 AM

The power to tax is the power to destroy.

The power to tax bitcoin means there is the ability (through taxes) to make it unusable and/or unprofitable. That gives them a way to destroy bitcoin without actually out-right banning it. Angry

actually its not BTC that being taxed in the USA... Its the dollar You dont pay any taxes on crypto currencies until you sell them for USD. and then its only "IF" you made a capital gain. So you are paying taxes on your USD capital gain on ALL cryptocurrencies just like stocks.

kayiboyu

member

Activity: 588

Merit: 10

$CYBERCASH METAVERSE

As long as governments don't see Bitcoin at another level, it will continue to be taxed. And the tax rates have been really high so far. If I'm not wrong, the USA is one of the countries that impose the highest tax rate on Bitcoin.

whofarted75

newbie

Activity: 26

Merit: 22

The power to tax is the power to destroy.

The power to tax bitcoin means there is the ability (through taxes) to make it unusable and/or unprofitable. That gives them a way to destroy bitcoin without actually out-right banning it. Angry

jjdub7

hero member

Activity: 938

Merit: 502

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

Either way, Bitcoin and any other cryptocurrency are charged the moment you exchange it for fiat money. Each time you withdraw from the exchange to your personal bank accaunt, this must be reported as income that is charged with profit tax (in different countries it can be said differently).

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

Quote from: samsul1234 on June 04, 2021, 03:01:41 AM

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

hello sir, I think if that's true it's possible that bitcoin will decline again with the tax, or without realizing it we've been trading on the bitcoin exchange has been taxed every day as an example of "fee" where every exchange will definitely cut a little for the cost of buying and selling

That is a fee that we should pay for the exchange. The tax is something that we should give to the country and the government can use the tax to grow the country and the government control the tax. Maybe the government can apply the tax but not for bitcoin, but people withdraw their bitcoin to their banks account as the banks still use it. When people have fiat money in their bank account, the government can take the tax from them. But for bitcoin, the government can not control it but they can watch the transaction made to people's bank account.

MCobian

full member

Activity: 1190

Merit: 117

Quote from: Kelvinid on June 04, 2021, 02:44:34 AM

Quote from: aprilnot on June 04, 2021, 01:54:09 AM

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

why not, bitcoin is not completely anonymous anyway. The exchange has data for every bitcoin traded. so it could be taxed. but one thing the government should do, they should legalize the use of bitcoin and provide protection for crypto related issues. there are a lot of crypto fraud problems and so on, but the government doesn't seem to care about this just because crypto is decentralized.

That be going to happen if every Bitcoin holder will voluntarily surrenders and tell the government that they are holding Bitcoin. But I'm not sure if someone will do that when we tried to protect ourselves and keep anonymous in the state. And the other thing is that this will only possibly happen if the government already declares Bitcoin to be taxed, other than that, it all remains free. Some country has already been imposed but the majority still on the negotiation.

It is very difficult for the government to impose taxes if Bitcoin owners do not report Bitcoin ownership, because only the government can get
the data from local exchanges that have implemented KYC procedures. And I doubt a Bitcoin owner will keep all his Bitcoins on exchanges.
They will keep it anonymous, so taxing Bitcoin is still a gray area for some countries. Only countries that have legalized Bitcoin, then the government
has officially imposed a tax on Bitcoin ownership, maybe the government can get a tax from Bitcoin.

ampu

full member

Activity: 504

Merit: 102

CLEARSIGHT- THE #1 BLOCKCHAIN JOB PLATFORM

Quote from: stompix on June 03, 2021, 08:01:00 AM

Quote from: ampu on June 03, 2021, 05:56:43 AM

Taxation is a way of recognizing Bitcoin as a legal currency, which also means that Bitcoin's scope of application will be larger than before.

Yeah, once you start taxing something the scope of applications goes down as everybody wants to fill a form every time he spends some coins he has bought 10$ cheaper. Also, if you would have paid attention Ron Paul's idea is that bitcoin is money so it shouldn't be taxed! Right not it's viewed as property and is taxed accordingly!

In case somebody wonders where this comes from here is the article:
https://cointelegraph.com/news/ron-paul-legalize-and-tax-bitcoin-like-money

Quote

Former presidential candidate and congressman Ron Paul has renewed calls for Bitcoin to be legalized as money and not taxed.

"Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can't tax money, you don't tax it. If you bought a dollar a year ago and it went down 10%, you can't take a loss because your dollar lost value."

But good luck with that, the last thing US lawmakers are thinking right now is exempting things from taxes:
U.S. Treasury calls for stricter cryptocurrency compliance with IRS

Thanks, I figured out the problem. Probably should only tax crypto-related goods and income.
Bitcoin is a currency, not a commodity. If taxing currency looks very absurd as you have explained. I hope the US government will soon finalize the regulations on cryptocurrencies so that the adoption of cryptocurrencies becomes faster.

samsul1234

member

Activity: 532

Merit: 11

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

hello sir, I think if that's true it's possible that bitcoin will decline again with the tax, or without realizing it we've been trading on the bitcoin exchange has been taxed every day as an example of "fee" where every exchange will definitely cut a little for the cost of buying and selling

bakasabo

legendary

Activity: 2492

Merit: 1215

Quote from: ILuckyGuyI on June 03, 2021, 05:22:06 PM

We already pay a lot of fees for making our transactions these days.

Fees are not taxes, it is the commission. When you buy something at the store and pay with the card, store owner pays commission to the bank for money transaction.

If government wants to collect taxes from investment, how they gonna find out what was the price of Bitcoin, when a person has bought it? How they gonna find out that I have bought Bitcoin at the price of $20k, but not at $60k, compare it with current price and tell if I have profit and owe them, or I'm in a loss?

Kelvinid

sr. member

Activity: 2828

Merit: 344

win lambo...

Quote from: aprilnot on June 04, 2021, 01:54:09 AM

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

why not, bitcoin is not completely anonymous anyway. The exchange has data for every bitcoin traded. so it could be taxed. but one thing the government should do, they should legalize the use of bitcoin and provide protection for crypto related issues. there are a lot of crypto fraud problems and so on, but the government doesn't seem to care about this just because crypto is decentralized.

That be going to happen if every Bitcoin holder will voluntarily surrenders and tell the government that they are holding Bitcoin. But I'm not sure if someone will do that when we tried to protect ourselves and keep anonymous in the state. And the other thing is that this will only possibly happen if the government already declares Bitcoin to be taxed, other than that, it all remains free. Some country has already been imposed but the majority still on the negotiation.

aprilnot

full member

Activity: 1204

Merit: 102

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

why not, bitcoin is not completely anonymous anyway. The exchange has data for every bitcoin traded. so it could be taxed. but one thing the government should do, they should legalize the use of bitcoin and provide protection for crypto related issues. there are a lot of crypto fraud problems and so on, but the government doesn't seem to care about this just because crypto is decentralized.

lixer

hero member

Activity: 2688

Merit: 588

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

It’s nothing new, it’s already happening in some countries where Bitcoin is legal, and has been classified as an asset that is similar to property. In countries like this whenever you do retail transactions, it is subject to being taxed (things like buying and selling of goods). And also when you’re a Bitcoin miner you’re also going to be paying tax for it.

So there are taxes for bitcoin, and it depends on where you’re living and whether it is legal or illegal at that place. But there are still people who try to avoid taxes through one way or the other, and I don’t think those who make use of P2P methods will pay tax. Just don’t know yet.

bitterguy28

full member

Activity: 2170

Merit: 182

“FRX: Ferocious Alpha”

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

This is what politicians loves to have , to make money in everything like crypto market.

There had been taxes coming from place to place like in some countries , though in my place there are still none of it in acting.

Quote from: Rajamuda on June 04, 2021, 01:12:20 AM

if it has been legalized, of course it must be applied taxes like money in general in terms of advancing a country. I personally experienced that, well after all this is like getting income, then being obliged to pay taxes for the sake of the progress of the country in terms of the country's economy.

Thats good, it must be legalized first before taking taxes.

Rajamuda

sr. member

Activity: 924

Merit: 255

if it has been legalized, of course it must be applied taxes like money in general in terms of advancing a country. I personally experienced that, well after all this is like getting income, then being obliged to pay taxes for the sake of the progress of the country in terms of the country's economy.

Topic: Bitcoin should be taxed - page 4. (Read 1076 times)