Topic: Bitcoin should be taxed - page 7. (Read 1090 times)
Tax is good for crypto as that legitimizes it as an asset. If the good ole USA see's it as another form of revenue then chances are they wont buck the crypto trend but rather adopt it.
I think this is necessary if the country has legalized bitcoin. And because bitcoin is money the state must provide a special financial institution for bitcoin. So that bitcoin users can feel more secure using it.
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. The chance of Bitcoin legalization is that money will flow into Bitcoin more often and make the market capitalization of the entire cryptocurrency market larger than ever.
In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?
In my country, bitcoin is seen as a financial asset.
When I exchange bitcoin for fiat I have to report and pay capital gains tax of 10%.
If I have kept bitcoin for more than 2 years I do not have to pay any tax.
This is actually a very good and fair rule and I have no problem with that.
Personally, I don’t think bitcoin will become money in the true sense of the word, because 99% of people will always invest in bitcoin as a long-term investment and not out of a desire to buy something.
Bitcoin is already taxed since few years ago
In the US which is where Ron Paul is obviously referring to, but also in a number of other countries, bitcoin is classed as property for the purposes of taxation, not currency. This allows the IRS or other relevant tax agencies to extract the maximum amount of money out of bitcoin users, where otherwise they might not. Some countries don't tax currency to currency trades at all, whereas some only tax them beyond a certain limit or for businesses but not individuals. Classing bitcoin (and other cryptocurrencies) as currency rather than property would undoubtedly be beneficial for most users, but would result in the government losing revenue, so it's highly unlikely to happen. 
I do think so too since there is a lot of money involved with bitcoin, although I would only be okay about it if I know that the taxes are going to a good place, if it's like my country where corruption is rife, I wouldn't think twice evading those taxes, might as well do the help myself.
Bitcoin is already taxed since few years ago in the countries that Bitcoin is legal, if you are from countries that banned Bitcoin of course they didn't tax it since they think getting source from Bitcoin is illegal etc. But I believe when they already unban Bitcoin, they will taxed Bitcoin because they can't control Bitcoin unless tax it.
In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?
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