Topic: Bitcoin tax value (Read 659 times)

Why do you ask about tax?
Do you know who is the creator of Bitcoin?
Or have you paid your building and vehicle taxes?
If you have not paid taxes, then you have no right to question the Bitcoin given what percentage of tax, because you have not paid the tax on your building and vehicle.

I wouldn’t dream for that situation seeing bitcoin imposed with any tax value, since this was a decentralized currency operating blockchain transactions across the globe.
Although most of us see this as a growing digital currency, but it differs with fiat whose been bind with government regulations. Bitcoin has its own freedom of financial system separated from fiat cash economy. In any form of legality of bitcoin in the future, I just hope that government will review this matter against value of taxation when our law will be ready to recognize bitcoin as regular currency to be used around the world. Because, once it was coursed through globally I think there might be a corruptions toward taxable value.

I am also sure that sooner or later they will impose a tax on cryptotrading. In my country, I expect a tax of 10%. But it concerns the centralized exchanges. In this case, many will go to the decentralized exchange. There can be no taxes.

It could, but it would need to be spent on things not requiring any form of registration and whatnot. I don't really mind it at this point, I'll figure something out later on when the time is right.

I don't rely on forks. I genuinely keep my coins offline for the purpose of building up wealth in Bitcoin and having money that can't be seized. Forks are nothing more than an annoyance to be honest.

People think it's free money, but they don't realize that cashing out fork coins means that you are pretty much signalling that you have an equal amount of Bitcoin that has been hidden for many years.

Woooww, it takes patience and a smart strategy to hide most of your assets while 60% of those assets cannot be used freely without tax. isn't it ?
and, does relying on a fork event be the only solution? I think you have to think of another solution. because this is an event that doesn't even happen, right? what your another plan ?

It's not as easy as it may seem, especially when my local tax authority knows what I have because I declared my holdings. In total they know about 40% of my Bitcoin holdings and the rest is secured without anyone knowing.

By hiding 60% of my holdings I effectively have made sure that they can't tax me over that part of my net worth, but that also means that I have to figure out how to legally use these funds somewhere in the future.

Good thing is that Bitcoin has so much more potential to increase, that inflation and tax hits aren't really a problem in the long run. The Bcash fork last year was a welcome event with how I use the free coins to pay my taxes with.

Bitcoin is not legal in my country, I have checked with my friend who is working in tax department in my city. He said that 15 percentage is the fund some miners and traders paying since they earn via crypto currencies.

Government needs to support and make the tax on crypto to cheap. This will erode the problems and tax issues even involved in crypto industry.

Bitcoin taxation has been discussed a number of times on this forum and now it has become very clear that you cannot evade bitcoin taxation when imposed on by the law makers of your nations.

You cannot totally evade from the rules and regulations set by the authorities. If you're to derive income by any form, be it capital gain or other source, you have to pay a portion of it to the government of your nation.

And if the government of your country is really supportive as in case of Japan, then you cannot run off from your duty towards the nation.

With tax calculations like this? why don't you keep your assets outside of the country where you live. because in my opinion, it's very crazy. your assets will only continue to decrease due to unreasonable tax calculations.


I assume that many people want regulation and taxes in their country against bitcoin. Why ? because when the tax has been imposed and carried out with the right regulation. automatically, the country has legalized the circulation of cryptocurrency itself. I am really waiting for this, when I can use cryptocurrency in my own country with clear regulations.

I think it is difficult to apply taxes on bitcoin because bitcoin is not regulated by third parties, and although in the future bitcoin can be legal and taxable, maybe 1% is not too heavy.

19% and 20% is too much but the authorities have the power to declare the percentage of taxation and that depends on how they can see how profitable bitcoin is. But I think they will just in line it with the same income tax / revenue tax percentage.

Each countries does have their own reference on how much they are going to tax. Some countries are even declaring it with an exception base on how much you make monthly.

In my country (Ukraine), in several legislative bills have been submitted to the legislature on the regulation of the crypto currency, and two of them contain tax rates on the crypto currency: the first bill provides for a zero rate, that is, exemption from taxes when dealing with crypto currency, and the second provides for a tax of five percent of the profit in crypto currency. Both bills are very good and I hope that the tax will not increase when one of these bills is adopted.

10% are ideal i expecting that. 20% too much i thinking. Bitcoin trading taxed paying started in any countries?
South Korea, Canada, Japan & United States taxed accepted countries, South Korea 24.5% taxed required for traders.

Legally they can and do where I live. Crypto isn't really even the main thing my local tax authority focuses on, they stack the value of your crypto holdings on top of your regular holdings, and you have to pay tax over it every year.

It's pretty brutal because even if you don't add anything to your net worth, or lose 50% of the value for whatever reason, you still are subject to a near 2% annual tax hit based on the total total amount.

I'm not necessarily against tax, but this is the worst form of taxation ever in my opinion. Why should I pay tax over the same amount of money over and over again? If you don't they'll throw you in jail for a couple of years.

I do not know how much taxed impose by trading site we used because while we are using the site the owner of the site should pay taxed to the government that is why every time we do trading yhere are some deduction which we called transaction fee and that fee is a taxed and less in our income.

For every government that imposes a tax on cryptocurrency users it is natural to do. With the tax at least will provide comfort to every user, not only that the government can ensure that cryptocurrency is very suitable to be used as a place to earn income, especially for every country that has a high unemployment rate. And in my country the tax that must be spent on each stock investor or a trader the governmet pegs them to tax is 10%, and I guess if cryptocurrency users have to pay taxes, 10% is enough.

I'm expecting to be taxed at the same rate as my regular income: 0%. Sometimes I think that if everybody was living the way I do, governments would go bankrupt. It would be so great! There would be no more war!

tax should be levied on bitcoin at minimum rate to give favour to the person,s holding bitcoin for a better future of trading business. anyhow none of us know how a country deal with his financial policies.

for the time being, there is still a stage for tax talks on the market.
And I think if applied to the market, transaction costs will increase also when we trade.

If possible, I expect low taxes, even I hope to remain tax-free. But, Around the world, tax authorities have tried to issue regulations on bitcoin. The US Internal Revenue Service (IRS) and colleagues from other countries are mostly on the same page when dealing with bitcoin care.

The IRS says that bitcoin must be treated as an intangible and non-currency asset or property because it is not issued by a country's central bank. The treatment of Bitcoin as an asset makes tax implications clear.

If bitcoin is held for a period of less than a year before selling or exchanging, short-term capital gains tax is applied, which is the same as the ordinary income tax rate for individuals. However, if bitcoin is held for more than one year, the long-term capital gains tax rate is applied.

In the US, the long-term capital gains tax rate is 0% for people in 10% -15% of the ordinary gross income tax rate, 15% for people in 25% -35% tax group, and 20% for those in 39.6 tax bracket %. Thus, individuals pay taxes at a rate lower than the usual income tax rate if they have held bitcoin for more than one year.

However, this also limits tax deductions on long-term capital losses that a person can claim. Capital losses are limited to the total capital gains made in the year plus up to $ 3000 of ordinary income.