Topic: Bitcoin Taxation: Major Challenge (Read 437 times)
I don't think that's a good idea. Bitcoin is a system, not a property. It's anonymous and free. If you think you can grouping about earning among the senior and newbie, you are wrong. Unless, you are gambling on crypto, not investing. I hope, bitcoin will free from taxation even when the government accept and legalized it.
in this case, it is true that you said that in terms of consideration in paying taxes it is important, because everyone's income is not the same, and we must also admit that the payment of taxes is indeed obligatory for us to pay because it also returns to the needs of the community, so it is only natural that we pay tax.
even if yes the government considers bitcoin as enough property, because that means the government has at least acknowledged the existence of bitcoin, even though in this case bitcoin is not suitable to be called a more appropriate property is digital money. so with this one step there is progress the government has recognized the existence of bitcoin because there are several countries that have not yet recognized the existence of bitcoin.
Bitcoin must be anonymous!
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
i think if government will collect taxes from crypto then I should follow there rules as long as this will apply to all crypto investors. Maybe 8% is good enough for the tax in every trade you made. Although this will become headache to those who sell there bitcoin in a losing price as they will also fee there taxes. I hope the government can make a fair resolution on this matter if this will be implemented. Then why not just buy a property and let them tax you until you deplete the money that you have?
I am still against it. Let bitcoin be. They are just doing this for their own purpose and it is clear that there is no way they can make taxes from it?
New and old? How will you know that someone is just new to it? I can always say that once my bitcoin address is question or I could just mix it while sending to another wallet.
bitcoin is like a commodity and is used as speculation. Therefore, bitcoin transactions have a high risk. Taxation is applied to help protect consumers and users of bitcoin, because no one has bitcoin and no third person.I am still against it. Let bitcoin be. They are just doing this for their own purpose and it is clear that there is no way they can make taxes from it?
New and old? How will you know that someone is just new to it? I can always say that once my bitcoin address is question or I could just mix it while sending to another wallet.
Taxation is applied to enrich the few at the expense of many. Stockholm syndrome much?
You're in favour of taxation? Ok great...
So if I come to your house and put a gun to your head demanding you pay me or I'll throw you in a cage for a few years to think about it that's good for you?
I mean it will be for the greater good. I'll use the money for the betterment of the community (myself).
Just send me your address and I'll send a squad over to your place to shake you up.
Can you see how ridiculous that is, but for some reason people think it's ok for some mythical institution of gangsters called government to do it to you?
Good luck with that.
Governments and their counterfeit fiat money system are the problem.
Let them hyperinflate themselves into oblivion. I choose a different path. And for the record, they aren't invited.
So if I come to your house and put a gun to your head demanding you pay me or I'll throw you in a cage for a few years to think about it that's good for you?
I mean it will be for the greater good. I'll use the money for the betterment of the community (myself).
Just send me your address and I'll send a squad over to your place to shake you up.
Can you see how ridiculous that is, but for some reason people think it's ok for some mythical institution of gangsters called government to do it to you?
Good luck with that.
Governments and their counterfeit fiat money system are the problem.
Let them hyperinflate themselves into oblivion. I choose a different path. And for the record, they aren't invited.
Everyone wants money and tries to do it in many ways.
I guess they are right but first they should think a block chain wherein they should consider the amount of tax your going to pay since people are earning with different amount and people also are hiding their other crypto with wallet that doesn't need the owners identification...
Everyone will use it as they want.
Then why not just buy a property and let them tax you until you deplete the money that you have?
I am still against it. Let bitcoin be. They are just doing this for their own purpose and it is clear that there is no way they can make taxes from it?
New and old? How will you know that someone is just new to it? I can always say that once my bitcoin address is question or I could just mix it while sending to another wallet.
bitcoin is like a commodity and is used as speculation. Therefore, bitcoin transactions have a high risk. Taxation is applied to help protect consumers and users of bitcoin, because no one has bitcoin and no third person. I am still against it. Let bitcoin be. They are just doing this for their own purpose and it is clear that there is no way they can make taxes from it?
New and old? How will you know that someone is just new to it? I can always say that once my bitcoin address is question or I could just mix it while sending to another wallet.
at least as an initial step, bitcoin has been recognized by the government and although it is only considered a property, who knows, sooner or later we can use bitcoin as a payment instrument.
as good citizens we must be aware of taxes so it's only natural that we are taxed.
as good citizens we must be aware of taxes so it's only natural that we are taxed.
if you are in contact with the government it is certain that the name of the tax will definitely be imposed, but we also have to be aware that as a good citizen we must obey taxes, but the problem with low prices added tax is that we will definitely lose money.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
Sounds ironic for you because in general, you don't really like taxation but there is nothing we can do and we should pay the Bitcoin taxes according to the regulation policy. Anyway, Bitcoin tax will always depend of your Bitcoin income not thru bearish and bullish market so rest assured that if you will earn less during this bearish then expect a small portion of your tax too for the government.
Taxes are based on a particular amount or a portion of the current declared value of the property and income. They just collecting a certain percentage suits to the item. If the declared value is low then the amount to pay is low to, same as its reverse. Even it is so volatile, it will not become a major problem with its taxation. Im sure that governments who implement taxes on crypto anticipate this matter.
The government appropriated the status of ownership to Bitcoin in order to ensure that most of the money did not leave the country. In this way, the country's economy will grow and develop.
Taxation of bitcoin is simple as tough also because entire thing is digital so calculation part and monitoring easy but different country, their user, their individual tax laws, putting in same platform is very tough.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
We are oblige to pay the taxes from our income so it is right to pay taxes for the government specially when they declare Bitcoin is legal.The formula of the tax collection should be the same formula that used when we are earning fiat in which it will always depend on our income and our capabilty to pay because of our family. Therefore i think the government is always fair enough for all tax payers that it will always depend of their capability to pay.
I think that the use of money from tax revenues has been regulated in the state budget law, so to give a budget to non-productive organizations it seems impossible, and if that happens it is likely that only a small portion of the money from the tax is generated, because most of the results tax is usually for infrastructure, health education and civil servant salaries, do not worry about the use of taxes because at the end of each year there is the name of accountability for the use of state money, we as taxpayers should obey the law.
Is this some kind of a joke? I do not know which country you are familiar with, but take the United States as an example. Trillions of dollars have been spent on wars. For each member of Congress, there are hundreds of civil servants. Most persons in Congress have done worse than nothing, because they pass legislation that makes things worse. That's hundreds of workers' salaries, per Congressperson, that is wasted. There are reports everywhere of government workers sleeping on the job, not showing up, and still getting paid.
I generally agree that taxes should be paid.
But as long as governments keep wasting tax money by giving it to organisations that literally do nothing to contibrute to anything at all, I pay as little tax as possible.
But as long as governments keep wasting tax money by giving it to organisations that literally do nothing to contibrute to anything at all, I pay as little tax as possible.
I think that the use of money from tax revenues has been regulated in the state budget law, so to give a budget to non-productive organizations it seems impossible, and if that happens it is likely that only a small portion of the money from the tax is generated, because most of the results tax is usually for infrastructure, health education and civil servant salaries, do not worry about the use of taxes because at the end of each year there is the name of accountability for the use of state money, we as taxpayers should obey the law.
If no taxes are paid or collected how would health, education, social services and emergency services
be funded? if you are not willing to pay tax should you be given access to any of the above services
which are funded by tax payers?
It's easy, they can be individually paid for like any other product or service. There are rural communities that don't have a fire department. You have to pay for fire service. Someone's house caught on fire and he didn't pay for fire service. The fire department did not put out his fire.
Bitcoin is very good for world taxation because countries are encouraged to make more efficient taxes. The more people in a country use cryptocurrency, the lower the cost of moving money, the more commerce gets done, and the more the economy grows, which benefits the country. A country that taxes cryptocurrency too much will find that people start doing business elsewhere, which benefits those countries.
I wonder how they will reveal this property if they find out about it only when you need to withdraw the currency.
They will eventually tie your name to your Bitcoin address. Before you tell me hell no it wont work look at all the fools signing up for KYC for a few pennies. Now imagine the government threatening violence and jail time if you try to get around the system. 99% OBEY. Now your stuck in the perfect tax trap with every transaction being recorded and public.
Is the tax system so scary, I think it's just the opinion of a small number of people, especially people who have tax problems, for taxpayers I think this program really supports government revenue and of course we can participate in developing government
to record every transaction I think that also does not become a serious problem as long as we move in a field that does not violate the law. So about bitcoin users who will be recognized as taxpayers, we consider something normal.
By the way, it seems that there is no tax on mining, buying and selling cryptocurrency in Belarus. But perhaps in the future, cryptocurrency will be taxed
I think it's fair that we need to pay tax for bitcoin income, if we pay tax then it will increase the chance of the government to accept bitcoin, the government acceptance of crypto also can increase the price, which will benefit us, so I think the tax regulation is going to benefit the users and the country
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
In very few countries, the crypto currency is classified as property. In addition to the United States, I can not even say in a country that they did it. In Japan and Europe they recognize or are going to recognize the crypto currency as a means of payment. In South Korea and most other countries, crypto currency is recognized as a financial asset.In some countries, taxation on the profit from a crypto-currency begins with a certain minimum amount to be taxed. Probably, it would be correct in this case.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
But, what I know about taxation regulations is, big and small the amount of tax that must be paid by a company or individual will be different, depending on the big the small profits that be obtained if the tax regulation on bitcoin will also be applied as income tax.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
But, what I know about taxation regulations is, big and small the amount of tax that must be paid by a company or individual will be different, depending on the big the small profits that be obtained if the tax regulation on bitcoin will also be applied as income tax.
I generally agree that taxes should be paid.
But as long as governments keep wasting tax money by giving it to organisations that literally do nothing to contibrute to anything at all, I pay as little tax as possible.
But as long as governments keep wasting tax money by giving it to organisations that literally do nothing to contibrute to anything at all, I pay as little tax as possible.
Paying taxes is an obligation of a citizen wherever the citizen is, so it is appropriate that bitcoin be taxed for its users and there is no reason for those who do not pay taxes,
The most important challenge of taxation to government is not really the rate to levy but the collection and ways to discourage evasion which in the case of crypto currency in general, I don't see any issue coming up at all because what would happen is that there won't be way to convert to fiat without going through a platform and its that platform that government would mandate to withheld the right amount of tax before getting to the hands of the individual that might be tempted to evade tax payment.
Every government tax laws is always a thought out process that always take into account virtually every level of earners in the society and I believe for a new area which is bitcoin, it won't be different. In the few tax laws I know, most Company income tax ranges from 25% to 40% depending on the country but a deep look at the law it would show that not all companies must pay that huge percentage of tax for example small companies by definition of the law, companies in the first few years of commencing operations, companies that have consistently made losses etc. The same thing is applicable to personal income taxes, the lower category earners are mostly exempted or allowed to pay the minimum tax as defined by the Act.
Every government tax laws is always a thought out process that always take into account virtually every level of earners in the society and I believe for a new area which is bitcoin, it won't be different. In the few tax laws I know, most Company income tax ranges from 25% to 40% depending on the country but a deep look at the law it would show that not all companies must pay that huge percentage of tax for example small companies by definition of the law, companies in the first few years of commencing operations, companies that have consistently made losses etc. The same thing is applicable to personal income taxes, the lower category earners are mostly exempted or allowed to pay the minimum tax as defined by the Act.
In order for the crypto currency to be accepted by the state, we will have to do it. Otherwise, the state will introduce various restrictions on the crypto currency. It will be even worse.
We shouldn't want crypto to be accepted by the state, and we don't even need it. Bitcoin's glory days were <2013 years where the majority of the people were actual admirers and users of the utility. The speculative aspect was just an unwanted side effect. Now it's the complete opposite; people want banks, governments, institutions, hedge funds to start welcoming Bitcoin. Why? Just so they can sell high and then exit the market.
Let governments suppress Bitcoin as hard as they can, it will help Bitcoin's utility shine again, which is that decentralized local economies start to emerge and we can focus on that what really matters. Less mass use = less need for scaling solutions = great for everyone.
I do not understand why they generally require payment of tax on Bitcoin.
With the help of taxes, the state, at least somehow, will be able to maintain communication between users and crypto currency.
It will never change. People in power always want to get money and they will receive it by any means.
Governments can monitor our source income or where it comes from they have the right to put a taxation into it because bitcoin is considered as an asset or you may be called the source of income. Why you are afraid of giving tax that is a small amount compared to what you have holding and besides you contributed a small amount to the economic growth in the country where you live.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
I think about taxation not only the government wants to take income from the owners of bitcoin, but it is possible to monitor or try to prevent fraud from criminals who use bitcoin for their money storage. And I think the tax taken is not too large compared to the value from the asset itself, so for the owners of bitcoin it's not a big problem.
In order for the crypto currency to be accepted by the state, we will have to do it. Otherwise, the state will introduce various restrictions on the crypto currency. It will be even worse.
We shouldn't want crypto to be accepted by the state, and we don't even need it. Bitcoin's glory days were <2013 years where the majority of the people were actual admirers and users of the utility. The speculative aspect was just an unwanted side effect. Now it's the complete opposite; people want banks, governments, institutions, hedge funds to start welcoming Bitcoin. Why? Just so they can sell high and then exit the market.
Let governments suppress Bitcoin as hard as they can, it will help Bitcoin's utility shine again, which is that decentralized local economies start to emerge and we can focus on that what really matters. Less mass use = less need for scaling solutions = great for everyone.
I also strongly agree with taxation, but whether all taxable and if we suffered losses in trade and still be taxed it will make us more loss.
Taxation should not be attributed to losses. They vseravno we have to pay, we want it or not. In order for the crypto currency to be accepted by the state, we will have to do it. Otherwise, the state will introduce various restrictions on the crypto currency. It will be even worse. However, I admit the possibility of concealing in some cases some operations from taxation, when they obviously can not be taken into account by the state. However, in general, for the whole mechanism to work, taxes should be paid. 
I also strongly agree with taxation, but whether all taxable and if we suffered losses in trade and still be taxed it will make us more loss.
From what I read, if you don't make profits in bitcoin you don't have to pay the tax.
People just don't seem to get taxes. in the U.S. you owe capitol GAINS tax. You owe on the profit you made and can actually claim a loss to reduce your taxes if you lost value. Capitol gains are LESS than income tax. If this was income you would likely owe about 35%. Be happy we only pay cap gains.
I also strongly agree with taxation, but whether all taxable and if we suffered losses in trade and still be taxed it will make us more loss.
From what I read, if you don't make profits in bitcoin you don't have to pay the tax.
There should be no taxes on possession. This is silly. Tax on income when selling and transferring money to a bank account - this scheme is quite acceptable.
this means that the government in your country recognizes bitcoin even though it considers it as property, and if it is taxed it has become reasonable because it has become a regulation and is a duty as a tax-ordered citizen.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world.Miners are wanted buyers because they are very consistent with their electricity consumption, which means that the electricity supplier has to waste less of its own resources to make sure you get what you need.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
Not so many governments consider bitcoin as a property. Most states classify bitcoin as a financial asset, some as a means of payment and units as a commodity. I was recently surprised by the news that according to the conclusion of a special commission set up by the Government of India, bitcoin can be recognized in this country as a means of payment, that is, as money. This is after so much time the crypto currency was in this country on the verge of prohibition. So it's not all that bad. Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
In general, no one should pay taxes for the crypt. This program is not government, they have no influence on it and no support. So what should we pay for ?!
If they want to place tax on Bitcoin as property then they should have ICO program also or project that will determine the total tax of you Bitcoin depending on the price of Bitcoin that day you pay the tax....
Besides, miners are already paying a lot of money for their electric bills and they are getting a lot of money from that.
The smaller miners are mining expensive coins, where the larger farms have the financial resources to plant themselves in more than cost and tax friendly regions. On top of that, they can also demand far lower electricity prices by promising to purchase an insane amount of gigawatts every month. Miners are wanted buyers because they are very consistent with their electricity consumption, which means that the electricity supplier has to waste less of its own resources to make sure you get what you need. We as home electricity consumers are the worst in that regard -- we are responsible for one of the highest percentages of electricity waste in the world.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes.
Uhmm if you don't know even properties or assets have taxes, assets such as real estate and stocks are taxed under capital gains while money coming from your job or other ways of earning money are taxed via income tax. So even if Bitcoin is counted as a currency it can be taxed by two ways which is either capital gains or income tax or even both. It will be capital gains tax when your BTC increase its fiat currency value and it will be income tax if your earn BTC as a form of payment, also you can be tax with its capital gains if you decided to hold it rather than converting it right away to fiat currency. The bottom line is no matter how you earn BTC or any other cryptocurrency the government will always have a cut on it by way of taxes. Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
I can say that I am a little bit afraid of that because my country is one of those who can put an enormous taxation on the income that I get, if they will do this personal percentage tax, this would be awful. Somebody would not afford that.Yes.
Tax and transaction fee. That would really be itchy if you convert it to your own currency.
Then the widespread acceptance of bitcoin will again be slowed down. People looking forward to that will again be in dismay and would regret that they bought bitcoin. Again a panic sell could happen that could bring the value down.
Don't want this to happen so maybe they should stop the taxation and let it be. Besides, miners are already paying a lot of money for their electric bills and they are getting a lot of money from that.
Sincerely I do not understand what exactly we need the government to pay taxes on the crypto currency. They did not create it, they do not get it, but they want to get the taxes.
the government is always facing a challenge asking people to pay their taxes and this is not just for bitcoin it is a general problem because people don't want to pay taxes.
Because being forced to pay tax is no different from extortion.
Usually what happens if people aren't willing to pay tax, the government makes sure they freeze your salary, your bank account, seize your stocks or other digital assets that are being controlled by a central party. It's a measure to make you pay because they can make life impossible for you if you don't, because what will you do when you are stripped and have nothing left? They can't do that with Bitcoin you hold yourself.
Instead of people worrying about governments, ignore them and mind your own business. Stay away from centralized shit and you'll be fine.
bitcoin is not an entity or services business, bitcoin is a digital payment tool and some say bitcoin is a commodity. Should be taxable is a provider of technology and exchanges because they obviously make money from taking fees from traders.
I think it's not fair if the government impose a tax for traders because the bitcoin fluctuations cannot be reconciled. so traders sometimes lucky but also a lot of losses.
I think it's not fair if the government impose a tax for traders because the bitcoin fluctuations cannot be reconciled. so traders sometimes lucky but also a lot of losses.
They will eventually tie your name to your Bitcoin address. Before you tell me hell no it wont work look at all the fools signing up for KYC for a few pennies. Now imagine the government threatening violence and jail time if you try to get around the system. 99% OBEY. Now your stuck in the perfect tax trap with every transaction being recorded and public.
Good point. I hadn't thought about that. They're certainly going to have to tie your name and your cell phone number to your Bitcoin address. Otherwise, how else can they trace your income and spending? Still, I admit we have to pay taxes because this is the way to pay for all the facilities a society usually needs.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
Actually in any part of our economy there will be a taxes. It is usual thing that the governments are putting taxes in any establishments or anything that can be the source of gathering income or profit. However, thee are times that the taxes given by the government are unreasonable that's why some of us are disagreed about it. But in the other hand it is good to pay the taxes when it's in reasonable value because this taxes are used to built a lot of government projects to be much enhance and developed our respective countries. Reasonable taxes are good for a better changes. 
challenge for who?
the government is always facing a challenge asking people to pay their taxes and this is not just for bitcoin it is a general problem because people don't want to pay taxes. and bitcoin is not yet that big to even be considered a large enough tax revenue for the tax authorities specially in most of the countries with small bitcoin adoption. they don't even talk about bitcoin since it is small and the number of people adopting it is negligible.
the government is always facing a challenge asking people to pay their taxes and this is not just for bitcoin it is a general problem because people don't want to pay taxes. and bitcoin is not yet that big to even be considered a large enough tax revenue for the tax authorities specially in most of the countries with small bitcoin adoption. they don't even talk about bitcoin since it is small and the number of people adopting it is negligible.
Tax and regulation are in themselves not a bad idea but to what purpose. Blockchain is decentralized, we who are here don't want the governments/ banks interference in our financial transactions. So for me,a definite no. And with the huge amount of transactions,it would be an uphill task for any government to try and tax bitcoin.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
I can say that I am a little bit afraid of that because my country is one of those who can put an enormous taxation on the income that I get, if they will do this personal percentage tax, this would be awful. Somebody would not afford that. 
It would be indeed a challenge. Recording every single trade so you can show your sheet to CA, it will be pain. However, government should only tax when user converts crypto to fiat. I believe this will be better for both parties.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
I do not know whether adding tax to bitcoin could make bitcoin live a longer life. As we all know, bitcoin is something that help stabilise or make use of this taxation to something but for the meantime will be hold. I guess this will be a bad thing specially for those who just started bitcoin.
Well, not every country has recognised Bitcoin yet so it is still unclear that how taxation is going to take place in major economies out there. In my country, the government has instructed banks to stop giving services to the companies involved in cryptocurrency exchange services so things are still and clear and the matter is pending in the court. Initially, the government can classify Bitcoin as an asset, currency or even as a computer software.
Bitcoin is now considered by the government as a property, not an income .
This isn't true. Bitcoin is considered property by the US government, but not by every government.
Please expand your view point and recognize that Bitcion is a global currency.
This is the reason why they want to put taxes.
Again incorrect, this is not the reason why they want to tax it. They'd tax it even if it wasn't considered property! The reason they want to tax it is because governments tax economic activity...so if bitcoin represents economic activity they'll do their best to toll the transactions, i.e., tax it.
But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
Your comments contradict each other here. And the status of bitcoin's market price is ALWAYS a consideration when a property is taxed...if you sell the property for less than you purchased it for you don't own any tax on it, in fact you realize a tax credit!
Anything else?
I think we would trade if we had assets of high asset value or we were responsible for paying taxes to the state, the state would use it to develop more communities.
there isn't just one government for the whole world doing one thing! there are 195 countries in the world each with their own government and each doing a different thing. so when it comes to bitcoin and what they consider it and how they tax it, the rules are very different and when you want to talk about them you must be more specific.
for example bitcoin is considered a commodity in US, a currency in Japan, and no idea what it is in India and is banned in Bangladesh. tax is 10-20% for US, 0 in Japan if used as a currency and i think 10% if used as an investment,,....
for example bitcoin is considered a commodity in US, a currency in Japan, and no idea what it is in India and is banned in Bangladesh. tax is 10-20% for US, 0 in Japan if used as a currency and i think 10% if used as an investment,,....
I also strongly agree with taxation, but whether all taxable and if we suffered losses in trade and still be taxed it will make us more loss.
if I strongly agree the existence of taxation in the world of crypto, because later the government plays a role in the world of crypto.
I agree that all income from the world of crypto, from the digital trading of taxpayer assets, because the treatment is the same as the profit from the sale and purchase of goods in general.
Yes, a big challenge for both investors and the government. But if this is done, then both sides benefit. The government should adjust the most appropriate tax rates to avoid losing investor confidence in the government.
Bitcoin as a property instead of being a currency means that they are still not quite sure to accept crypto like Bitcoins. One possible reason is that when they accepted it as a currency other AltCoins might follow and it maybe could break the economy.
Along with the increasing use of digital economic products such as Bitcoin, many countries around the world apply different taxation systems over crypto currencies.
It is funny while we are trying to regulate something decentralized.
This is really the general gist of it. It'll be very hard to monitor anything that's decentralized like Bitcoin and therefore tax upon it.
While we as a community are here because we want to avoid the control of the banks and governments
Of our funds, taxation is a topic which will always divide opinions.
In my mind i consider taxation to be necessary but it pains me to give into that fact.
If no taxes are paid or collected how would health, education, social services and emergency services
be funded? if you are not willing to pay tax should you be given access to any of the above services
which are funded by tax payers?
Of our funds, taxation is a topic which will always divide opinions.
In my mind i consider taxation to be necessary but it pains me to give into that fact.
If no taxes are paid or collected how would health, education, social services and emergency services
be funded? if you are not willing to pay tax should you be given access to any of the above services
which are funded by tax payers?
I generally agree that taxes should be paid.
But as long as governments keep wasting tax money by giving it to organisations that literally do nothing to contibrute to anything at all, I pay as little tax as possible.
But as long as governments keep wasting tax money by giving it to organisations that literally do nothing to contibrute to anything at all, I pay as little tax as possible.
They will eventually tie your name to your Bitcoin address. Before you tell me hell no it wont work look at all the fools signing up for KYC for a few pennies. Now imagine the government threatening violence and jail time if you try to get around the system. 99% OBEY. Now your stuck in the perfect tax trap with every transaction being recorded and public.
It is funny while we are trying to regulate something decentralized. Regulations are needed to make a better environment, to reduce cheats and scams as on daily basis thousands of projects are popping up. But government are not fixing those. They are just making their own ways of earning by establishing so called regulation. People with zero knowledge are investing in crypto and are losing money. BTC is my asset and I am using it in my closed community. Miners are paying bills for electricity and government want us to pay taxes. Why ?
BTC will be tax free, decentralized and Anonymous. Like selling coconut water from my own tree. I will pay taxes for my house, my income but not for my coconut water from my own trees
BTC will be tax free, decentralized and Anonymous. Like selling coconut water from my own tree. I will pay taxes for my house, my income but not for my coconut water from my own trees
Then why not just buy a property and let them tax you until you deplete the money that you have?
I am still against it. Let bitcoin be. They are just doing this for their own purpose and it is clear that there is no way they can make taxes from it?
New and old? How will you know that someone is just new to it? I can always say that once my bitcoin address is question or I could just mix it while sending to another wallet.
I am still against it. Let bitcoin be. They are just doing this for their own purpose and it is clear that there is no way they can make taxes from it?
New and old? How will you know that someone is just new to it? I can always say that once my bitcoin address is question or I could just mix it while sending to another wallet.
Bitcoin is now considered by the government as a property, not an income . This is the reason why they want to put taxes. I guess it is fair enough for those who earned hundreds of thousands here in the crypto world. But for those who are just starting to earn, the government should not. Still, I am in favor of the taxation. But the government should also consider the status of the bitcoin's market price.
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