Topic: Bitcoin to be Taxed...... - page 14. (Read 4552 times)
There are existing jurisdiction already who develop and put a tax on BTC, some considers it as asset-like value and some as currency so depending on your jurisdiction, BTC may be tax or not, I suggest research about the rule of btc in your country.
This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
In the world of crpytocurrency, people usually misunderstand the context of the term TAX. They think that when we say bitcoin is taxed, the government are going to get a part of your owned BTC as a tax monthly, which is not true (and I think will not and should not happen). Bitcoin is taxable in the sense that miners are being paid in processing the transactions done by people who use bitcoin. Another way how bitcoin is taxed is that these businesses and establishments accepting bitcoin as payment are actually paying transaction fees especially when the buyer and user are using two different btc wallets.I don't quite see what you are trying to say. What do you mean by "Bitcoin is taxable in the sense that miners are being paid in processing the transactions done by people who use bitcoin". You seem to refer to miners fees, but does it have to do with taxes. As far as I know in countries where Bitcoin is made legal, it is subject to capital gains tax. You don't pay taxes for transacting with Bitcoin if that was your point. If I'm not mistaken, you pay the tax only when you book profits from Bitcoin operations on an annual basis. But if you don't cash out, you don't have to pay any taxes.
Great. It's countries finally recognizing bitcoin, and is one of the first steps for BTC to be widely used throughout their respective country.
I guess if it's recognized by most of the countries, the usage and adoption might become larger in demand. About the taxation of bitcoin, I think Government might collect bigger taxes on bitcoin if ever the possibility of implementation took over and dominate the digital currency system. We might be affected with the new order of bitcoin system due to law makers regulation will initiate power to control over transactions of each person who earn bitcoin specially traders who had been doing it for so many years, and now the freedom might be taken away because of that changes. This must be reviewed very well before taxations and legalization happens in a certain country.
This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
This won't be something that is not expected. You have something you are making profit from and if you convert it to fiat, I see no reason why anyone should not be exempted from tax. However, it is something every government in all the countries globally will end up resorting to. If they cannot stop or control bitcoin, they best find a way to benefit from it. This will eventually make it more recognized anyway.
We all know that bitcoin has a decentralized structure, it has no central control and can be run by specific people. It is not impossible to happen that bitcoin will be taxed. Some other countries are already working on it since some countries governing bodies are now being alarmed by the growing tractions with regards to cryptocurrency from which they get an idea to get involved and begin having control with it.
This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
I just want to know how to do that, if it's applied correctly I think will a lot of evasive to pay taxes, the government does not know who really has bitcoin, right?This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
In the world of crpytocurrency, people usually misunderstand the context of the term TAX. They think that when we say bitcoin is taxed, the government are going to get a part of your owned BTC as a tax monthly, which is not true (and I think will not and should not happen). Bitcoin is taxable in the sense that miners are being paid in processing the transactions done by people who use bitcoin. Another way how bitcoin is taxed is that these businesses and establishments accepting bitcoin as payment are actually paying transaction fees especially when the buyer and user are using two different btc wallets.the fact that the taxpayer is the user. Think about it, when we send bitcoin to exchange address, we are charged a transfer fee and this fee is for miners. When It's arrive at the exchange site, and we want to redeem our bitcoin into local currency, we will be charged approximately 1% of each transaction. This is a tax, imposed on them, then charged to the user. so they get the full profit, without having to think about taxes. am I right?
If Bitcoin should be taxed then the next move will be to legalize it. I do think some transaction fee on trading site is due to tax.
Yes after legalizing bit coin as regular currency in any country then the bit coin will must be subject to the taxes because implementation of taxes is basic responsibility of any government some people are against the taxes on bit coins but I am not of them because I think that in any country every activity should be lucid in the best interest of public service.
in the news tv stated, the official meet up on yesterday world event talking also about Bitcoin as an alternatives payment. Also talking about the powerfull of Bitcoin and some country also declined that as a alternatives payment gateaways
This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
In the world of crpytocurrency, people usually misunderstand the context of the term TAX. They think that when we say bitcoin is taxed, the government are going to get a part of your owned BTC as a tax monthly, which is not true (and I think will not and should not happen). Bitcoin is taxable in the sense that miners are being paid in processing the transactions done by people who use bitcoin. Another way how bitcoin is taxed is that these businesses and establishments accepting bitcoin as payment are actually paying transaction fees especially when the buyer and user are using two different btc wallets. 
This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
i think this will be the new era for crypto currency for implemented the tax and maybe it will give a good impact for the crypto currency itself. because i guess other country will use the same tax like what south korea did and in the end, the government can give permission for bitcoin to be a legal so people can use bitcoin without worried of anything. but actually i am curious how much the tax amount that will be apply to us and when the tax will be giving to us.
One thing I am sure of is that no country can start taxing bitcoin without declaring it legal and that action will create awareness for the currency eventually. How the taxing activity is now going to be done by each government is what we keep our fingers crossed to watch out for.
I actually believe that bitcoin legally should be taxed in almost all countries, the reason it isn't is that it is so hard to prove income so unless someone self declares there is little that the authorities can do.
This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
Id think that some countries will take advantage of bitcoin but bitcoin does not support truly all exchanges of goods like paypal or eveb some cahsouts . For bitcoin it is decentralized means no strings attached no matter how the government works it doesnt apply on bitcoin because it is decentralized no taxes though fees on some wallets but its a fair trade to even apply the system of taxes on this well for in fact no government could grasp bitcoin that far as changing some features maybe they can ban bitcoin but they cant stop bitcoin for uses 
If ever the bitcoin will be legalized in the whole countries, There's possibility a big chance that bitcoin will be taxable in that time. So each transactions will be paying taxed in the future. We are not only going to pay with the miners fee but also the taxed as well.
It is fine with me being taxed. But I think, for now, in our country there's no rule for every bitcoin users being taxed with every transaction.
I am enjoying the privilage of using BTC without tax.
I am enjoying the privilage of using BTC without tax.
This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
Sounds like good news to me, to be honest. My government is still not very clear on Bitcoin, so there is no tax on it. But if a government like South Korea taxes Bitcoin, this means they recognize it and therefore it is legal and proper currency. Is that not a good thing? As a responsible citizen, you should always pay income tax anyway. South Korea let people have Internet and knowledge and services to use Bitcoin. You owe it tax to help keep things running well.
news that sounds good, hopefully my country can nerapin things like that, so we society needs correct certainty of news that has been circulated at this time, because every country must have different thinking also.
with it the certainty of the government then the public can use it.
I have no problem with it. If in our country we can legaly work for bitcoin, receive and spend bitcoins and other cryptocurrency then I will be agree to pay taxes for it. Everyone will win, economical growth, more people can get new jobs, more freedome. As for hard regulation i dont think they could do it really. And it is why blockchain is great technology, some of them can be public and some of them is private. I think it is win-win situation for people and for government
If the government will put a tax in bitcoin, then it will lose its factor of being a decentralized cryptocurrency because government will now control the game. On the other hand, if we will pay taxes in bitcoin, we can't really sure if there will be economic growth in our country since there are a lot of corrupt officials in the government. That is why I don't really like the idea of putting tax on bitcoin. This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's
the government will not stop blackmailing you from any side, even with a crypto currency that is decentralized. In my own country, initially the government didn't really care about the investment of this crypto currency, but since the volume, price, and number of transactions increased over time, they began to see the potential land that could be charged from the crypto currency. So they began to hijack the miners who are considered to be earning from this crypto currency. But still, bitcoin and other crypto currency have not been considered as a valid transaction tool. They do not forbid to use it, but bear your own consequences.
I have no problem with it. If in our country we can legaly work for bitcoin, receive and spend bitcoins and other cryptocurrency then I will be agree to pay taxes for it. Everyone will win, economical growth, more people can get new jobs, more freedome. As for hard regulation i dont think they could do it really. And it is why blockchain is great technology, some of them can be public and some of them is private. I think it is win-win situation for people and for government
Some governments recognized bitcoin as one of their legal tender along with its exchangers. In return, they will going to treat bitcoin as an asset or an intangible property and not a currency to be able to tax every transactions. Just like what the US internal revenue did by requiring people to report every bitcoin transactions for tax assessment. Many countries might follow what the IRS done if their method of bitcoin taxation became successful.
I think everything that is happening right now is mandated with tax even the food we eat and the things we consumed. Although it is quite inevitable in such countries as it goes to reparament of the society. I think every economic system which uses monetary could identified to have these taxes.
It is mandatory to every country to obliged every citizen to remit tax to the government for the betterment of the country's enfrastructures,health benefits and among others. All legal transactions that are monitored by the government will be paying taxes and in return all transactions are being safeguard by the legal authorities to avoid scam and fraud. If bitcoin will be legalized in all countries then this would increase the economy however might also decreases the monetary exchange of bitcoin owners.
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