Topic: Bitcoin v Tax - page 2. (Read 1783 times)
Most of the users here bypass taxation with the help of bitcoin. Also most consider it an easy way to escape taxation, as it can act as a value storing token holding huge amount. In future opposition arises from different government just because of the tax issue. It can be overcome by certain regulations but that won't be cent percent effective.
Governments could kill Bitcoin with taxes 
Every single online Bitcoin exchange would require some kind of an ID to process withdrawals. There is no way escaping this audit process unless you try to exchange your coins or cash in person. You meet likeminded people looking to sell or buy coins or cash. You meet up in the real world and trade your goods under the table. Your government won't know about your secret business and can't tax you for your profit. Peer-to-peer underground exchanges will thrive.
Every single online Bitcoin exchange would require some kind of an ID to process withdrawals. There is no way escaping this audit process unless you try to exchange your coins or cash in person. You meet likeminded people looking to sell or buy coins or cash. You meet up in the real world and trade your goods under the table. Your government won't know about your secret business and can't tax you for your profit. Peer-to-peer underground exchanges will thrive. 
Will Bitcoin kill Tax or will governments find a way to regulate Bitcoin so that we can continue paying Tax?
The goverment has regulated our local exchanger that's why either deposit's fee or withdrawal's fee are big, as far as i know if you earn income in bitcoin, your income is taxable and this would be subject to income tax, it applied for mining activity and spending bitcoin, all those activities are taxable.However as long as you hold your bitcoin on your wallet is not taxable, i personally deal with bitcoinguy to avoid the fee in my opinion is too big for me since they're not paying fees for the government. So, The answer is "yes" you can kill tax in using bitcoin with your own way and the government also can regulate it.
From where they (governments) will gather the data ? logically from exchanges . Isn't Bitcoin meant to be decentralized ? the answer should be "yes" . Then , It's peoples fault If they are using centralized exchanges where they have to provide their real photos and ID scans while there is the ability to avoid all that and trade somewhere else without providing the least of your personal information's .
In other words , If they tax it (which they probably will and It's just a matter of time till they do) , It will be peoples fault only.
this makes no sense. do you pay taxes if you pay in cash? yes, you do! do you give them some kind of information if about yourself if you pay in cash? no! so how is it that you pay taxes?In other words , If they tax it (which they probably will and It's just a matter of time till they do) , It will be peoples fault only.
well, you pay them to your merchant and he pays them for you. he has to keep book of his bought and sold items and the according taxes. otherwise he would act illegal and would lose his license. this is the same with every currency. the only way to avoid taxes is to keep this off the books, but then you will have no guarantee on the item, the merchant will have a hard time to explain where the goods are if he bought them but never sold one. also it will not be fun if you get caught.
From where they (governments) will gather the data ? logically from exchanges . Isn't Bitcoin meant to be decentralized ? the answer should be "yes" . Then , It's peoples fault If they are using centralized exchanges where they have to provide their real photos and ID scans while there is the ability to avoid all that and trade somewhere else without providing the least of your personal information's .
In other words , If they tax it (which they probably will and It's just a matter of time till they do) , It will be peoples fault only.
In other words , If they tax it (which they probably will and It's just a matter of time till they do) , It will be peoples fault only.
you have to pay taxes with bitcoin just as you do know. if you buy something you pay a price x + taxes. this is the same in bitcoin. you just pay the full sum only with the difference that it is in bitcoin. it is then the sellers job to pay the taxes to the government just like he would do in the native currency. not paying taxes just because it is bitcoin does not make it a legal move. you could stop paying taxes in your currency, but this would be illegal. and if they find out, then you are in trouble whether you handle bitcoin or any other currency.
Think that will be issue in next years to come most likely it will be for this IRS raid on coinbase user with intentions on creating some kind of DB for them to see how many US citizens are using this to not pay tax or just to see how many then using this service in global.
And if some country/government dont recognize bitcoin as payment then there is not tax
And if some country/government dont recognize bitcoin as payment then there is not tax
Will Bitcoin kill Tax or will governments find a way to regulate Bitcoin so that we can continue paying Tax?
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