Topic: Bitcoin vs Taxes - page 3. (Read 6963 times)
Some countries i guess is implementing that law collecting taxes on bitcoin users once they trade their bitcoins to paper money and in my view if the government will impose that law we can't do anything but to obey it and pay our taxes.
I am a newbie thoigh I have no idea but I think its better. Taxation always means a legalisation on someething and that's what we want
This would be a difficult choice for investors like us, and the number of voluntary taxpayers would be a minority. Because of:
- Applying taxes on bitcoins and crypto is synonymous with the government's right to claim a price.
- It is good for traders and all because the ico will be verified and certified for safety.
- The scam issues will be gradually eliminated and separated from the crypto world.
Those who expect the great oscillation of crypto can ignore it. It seems time will solve this complex problem.
- Applying taxes on bitcoins and crypto is synonymous with the government's right to claim a price.
- It is good for traders and all because the ico will be verified and certified for safety.
- The scam issues will be gradually eliminated and separated from the crypto world.
Those who expect the great oscillation of crypto can ignore it. It seems time will solve this complex problem.
This will neverver happen. Govt cant go against such a global mass of bitcoiners independence
Its better atleast now we have some legal onlooker on our transactions and will help us to bear problems easily regarding btcs
What the hell? so what's the difference between the cryptoz and fiats if both have taxation -_-
Bitcoin is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdiction which could cause income ,sales payroll,capital gains or some other form of tax liability to arise with bitcoin.
Many people sees taxation and bitcoin has a big rivalry between ewch other but the truth is it has a good relationship in the society.
Bitcoin is accept fully in the local governments therefore there is a tax imposed with it. If the bitcoins collects a high income there will be a high taxes that will remittedin the government which will increase the financial stability of the government and become economic competitive.
I don’t really get how this works… how is the government able to charge tax when someone exchanges Bitcoin to Fiat? I don’t really see how it is possible, cause you send your Bitcoin to the exchanger and they just pay in the money into your bank account, so how does the government know about it? This isn’t possible, and it doesn’t happen where I live. Bitcoin is accept fully in the local governments therefore there is a tax imposed with it. If the bitcoins collects a high income there will be a high taxes that will remittedin the government which will increase the financial stability of the government and become economic competitive.
Many people sees taxation and bitcoin has a big rivalry between ewch other but the truth is it has a good relationship in the society.
Bitcoin is accept fully in the local governments therefore there is a tax imposed with it. If the bitcoins collects a high income there will be a high taxes that will remittedin the government which will increase the financial stability of the government and become economic competitive.
Bitcoin is accept fully in the local governments therefore there is a tax imposed with it. If the bitcoins collects a high income there will be a high taxes that will remittedin the government which will increase the financial stability of the government and become economic competitive.
I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
I am actually afraid of this. There are rumors that bitcoin will be legal here in the Philippines but at the same time tax will be added to it, I think it is really inevitable since bitcoin will be a legal crypto/virtual currency.
Tax is everywhere like my professor says in during our class. There is a direct relationship between the company of bitcoin and Taxation of the government; since the government always collect 12 % final tax in all passive income which the bitcoin already collected and remitted by them.
if in my country, whatever mingled with the money would be taxed, so if bitcoin is taxed I would not be surprised by all of this, because that's all the terms of my country's government.
Bitcoins has a direct relationship with the taxation. Any passive income in the Philippines is subject to final taxation and if the entity whose job is this will subject to income tax so there is no such way to escape the tax. Taxation is the life blood doctrine of the government which everyone no matter who you are will subject from this.
Tax is everywhere like my professor says in during our class. There is a direct relationship between the company of bitcoin and Taxation of the government; since the government always collect 12 % final tax in all passive income which the bitcoin already collected and remitted by them.
Obviously , we need to pay taxes as long as we made money because governments need funds also. We do have wallets , a virtual wallets and their creator , developers and publisher deserved to be paid because its their job. Thus paying taxes made our society safe as much as possible and as bitcoin continue to rise and so the taxes will.
I don’t think Bitcoin can be taxed because it is not under the law of any country, some even say it is in no way a currency. So I don’t think the government will be planning on taxing Bitcoin, unless they will only be taxing the companies that are into offering Bitcoin services. The government is also investing into bitcoin, so they are already benefiting from it. 
Its true that you have to pay taxes for your bitcoin earnings as soon as you realize the profit. This happens not only when you buy fiat with yout bitcoin but also when you change your bitcoin to any other crypto, as this is profit realization. This has the effect that each trade is taxable. Its really not fair compared to other countries where people earn 100% of their profit. But thats life, its not fair.
Obviously , we need to pay taxes as long as we made money because governments need funds also. We do have wallets , a virtual wallets and their creator , developers and publisher deserved to be paid because its their job. Thus paying taxes made our society safe as much as possible and as bitcoin continue to rise and so the taxes will.
I don't think bitcoin need to have a tax, because its not connect in the government and we have a fee everytime we widthraw our money, tax is good to growth our economy but i hope when the times comes that we need to pay tax hopefully its not that much . 
Obviously , we need to pay taxes as long as we made money because governments need funds also. We do have wallets , a virtual wallets and their creator , developers and publisher deserved to be paid because its their job. Thus paying taxes made our society safe as much as possible and as bitcoin continue to rise and so the taxes will.
To be honest, everything can be taxed even your bitcoin earnings. For example you bought bitcoins in 2013 for $300 and sold it today at $8,000. That $7,700 is taxable as income, the classification and how much it should be taxed will depend on your local laws. So you better check if how much tax you should pay. However, if you are holding bitcoins as it and profited because of the increase, unless you cash that out and sell it then there is no profit to speak off. Right now that is the only way they can tax the use of bitcoins for regular users, but it may be different for bitcoin exchanges.
it is just funny why some people will want to be stingy to the government after making such a huge amount of money. As long as people will still keep utilizing the exchanges to convert to fiat, which means fiat, will still keep being relevant and there is no way on earth tax will be averted as long as the government considers them to be making profit. Until maybe the use of bitcoin becomes totally P2P and I can make payments to anyone without having to go through exchanges, we just have to deal with it.
I want to ask. Do you have problems paying taxes for every bitcoin sale into money? I always think if it is fair if bitcoin is associated with taxes, as long as the tax paid for each bitcoin sale is not too expensive, I think it does not burden the bitcoiners. If the government sets out to pay taxes we can not oppose it. and can only follow it.
I only know about U.S. tax policy. Here ANY profit you make for ANY reason is taxable. Now the government can not know about every purchase made with bitcoin, but they are much more likely to know if you are trading for fiat. Fiat is NOT YOUR MONEY. It is owned by the federal reserve and you may use only in compliance with the rules they make. That's right, you do not own the money in your pocket. Which is why, for example, you can not legally burn the money in your pocket.
In the future I think users will wise up and demand that retailers take bitcoin. We need to cut fiat out of the loop or this system will be gamed by those entities that use fiat. Banks, governments, etc., Their power is based on fiat and turning bitcoin into fiat is handing them power.
I want to ask. Do you have problems paying taxes for every bitcoin sale into money? I always think if it is fair if bitcoin is associated with taxes, as long as the tax paid for each bitcoin sale is not too expensive, I think it does not burden the bitcoiners. If the government sets out to pay taxes we can not oppose it. and can only follow it.
Jump to: