Bitcoin Will Kill The Income Tax - page 5.

charlotte04

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.

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This is the reason that the government will regulate cryptos. So we may not wish to be greedy and still give taxes to our government to insure our economy of our country.

rtm125

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We can't talk about it yet, because bitcoin has accepted a small number of countries and uses a very small percentage of the population. And bitcoin will be accepted all over the world in decades, and that is not a fact. Therefore, do not worry.

Keeminakar

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I don't think bitcoin can make a big impact on taxes in every country, as when it accepts cryptocurrency, it still finds a way to collect taxes for the country.

Guyalamax

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Bitcoin isn't yet controlled by the administration and fiat is as yet the principal utilize around the world. In the event that youre saying so bitcoin will slaughter the salary impose, its not yet happen. Despite the fact that our legislature has as of now have a thought regarding it yet bitcoin isn't permitting to execute the salary assess. We dont know yet later on if this will be happen possibly later on if government will gather pay charge.

miang

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No it won't, unless you like breaking the law which is illegal and something I strongly recommend that you don't do. Bitcoin will have to be reported to the tax man but I am sure if you ask someone who has more information about this you will see that jut like fiat there are certain income generating ways that do not have to be taxed. But that depends on national law.

DoublerHunter

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Quote from: Ngewex Yuk on March 07, 2018, 06:05:13 AM

This is what many countries fear, the presence of very safe and anonymous bitcoins will make people save money to bitcoin rather than in the banks, especially if many people think that paying taxes is hard and difficult.

It will not happen that the people will just save money in bitcoin compare to banks because we all know that bitcoin is risky and putting all of your money in bitcoin will bring you in a very risky and dangerous investment that can make you broke which is not a good idea. People will still save money in the bank because they want to secure their money and it will be just so called diversifying their money to bitcoin.

paulo29

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Will bitcoin kill the income tax, i think bitcoin will not kill the income tax simply because that income tax comes from people's compensation. Besides, bitcoin mostly used as an investment wherein the value is very volatile and unpredictable so definitely not subject to income tax. Another thing not all citizen in any countries are into this digital currencies so it is really impossible for a bitcoin to kill the income tax system.

Sacred Fires

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The most remote that the legislature can achieve with regards to exhausting is the trades and exchange going all through fiat. The rest, well, they will experience considerable difficulties following expense dodgers. Unless they need to assume control bitcoin and begins to assess every exchange which is exceedingly impossible conceivable. Exhausting the cash from trades is sufficient, too terrible in the event that they exploit on it and put a greater expense contrasted with gaining fiat.

Wundariesty

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A few nations have tax exempt money related biological system, with those nations tax assessment isn't a major issue. As of late Israel have somewhat directed bitcoin specifying it to be the assessable resource. In spite of the fact that they can't discover the client identified with exchange, they'll start strict controls to get the precise data in regards to the character. So tax assessment can be made in light of need, yet when charges were exacted on bitcoin beyond any doubt it'll misfortune bunches of clients.

PetrAbakumov

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Of course, how to tax what is not?

Tonygold1967

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Hope it will not be on the opposite site and income tax will not kill bitcoin.

ShiroThe5th

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this is not entirely true because first of all bitcoin is mostly an investment not our salary or day to day money to spend. and also it is because of this simple thing that there aren't taxes yet on bitcoin and its usage. and that will change if bitcoins starts to become more popular for payments and for salary.

Ngewex Yuk

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This is what many countries fear, the presence of very safe and anonymous bitcoins will make people save money to bitcoin rather than in the banks, especially if many people think that paying taxes is hard and difficult.

Glutius

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Bitcoin will be able to significantly affect the tax system only when all people, or at least 70 percent of the country's population, will use only bitcoin. But I don't think it will happen in the coming decades.

JohnHero

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.

Read The Full Article

If authorities would have some regulations and a set of rules to actually allow Crypto owners to pay taxes would be great.
Right now nobody cares enough about crypto to make a move on them.

alfs75

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.

Read The Full Article

Will,this implication that bitcoin is killing the income tax return,of government,is not been happen and prevented if cryptocurrency is been legalized and regulated in each system of different country, actually this is the only hindrance why the government cannot collected tax into the cryptocurrency investment ,that can be used in improvement of economic growth and other infastracture project.

Hudadahuda2018

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Quote from: thejaytiesto on December 06, 2016, 06:21:34 PM

This will only be the case if people actively work for bitcoin and pay with bitcoin, so there is no need to enter the banking system at all. We need to close the circle and stay 100% within bitcoin for true freedom to happen. Also, we must guarantee that people can keep running their nodes on their basements, if we depend on corporations to run nodes then we are screwed (big blocks problem)

Compared to work in the company rather than bitcoin business work most people choose bitcoin business because it sees in terms of large income and how it works lighter than work in the company, therefore many people prefer to quit working in the company and then choose to do bitcoin business because the income is greater then automatically many companies will get knocked out with bitcoin and will be a big problem for the company if no one is working.

Ailmand

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.

Read The Full Article

Although that may truly happen, I think that governments would not let people just circumvent them and the law like that. Therefore, if you see that since there are some features of using cryptocurrencies that could be used to avoid the imposition of taxes, I am sure that government entities would find a way to use that to their advantage and capitalize on it, because after all, the cryptocurrency is a big market that could really bring in a lot of revenue. Also, taxes are the lifeblood of any government, so I don't think that they will just let any system decrease that, because in the end, it's the people who will suffer.

think3214

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Taxes in Crypto are currently traded on the exchange. But the revenue collected by the government is managed by the government. I am Korean but trading on the US floor will be charged to the floor and fees collected by the United States Government for their country. What is the damage when the Korean government does not collect my personal tax?

jhezmark

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Im not sure if the bitcoin can kill the income tax. Bitcoin have no tax and some country didn't accept the Bitcoin because they have no tax.

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