Bitcoin kills banking, how it happens? why it will happen?
Bitcoin is the currency of the internet, a distributed, worldwide, decentralized digital money. They dont. This is just a myth or a form to scare the people. We do all know that every things or done here in the world have taxes, even in a small things, there are always have taxes, even the things you owned there is a tax already in it.
Topic: Bitcoin Will Kill The Income Tax - page 54. (Read 29939 times)
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.
I think it is just a hypothesis and it's even not very likely to happen. There is a possibility bitcoin and will encourage companies to avoid taxations and other cryptocurrencies may strengten the process but if there are no taxes how can states exist? State is a treaty between people and the ruler. They give him resources and we guarantees some safety. Without taxes there won't the resources and so the anarchy will come.
I think tax can never be evaded because tax is the main source of governent to maintain and give salaries to government employers who helps to governs an entire country. Maybe bitcoin cannot imposed with tax but government will find a way. They will surely make a law to regulate the use of bitcoin. If they cannot regulate it, they will ban it.
Evasion of taxes and imposing taxes on bitcoin could be possible only by volunteer acceptance of a bitcoin user. But holding bitcoin in our wallet is nothing but we are owning some property but in digital format. For owning property we never need to pay taxes, but only when we are going to use them/ sell them. I strongly believe this will be applicable for the case of bitcoin as bitcoin is also viewed as a digital asset.
BTC won't change much for most people, because they have a fixed job with a fixed salary, which is lawfully declared to the tax authorities. So you may be paid in bananas or rubles, the government will still be aware of your earnings, and you will have to pay tax on that income.
If you don't want to pay income tax, actually, it's quite easy. I'm not paying any. I'm being paid by bank transfer, with transfers coming from a country where I've never been, going to my bank account in a country where I'm not living. You do that, you don't pay income tax.
If you don't want to pay income tax, actually, it's quite easy. I'm not paying any. I'm being paid by bank transfer, with transfers coming from a country where I've never been, going to my bank account in a country where I'm not living. You do that, you don't pay income tax.
But there is always a risk of being caught by doing that. How are you supposed to have a bank account opened in a country where you don't live? as far as I know you can't unless you live X amount of time on said country. Like 1/3 of the year you must live there to keep your account. If it was that easy and riskless no one would be paying, but the reality is, people get caught including famous rich people like Cristiano Ronaldo which by the way may be facing jail since he didn't pay like hundreds of millions. There can always be leaks and so on.
I see you're not familiar with these things. Tens of millions of people have bank accounts in countries where they don't live. But I forgot something, you need to avoid making any payment from that foreign bank account in the country where you live.
I think tax can never be evaded because tax is the main source of governent to maintain and give salaries to government employers who helps to governs an entire country. Maybe bitcoin cannot imposed with tax but government will find a way. They will surely make a law to regulate the use of bitcoin. If they cannot regulate it, they will ban it.
Evasion of taxes and imposing taxes on bitcoin could be possible only by volunteer acceptance of a bitcoin user. But holding bitcoin in our wallet is nothing but we are owning some property but in digital format. For owning property we never need to pay taxes, but only when we are going to use them/ sell them. I strongly believe this will be applicable for the case of bitcoin as bitcoin is also viewed as a digital asset.
Blockchain technology, given the fact that technology is fundamentally destructive, causing it to accelerate the non-value-added administrative activities of intermediaries (taxes regulator). The essentials remove entire industries from the center(dictator), offering new levels of efficiency and cost savings through an intelligent automation contract.
Blocking the chain eliminates administrative processes, as well as 90 percent of additional non-value back office functions.
Blocking the chain eliminates administrative processes, as well as 90 percent of additional non-value back office functions.
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.
Yes it is for now, as bitcoin become more famous and more adopted by people around the world which you could choose to receive your salary in bitcoin. If the trend of bitcoin as salary increases, government may consider to tax them. For now, I thought just in the US which IRS want to get tax from people who bought bitcoin as IRS believes that buying Bitcoin is probable cause for making an individual the subject of a tax evasion investigation.
OP made a copy of the headline, he made a copy of the text. He didnt give any explanation, and link he left is just for members only. I will not register on this site just to read this story, he should be more hardworking on this matter, like this its just copy/paste.
Bitcoin and taxes will be burning issue, not will be, its burning issue even now judging from some topics and comments on this forum.
Bitcoin and taxes will be burning issue, not will be, its burning issue even now judging from some topics and comments on this forum.
I think tax can never be evaded because tax is the main source of governent to maintain and give salaries to government employers who helps to governs an entire country. Maybe bitcoin cannot imposed with tax but government will find a way. They will surely make a law to regulate the use of bitcoin. If they cannot regulate it, they will ban it.
Evasion of taxes and imposing taxes on bitcoin could be possible only by volunteer acceptance of a bitcoin user. But holding bitcoin in our wallet is nothing but we are owning some property but in digital format. For owning property we never need to pay taxes, but only when we are going to use them/ sell them. I strongly believe this will be applicable for the case of bitcoin as bitcoin is also viewed as a digital asset.
Yup, Bitcoin is very transparent and is very easy to detect, for example when the Bitcoins went and who did what," Suddenly you see these technological solutions cheaper and also allow more private.( If segwit be activated).
Government have to do is just try to talk to a few of the companies and users, and the effort to create a viable way to develop tax these people.
Government have to do is just try to talk to a few of the companies and users, and the effort to create a viable way to develop tax these people.
I will still maintain my position that Bitcoin cannot kill Income Tax so far we still have government and government will still need money to run its affairs which is largely generated through Income Tax what I see happening is government finding a way to either tax that income from Bitcoin and if that is not possible, ban its use all together. What we are still enjoying now is that the population still involved in Bitcoin and the loss of revenue involved, is not enough to call the attention of governments...
You have a point sir. Bitcoin cannot kill income tax and its simple, without income tax then the government will die since the government operates and fueled by income taxes. Without tax there will be no government and its services. Thus the if government sees that bitcoin has huge impact on the society, economy and governance it will look upon bitcoin and regulate it or possibly ban it.
I will still maintain my position that Bitcoin cannot kill Income Tax so far we still have government and government will still need money to run its affairs which is largely generated through Income Tax what I see happening is government finding a way to either tax that income from Bitcoin and if that is not possible, ban its use all together. What we are still enjoying now is that the population still involved in Bitcoin and the loss of revenue involved, is not enough to call the attention of governments...
You have a point sir. Bitcoin cannot kill income tax and its simple, without income tax then the government will die since the government operates and fueled by income taxes. Without tax there will be no government and its services. Thus the if government sees that bitcoin has huge impact on the society, economy and governance it will look upon bitcoin and regulate it or possibly ban it.
There are lot of things that is taxable. Bitcoins is just a little amount for now so I don't think that bitcoin will kill tax. Maybe in the next years the government will get alarm and can proposed to tax the btc and that is not impossible.
Bitcoin in its current form is indeed a tiny dot in the current financial system, but I am sure that when more people realize that Bitcoin is more than just an investment tool, that they will come on board.Right now people mostly choose Gold as some sort of a hedge and as store of value, but it would be interesting to know if these same people would give Bitcoin a chance if they knew what Bitcoin is really capable of.
Great advantage is that when you buy Bitcoin, that you have everything fully in control where people right now buy physical Gold and use bank vaults to store them.
Doesn't really make sense as they once again depend on banks. This way they keep sitting in the old fashion system that they think have escaped where in reality it isn't the case.
Also, transacting real estate with Bitcoin has similar advantages as a 1031 exchange.
sure it will. We have our own wallets our own currency and our own transaction network income tax collectors can only take very small amount to tax and we and enjoy growing our money here. Bitcoin helped a lot to get the market access
So? Killing the taxes means no more money stolen by governments. Using Bitcoin is better than using any other currency especially because of these taxes that you don't need to pay anymore! You're free, it's like you're your own bank and government. The only tax we can get is like a monthly tax that we need to pay for using Bitcoin, just like we need to pay for the so-called pollution.
I think tax can never be evaded because tax is the main source of governent to maintain and give salaries to government employers who helps to governs an entire country. Maybe bitcoin cannot imposed with tax but government will find a way. They will surely make a law to regulate the use of bitcoin. If they cannot regulate it, they will ban it.
Bitcoin has been in existence for many years and the government cannot even find a way on how to tax the user, some had surrendered and resulted to banning bitcoin. I think it's impossible to tax because in the first place we do not give our real information here on our identity, that alone is a big problem on who to tax. 
I think tax can never be evaded because tax is the main source of governent to maintain and give salaries to government employers who helps to governs an entire country. Maybe bitcoin cannot imposed with tax but government will find a way. They will surely make a law to regulate the use of bitcoin. If they cannot regulate it, they will ban it.
I will still maintain my position that Bitcoin cannot kill Income Tax so far we still have government and government will still need money to run its affairs which is largely generated through Income Tax what I see happening is government finding a way to either tax that income from Bitcoin and if that is not possible, ban its use all together. What we are still enjoying now is that the population still involved in Bitcoin and the loss of revenue involved, is not enough to call the attention of governments...
You have a point sir. Bitcoin cannot kill income tax and its simple, without income tax then the government will die since the government operates and fueled by income taxes. Without tax there will be no government and its services. Thus the if government sees that bitcoin has huge impact on the society, economy and governance it will look upon bitcoin and regulate it or possibly ban it.
Quote
If govt. can’t crack encryption, then people are walking around "with a Swiss bank account in their pocket."
Barrack Obama 
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