Controlling Bitcoin | Bitcointalksearch.org

slothbattery

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Quote from: staywoke081 on May 01, 2018, 12:31:53 PM

They can control the taxation and the laws surrounding it, but they most certainly can't shut it off or deny anybody access by "controlling" the Bitcoin network. Taxes are in for most places that support it, although I would like to see an option to pay in BTC rather than fiat.

This is quite right, the network is not controllable so this is why banks are against it.

cliquehandclap

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There are many countries that have added bitcoin in their tax list. Glad I don't live in one of those xD

Peacemaker1994

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Well the blockchain technology which bitcoin functions on is a decentralized technology and so does not answer to any government but so government still has a way a taxing trading in bitcoin done in there country

Larrycool

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Bitcoin cannot be controlled by anyone, not even the government of the day, one of the reason is, bitcoin is a digital currency, not Fiat, It is decentralised and volatile. all these characteristics are not under the control of anyone.

Lumberjackpj

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Quote from: Troubleshoot on August 22, 2018, 05:52:03 AM

I don't think it's technically possible. For the moment, at least. The government might get some kind of a tool to do so, but as far as I understand, they don't have a way to do so directly. Cool

Right. They cannot do it directly, but they can catch some people when they are trying to spend some fiat they had earned from the crypto: some governments have a threshold amount for spending in their country. As soon as the amount you are trying to spend legally reaches the threshold amount, they start demanding that you provide some proof of the source of money you are going to spend. This is one way to control it, but there might be lots of others.

cokroalif

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You may not understand and read about cryptocurrency, it cannot be controlled by the government or other people, because of its nature, so many interested parties, BTC is decentralized meaning there are no centralized entities / institutions that print money, but money printed by users. This is what causes Bitcoin to emerge as a decentralized system.

Diane757Clarke

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When the value of the cryptocurrency is high, the government is forced to tax as well as business negotiations on the financial market.

Twkasun52

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I Dont think so.Its really difficult to do any government.How can they track BCT holders?

Jimbo201

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Quote from: Bonheur on May 01, 2018, 12:29:15 PM

İt depens on what you mean by controlling.To control bitcoin you have to own it.
Other than that, governments can have lots of it if they want to but it looks like that is not happening openly.
We don't know who the whales are, or if they are working for some government really.Maybe they are already controlling it.

Every Shareholder is a owner and we all have equal rights. If someone has got more BTC, doesnt matter. The ideology is right and the timing is superb.

U2018

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Most of the areas that regulate cryptocurrency merchants nowadays are designed to increase taxes, and they do not actually control Bitcoin!

geard

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In my country Indonesia, bitcoin users are required to pay taxes.

If there is a profit when trading / buying or investing in bitcoin, it is taxable income. In accordance with the self assessment system, the taxpayer reports the income in the annual tax return and pays taxes.

In addition, there are no specific calculations regarding the benefits of bitcoin investment, Normal only, the difference between the selling price and the purchase price is the profit that is the object of income tax.

He asserted, taxpayers must also include bitcoin ownership in the column of assets in their annual tax letters. If not included and the treasure is found, the taxpayer can be threatened with fines.

ShamoKe

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They can be controlled, but only if they have more than 50% bitcoin! Otherwise they can't completely control the trend of Bitcoin! This is a fact that cannot be changed!

Troubleshoot

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I don't think it's technically possible. For the moment, at least. The government might get some kind of a tool to do so, but as far as I understand, they don't have a way to do so directly. Cool

Sabertoothboth

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Quote from: ?? on ??

Bitcoin cannot be controlled by anyone, not even the government of the day, one of the reason is, bitcoin is a digital currency, not Fiat, It is decentralised and volatile. all these characteristics are not under the control of anyone.

Absolutely. But the government potentially might detect your transactions of exchange of crypto and impose a tax on those transactions, but you'd better check with your local lawyers who might be aware of the issue.

Diane757Clarke

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The government is in charge of regulating the exchange of transactions between the parties. The government may introduce laws or regulations for the cryptocurrency market.

Dudeperfect

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Bitcoin as a technology is very strong and not only the government but any organisation out there cannot control it in any way. That's why decentralisation is getting momentum day by day since last 10 years. On the other hand, when it comes to taxation, Bitcoin is not yet legalised and recognised by law in most of the countries so there is a huge chaos in this particular area. However, I would recommend paying tax according to the income source and classification as per the income tax law.

zacad

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Bitcoin is not under the control of any institution or government (unless you hold 50% bitcoin, so you can control the bitcoin price, nothing more)

HeatherAdams00

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I do not understand what you mean, but controlling Bitcoin is not possible. The only thing that the government can do is to impose taxes on transactions or obstruct the laws that depend on the government of that country.

Michael333Wells

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But with such utilities and knowledge, such high profits are regrettable for non-legalizing BTC countries like Vietnam.

chulos

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There were times when nobody cared about Bitcoin. It was a new idea that was primarily used by IT enthusiasts. Bitcoin's rocket growth, as well as adoption and mainstream adoption, led governments - and banks, governments, regulators and technology giants - to a very nervous and impulsive response. These reactions, however, only confirmed the fact that Bitcoin is a legitimate threat to them. However, the progress will not stop, and banks with the support of state regulation have enough reason to be nervous. There are countries where tax is paid from cryptocurrencies such as Japan or South Korea. There is also a possibility where Individuals can now enter direct peer-to-peer trustworthy exchanges with strangers, and i do not see the possibility of regulation there.

Topic: Controlling Bitcoin (Read 406 times)