Controlling Bitcoin | Bitcointalksearch.org

slothbattery

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Quote from: staywoke081 on May 01, 2018, 11:31:53 AM

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, 04:52:03 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, 11:29:15 AM

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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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.

fishxrboi

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No, Bitcoin is decentralized. It's not controlled, it's not regulated, it is neither legal nor illegal.

However there are countries that took steps to limit bitcoin's uses as they can't regulate it. Most notable is China's banning of bitcoin, and there's also a country pushing for a regulate cryptocurrency (forgot which one).

Bokile

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I think it can be controlled. Maybe not totally, but it can be controlled. Don't forget that one company already control almost half of the Bitcoin hash power. Soon they will reach 51% and they will be able to manipulate with bitcoin transactions.

tranvanvan

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Technically there’s no single person control it. It’s the whole Bitcoin community control it alltogether.But in the real world, those who owned tons of bitcoin, especially those participate earlier has big influence on the bitcoin development

acheampong64

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Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

Can any government control bitcoin?or add taxes for btc users?

Well, for governments to control Bitcoin is a difficult thing. The control can be in diverse ways but governments can take charge of Bitcoin. Bitcoin is its own technology and can take care of itself. What governments can di is to set regulations, and yes they can tax BTC transactions

ershovspa

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Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

Can any government control bitcoin?or add taxes for btc users?

No government can control BTC because it's not centralized and they cant print more of it or manipulate it in any way. The only thin governments can do is pass laws that can forbid people from using it or to tax them. Governments always find a way to tax something.

Everandi

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Some of the countries force to pay taxes for declared crypto

neo444

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I think who control the price of bitcoin is the coinmarket and the tax depend of it but the government can make an additional tax to have profit from btc transaction

fenzuijk

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Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

Can any government control bitcoin?or add taxes for btc users?

This is impossible. It has been nine years since Bitcoin began. The government cannot control it. This has already been proved.

huhhuh18

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Yep, and I think that is what the countries who haven't banned BTC yet are planning to do. I even heard some news that China would want to review their regulations on blockchain next year (and I'm sure that will encompass Bitcoin)

bingbing001

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Control currency may not be anyone, because it is dispersed, unstable and easy to transfer.

Yusuke777

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Taxes on bit coins and crypto currencies are heavy in Japan.
Government will be able to control readily from the outside.

Intensity13.6

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Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

Can any government control bitcoin?or add taxes for btc users?

I think it is very difficult to happen,bitcoin is decentralized and digital currency,that's why,there's no single authority can control it.

BTCW

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The long answer is: No

No person, organization or government can control a truly decentralized digital asset.

States can control two things:

-- Their own fiat currencies and banking systems. Meaning countries who criminalize crypto currencies can make it difficult for exchange markets that deal in fiat.
-- The internet. With very limited success, though. Especially on Bitcoin, which runs perfectly fine over onion routers (TOR network). VPN services and proxies do the job too.

Pandora's box is open.

20_JeRRy_20

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I think the government can control bitcoin.It can be assumed that in the next 1-2 years in the most advanced countries, cryptocurrencies will receive a final definition, according to which tax legislation will be created within the next few years, possibly adapted exclusively for cryptocurrencies.

CryptAssist

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No and yes. Due to the technology being decentralized, meaning that there is no one server that contains the bitcoins. It's person to person, or peer-to-peer technology. No necessary middleman. But exchanges and other services can act as go betweens but no one can stop bitcoin. As far as it being taxed, it already ti depending on the country. There is no acceptance of BTC as a payment though to government agencies as far as I know. But they tax in Fiat currency. Once again, depends on the country.

upekhaanthony

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I think it is not possible to control by the government because of its decentralised behaviour. Government directly can't add taxes to bitcoin but they can add taxes in exchanges while trading, with the support of the exchanges. But it is not that much simple to add and track taxes. When some convert their cryptocurrency to fiat currency, then the government can add taxes to your bank account.

Komorhan

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if it is not a colonial state, the states are standing with taxes. States use every way for tax. if you can control the crypto money world. of course they get taxes.

BitMaxz

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I think it's impossible that the can control bitcoin because not only 1 person is using bitcoin and it is decentralized so no who can control or own this bitcoin except for tax, which is government could do how much tax they could ask.

Regulation is one of the government wanted just to restrict bitcoin use, but it doesn't affect the bitcoin price unless if the government could invest a large amount of money in bitcoin and maybe they can manipulate the price of bitcoin.

Ciscopro2000

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They can regulate and tax if the your trading is done a US based exchange. I’m not sure we are at that point yet.

T.Perry123

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Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

Can any government control bitcoin?or add taxes for btc users?

Governments cant really "control" bitcoin, however they can enforce regulations. They cant really tax the transactions that take place within the bitcoin platform as the identity of each trader is unknown but once transactions leave the bitcoin platform and are traded for fiat they can be traced and the government can regulate and monitor them. By creating something that is detached from any regulating authority, it removed all control of governments and central banks and so regulation will require a well-coordinated effort across almost all economies.

kimochidesh

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Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

Can any government control bitcoin?or add taxes for btc users?

I don’t know what do you mean by the word “control”, but it implies that you are asking could government own Bitcoin or could they increase or decrease Bitcoin? This obviously is not possible. But yes, the government can affect investing in Bitcoin in its country by framing some laws that can hinder the people from investing in cryptocurrencies. And some governments have already started levying taxes on income from Bitcoin.

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Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

Can any government control bitcoin?or add taxes for btc users?

They can add taxes its in theirs power.
However they cannot control it. Bitcoin is decentralised technology.
Its basic stuff i recommend bitcoin whitepaper only 8 pages.

jseverson

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Quote from: charlotte04 on May 01, 2018, 11:59:56 AM

How can they require taxes for those you uses Bitcoin if they do not know who uses them. I bet if they are going to do that then they might give the exchanges to pay taxes for us then the exchange would get the taxes from us.

Taxation, regardless of Bitcoins being involved or not, is pretty much an honor system anyway. You can get away with under-declarations if you're confident the systems in place won't detect any wrong-doings. In this particular case, exchanges are going to be (or already are, in some countries) integrated into that system by monitoring them. That means if you use an exchange, and not declare your Bitcoin income, you could very well be charged for tax-related offenses.

If you only engage in peer-to-peer trading, you're right, they won't know you use it for the most part.

charlotte04

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Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

Can any government control bitcoin?or add taxes for btc users?

How can they require taxes for those you uses Bitcoin if they do not know who uses them. I bet if they are going to do that then they might give the exchanges to pay taxes for us then the exchange would get the taxes from us.

javadsalehi

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Quote from: stryker on May 01, 2018, 11:48:56 AM

Of course, the government can set a profit tax with crypto currency. But how will this profit be tracked? Thought many countries already introduce such a tax
Bitcoin can't control the government like anyone else.

Governments can know the profits that users make by forcing exchanges to give the users transaction details when they are converting their cryptocurrencies to fiat.

stryker

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Of course, the government can set a profit tax with crypto currency. But how will this profit be tracked? Thought many countries already introduce such a tax
Bitcoin can't control the government like anyone else.

staywoke081

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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.

Bonheur

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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.

DannyHamilton

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Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

Can any government control bitcoin?

That depends on what you mean when you say "control bitcoin".

A government can create laws that control what the citizens are legally allowed to do.

Quote from: cryptomaster4 on May 01, 2018, 11:22:49 AM

or add taxes for btc users?

Many governments already tax bitcoin based income and/or bitcoin based sales.

cryptomaster4

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Can any government control bitcoin?or add taxes for btc users?

Topic: Controlling Bitcoin (Read 438 times)