Topic: Crypto Taxation - page 15. (Read 4571 times)

For my own opinion government is really wanted bitcoin to control and own big taxation through it, but they don't know what action that possible to do and in that case no one will help them because everyone know what they aim if they control everything that's why they are afraid that the time come. everyone will not follow them and everything what they want is no longer enforceable.

yes i agree with you i think it doesn't matter if the government imposes a tax on cryptocurrency. because indeed most countries rely on taxes as the country's main income and taxes used to develop the country. the important thing is the tax that must be paid is not high and the crypto tax payment process is not complicated so I'm sure crypto investors will be willing to pay crypto taxes using fiat money.

whybwe should worry if government attract taxes in cryptocurrency market. Actually we get many benefits if government do it , atleast they will not banned crypto exchanges and it give us certainity in our Investment. No more when we get this , investor will put more their money  and market capitalization recovered again.

Of course I don’t want to pay taxes in cryptocurrencies, but if governments can get some taxes from it, then they are less likely to try to ban them. In other words, taxes may not be an entirely bad thing for the health of the Bitcoin economy.

Governments and institutions in general are rather scared of bitcoin, and have done everything possible to stop it from advancing.
It is clear that the idea of being able to pay and accumulate money without control and anonymously does not like those who are used to treating citizens as slaves. Perhaps we will be able to rebel, maybe not. But at least we're trying.

Actually one should understand that taxation is essential , if thing aren't taxed people never fail to misuse it therefore this is why government have to do it and also they are earning a lot from it but that's also going in the pockets from where it's gonna be reused for the public and this is the same as stock market shares and all , it is essential because it also gaurentees it a legal status somehow not just anything which is deep and now at the surface .

Taxation has nothing to do with crypto currencies. This is one of the reasons why investors started buying bitcoin, to get freedom from all such formalities. Taxation is essential for the improvement of a country but with a corrupted government, it becomes pain in the neck for common people. With decentralized coins, finally we can enjoy freedom of control over our own assets and economy.

Basic take i go with is that anything can serve as money but some things are more naturally competent in this capacity then others.   Nobody forced BTC to become money, it just retained some value naturally seems like and that accumulated.    How well it fairs vs every other possibility is still unknown to us.    What is obvious is the worst governments forcing horrible monetary standards on their people to result in inflation that favours an elite is very poor money and by contrast BTC does well as a replacement.  
     Taxing every alternative to your governments choice for money can be unfortunate and even result in total loss in the worst countries and examples of inflation, I dont believe in capital controls but its natural every citizen must pay the taxes agreed by law in that nation.   I disagree that inflation when used as an enforced tax, thats a sad situation and I hope the 'good' nations of the world never try to force inflation on their people as a deliberate tax.

If the government will accept cryptocurrency as tax payment, its as if they admit cryoptocurrency like BTC is real money. My government isn't yet taxing cryptocurrencies but will the government sets in to impose tax after I exchange my coins to fiat or how do they calculate it?

Because if the government will not tax me if its in the crypto form, then I will not exchange my coins to fiat.

Regulations haven't ever protected anyone's funds. In the history of the us stock market there have been multiple multi billion dollar scams that the regulators didn't protect investors against, and that while it's their main reason of existence, so they say. Isn't that ironic? All regulators are doing is actively block innovation.

They sporadically hand out approvals for instruments to no longer care about them afterwards, and that while they should be on top of everything they have given approval to operate or trade. The world would be a better place if these shitty regulators actually did what they have been designed for to do, but what can we expect from a government body? All they care about is control and the rest is not of importance.

actually taxation in crypto market will bring many positive think to us as investors. Before government attract taxes , they have to prepare the regulation for it.  Some of them maybe about protection our fund in exchange. Not all taxation will have negative side, we must think clearly not based on our emotion only.

Cryptocurrency itself is not taxable. As you said government can't fully control or ascertain cryptocurrenices hold by individuals, so it can't tax the cryptocurrencies. I may have $500K lying on my Eth Address but who gonna know it belongs to me.
So the only way which government gonna tax your crypto income is when you convert the same to fiat money and withdraw it to bank. Only this way government gonna know you made money. It can be your earned income (can be said freelancing income if you earned via activities like signature campaigns, etc), long-term or short-term gain (if you first bought cryptocurrencies from your bank and now withdrawing relatively larger amount to bank) or business income (if you doing crypto-related business and making profits). More specific treatment differs from country to country basis.

I don't agree with the taxation of crypto. Exchanges paid taxes on their permits and income and I think they should spare the users. Though taxes are important to the government, I think it should not on the individual clients but for the exchanges as a whole and it depends on exchanges how they will pass this to their clients.

Taxes really are headache. What I don't with the government is that they hate crypto currency however they are taxing it in a way possible. I do understand that exchanges though for crypto however, in exchange features of converting crypto to fiat are included which when we talk about fiats the  government handles it. We cannot certainly just avoid it specially when we need physical money because not everyone are afford to have transaction to be in digital. Let us just imagine that we just got the favor and let this go on because as long as the government included here we cannot avoid TAX.

No they are not! What world do you live in?
I have cash lying in a locked box at home and nobody cares! I have never paid taxes for cash and I never will. Cash is untraceable. The government isn't asking you to tax cash you're holding because it's impossible for them to verify how much you actually have.
They don't even tax fiat on your bank account, only your fiat gains. Do you really pay taxes based on how much you have on your account? I've never heard of anything like that.


I can only laugh at that. You want your government to have more money at your expense? You're like an employee who is asking for unpaid overtime. You want to sacrifice your time and money for the good of fat pigs who run things?

People who holds cash are being taxed by the government because it is a responsibility as an adult. Paying tax because you are holding and doing transaction in cryptocurrencies is a good idea because it can help the government indirectly to gain more money to fund their projects and when the government acknowledge cryptocurrency as an asset that needs to get taxed then it will help to lessen the skeptical type of people.

That's why I said "if you cash out," meaning that you will likely to give up your identity. Exchanges would be heavily regulated in the US & EU because of AML. Well, of course, except you could cash out in a "decentralized" way.

Taxes on capital gains are common in various countries. So it shouldn't be a problem.

I quite agree with you on the tax issue. but indeed it will be very difficult to control the government on this matter. because we make money trading, buying low and selling high in a decentralized market and there is no record that the government can check. so they won't be able to tax us in the future unless they partner with banks to control our accounts.
I just hope that in the future the government will not be too harsh on traders and the tax rate should still be maintained at 10% for income.

Don't forget that many of this government understand what crypto is, and they have informant even amidst us"Crypto users" they are the ones who will draw the attention of the government to how productive crypto is and thereby instigate government to pressurize tax. Not even in advance countries like USA,CHINA.....will you hide under the internet.Once government has sighted it as a source of finances, no more rest until tax is paid.

That's certainly true, mate. Governments always take advantage of the latest trends in technology. While Blockchain technology promises the elimination of middleman or other third parties, governments can still have an influence over its growth within the mainstream world. As long as these entities are able to successfully tax crypto in its entirety, they'll give it the "green light" for people to use it without restrictions. Otherwise, governments will go against cryptocurrencies by spreading misinformation to their citizens with the purpose of preventing the average person to gain financial freedom. Personally, I don't mind paying my taxes on crypto as long as I obey the law. Crypto taxation becomes a real issue if governments take a lot more money from you than they do with ordinary Fiat currencies. Not to mention, tax guidance has been very poor from some governments which leaves many people as non-tax payers.

In the US, there's no clear guidance for tax compliance within the crypto industry. There are many people that don't know how to properly pay their taxes with crypto because of this matter. It's hoped that the government take their part in properly guiding people to pay their crypto taxes, or they'll be unsuccessful at claiming tax for each crypto transaction. Despite that many governments want to tax crypto, this could be rather unnecessary since crypto is not considered as money within the mainstream world. After all, crypto cannot be compared to the likes of Fiat (mostly because of crypto's price volatility), defeating the whole purpose of "crypto taxation" within the mainstream world.

Nonetheless, time will tell us whenever people will truly allow governments to take their financial freedom or not. If most people don't pay their crypto taxes, then I believe that governments would find other means to collect funds successfully (like centralized exchanges that enforce KYC/AML regulations). Taxes or not, at least crypto provides us greater financial freedom than Fiat itself. Just my opinion