I'm not afraid of crypto taxation because most governments don't want it. This is a stupid idea and those who support it should be laughed at.
You don't tax people who hold cash but you want to tax those who hold Bitcoin? Bitcoin is not stocks. You can't compare these two.
The only way to effectively tax bitcoin is to tax Bitcoin exchanges and make people pay additional fee that will later be converted to tax. There's no way people will report their held cryptocurrencies and pay tax on them every year.
Topic: Crypto Taxation - page 16. (Read 4571 times)
If you cash out, then it can be considered as a capital gain (if you receive profit, bought < sold), and capital gain is taxable. Well, when we are dealing with the government, the only options would be (1) pay taxes, or (2) get fined/banned.
I think taxation is generally better than prohibition.
They can’t just simply collect taxes on crypto users because at the first place this is decentralized and we are still anonymous not unless you provide your information. Taxation is important and if there’s already rules and regulation for this one, then we should follow that than to suffer later on. There’s no wrong about paying taxes, the purpose of taxation is really good.I think taxation is generally better than prohibition.
get detected nor being found on evading taxes.We've seen on some govt that do target out exchange to trace off their citizens activity when it comes to profits ex. USA.
They are too strict when it comes to taxes thats why complying or paying up your part should really be considered or prioritize first if you dont like to suffer or experience headaches later on.
If you cash out, then it can be considered as a capital gain (if you receive profit, bought < sold), and capital gain is taxable. Well, when we are dealing with the government, the only options would be (1) pay taxes, or (2) get fined/banned.
I think taxation is generally better than prohibition.
They can’t just simply collect taxes on crypto users because at the first place this is decentralized and we are still anonymous not unless you provide your information. Taxation is important and if there’s already rules and regulation for this one, then we should follow that than to suffer later on. There’s no wrong about paying taxes, the purpose of taxation is really good. I think taxation is generally better than prohibition.
Whatever that is giving the people money that is not profitable for the government drives the government crazy. They feel that it is a way that most people use to run away from taxation.
Since they don't control Bitcoin, they feel reluctant about regulating it because they feel they are not profiting from it. When the government finally find a way to tax people about every Bitcoin the own completely, they will surely accept Bitcoin.
Government acceptance connects with tax always. Once it is acknowledged by the government it will be open for public to use freely. The question will only be where they will monitor the tax as they can only put taxes once it is converted to fiat. So user still have their to take advantage of the situation that not always convert. Sooner government will accept it once they find more ways to profit from crypto users. Since they don't control Bitcoin, they feel reluctant about regulating it because they feel they are not profiting from it. When the government finally find a way to tax people about every Bitcoin the own completely, they will surely accept Bitcoin.
Whatever that is giving the people money that is not profitable for the government drives the government crazy. They feel that it is a way that most people use to run away from taxation.
Since they don't control Bitcoin, they feel reluctant about regulating it because they feel they are not profiting from it. When the government finally find a way to tax people about every Bitcoin the own completely, they will surely accept Bitcoin.
Since they don't control Bitcoin, they feel reluctant about regulating it because they feel they are not profiting from it. When the government finally find a way to tax people about every Bitcoin the own completely, they will surely accept Bitcoin.
Backbone of any government's economy is their taxation system if they are afraid of people will be using cryptos for tax evasion then its reasonable that they want to trackdown the crypto users and make money from their profits but they can do this by implementing the right amount of taxes, some governments asking more than realistic value as tax which scares any crypto investors from future investment or they will try to find alternative way without paying any tax.
I need to agree on this idea, however paying tax from uncertainty of getting a profit is embarassing from the trader/investors. There is nothing wrong about taxes, in fact it fuels the society for its development in various aspect like roads, welfare and public establishments but applying it on decentralized network like mainly cryptocurrency is way too much. If ever it would be implemented in the future I wish it would not the small time trader/investor along with its proper regulation. 
most governments are always like that they are always looking for ways to take money from their people. With the development of cryptocurrency many new wealthy people were born from the rise of bitcoin in 2017. so the government thinks if they can take tax from cryptocurrency then the country's income will increase. that's why they always try to find a way to take tax from cryptocurrency. but when they couldn't find a way they finally issued a ban on cryptocurrency. that's the government they always want to take the wealth of its citizens.
Government from the start they know that the crypto currency is a decentralized in which they can't even have a transact direct from the blockchain. As the time passed by they think something to be legal and will able to have share and they utilized to have a tax. Tax is everywhere especially buying goods or anything that involves money through the establishment in our place and that's the use of tax and will spend from the government and we have nothing to do about that.
Taxation wouldn't be a problem if the money from crypto be used entirely for economy's improvement and developments.
i agree . like what happen to some countries with people also charged by a tax by using fiat . we can see thier improvements or developments therfor i think it will be the same with cryptoThe problem here was regulation has been abused by many government personnels whose in the power.
abused in the form of what ? if crypto was regulated , it leaves a bad impact to some but i dont know how can they abused it more .If this crypto taxation will be pushed through, it should be reviewed closely and must be implemented with deeper thoughts before being applied to cryptocurrency.
yes of course . tax implementation before were not easy and it also gone thru a lot of process before it gets approved so they should also do the same to cryptos .
Backbone of any government's economy is their taxation system if they are afraid of people will be using cryptos for tax evasion then its reasonable that they want to trackdown the crypto users and make money from their profits but they can do this by implementing the right amount of taxes, some governments asking more than realistic value as tax which scares any crypto investors from future investment or they will try to find alternative way without paying any tax.
Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts? 
Probably its one of the reason why government don’t stop the pressure, If this space is not clear from regulators eyes assume the debate will not be over soon. Taxation is a thief but it is also essential for a growing country’s economy, however I believe this slight obligation gap with crypto holders and the government will have good ending depending on different government approach to help us move on. Taxation wouldn't be a problem if the money from crypto be used entirely for economy's improvement and developments. The problem here was regulation has been abused by many government personnels whose in the power. If this crypto taxation will be pushed through, it should be reviewed closely and must be implemented with deeper thoughts before being applied to cryptocurrency.
the government thinks if they can take tax from cryptocurrency then the country's income will increase.
We all are paying bills and taxes to our government. I understand that we pay them for usd transactions because govs providing something like support for USD-users. But we still make same transactions in btc as in usd. And I don't see anything bad about paying taxes in grocery stores for instance.
most governments are always like that they are always looking for ways to take money from their people. With the development of cryptocurrency many new wealthy people were born from the rise of bitcoin in 2017. so the government thinks if they can take tax from cryptocurrency then the country's income will increase. that's why they always try to find a way to take tax from cryptocurrency. but when they couldn't find a way they finally issued a ban on cryptocurrency. that's the government they always want to take the wealth of its citizens.
Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts?
Probably its one of the reason why government don’t stop the pressure, If this space is not clear from regulators eyes assume the debate will not be over soon. Taxation is a thief but it is also essential for a growing country’s economy, however I believe this slight obligation gap with crypto holders and the government will have good ending depending on different government approach to help us move on. I think it could create a good impact on the crypto itself since if we accept the taxation of crypto for sure there is a regulation will happen and if this the case for sure it can lessen the scam coins created since there is a proper Authority that will handle those one ( My opinion only) but let see how the future bring us since for sure people are enough with scams and want only the best for now.
Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts?
Probably its one of the reason why government don’t stop the pressure, If this space is not clear from regulators eyes assume the debate will not be over soon. Taxation is a thief but it is also essential for a growing country’s economy, however I believe this slight obligation gap with crypto holders and the government will have good ending depending on different government approach to help us move on. 
Considering that centralized exchanges serve as gateways from crypto to Fiat (or vice-versa), they've been the targets of governments worldwide. The main concern of governments is tax evasion and money laundering. Sometimes I wonder why governments want to tax our cryptocurrency funds if they're not considered as money by most people worldwide? After all, crypto's nature is a highly unpredictable and volatile one. It seems to me that governments want to profit from this venture more than anything else. Any other cryptocurrency which prevents them from "taxing" people, would be considered illegal to them in the future (like Monero, and other privacy coins).
Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts?
Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts?
No, I don't agree with you.
In Utopian society, government has a right to charge taxation on any type of income earned by its citizens and spend the same for the benefit of mankind at whole within the boundary of the country.
Although we could argue that most of the governments are corrupt in present days and instead of spending government funds for the welfare of people, leaders are filling their own pockets. But that doesn't free us from the obligation of paying tax. Paying taxes should be viewed as forced donation. When we are earning money, it is our moral duty to donate part of it for the betterment of society on whole. But since not everyone is moral enough, the concept of taxation popped up and the system is not new, it is in existence for over 4000 years. Just imagine if we all stop paying tax, we all will left with more disposable income and can afford a little better standard of living. But what about roads, bridges, free education, subsidies? In the absence of taxation and governments, who gonna look after these aspects? So it's ok to sacrifice little on standard-of-living part and contribute for public good.
As far as illegality of cryptocurrencies is concerned, that doesn't mean illegal income should be left outside the purview of taxation. In my country (India), law states that all type of incomes are taxable, no matter legal or illegal. I personally think this is fair. On the contrary, illegal income should bear higher tax in my opinion.
I don't know if it is already applied to every country but I've read about how bitcoin is taxed, it goes like this, Once you hold long-term with bitcoin and gain from it you are required to pay for tax, and the percentage of what you need to pay from your gains will vary depending on your civil status. Does anyone know about it?
The rules and regulation of crypto tax of every country are not the same, in some countries crypto exchange site are responsible for the tax of each successful trade done on their platform and there are some countries where crypto tax are not valid.
More a problem though, when taking it personally. However, we have come in a while untaxed by government which is why they got the idea of doing it in between of transaction so on and so forth. While, P2P is obviously the untouchable one. Mostly here are making fortune in crypto thus an income which is equivalent to a job that the nation has to offer to such individual that makes the spot left alone. Which is in the ideology of the government aren't good for economy specially when countless of people are doing it. Well, in my opinion, it may come forth a personal issue to us but we have been committing tax offenses till now on. We must at least comply to those KYC stuff over and converting crypto to fiats with tax, we must at least reconsidered it as gratitude for the government for somehow allowing us to have handle crypto currency in our nation. Imagine it like a capital asset which in reality bounded by taxes.
Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts?
I wont say that taxation is a problem yet as a citizen we are really obliged to pay up our taxes.We earn then we do need to contribute for our countries development- this do talks about general sense of taxation.But we know that there were people do really like to avoid taxes. We know that government doesnt like Crypto but they do know that they can extract out money with that by those citizens who do deal with it
and they know that they are indeed making some money so they would really target you out to set those taxes. Option? Dont use up centralized exchangers specially if your country is really very strict on implementing taxes
even on your crypto gains.
hero member
Activity: 2660
Merit: 651
Want top-notch marketing for your project, Hire me
Sometimes I wonder why governments want to tax our cryptocurrency funds if they're not considered as money by most people worldwide? After all, crypto's nature is a highly unpredictable and volatile one. It seems to me that governments want to profit from this venture more than anything else. Any other cryptocurrency which prevents them from "taxing" people, would be considered illegal to them in the future (like Monero, and other privacy coins).
Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts?
I totally agree with you and to my own understand the government love the decentralization of crypto which is why they threat the crypto community with various of strategy in other to be in control using FUD news, KYC/AML and later place tax on crypto because they understand it capacity but they choose not to support it because it give people liberation from them.Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts?
Mind you, they are doing everything possible to be in power which the reason why they implemented the KYC/AML issue in the first place and this is the reason why i also dont support the act if regulating crypto market.
If you cash out, then it can be considered as a capital gain (if you receive profit, bought < sold), and capital gain is taxable. Well, when we are dealing with the government, the only options would be (1) pay taxes, or (2) get fined/banned.
I think taxation is generally better than prohibition.
I think taxation is generally better than prohibition.
KYC in itself isn't entirely a bad idea. It does prevent some fraud and adds another layer of security but still depends if the exchange is trustworthy enough. KYC could help retrieve coins sent to wrong address, on exchanges that implements KYC too could use these details to fix some issues. However, even though tax isn't also a bad thing (since it is necessary to have law enforcement and peace and order), I do also disagree on government's hot eyes on cryptocurrencies, especially now that they had seen its potential, it just looks like they just want to profit from these grounds.
I have to disagree.
KYC might not be entirely bad but it is entirely bad, if you know what I mean. We are here in the internet, in a cryptocurrency world where everyone came from different countries that have different identities, personalities, and so many more, that fact solidifies that KYC is not a good thing when it comes to privacy itself, it is like exchanges or anything that requires it are not that trustworthy for me, because look, they could do things they could even though without any KYC, yet they requires it.
And about the taxation in cryptocurrency, I am against it, because Governments should stay away and respect that cryptocurrency doesn't need one.
You're wrong here buddy, KYC is a good idea. It just has to be maintained well.
Every single bank in the world has to adhere to KYC to ensure that there is no money laundering occuring as that is somIf ething that people will abuse if given the chance.
If you want privacy, you're not going to be able to use an exchange that MUST use KYC.
But back onto the topic here:
A lot of people in this forum and in the crypto community think that they're able to avoid taxes by using Crypto or something along those lines. And we shouldn't embrace this narrative because that's not what we're here for. If people are using Crypto as an investment class (which many do) they should pay capital gains on it.
If people are using it as a way to facilitate business online they should pay the taxes on their services -- just like they SHOULD do in cash.
Jump to: