Topic: Do Bitcoins have Tax?? - page 24. (Read 40193 times)
Well if you are earning money through signature campaigns and faucets, then you don't pay any tax. I am not sure if there is any tax when you are buying Bitcoin.
Bitcoin is completely decentralized so where can you find tax. Who can control bitcoin? No one. No-one can control bitcoin network is fully automated and even Satoshi also can't alter the system. And bitcoin is digital money inline paper currency there is no taxes because no one knows how much bitcoin you are holding. But while transaction bitcoin network will cut a transaction fee for processing and verifying the payment.
Till the moment bitcoin has no tax, the only cost they take is the fee to make the transaction moove forward, some countries are willing to tax bitcoin, since they dont know how to stop it.
I am treating the miners fee per transaction is the tax of bitcoin economy. But if we are going to talk about the government tax, then bitcoin is not covered by it. I don't know if in Brazil they are putting some tax every time they are going to convert it to fiat because as we know there are hundreds of stores there that accepts bitcoin.
the government cant really monitor your bitcoin income, unless you use a third party wallet service. for example everything you do on coinbase is monitored and handed over to the government if they request it.
The government depends on whether or not you declare your coin holdings. If you don't declare anything, then there is no way for them to know you hold any coins. It's all about your honesty. I am sure that the far majority of the people simply don't declare their coins, which I can fully understand. I don't do it either.
the government cant really monitor your bitcoin income, unless you use a third party wallet service. for example everything you do on coinbase is monitored and handed over to the government if they request it.
Till the moment bitcoin has no tax, the only cost they take is the fee to make the transaction moove forward, some countries are willing to tax bitcoin, since they dont know how to stop it.
no i mean a tax is a sum of amount which is taken because someone offered us their servic but bitcoin is free and anonymous network but if i say something then there is a special type of system which is used to generate new coin so we can pay on there which are called miner fees
Bitcoin by itself isn't taxing anyone to use it. Users can choose to pay what fee they like too and this also decides how fast their transactions get confirmed or accepted by a miner to be confirmed quicker. This fee is very very minimal. Usually taxes are some form of percentage on the whole amount and using Bitcoins wouldn't charge you any percentage over what you transact.
bitcoin has little TAX in each delivery. I think the cost is used bitcoin is the smallest compared with other financial media.
Yes, bitcoin do have a tax like the other cryptocurrency like Litecoins and Ripple since it is a virtual money that can be convert into a real money and can be use to buy online at the same time that's why it do have tax according to IRS (Internal Service Revenue). Specially the miners, miners are the one who mines bitcoin by solving math problems and algorithms and for the reward they will receive a block reward (which are bitcoins) and for this they have also have to pay a tax for it or else if they don't they may pay much larger amount more than they earn for a day.
Comparing with any service and if we note that you can transfer any amount you want the taxation is ridiculously small. It's pretty symbolic and even for a maintenance it's the smallest in the world.
I think he is talking about if he gonna send like creating a transaction it always depends on what wallet his using if he really wants to use bitcoin wallet that has noo fee then use bitcoin wallets that based on his country like mine i uses bitcoin wallet depends on my country and it has no fee whenever i withdraw or sell my bitcoins
I dont think bitcoins have tax. Maybe it depends to the country where you belong and also if on what purpose or way you use it. For now bticoin dont have taxes, it is free than we have now, when we buy something we already know that even in just a small things already have taxes.
Bitcoin is completely decentralized so no institutions can impose tax on bitcoin. So bitcoin is free from taxes but to transfer bitcoin from one yo another account you will need to pay a small amount of transaction fees. But you can opt to pay 0 fees but your payment will be done lately
haven't you read through this thread? i guess not. bitcoin being decentralized has nothing to do with whether or not your government will require you to pay tax over the coins that you have. they rely on the people being honest about their holdings and to report everything accordingly. and that's when the government can make you pay tax over your coins.
Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??
Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??
Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??
At the present time now bitcoin don't have any tax. It only has a transaction charge for every individuals member here. And if ever the government will discover the benefits of bitcoin and decided to adopt it in their country that would depend I think for what the government will give a resolution about bitcoin in their community.
Bitcoin is completely decentralized so no institutions can impose tax on bitcoin. So bitcoin is free from taxes but to transfer bitcoin from one yo another account you will need to pay a small amount of transaction fees. But you can opt to pay 0 fees but your payment will be done lately
no bitcoin have no tax anbd i think itrs very good that bitcoin have no tax and these is the good reason because people use bitcoin than other currrency and its transaction feres is too much low and after approve by governmnt its payable tax.
Simply - taxes for transactions are going to the sire or saurse wich provides that. If government does not control to bitcoin how money from tax can go to government? But government has something from this transactions for sure. You pay to the site for the transactions and the site is paying something to government as tax in the case if it registed site with legal activity.
Tx fee is taken by the miner, it's something you pay them to include your transaction in a block. Regarding real taxes, it depend on your location and the local rules.
Of course the fees don't go to the government, it isn't taxes, This is just something you give as an incentive to the miner to get them to push your transaction, You have the right to not pay but would need to wait for sometime for a miner to include you in a block.. Regarding actual taxes, There are few countries where BTC is considered a commodity and s taxable.
i think bitcoin don't have tax, but if this is about withdrawing bitcoin into fiat, i think there is a tax i mean is not like a tax but administration fee that will we see on our account. but for using bitcoin, i think its free from tax, don't know what will be happen if bitcoin is accepted by all country, maybe there is tax for using bitcoin in future.
Me too that is what I am thinking because bitcoins are anonymous and it is online for sure the tax is just referring to the obligation we need to help our government.
Since government is not still adopting the use of bitcoins so for sure it is not covered by the law to make bitcoins as also a body to be taxed.
Only the miners fee I am treating as tax.
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