Topic: Does Bitcoin need to be taxed? - page 7. (Read 1328 times)
There are sort of jobs that can be done through bitcoin and one of it is being a trader and if you are thinking that if you are earning through bitcoin and you will be taxed. It all depends on the taxing agency on your country if you will oblige of doing it or you can voluntary going there and just declare that you are earning through bitcoin. And as regulations come from the government, it's expected to see it coming.
Already some countries have implemented taxes for bitcoins income but I am wonder how can bitcoin can be taxed?
No one knows right how much bitcoins we have,then it is impossible to implement taxes for bitcoins.
No one knows right how much bitcoins we have,then it is impossible to implement taxes for bitcoins.
I think bitcoin will be taxed. According cryptocurrency news update, Bank goverment in may countries want bitcoin in regulation system.
It depends on the country you are in. In united states and united kingdom, they have made laws to tax the bitcoins use. Also, when converting your money to fiat you still get a bit of tax from banks when you withdraw your money.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
I think there is a real need for a tax on cryptocurrency, which is a huge industry, and it should be taxed as a country. 
Like any other activity of a person that generates income, the income of each citizen from the occupation by crypto-currency the state has the right to possess a tax. It's another matter how the state can control this process, because such a citizen's activity is difficult to control, given the relative anonymity of the crypto currency itself. It can be the introduction of tax collection for all persons exchanging the crypto currency for fiat through exchanges, exchangers, banks and so on. Also, the state can use other forms for this, as well as oblige every citizen to voluntarily declare their income from operations with crypto currency.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
Doing contract killing gives you income but is it job? Do we tax Killing Bounty income?
Earning Bitcoins isn't come under economic jurisdiction of most of the countries. You can send, receive, hold, trade as many Bitcoins as you want to. But where problem actually comes is while converting them to fiat money. As according to law of all countries, when you sell or buy Bitcoins, such activity will be considered economic one. Depending upon your countries laws, you have to pay tax.
Bitcoin doesn't need to be taxed because when you convert your bitcoins to flat or traditional currency and you bought some stuffs from it you are already paying a tax but majority of the countries in the world want to put tax on digital currency because of too much greed of this evil peoples, specially in my country where our taxes goes straight to the pockets of politicians.
I don't think bitcoin should be taxed, it's going to be taxed on your personal account, but you're going to lose money and nobody's going to tax you.
This is true. Many of us would wish to invent a time machine so that we'll be able to go back in the time where bitcoin almost cost nothing to society. The thinking must be, I should possess so much more so that I could be richer.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
Doing contract killing gives you income but is it job? Do we tax Killing Bounty income?
Earning Bitcoins isn't come under economic jurisdiction of most of the countries. You can send, receive, hold, trade as many Bitcoins as you want to. But where problem actually comes is while converting them to fiat money. As according to law of all countries, when you sell or buy Bitcoins, such activity will be considered economic one. Depending upon your countries laws, you have to pay tax.
Bitcoin doesn't need to be taxed because when you convert your bitcoins to flat or traditional currency and you bought some stuffs from it you are already paying a tax but majority of the countries in the world want to put tax on digital currency because of too much greed of this evil peoples, specially in my country where our taxes goes straight to the pockets of politicians.
yes, bitcoin is like a job. we like freelancer here. promoting, translating, and otherthey can take little money from bitcoin, and i think bitcoin is buy and sold something (trade).Also in some countries you have to pay every month if you are making money every month. I had no idea about any of this when I got into bitcoin so I just focused in making BTC, then I found out about the taxing thing. I still have no idea how it works because this is so new that there are too many grey areas. Im scared to cash out some and get my account frozen by the bank, so I will wait until it's more clear.
If bitcoin will be considered to be a legal tender I guess it is just and right to imposed tax on any income out of bitcoin but since at this moment it is not control or regulated by laws and government putting tax is not a fair thing besides whenever we use our income to buy things there is already VAT so for me no need for bitcoin to be taxed
Most governments tax any sort of income you have. Speaking about other, traditional investment instruments, the money you make off of them is taxed as well, so why not bitcoin? I do realize this is easier said then done due to the unique features of bitcoin, but it shouldn't be a surprise to anyone that governments want to tax bitcoin.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
All productive ones can be called jobs. Because we are looking for income in Bitcoin as well by doing the job even though it only requires computers and internet network, and we are also required to work on projects that we follow.
So I think it works even though our other people's views do not do anything. remain optimistic will produce maximum results.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
Well, as our countries has it's own laws regarding assets, and undeniably governments regulated some local exchanges so I think tax is also implemented automatically when the time we convert Bitcoin into fiat money or as long as Bitcoin is accepted in a specific country. Since Bitcoin is a valuable asset I think yes and I have no problem with tax as long as it will help to make some improvement to the country and if it is with a reasonable amount but I know a lot of people don't like it due to additional transaction fees which is way too high these days. Here in my country it has already been implemented and as I have said tax plus transaction fee is alarming since it is now hard to earn Bitcoins due to high price I am not able yo buy candies anymore with BTC. I mean it's not good to pay with Bitcoins now if your amount due is only below $3. 
If bitcoin will be considered to be a legal tender I guess it is just and right to imposed tax on any income out of bitcoin but since at this moment it is not control or regulated by laws and government putting tax is not a fair thing besides whenever we use our income to buy things there is already VAT so for me no need for bitcoin to be taxed
In my country it is not the bitcoin thta is being taxed and regulated by the Central Bank, it is the company or the businesa that accepts bitcoin as payment. The central bank regulates it for the purpose of avoiding irregulailrities in terms of legality. In my personal opinion I wouldn't want bitcoin to be taxed because it will set limitations in the industry, btc is created and deaigned as decentralized cryptocurtency. If it will be tax imposed there is a chance that it will be abused and can affect our btc earnings.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
Doing contract killing gives you income but is it job? Do we tax Killing Bounty income?
Earning Bitcoins isn't come under economic jurisdiction of most of the countries. You can send, receive, hold, trade as many Bitcoins as you want to. But where problem actually comes is while converting them to fiat money. As according to law of all countries, when you sell or buy Bitcoins, such activity will be considered economic one. Depending upon your countries laws, you have to pay tax.
It depends upon from which country you belong, many developing countries dont have enough resources to add tax on bitcoin related activity but most of the developed countries are already taking taxes on all bitcoin related income.
However geting rid of any possible taxation in bitcoin is quite easier as anybody can trade bitcoin anonymously without getting under radar of government.
However geting rid of any possible taxation in bitcoin is quite easier as anybody can trade bitcoin anonymously without getting under radar of government.
It depends on where you live and status of Bitcoin your country. I think bitcoin have to be taxed only when you cash out it to fiat. If you holding bitcoin and altcoins, mining it, freelancing for bitcoins and doing other activities, you don't have to pay taxes. But when you decide to exchange your crypto assets into fiat and these money exceeds certain amount treshold, you will have to pay capital gain tax. But I can't guarantee, because laws and regulations are very different around the world.
I think if a country has officially legalized bitcoin it will definitely be taxed and that's for sure, but if the country has not inaugurated the tax and so many bitcoin users the government can not do much including provide tax rates.
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