Topic: Government Taxing Bitcoin? Here's the Answer - page 4. (Read 1063 times)
It makes sense to think about taxes all the time. Did you earn enough money to get into trouble with taxes from this market? States are still insensitive to these markets. They ignore this market. I don't think it's important. In order to get tax from Bitcoin, it is necessary to declare it legal.
I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
Same way as with cash - punish people for evading taxes, or introduce VAT that makes merchants direct targets of taxation. Bitcoin right now is less private then cash, so it would be quite hard to use it for tax evasion. Crypto isn't inherently anti-tax, it's anti-middlemen in payments and that's all, it's up to users to decide how they want to use crypto - follow the laws and regulations or not.
I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
For using currencies we no need to pay taxes, only if we earned more money than the limits we should pay the taxes to the government.
If bitcoin or any other decentralized cryptos used worldwide the transactions may not be recorded by banks or governments but each spending on that crypto will be recorded by somewhere so it's just same as the fiat money but without any centralized authority to increase the total supply which is happening with fiat.
You are proposing tax should be paid for every conversion, by these only governments own all the bitcoins after some time.
I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
I think that it's justified to treat cryptos for tax purposes the way fiat currencies are treated. Normally it means only income tax. In my country the legislation is tricky with two different ways and amounts to pay depending on the type of business. Anyway, there are countries with reasonable progressive tax system which even allows people with very small income not to pay anything.For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
There are also small states which are tax-free, and some zones for crypto businesses that allow not to pay taxes or not to pay a lot for a while.
The exchange idea is also nice. It's kind of like we all pay VAT which is embedded into the prices of goods. Easy and useful.
I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
I think in my country, the government is already using and putting taxes whenever i am withdrawing my crypto in banks and legal remittances or converting my crypto into fiat by adding fees, so crypto do really support tax when i used legal remittances and even i convert all of my fiats into crypto i still need to use legal remittances just to convert them. For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
Government could tax cryptos when it has an affiliation with any regulated or legal remittance centers in their country especially when we're gonna talk about converting BTC to fiat currency. I experienced those taxes and good thing it isn't recognized as like an "income" but rather an alternative currency.
I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
I think it would be utterly ridiculous to convert all of ones money into cryptocurrencies, unless one wanted to loss the shirt off of his/her back and then some.For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
Cryptocurrency is way too volatile to dump an entire Bank account into it. Are cryptocurrencies the future, almost certainly, whether or not Bitcoin will still be around is highly debatable, but Fiat really isn't going anywhere anytime soon, you can count on that.
Maybe within the future once regulations and policies are much clearer for everyone involved, but to each his/her own! Fiat is way too easy to use whether physically or digitally, try explaining Bitcoin and Blockchain technology to my grandparents, they'll laugh at you then ask you does your president or local Congressmen support it? If not, it's probably a no go!
I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
Considering the entire nature of the bitcoin ecosystem and the entire crypto space, its quite easier to set up a system that can help the government obtain taxes from people using cryptocurrencies for their transactions made of the blockchain network. Instead of the government accepting the use of cryptocurrencies, they can easily understand how to set up systems in place to actually tax people using cryptocurrencies in their transactions.
To be honest, I don't know how the government applies tax for bitcoin, but I am sure that they can do that because they will know people who already use crypto by checking on the bank account. They will search for the account who made a big transaction in a month, and I think they will try to ask that people about the money they sent. But maybe that will be related to the KYC that every exchange did for their members so the government can check one by one of the members so they can get the name of the people.
I don't think so that the government knows those person who are into the cryptocurrency by just having a large or huge transaction meaning that they are already making funds through the use of Cryptocurrency? It's a big No in which there so many people can have many transactions because of business and etc. I think the tax that are getting for those people who are into cryptocurrency is already built in the exchangers or the banks just for example if you are withdrawing your money from the banks, there also a lessen on your money because tax has been applied into it. But personally it really hard to know if how did the government are taxing bitcoin. 
To be honest, I don't know how the government applies tax for bitcoin, but I am sure that they can do that because they will know people who already use crypto by checking on the bank account. They will search for the account who made a big transaction in a month, and I think they will try to ask that people about the money they sent. But maybe that will be related to the KYC that every exchange did for their members so the government can check one by one of the members so they can get the name of the people.
what i believe is that is why KYC is implemented in some exchange is to take taxes from users of crypto.and also that is why the fee is too high when converting crypto to fiat because part of that will be for Central bank.
I don't see why would be an impediment for Governments to collect taxes. Companies will still have to invoice people and make filling within the tax authorities. People will have to pay taxes on wages if they have a contract no matter what currency they are payed in. However I think that should happen only once BTC gets adopted on a much larger scale. Nowadays you can't use Bitcoin at many things unless you convert it to fiat.
don't forget mate that many of us now are making money here in crypto and we are not employee to taxed by our company,so this is why we need to have taxes everytime we need to convert our crypto to fiat.
one day there will definitely be a solution, right now the best solution is still using a central bank. by converting crypto to fiat. so that it can be taxed. dichina has prepared crypto currencies made by the government. so this is another option for taxation. I think if the country still uses decentralized cryptocurrency. it will be difficult to make taxes on users. in my country personally, there are no taxes for crypto holders.
Once you use cryptocurrency, you don't need to care about taxes. Because no government in the world will be able to track and tax, and that is also the reason why many governments around the world are worried about the development of cryptocurrency. It is not easy to follow this market and apply taxes to it. Therefore most countries have banned cryptocurrencies
In my view crypto is never meant for things like tax collection. how can government tax an asset that cant be monitored or controlled by any single authority? There is only one way to tax bitcoin and that is by bringing regulations to bitcoin. I dont think many will prefer to use a regulated bitcoin.
The Tax Treatment Of Bitcoin And Other Cryptocurrencies
The Tax Treatment Of Bitcoin And Other Cryptocurrencies
This is the other way that they can tax bitcoin and other crypto transactions but there could be other ways that we haven't think of. It wouldn't be decentralized anymore if they will require everyone to be registered as a bitcoin and cryptocurrency enthusiast because it's against from what bitcoin is intended for. But we have no choice if this is going to be the system that they'll implement.
They'll ask for the record of that local exchange and file taxation for those users that have made profit on that exchange. If they'll not voluntarily go to the tax bureau, they'll be the one to inform the user that there's an associated bitcoin tax record that should be paid.
They'll ask for the record of that local exchange and file taxation for those users that have made profit on that exchange. If they'll not voluntarily go to the tax bureau, they'll be the one to inform the user that there's an associated bitcoin tax record that should be paid.
Imagine if government taxed bitcoin and other cryptocurrencies, what if all the fiats have already been converted to crypto? Where could the taxes could came from? That is why we need to devise a plan and law for the taxation of cryptocurrencies though, its quite ironic to tax crypto which in fact, on its protocol do not allow any third party to do so, I think we need a whole new civilization that could still propagate without tax if cryptocurrencies could be accepted world wide.
The other countries have already mandated some conditions that will allow people to be tax-free with crypto profits. And other countries that doesn't have a stand can simply rely on their terms and have a test run for about a year or two and see if it fits their economy or they have to change or improve the sample law they've inspired with.
in my country, especially in the local market, every time I make a withdrawal of funds subject to tax that I know of the deduction of the other funds are used for my country's taxes. maybe it's one way for the country to get income from these taxes, but maybe the tax is still in a company name not from individuals who use bitcoin or altcoin
In my country too there's a certain fee for converting in our fiat, I think it's the only way now that they can get tax crypto transactions when it's officially converted in their own fiat or by using exchanges that are authorised or registered in that country. Anyway those crypto converted to fiat are have taxed when we buy stuffs locally. But holdings are no way to be taxed now that's why many still invest and hold to keep their investment untaxed. This is the other way that they can tax bitcoin and other crypto transactions but there could be other ways that we haven't think of. It wouldn't be decentralized anymore if they will require everyone to be registered as a bitcoin and cryptocurrency enthusiast because it's against from what bitcoin is intended for. But we have no choice if this is going to be the system that they'll implement.
They'll ask for the record of that local exchange and file taxation for those users that have made profit on that exchange. If they'll not voluntarily go to the tax bureau, they'll be the one to inform the user that there's an associated bitcoin tax record that should be paid.
They'll ask for the record of that local exchange and file taxation for those users that have made profit on that exchange. If they'll not voluntarily go to the tax bureau, they'll be the one to inform the user that there's an associated bitcoin tax record that should be paid.
Imagine if government taxed bitcoin and other cryptocurrencies, what if all the fiats have already been converted to crypto? Where could the taxes could came from? That is why we need to devise a plan and law for the taxation of cryptocurrencies though, its quite ironic to tax crypto which in fact, on its protocol do not allow any third party to do so, I think we need a whole new civilization that could still propagate without tax if cryptocurrencies could be accepted world wide.
Since the first time, the government has been concerned about tax issues, where crypto users are very difficult to track and do not pay taxes. however, it is very difficult to enforce these regulations if the government does not know who owns the crypto. but you're right, there is a way for the government to impose a tax on crypto users, namely by working with exchangers.
however, at the moment the use of crypto needs to be converted into fiat, at that time, the government can take tax. however, it is a good idea, only if the government enforces it, then indirectly, the government supports cryptocurrency.
maybe when withdrawing funds becomes fiat then the government can take the use tax, but in this way I think is quite complicated maybe because some people will still refuse in the form of KYC. if it really happened then maybe this way is one of the middle paths between bitcoin users and also the government however, at the moment the use of crypto needs to be converted into fiat, at that time, the government can take tax. however, it is a good idea, only if the government enforces it, then indirectly, the government supports cryptocurrency.
For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.
This is the other way that they can tax bitcoin and other crypto transactions but there could be other ways that we haven't think of. It wouldn't be decentralized anymore if they will require everyone to be registered as a bitcoin and cryptocurrency enthusiast because it's against from what bitcoin is intended for. But we have no choice if this is going to be the system that they'll implement.They'll ask for the record of that local exchange and file taxation for those users that have made profit on that exchange. If they'll not voluntarily go to the tax bureau, they'll be the one to inform the user that there's an associated bitcoin tax record that should be paid.
legendary
Activity: 2716
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
Since the first time, the government has been concerned about tax issues, where crypto users are very difficult to track and do not pay taxes. however, it is very difficult to enforce these regulations if the government does not know who owns the crypto. but you're right, there is a way for the government to impose a tax on crypto users, namely by working with exchangers.
however, at the moment the use of crypto needs to be converted into fiat, at that time, the government can take tax. however, it is a good idea, only if the government enforces it, then indirectly, the government supports cryptocurrency.
however, at the moment the use of crypto needs to be converted into fiat, at that time, the government can take tax. however, it is a good idea, only if the government enforces it, then indirectly, the government supports cryptocurrency.
Jump to: