Topic: Is Taxing Bitcoins Possible? - page 5. (Read 741 times)
South Korea seems to be having, and according to the rumors it may be quite possible. The exchanges just share your info and you are easily followed by the authorities.
As government adopts into the digital world of currencies. They have two options, either ban it or tax it. It would be unprofitable for them to ban it so chances are they are goin to tax it. I think its not impossible to trace it, its just time consuming and very hard to track but possible. Also, in this time, we still need to convert it to fiat before going on a transaction because not all stores accept bitcoin as payment so conversion can be taxed. Im not an expert so i can really say.
Sorry I'm a new person in bitcoin world, what is an IGR? I do not understand, I hope you as a thread maker can tell me about IGR, I am very curious.
IGR only means internal generated revenue,its not a bitcoin term. 
It's possible government will charge a tax for btc. But it's good, meaning government has accept btc foe economy and business.
It's a thought I've been thinking about lately. I think it's kinda hard. I think that's one reason why bitcoin system was made to be decentralized and transactions untraceable. It's one strength of cryptocurrencies. Government will have a hard time charging taxes on untraceable and anonymous transactions.
It's possible government will charge a tax for btc. But it's good, meaning government has accept btc foe economy and business.
There is no doubt for me that a tax will come.
I suppose that for every transaction of bitcoin into fiat, maybe even for every exchange amongst crypto currencies, there will be a tax on the profit you make by it.
The exchanges have already started to identify their users, and at a certain point they will have to work together with the tax offices of each nation that contacts them.
I suppose that for every transaction of bitcoin into fiat, maybe even for every exchange amongst crypto currencies, there will be a tax on the profit you make by it.
The exchanges have already started to identify their users, and at a certain point they will have to work together with the tax offices of each nation that contacts them.
Taxes are the main source of income for many governments. Bitcoin is a peer to peer operating decentralized currency. So it is difficult for a government to find bitcoin users and tax their income. All bitcoin transactions are autonomous in nature; no third party intervention is possible. Bitcoin investor or bitcoin user can come under tax radar only when they convert their bitcoins into fiat currency. At this time government can impose taxes on the income generated from bitcoin currency. In India and USA governments have already started taxing income from bitcoin currency, irrespective of its legal status in their region. So it is recommended to pay tax while converting bitcoin`s.
I am prwtty sure no one could taxate cryptocurrencies such as bitcoins because the users are anonymous and hard to be traced down. furthermore it is not a government property or project so I couldn't think of any good reason to tax bitcoins.
I am not an expert in taxation but I think it is impossible, because the government can not calculate how many bitcoins are owned by its citizens, unless they have access to calculate and of course have to cooperate with the bank and exchange
I do not know but it all depends on the policy of the government of each country but should be less fitco bitcoin taxable charges.
I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
it looks like impossible now for lots of government right now deny its legality I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
well, tax by what?By the income that investers have earn?
On what rate?
bitcoin is decentralized, meaning there are no one managing/manipulate bitcoin. even the creator of bitcoin has no access to manage this bitcoin and implement some taxes inside this program. the only possible things to implement taxes is from the outside of blockchain which is you exchange sites, and local bitcoin exchange outlets.
yeah, probably because the rightnow bitcoin is anonymous, there are no government can trace out bitcoin users and track them out, but the government
now can charge taxes on us because the willingly of the people. the blockchain system has been working so perfect that every transactions on the internet can hardly be controlled by governments. unless bitcoin is centralized in the future, bitcoin will never be taxed.
now can charge taxes on us because the willingly of the people. the blockchain system has been working so perfect that every transactions on the internet can hardly be controlled by governments. unless bitcoin is centralized in the future, bitcoin will never be taxed.
It's impossible. First due pseudoanonymous nature of Bitcoin, second due the impossibility of accurately establishing the economic nature of transactions (trading, sending, outputs integration, etc.).
I think it's better for the government to take the tax when fiat money withdrawing through exchange, maybe even when buying goods (taking into account the amount of fiat money entered into the system).
exactly that they are doing - they are applying the tax when the bitcoin is exchanged to fiat. It is called a capital gains tax. So why are you saying it is impossible in your first paragraph, if they are effectively doing it and you yourself admit it?I think it's better for the government to take the tax when fiat money withdrawing through exchange, maybe even when buying goods (taking into account the amount of fiat money entered into the system).
As I understand the topic starter talks about crypto-to-crypto transactions. Not crypto-to-fiat.
I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
it will be taxing bitcoin possible by using the same wallet bitcoin passenger and the taxi driver, there are will not fee for transaction the exchange, usually in indonesian using the same wallet like vip bitcoin.co.id and the global exchange you can use coinbase.com so it will be nothing fee for transaction. the same wallet using by driver and passenger it will be no fee so the taxing bitcoin wallet will be possible and all of bitcoin rule have the support form the permission off government.
I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
Taxing of bitcoin is possible. In fact some country already did it. They get the tax at the transaction but not the btc itself. For example your money from btc they get the tax in the bank as per the bank laws.
For direct taxing of btc they need to draft a law on it. Taxing btc it is better and all will benefit. The threat of banning crypto will be gone.
Bitcoin is decentralized and it would be hard for a government to impose tax to bitcoin. It is impossible to trace a certain transaction and of whose transaction is it. So it would be hard to put tax unless if a bitcoin holder would declare his bitcoin earnings and submit its equivalent tax as whatvis stated in their local law.
Well it would be possible if the government is really dedicated to implement that law but it can only happen with their own country but I wonder how will they be able to do it if bitcoin is decentralized and only uses wallet address to transact with another bitcoin user. I guess it would give disadvantage to the people living in that country because they will shoulder more expenses.
I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
I think for now it is impossible as bitcoin was not yet being regulated by any country, this tax thing is per country, i mean it depends on each country on how they deal with bitcoin transactions, they have a problem with the anonimity of bitcoin users who enter a transaction via blockchain. I think as long as there is blockchain, it is difficult for any country to identify an individual and how much they will taxed them, taxation is based on the amount of money being held by a person, but i think if bitcoin will grow and transactions will be a common thing, maybe someday all countries will have to sit on that issue.
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