Topic: Law To Declare Bitcoin Ownership (Read 3346 times)
In order to stabilize the value of bitcoins, transaction movements will have to be massive compared to total value of the bitcoins, and the top bitcoin owners will need to slowly sell off some of their bitcoins so the distribution is less skewed.
We can consider bitcoin as our own possession or assets. But the government in our country has no ordinance to prove or to give title that you really own that bitcoin because they have no control on it. They could only trace but they could not govern it.
You are responsible of protecting you own bitcoin and if someone steal your bitcoin you cannot impose a law to accuse him.
You are responsible of protecting you own bitcoin and if someone steal your bitcoin you cannot impose a law to accuse him.
I think that it is unfair to demand protection from the state of their accounts with bitcoin. Bitcoin was conceived as independent of the state currency. Independent!!! You made the decision that do not pay taxes and the state you are not interested. Why then the state should do to help you? Protect your coins by yourself. I think it is quite logical.
Protection isnt really needed since you can able to protect your own coin by just storing up with you own wallet with secured private keys.They do only like to make money on that case and this is why bitcoin is really good when it comes into hiding your assets or funds because no one would really know that you are holding it up and declaring your holding would really be just like for them to force you to declare but they cant really do nothing if you wont disclose your holdings and decide to shut up your mouth. They wont really know and thats how good it is on bitcoin.
In my opinion ,trading isn't about predicting what happens next.It's about having a system with an edge.
Well this is quite alarming given that Bitcoin has been made or invented in order to have free transactions. And by free transactions I mean transactions that are not traceable and not attached to any personal information. If Bitcoin ownership will exist and no longer through addresses, than the whole Bitcoin idea in the first place was already gone. Next thing we know it may be regulated by a government too.
Bitcoin was never intended to be untraceable. This is one of the reasons blockchain transactions are accessible by everyone. As for the personal information, you are buying your coins from someone, right? To get them you have to pay with fiat, either for the coin or for the hardware to mine, or for a mining contract if someone mines it for you. Bottom line if you're buying it with fiat you're leaving a trace.
I dont think its possible,coz your talking only about bitcoin,what about those ither coins?and as far as i know thats why the wallet in which the coins were sending is has a policy i which the privacy will remain private for sake of both parties,even if government interfere in the wallet,yet they cant just seek it without proper forum.
I think that it is unfair to demand protection from the state of their accounts with bitcoin. Bitcoin was conceived as independent of the state currency. Independent!!! You made the decision that do not pay taxes and the state you are not interested. Why then the state should do to help you? Protect your coins by yourself. I think it is quite logical.
The bitcoin ownership law in my country is still in gray legality.
Although the government has made laws stating that bitcoin and other virtual currencies are not legitimate currency or payment instruments in Indonesia.
But the government does not enact rules that specifically prohibit the use of bitcoin, which means bitcoin users can still transact freely with virtual currency, it's just that there is no legal protection when there is theft or cheating involving virtual currency.
Although the government has made laws stating that bitcoin and other virtual currencies are not legitimate currency or payment instruments in Indonesia.
But the government does not enact rules that specifically prohibit the use of bitcoin, which means bitcoin users can still transact freely with virtual currency, it's just that there is no legal protection when there is theft or cheating involving virtual currency.
Well this is quite alarming given that Bitcoin has been made or invented in order to have free transactions. And by free transactions I mean transactions that are not traceable and not attached to any personal information. If Bitcoin ownership will exist and no longer through addresses, than the whole Bitcoin idea in the first place was already gone. Next thing we know it may be regulated by a government too.
can't declare bitcoin ownership due to the decentralised nature of it
you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
WebMoney is fully controlled by the state. In order to use this system you must provide your passport details. If you sent money by mistake to another person then you no one will return. Exchange rate and wire transfer is very low. These funds would be sufficient to pay the tax. But from the point of view of convenience this system is very good.you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
no,Webmoney has zero to none connection to the state,especially since it is operating internationally
which state you think it is connected with?
yes they do require your passport photocopy along with a phone number and some other things
but doesn't almost any exchange require KYC if you want to withdraw to fiat?
but you can use WM system without providing papers,you will not be able to withdraw money to your card but can pay online and send money no problem
in any case,if there is a company that is able to organise something similar in regards to bitcoins (for example in Japan,where bitcoin is a legal tender) would be great
Why do you think so? You forget that the power always belongs to the people. The government is only the interim Manager. If we don't want to pay taxes then we are not going to do. Perhaps it will have to change bitcoin to Fiat in another country and then withdraw, you may have to withdraw to Bank account in small portions. Who seeks will always find a way.
Well, there's no such law that requires people to declare their bitcoin ownership. But by regulating exchanges. You need to comply to government wants. And that's the giving your identity. In that way, I think you already declared your bitcoin ownership. But still that depends in your country's law. There are countries that are required to declare their assets to the government. That is to prevent corruption in their nation. But i think this is applicable only to those people who are working in the government. Anyway, the possibility still exist. We have no power to oppose government's will If they require us to declare our bitcoin ownership..
can't declare bitcoin ownership due to the decentralised nature of it
you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
WebMoney is fully controlled by the state. In order to use this system you must provide your passport details. If you sent money by mistake to another person then you no one will return. Exchange rate and wire transfer is very low. These funds would be sufficient to pay the tax. But from the point of view of convenience this system is very good. you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
I advise you to do everething according to the law and you there will be no problems
can't declare bitcoin ownership due to the decentralised nature of it
you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
Yeah it’s just like fiat money you just using the banknote that guaranteed by the government,BTC also when you use BTC your just given the rights that guaranteed by BTC. in terms of law that declares ownership I think it should be and international law because we all know that this currency is decentralized in nature and has no boundary and anonymous the only proof of ownership rights is the unique code that you possess, maybe this one of the security features that must be under study for further development. you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
can't declare bitcoin ownership due to the decentralised nature of it
you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
some countrys dont even recognize bitcoin as an real currency therefore it is only taxable when exchanged into FIAT currencies
The state must detail all the duties of citizens and bring them to the attention of the public. Without this responsibility does not exist. This refers to the declaration of the availability of assets in the crypto currency. Usually, your profit from financial transactions with the crypto currency is taxable, and not the assets that lie without movement
I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?
In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.
Welcome to the Bitcoin generation...where all sides are on edges!
In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.
Welcome to the Bitcoin generation...where all sides are on edges!
This is epic. Well yes, since Bitcoins are decentralized, and various jurisdictions have not yet made a completely new law to regulate it in terms of proliferation and taxing, people who deal with Bitcoins will be subjected to a piece-meal regulation. It means that when they see something wrong with it, they will regulate that wrong then go on again. And when they see another that is wrong, they will regulate that wrong then go on again. I think they have to provide specific measures as soon as possible so that the people who invest in Bitcoins will not be subject to their whims and caprices at any given time.
Yes it is really in contrast of bitcoin being decentralized, but since we are living on a world where governments handles the nation then laws and regulations will soon be implemented fir bitcoin. I just wonder if what will happen by that time when most of the countries passed a law on regulating crypto currency it may be a postive or negative effect when it comes to bitcoin prices.
I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?
In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.
Welcome to the Bitcoin generation...where all sides are on edges!
In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.
Welcome to the Bitcoin generation...where all sides are on edges!
This is epic. Well yes, since Bitcoins are decentralized, and various jurisdictions have not yet made a completely new law to regulate it in terms of proliferation and taxing, people who deal with Bitcoins will be subjected to a piece-meal regulation. It means that when they see something wrong with it, they will regulate that wrong then go on again. And when they see another that is wrong, they will regulate that wrong then go on again. I think they have to provide specific measures as soon as possible so that the people who invest in Bitcoins will not be subject to their whims and caprices at any given time.
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