Last month when I was going to withdraw my money to my bank account then I was asked for the proof of the source of income, so I send them the link of exchange from where i earn with trade, I also send them the link of this forum and told them the way that how I earn here, plus I also send them the links of my websites and blogs from where I earn through ad network. So they accepted it. I think he should have to do like that.
i think that is their legal process and they are bound to do conformation about the income of a person and specially when he is earning in using internet. but that is a good thing that they accept your statements and proof of income. 
Topic: Legalization of Bitcoins - page 2. (Read 4826 times)
Last month when I was going to withdraw my money to my bank account then I was asked for the proof of the source of income, so I send them the link of exchange from where i earn with trade, I also send them the link of this forum and told them the way that how I earn here, plus I also send them the links of my websites and blogs from where I earn through ad network. So they accepted it. I think he should have to do like that.
I believe the issue affecting Bitcoin is the threat its going to pose to the country's legal tender as this will go a long way in even the legality of being subjected to tax in the first place... My 2 cents
yes the legalization issue really affecting the value of bitcoin. if the problem is solved i think the bitcoin will hit the market. it willl then become a legal currency just like our local currencies. but it will be use equally in all over the world.
I believe the issue affecting Bitcoin is the threat its going to pose to the country's legal tender as this will go a long way in even the legality of being subjected to tax in the first place... My 2 cents
legalization of bitcoin is the problem of most of the countries of the world. some countries have consider bitcoin as illegal but some are still thinking about it either to legalize it or consider it as illegal.
My friend holds some bitcoins from long ago, some bought on MtGox, some mined with Deepbit mining pool, and keeps them in a Trezor. But he would prefer to keep them in an official institution, like Circle or Coinbase, for insurance, security and estate planning reasons. The question is, if he deposits it into a Circle account, what's his immediate tax liability? He can't really prove anything about the origin of coins. He has a few emails from Mtgox and Deepbit, but these emails are easily forgeable and don't even account for all of the coins. Does that mean he has to pay 39.6% + state tax + social security + medicare etc?
Moreover, these coins have been bought/mined while being a resident of another country, and imported into US (though again, there is no proof of it). As far as I understand capital imported by immigrants is not taxed.
Moreover, these coins have been bought/mined while being a resident of another country, and imported into US (though again, there is no proof of it). As far as I understand capital imported by immigrants is not taxed.
Not all states legalize bitcoin but I hope that all countries are slowly but surely will
legalize bitcoin like japanes country that already use bitcoin as its currency .
My friend holds some bitcoins from long ago, some bought on MtGox, some mined with Deepbit mining pool, and keeps them in a Trezor. But he would prefer to keep them in an official institution, like Circle or Coinbase, for insurance, security and estate planning reasons. The question is, if he deposits it into a Circle account, what's his immediate tax liability? He can't really prove anything about the origin of coins. He has a few emails from Mtgox and Deepbit, but these emails are easily forgeable and don't even account for all of the coins. Does that mean he has to pay 39.6% + state tax + social security + medicare etc?
Moreover, these coins have been bought/mined while being a resident of another country, and imported into US (though again, there is no proof of it). As far as I understand capital imported by immigrants is not taxed.
Moreover, these coins have been bought/mined while being a resident of another country, and imported into US (though again, there is no proof of it). As far as I understand capital imported by immigrants is not taxed.
Not all states legalize bitcoin but I hope that all countries are slowly but surely will
legalize bitcoin like japanes country that already use bitcoin as its currency .
legalization of bitcoin is such a big problem. in previous days i have read a statement that japan and China has passed some bill in favour of bitcoin. they gave the right to the people that they can use bitcoin just like other currencies.
yes i also agree with you. but i think this problem should be solve now because it will impose a very bad effect on the status of bitcoin. i think china has now taken a step about the legalization of bitcoin.
legalization of bitcoin is such a big problem. in previous days i have read a statement that japan and China has passed some bill in favour of bitcoin. they gave the right to the people that they can use bitcoin just like other currencies.
Op, as to address your concerns. There is no way for any institution e.g. IRS at this point to track origin or every bitcoin owned by people.
Bitcoin is not easy to track or 'prove country of origin' (would it mean country where it was mined, or maybe where first transfer of freshly mined cons to wallet occurred? or something else here?)
and I am sure if BTC will ever be fully legalized every existing bitcoin will be 'cleaned' so you don't have to worry about origin of your coins at all.
Bitcoin is not easy to track or 'prove country of origin' (would it mean country where it was mined, or maybe where first transfer of freshly mined cons to wallet occurred? or something else here?)
and I am sure if BTC will ever be fully legalized every existing bitcoin will be 'cleaned' so you don't have to worry about origin of your coins at all.
legalization of bitcoin is a big issue. yet not a single country has legalize it. but i am hopeful that they must be thinking about it. and hope that in near future you will see that most of the countries has legalize it.
My friend holds some bitcoins from long ago, some bought on MtGox, some mined with Deepbit mining pool, and keeps them in a Trezor. But he would prefer to keep them in an official institution, like Circle or Coinbase, for insurance, security and estate planning reasons. The question is, if he deposits it into a Circle account, what's his immediate tax liability? He can't really prove anything about the origin of coins. He has a few emails from Mtgox and Deepbit, but these emails are easily forgeable and don't even account for all of the coins. Does that mean he has to pay 39.6% + state tax + social security + medicare etc?
Moreover, these coins have been bought/mined while being a resident of another country, and imported into US (though again, there is no proof of it). As far as I understand capital imported by immigrants is not taxed.
Moreover, these coins have been bought/mined while being a resident of another country, and imported into US (though again, there is no proof of it). As far as I understand capital imported by immigrants is not taxed.
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