Topic: Regulating Bitcoin - page 7. (Read 4669 times)

I really do not see why you are so scared of paying tax. This is something that cannot be averted and the governments already know that if this continues, then the possibility of taxing P2P transactions will be hard, but it is still something they cannot do even if they end up with the regulation thing. Highest that will happen is that as long as you are still making use of fiat, then there is just nothing you can do than to pay tax as that is considered as capital gains.

the point is that the countries and the governments want the people to rely on them as far as the financial benefit matters so all the countries which are banning the crypto currencies are feeling insecure and that is why the are behaving like this.

While this is not the long term planning, in the long term, they will have to legalize this crypto currency and also they will do the transactions with different other countries in the crypto currency.

I think of both the things to be equally important. Educating the people about bitcoin and making them aware about bitcoin is the most basic thing which we do need to do but other than this regulating of bitcoin also carries an equal importance.

This is the only possible way using which we’ll be able to make the best possible use of bitcoin and we will be able to use bitcoin in our benefit.

The only thing recently that I found of note on Crypto Regulation (ie and BTC) is below:


https://www.law.cornell.edu/cfr/text/26/1.451-2


It gives me some small hope, that by NOT touching/moving to wallet/ or anything on my BCH that fell from the sky

at $280 USD, I think it was when it hit the world....with the above IRS link above, I may not, be required by the

IRS to pay for this as income ... (falling from the sky, snap dab into my blockchain address)

My CPA says, if you moved it to a wallet and did not spend it..you MIGHT be still OK. But iffy.

Anyway, just thought I'd pass it along. I was kinda wondering a lot about this, (and of course the 22 forks BTC since,

from my last count, hell for all I know there are BCH forks!)

Anyway, my outta sight, outta mind, the play seems to have worked. (Good thing, because I would have spent it if it was easy)

Then again, someplace on bitcointalk, I promptly announced BCH would drop to 12 cents. Yeah, I'm a regular 'price savant'

in the 'wrong direction'

anyway, just thought I'd pass this along on this thread..if you too are watching BCH and thinking massive BCH price failure and being

dead wrong.....unsettling


Brad

I support this stance. Governments don't necessarily need to outright ban bitcoin. They could just regulate or tax it to death making it prohibitively expensive and risky to use for almost anyone. If the whole world of governments declares a crusade against bitcoin, we will have hard times. Cryptocurrencies won't go away, but if they are universally outlawed around the world, this will be a dead end for us. Prices will crash.

The regulation of bitcoin depend upon the trust and popularity of it. I think in the future it is possible for some countries that the regulate the bitcoin but it will create an impact on the banks of that country. Because bitcoin is more beneficial for people than banks so people will prefer the bitcoin and banks will impacted. While banks are very useful to a country.

In the USA, my CPA claims that the Bitcoin Cash Fork drop WILL BE TAXED...the IRS it seems does not like $$$ falling out of thin air!

The current tax bill going to pass has already gotten rid of 'like-kind' like www.shapeshift.io, so those type of exchanges may

be toast, to stop capital gains in 2018.

Anyway, as an example, if you had 1,000 BTC and did nothing .... and BCH cash fell out of the sky and landed on your blockchain....you

may be required to to count it as income....this year that would be like 36.9% I think on that amount, add (if you were me in Minnesota

or some other state) add 10% on top of that ..It would be more or less 50%

Thus you would need to pay CASH for the BCH when it hit the world this summer (at around $280.00 usd I think it was)

Thus this guy, with 1,000 coins would owe IRS 50% as income at that $$$ rate...or $140,000.00 (all profit from thin air)...a guy with

100 btc would owe $14,000.00 usd  perhaps a bit less at say smaller tax rate....say a bit less

regardless, would really, really suck if BTC went to 10k and this happened and you had to cut into your hoard

I guess it should be expected when the IRS goes after ALL THE INFO coinbase has for 15 million folk, including your password

anyway, keep it in the back of your mind...I know the IRS hates money from air, thus why mining is taxed as income in USA..there

is a possibility this could be true for BCH and the  other 22 BTC forks I know of ..sheesh

I give the odds as 1 out of 5 of them trying this cluster....but damn, would it suck!

Bitcoin can be said to be a free-of-charge currency, although someday there is a rule limiting the use of Bitcoin, I think that is not significant because Bitcoin can be used as long as we have internet access. This is what makes one of Bitcoin's advantages over other financial media. But there is a negative side that can actually be abused, now started a lot of illegal acts committed by irresponsible people. They usually commit crimes and commit an offense. but once again for me that Bitcoin is a revolutionary which if used properly can increase the economic level of many people around the world. Appropriate regulation can help improve the development of Bitcoin, I hope the government can take appropriate steps in regulating the use of Bitcoin. This will be able to determine how the developmental direction and also the future of Bitcoin will be.

I don't think its a possibility. Bitcoin is famous coz it doesnt have any regualtion.

Yes that was really so true i believe  that if government will regulate bitcoin all of us will really required to give tax to the profit that we get on it this is really hell and this is really not in favored to us users or maybe investors and it really inconvenience maybe eveyone of us here is began to dissapoint if this regulating bitcoin should happen on next year.

No, it's not like that. It's going to be a hell to us bitcoin users if the government is going to regulate bitcoin. they could tax this as much as they want or they could force people to pay in every transaction they made or probably doubling their tax paying your capital gains in bitcoin and at the same time you are paying your regular tax.

I think it has no big effect in the economy, unless we are going to use all those bitcoin and pour it to the economy.

Bitcoin cannot be regulated as a whole as it is not in anybody control. What a government and other financial institutions can control is the things like they can put tax on cashing out bitcoins in local exchanges. Regulate the exchanges who want to deal with bitcoin to Fiat conversions etc.
Other than this it is not possible to control the existence and transactions of bitcoins.

based on their research, regulators realize that what is needed is not the strict regulation that governs Bitcoin, but rather the dissemination of Bitcoin-related education in a larger degree.

I think the government will benefit a lot if the regulation on bitcoin transactions is enforced, but for now I think the government has not been able to create it even in some bitcoin countries began to be blocked as it threatens the country's economic stability.

May be some government regulate Bitcoin because their own currency is not value able in world trading, by regulating the bitcoin weak countries can improve their economical stat. But most likely strong countries will not regulate Bitcoin because it will create a hard impact on their banks.

Any regulation on bitcoin will kill it. The whole idea of bitcoin is it is not regulated and therefore can not be censored, stolen or inflated. Adding a regulatory body makes bitcoin the equivilent of the bolivar

there is no difficulty in developing a regulatory framework...but will it be bitcoin? or something else in the end?

I think it is possible. because Bitcoin is a new technology that can not be stopped. wait for the government to create a regulatory framework for Bitcoin. sooner or later regulations about Bitcoin will be made.
because in most developed countries they have legalized Bitcoin.

I always think of taxation when I see the term regulation. I would say government's will start taxation on the capital gain, put some % to it like they've done for lottery etc.

The creation of Bitcoin is design to be anonymous, decentralized,and no boundaries in nature because of some reasons to allude unfair taxation from the government, to maintain privacy to avoid scrutiny of third party and versatility of transaction.because of that we can't expect that bitcoin be regulated.As
all we know that Satoshi Nakamoto knows all this things that people will patronized BTC because they are tired of paying taxes and regulation.