Topic: Should governments allow people to pay their taxes in Bitcoin BTC? - page 2. (Read 5543 times)
March 13, 2017, 10:00:21 AM
I think it would be good. If government accept Bitcoin then it will able to collect funds in Bitcoin too which again strenghten country position. As it will propagates Bitcoin use around country. When use increases, price of Bitcoin increases. Thus, reserve of country increases making it richer. It would be good from country point of view but at personal level it will bring negative results!
March 13, 2017, 09:53:19 AM
I think it is important that the government does not manage BTC transactions, but if they accept it
March 13, 2017, 09:50:55 AM
I would pay the taxes, but as long as it's within acceptable range and only charge taxes likes what they usually do with fiat such as charging taxes when we got salary, spend on shop or buy expensive goods.
But, i'm sure government would find a way to keep taxing bitcoiner (in case bitcoin is legal in that country and accepted by many shops) by ask the shops/services to include tax in final/total payment when user pay in bitcoin
If the Bitcoin is legal means the government may do like this, But how the government will collect exact tax amount. Suppose if one shop accepts bitcoin and as per govt condition they will collect tax from customer. The shop owner will pay tax to govt at year end. This is the process. But in this process, the govt will never get exact tax from shop owners because of BTC price flactuation. Is this process will work out in the real world? But, i'm sure government would find a way to keep taxing bitcoiner (in case bitcoin is legal in that country and accepted by many shops) by ask the shops/services to include tax in final/total payment when user pay in bitcoin
March 13, 2017, 09:30:50 AM
If it was an option in your country, would you pay your taxes with Bitcoin?
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
I would not pay my taxes in any currency that was not the official currency of the government entity I owed taxes to.
Sales tax, well there I would pay in bitcoin if I was buying in bitcoin.
But I mean tax on my income that I am required to pay at the federal, state, and local level. That I will always pay in the currency officially used by that government entity for business.
March 13, 2017, 09:29:29 AM
If it was an option in your country, would you pay your taxes with Bitcoin?
Let's do a small calculation. Take a medium-sized country in Europe, say, France. About 60 million inhabitants. If these 60 million people paid their taxes with bitcoin, then that would mean: 60 million transactions. At a rate of 3 transactions per second, that would mean, 20 million seconds. 231 days of full blocks. By the time your taxes are paid, using the FULL BLOCK CHAIN, you can almost start over again
France is one of the biggest countries in Europe
In fact, by the size of its population it is ranked the second most populous country in Europe, after Germany (if we exclude Russia from consideration, though its European part would likely still beat any single country in Europe). Further, not all 60 million people will be paying taxes, you should obviously exclude the elderly and infants. Other than that, Bitcoin scalability issues are well known just like the ways to solve them, so it is not so much scalability issues themselves as miners hindering further Bitcoin improvement in this direction. For example, Lightning Network would make such issues virtually non-existent (as well as solve a whole bunch of other problems, e.g. lack of a decentralized exchange)
March 13, 2017, 09:20:25 AM
Why not ? As they ask us to report the profits we make with buying and selling cryptos and so pay taxs on this, they should accept the people to pay with bitcoin. But one problem is, accepting the taxs to be paid with bitcoin, or others, would mean they accept that bitcoin is a currency
March 13, 2017, 09:14:09 AM
If it was an option in your country, would you pay your taxes with Bitcoin?
Let's do a small calculation. Take a medium-sized country in Europe, say, France. About 60 million inhabitants. If these 60 million people paid their taxes with bitcoin, then that would mean: 60 million transactions. At a rate of 3 transactions per second, that would mean, 20 million seconds. 231 days of full blocks. By the time your taxes are paid, using the FULL BLOCK CHAIN, you can almost start over again.
France only.
Go figure if the US citizens and the Russians started paying their taxes in bitcoin too.
March 13, 2017, 05:48:06 AM
I think Governments should allow people to pay their taxes in Bitcoin BTC. Now a days Bitcoin has become very popular and a interesting matter for all the people all over the world. So, i think Government should allow to pay their taxes in Bitcoin. For this reason, it will be so comfortable as well as helpful for the people. And slowly Bitcoin can be a legal forum if the governments of all the countries will accept their taxes in Bitcoin BTC.
So, from my view, it is yes.
So, from my view, it is yes.
That would be hard, and implementing such rule would just make a confusion among people that has both fiat and bitcoin. We have to consider too that we want bitcoin as freedom, so for government to hold bitcoin, that is already a violation, and what if they use it to manipulate the price of bitcoin? In simply holding most of what they got then dumping it when the price doubled, voila!! instant money.
March 13, 2017, 05:39:29 AM
I think Governments should allow people to pay their taxes in Bitcoin BTC. Now a days Bitcoin has become very popular and a interesting matter for all the people all over the world. So, i think Government should allow to pay their taxes in Bitcoin. For this reason, it will be so comfortable as well as helpful for the people. And slowly Bitcoin can be a legal forum if the governments of all the countries will accept their taxes in Bitcoin BTC.
So, from my view, it is yes.
So, from my view, it is yes.
March 13, 2017, 04:16:40 AM
If it was an option in your country, would you pay your taxes with Bitcoin?
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
For me, this doesn't make sense at all, in a way that you are paying your tax with a cryptocoin. If you can cash your bitcoin, then why not cash it out and pay your tax. Its like your paying your tax with something that is just the same worth. Why complicate things? Just let them be. Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
That may make some sense after all
For example, when you receive the bulk of your income in bitcoins (e.g. run a Bitcoin casino). In that case, you would have to exchange your bitcoins to fiat first, and that would be complicating things quite in line with what you yourself just said. Further, converting bitcoins would inevitably cause you to pay some percentage to an exchange for the exchange itself as well as withdrawal of the proceeds (apart from risking your coins due to possible hacks and scams). As you can see, there are use cases when paying taxes directly with Bitcoin could be perfectly justifiable and convenient
March 12, 2017, 12:33:46 PM
Of course yes, Governments should allow people in their country to pay their taxes in Bitcoin (BTC) because it is more practical than the tradition because we know that bitcoin is only in the internet so it can save time in paying taxes because it can be done anywhere because we just need an internet and device to use our bitcoin and pay our taxes.
If a large portion of the population were using Bitcoin exclusively then they would start looking for ways of collecting taxes that way. But why would people want to pay taxes with Bitcoin? Paying taxes with Bitcoin means that the government would know everything about the account holders. The main reason why people started to use Bitcoin in the first place, is to avoid paying taxes and to keep the government out of financial transactions.
March 03, 2017, 02:08:55 PM
If it was an option in your country, would you pay your taxes with Bitcoin?
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
I never encounter that so far since I started using bitcoin. Just all I wanna do is I just convert my bitcoin then every transaction that I made there is charge fee but no taxes charge.
March 03, 2017, 10:20:46 AM
If it was an option in your country, would you pay your taxes with Bitcoin?
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
For me, this doesn't make sense at all, in a way that you are paying your tax with a cryptocoin. If you can cash your bitcoin, then why not cash it out and pay your tax. Its like your paying your tax with something that is just the same worth. Why complicate things? Just let them be. Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
March 03, 2017, 10:03:15 AM
Paying taxes with bitcoin is not a big deal, because governments won't easily accept bitcoin as payment or premium. Only after strong analytical as well reliability testing only governments approve it. If governments accept, no need to think of the anonymity because governments already knew our identity. Upon our convenience we select bitcoin or Fiat that's it.
Not only that, but you forgot the fact that bitcoin is not controlled by the government that means that the price won’t change how they want it to be and the price is pretty unstable, so making people paying taxes with bitcoin which is the government’s way of making money is ting the whole economy of the country by a thin thread to the bitcoin’s future.Taxes and bitcoins are completely two different systems. Still, providing people to give more options to pay taxes including bitcoin payment system would be a great idea imho.
March 02, 2017, 08:28:29 AM
If it was an option in your country, would you pay your taxes with Bitcoin?
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
That is not good actually if you pay taxes, here in my country every time there is a transaction that I wanna make, I only pay for the fee then that its. But in your place I think the government in your place they to implement the segwit so that if that happen everything will centralize so they can control anything in bitcoin, but for now its only a speculation and impossible to be happen. Cross fingers
What is the relationship of the government and segwit, it has no relationship at all. Even if the government will allow bitcoin to be used in paying taxes and other government services like Switzerland does it does not mean that the government will push through Segwit. If we talk about the government placing taxes in bitcoin it is already happening today already, the exchangers that we use to trade money to bitcoin and vice versa is paying taxes to the government and that is included in the fees that we give to the site
It is even more than that
In countries where Bitcoin operations (like selling or buying bitcoins) are not outright prohibited or where the government doesn't just turn a blind eye to Bitcoin's very existence, you are obliged to pay taxes by default. I mean whenever you earn profits from such operations (in a certain period of time, say, within a year), you have to declare your income and pay the income tax. It doesn't even matter if they are going or really able to catch you when you choose to go for tax evasion, your liability to pay is still set by the law
March 02, 2017, 08:18:52 AM
If it was an option in your country, would you pay your taxes with Bitcoin?
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
That is not good actually if you pay taxes, here in my country every time there is a transaction that I wanna make, I only pay for the fee then that its. But in your place I think the government in your place they to implement the segwit so that if that happen everything will centralize so they can control anything in bitcoin, but for now its only a speculation and impossible to be happen. Cross fingers
What is the relationship of the government and segwit, it has no relationship at all. Even if the government will allow bitcoin to be used in paying taxes and other government services like Switzerland does it does not mean that the government will push through Segwit. If we talk about the government placing taxes in bitcoin it is already happening today already, the exchangers that we use to trade money to bitcoin and vice versa is paying taxes to the government and that is included in the fees that we give to the site.
March 02, 2017, 07:57:11 AM
Of course yes, Governments should allow people in their country to pay their taxes in Bitcoin (BTC) because it is more practical than the tradition because we know that bitcoin is only in the internet so it can save time in paying taxes because it can be done anywhere because we just need an internet and device to use our bitcoin and pay our taxes.
March 02, 2017, 05:03:58 AM
If it was an option in your country, would you pay your taxes with Bitcoin?
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
Or would that not make any sense to you at all, especially if you hold BTC as an asset whose value you hope to see increasing over time...?
I personally pay my taxes with EUR and will probably continue to do so even if I can pay with BTC
For convenience sake I would have preferred to pay my taxes with Bitcoin if my government accepted that as a medium of tax collection. It also come with less fees compared to other fiat payment systems.
March 02, 2017, 04:47:43 AM
Paying taxes with bitcoin is not a big deal, because governments won't easily accept bitcoin as payment or premium. Only after strong analytical as well reliability testing only governments approve it. If governments accept, no need to think of the anonymity because governments already knew our identity. Upon our convenience we select bitcoin or Fiat that's it.
I doubt if government would allow us to pay bitcoin in our taxes. They need something that is easily being handled by those in the tax division. Just think of it, what if the wallet where your payment was stored was hacked, it would be another burden for the government to trace it and if traced it will be hard for them to use it, except if majority of the people is using it and their economy is alive because of it.
March 02, 2017, 03:49:53 AM
Paying taxes with bitcoin is not a big deal, because governments won't easily accept bitcoin as payment or premium. Only after strong analytical as well reliability testing only governments approve it. If governments accept, no need to think of the anonymity because governments already knew our identity. Upon our convenience we select bitcoin or Fiat that's it.
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