Topic: Should governments allow people to pay their taxes in Bitcoin BTC? - page 4. (Read 5534 times)
February 16, 2017, 08:06:00 PM
I really will pay taxes with my bitcoins.Why?Because in bitcoins i can easily earn bitcoin online in many ways now and im getting all my expenses online paid using my bitcoins.But i think this will be a least problem if government ordered peoples to pay bitcoins for taxes because not all of people are using bitcoins and not all of them is interested in using bitcoins
February 16, 2017, 07:14:58 PM
No, why we pay tax? In my country, profit in stock is not taxable, you know they charge the tax in trading fee, and corporation tax. No need to pay tax again.
February 16, 2017, 06:55:20 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 see no problems with it. If they allow it, a lot of people will pay in BTC just to not have to convert back to any fiat currencies, but then again, most people holding BTC want to avoid taxes... but if they want to buy a car or a house, they will need to get it taxed anyway in any country on the planet as far as I know, so I say why not accept btc for taxes then.
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February 16, 2017, 06:54:59 PM
No, because:
1. It would be inconvenient for the Government to regulate this.
2. For now, Bitcoin prices are too volatile and I would be worried about it because unless you have some serious financial stability you might be screwed by a low Bitcoin price. Also, since you can't really pay taxes whenever you want, it would be better to convert to fiat currency when there's a good price in order to pay your taxes.
3. Recognising Bitcoin properly as a currency would be required to do this which may result in taxes and regulations on Bitcoin itself which discrete Bitcoiners would really not want.
1. It would be inconvenient for the Government to regulate this.
2. For now, Bitcoin prices are too volatile and I would be worried about it because unless you have some serious financial stability you might be screwed by a low Bitcoin price. Also, since you can't really pay taxes whenever you want, it would be better to convert to fiat currency when there's a good price in order to pay your taxes.
3. Recognising Bitcoin properly as a currency would be required to do this which may result in taxes and regulations on Bitcoin itself which discrete Bitcoiners would really not want.
February 16, 2017, 06:53:58 PM
I think that governments might want to consider the option, however only if they were to keep it in the state it is now, and not forcefully change anything so that it fit their own definition of a currency to pay taxes with.
To be honest, it's a pretty bad idea in my opinion, however it's an interesting thought experiment and hopefully nothing else.
To be honest, it's a pretty bad idea in my opinion, however it's an interesting thought experiment and hopefully nothing else.
February 16, 2017, 06:49:44 PM
I think governments prefer to avoid anything capable of bringing publicity to Bitcoin. So I think governments would not take this step.
February 16, 2017, 06:48:55 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
I never pay taxes in 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
February 16, 2017, 06:39:37 PM
No I will never pay my tax using bitcoin, i dont want to let the government know that i own bitcoin, and i prefer to keep bitcoin as investment because the price is keep on rising while fiat value is keep on decreasing, so it makes more sense to pay using fiat
Yep, there is many methods of cashing out Bitcoins without the Government knowing. Once you have that figured then you should be allowed to use Bitcoin without the Governments buttery hands all up on your cash.
February 16, 2017, 06:36:05 PM
No I will never pay my tax using bitcoin, i dont want to let the government know that i own bitcoin, and i prefer to keep bitcoin as investment because the price is keep on rising while fiat value is keep on decreasing, so it makes more sense to pay using fiat
February 16, 2017, 06:24:02 PM
The Government shouldn't be allowed to tax any Digital Currency that isn't hosted on the Military Server's. Bitcoin could be on a mesh-net or even something beyond that and the still exist while transactions are being sent to anyone in any type of server so in reality if we go a little bit further the Government hasn't have a warrant to tax anything Foreign.
The one world Government is the only solution to them taxing Bitcoin if they do it legally. The Government are the real crooks playing the game.
The one world Government is the only solution to them taxing Bitcoin if they do it legally. The Government are the real crooks playing the game.
February 16, 2017, 06:17:04 PM
I think that any measure that makes the government have less control over people's decisions is a good thing, but governments will probably not do so because it goes against the interests of those in power.
February 16, 2017, 06:14:05 PM
Government should not mandate every bitcoin users to pay taxes because one of the reasons why it was created is to be use with convenience. If government will tax us, they need to regulate first a law about it and the different countries involve in bitcoin needs to agree. Many people will protest about this idea!
Governments can do whatever they fell like and pass any law they want, the problem is how to enforce the law, and that is where bitcoin seems to be very strong , the governments don't seem to have the power to pass whatever they want into the code and even if they did we could always change to another crypto. 
February 14, 2017, 12:08:32 PM
Such idea is not realistic for now.
First, bitcoin is not recognized yet as real currency or financial assets in the most countries in the world.
So, for example, I can't even report earning in bitcoin to the tax office.
Only when I exchange my bitcoin funds to my local currency, I can report it to my local tax office.
In my country, during tourist season, for example, merchants can accept also foreign currencies but still, on the end of day, they have to exchange such funds to local currency.
So, even in such case, there is no way to report tax in foreign currencies.
In bitcoin? I don't see how is possible.
First, bitcoin is not recognized yet as real currency or financial assets in the most countries in the world.
So, for example, I can't even report earning in bitcoin to the tax office.
Only when I exchange my bitcoin funds to my local currency, I can report it to my local tax office.
In my country, during tourist season, for example, merchants can accept also foreign currencies but still, on the end of day, they have to exchange such funds to local currency.
So, even in such case, there is no way to report tax in foreign currencies.
In bitcoin? I don't see how is possible.
February 14, 2017, 12:01:48 PM
Yes, they should able people to do it. This would legitimate a bit more Bitcoin and that would prevent us to be taxed when declaring it as a profit and then use it to pay our taxes.
February 14, 2017, 11:57:54 AM
It is not necessary to pay taxes via bitcoin. Our bitcoin is convertible into fiat. Few countries have outlawed Bitcoin. Because bitcoins are being treated as assets, if you use bitcoins for simple transactions such as buying groceries at a supermarket you will incur a capital gains tax.
It is better to just use our coins directly when we can than to try to convert it to fiat first since if you convert it to fiat and you profit from it, you will have to probably pay taxes on the profit and you will pay fees in the conversion, it is better to spend bitcoin directly that way you don't pay fees and you don't have to pay taxes since you still own the same amount of bitcoin. February 13, 2017, 07:18:25 AM
Government should not mandate every bitcoin users to pay taxes because one of the reasons why it was created is to be use with convenience. If government will tax us, they need to regulate first a law about it and the different countries involve in bitcoin needs to agree. Many people will protest about this idea!
February 13, 2017, 04:00:31 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 guess this largely depends on what you are using Bitcoin for
If you are primarily using it as a means of payment (e.g. for buying goods and paying for services), then there shouldn't be any issue if you choose to pay taxes with it (just like you pay for anything else with Bitcoin). On the other hand, if you mainly use Bitcoin as a financial asset (read for speculation) or even as a store of value, then paying taxes with it doesn't make much sense since that would basically mean wasting valuable resources. Personally, I wouldn't pay taxes with Bitcoin, in fact, I would rather prefer to keep my taxes low
February 13, 2017, 03:58:29 AM
probably it will be easier to pay taxes with bitcoin, let's say we don't need to go to the office, but we can send it from house. however, bitcoin has better function than just as a payment method. and I think we all know it, that bitcoin is a very good investment.
February 13, 2017, 03:01:42 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 think you can pay your taxes with bitcoin through a bitcoin debit card only if you pay already through your local credit card. But If I was asked I wouldn't spend the bitcoins to pay taxes because the value of bitcoin changes and we hope that it will be increased, I would continue paying in fiat instead of bitcoin.
February 13, 2017, 02:57:32 AM
I already pay tax on the coins I convert to fiat via my exchange, because it is linked to my bank account. So they issue a tax certificate and they are linked to the IRS. You pay capital gains and also VAT on all your purchases, so I cannot see what else you have to pay on top of that?
The regulated exchanges have to adhere to KYC and AML regulations, so everything is accessible to the IRS.
The regulated exchanges have to adhere to KYC and AML regulations, so everything is accessible to the IRS.
OP is not talking about paying simple tax, he is talking about paying tax with bitcoin, unless you use external third party service you can't currently do it directly in any country
i theory if they are really serious about regulating bitcoin, they should allow us to pay tax with bitcoin itself, especially if they are going to tax bitcoin...
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