tax for a safer crypto environment - page 2.

Kakawate

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Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

For me, it would be just fine, as long as the tax that we are paying is gonna be given the quality sergice that we are paying for, as long as the crypto users are really enjoying the services that the government had promised tand to provide.

Flayme

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Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

That's a great idea... If tax is really needed to legalize Bitcoin all over a counrty why not.... Tax is really important and if we used it here.... Well definitely it will bring safe and secure community.... In returns for our tax the government will protects as from illegal things like scam and hacking.... Well if it really happened it will surely help us not to be a victims of scammer.... We are working hardly here so if we are just be a victim of scam... That's is probably the worst thing that will happen to us... I will agree on that but the government will do their very best to make everything here safe and to create a better crypto environment.....

MaoDio

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Everytime the government implies that they gonna add a new tax from scratch it needs to be fought, it just increases the overall tax burden on the population and they keep doing it while playing different groups out to each other (ppor vs rich, healthy vs unhealthy, foreign vs native etc).

If they cant guarantee a safe environment for the companies (exchanges) which are registered in a specific country they are not government at all, its like adding a 3% police tax and 4% firefighter tax on all products soldin a country, either they can finance all of those services by the gigantic amont of taxes they already forcefully take from people or they are not considered a government (look at venezuela to see the extreme of this concept)

raidarksword

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I guess it is a good idea for security purposes to avoid and lessen scams performed by those people using bitcoin to perform their heinous acts but it all depends on the government on how they regulate crypto currency and adapts it.

Rossy Akbar

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It will become an absolutely awesome idea tho, I think that's the meaning of paying taxes for something. If the government do that it's mean they care of bitcoin users and they want to make a good agreement for bitcoiners. Maybe if they could make an high taxes even to protect bitcoiners from the hacker either.

As roma

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Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

Bitcoin is not a fiat currency with legitimate status in any country, but it is often still bound by the rules of tax liability regardless of the medium of money used. There are various laws in many countries that may result in income taxes, sales, payroll, profits, or other forms of tax liability arising with Bitcoin.

South Park

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Quote from: hatshepsut93 on May 05, 2018, 12:51:37 PM

Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

That's a bad idea, society should always aim to have as few taxes as possible. The first reason is corruption and bureaucratic inefficiency - often times when governments try to solve some problems, they fail and waste money in the process. The second reason is that it's just unfair for those who are willing to take risks and confident in their own judgement in crypto sphere - they would be paying a tax for a service that they don't need.

I agree with this, I do not know why some people get the idea that more taxes are a good thing maybe they think they are not going to be affected by those taxes and they're going to get benefits out of it, but taxes should only be applied when necessary, more taxes only create more poor people and also the bigger the taxes the more people are going to try to avoid them.

qwertyup23

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Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

A lot of implications would happen once the government intervenes and imposes tax in cryptocurrencies. First, bitcoin’s decentralized nature makes it a perfect vessel for investors as tax is obsolete, unlike in any other investment mechanisms. Second, if the government imposes tax, it is safe to assume that they have regulation or control towards the system. This may be beneficial in terms of having collateral but it may significantly decrease its price. Lastly, investors would shift into a new type of investment mechanism as the returns are what make bitcoin unique.
Though it really is a double-edged sword depending on where you look at it, I would prefer that the government would support its existence without having to impose prejudicial laws against it.

knightmairesaint

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Quote from: ASHLIUSZ on May 08, 2018, 07:27:26 PM

Government doesn't have a separate plan on the tax collection, whatever manner taxes been collected it goes to a combined fund. From there it gets used on various other needs. The tax collected from a particular process similar to cryptocurrency won't get used for the development of the cryptocurrency related services.

True and to make it short, crypto processes, transactions and services can be taxed but there is no guarantee that the funds will all go to crypto. The allocation of funds will depend on the budget plan wherein the most important things for the welfare of the country like education, medicine and etc. are where most of the funds goes too.

Cryptos are not that important to the government so we can assume that crypto would be put to the "Others" category in budget planning. Anyways, we are also paying tax through services so if we want better security for our cryptos why not just increase the security directly. I don't think that putting tax directly in crypto services will help us making crypto environment safer.

ASHLIUSZ

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Government doesn't have a separate plan on the tax collection, whatever manner taxes been collected it goes to a combined fund. From there it gets used on various other needs. The tax collected from a particular process similar to cryptocurrency won't get used for the development of the cryptocurrency related services.

victoryana

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Taxes make for a safer encoding environment. If so, I fully support tax collection to create this safe environment, and the government will charge a large amount of money and the charge will be used. management for currency

patz22

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Taxing crypto should be the same percentage as the current tax for any other income. Well, our earnings in crypto is basically much higher than any regular job. It is fine with me since it is for the improvement of our economic state (I am living in a 3rd world country) and recently our country decided to allow crypto and have a crypto economic zone that will create employment and generate tax. Reference: https://news.bitcoin.com/philippines-welcomes-crypto-economic-zone/

Granxis

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Quote from: Cosbycoin on May 08, 2018, 06:22:45 AM

Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

This is totally irrelevant because we are running away from taxes and you are asking about tax in crypto is bad for crypto users. Crypto users are investing because it is tax free and is negligible as compared to other currencies. People leave fiat due to the tax and bad transaction system and now the given suggestion will make people to run from crypto as well like they ran from fiat.

No one wants to pay taxes, but how can a taxpayer escape? When we make a shopping we automatically pay taxes, or things like gasoline, alcohol and taxes. To avoid the tax; we need to transfer money to the international, using crypto moneys.

ashkanm

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I think it's a great idea. Already transactions from Visa are not tax free and charges are included. Now govt authorities are talking about crypto market in tax issue and want to make so many rules. If tax are set at a point for all the cryptos, traders will be glad enough and feel free to engage in this industry.

Harrisonimo

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Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

I did mentioned this yesterday that government might be incorporated into bitcoin/Cryptocurrency earnings by taxing every transaction made; via transaction fees. Thereby legalizing Cryptocurrency fully and being able to monitor some of the growth processes.

Jessy Mediola

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Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

It is brilliant idea through this the crypto will be more secure and more reliable compare to the old one. But the government must be expert in cryptocurrency so it will be worth it to pay taxes. And those taxes will also be helpful to the economy and to the country because it helps many people especially those who experience poverty.

khaled0111

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It is a good idea but it will be hard to implement it.
People using cryptocurrencies don't want to be controlled by their governments so they will make their deals in the black market.
Also, implementing tax means that Bitcoin will be more centralized because all transactions will be supervised by a higher authority.
It will be easier to take commissions directly from exchanges.

Muwatti

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Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

You know that's a good idea... If the tax we pay will really help us for our security why not... Tax is really helpful sometimes especially if the government used it for the goodness of many... I will support that also because while we are working here atkeast we are sure that we are away from scam... But as for now it is still not possible because crypto are just starting... It needs a lots of people who will recognize its uses before it happen... But us a user we are hoping that soon it will happen....

1Referee

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Quote from: East2011 on May 08, 2018, 07:15:53 AM

As long as the tax they get will make cryptocurrency more safer and protected from all scammers and other criminals.

Governments can't and won't do anything to protect you. If you look at how all regulations meant to 'protect' the regular markets don't even have any effect, why would it have an effect on crypto? The only things the government cares about is you paying your due taxes, and how you have distrubuted your wealth. If they know these two options are in check, they have everything needed to blackmail and control you.

I know someone personally that due to a tax dispute with the tax department, has no longer access to financial services and everything else requiring an initial background review, all because of his 'taint'. It's a legal form of blackmailing someone to get him to do something, which in this case is to having him pay his due taxes. The government itself is the biggest ever criminal, we don't need them to protect us, we can take care of ourselves.

East2011

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Quote from: lushlife on May 05, 2018, 10:21:13 AM

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

I think it is a good idea. As long as the tax they get will make cryptocurrency more safer and protected from all scammers and other criminals.

Topic: tax for a safer crypto environment - page 2. (Read 425 times)