Topic: Tax on the crypto currency! What do you think? - page 23. (Read 3513 times)
I think that's a good thing, especially if the tax on the government's crypto currency can legalize and protect its use, if it happens is not impossible, the selling point of crypto currency can become more expensive now
I'm in favor with it as long as the tax from the cryptocurrency will be used in a right way and not corrupting it and putting it to their own wallet or pockets. We all know that corruption is common to the countries in the world but we should still try to remove it from our world because if there is no corruption then it means faster mode of progress.
Well I think taxation in cryptocurrency could be a long long process since its population has already can sum up to a very huge amount. Judging the situation right now the i must say that taxation is really impossible.
In my own opinion, tax on cryptocurrency is not necessary because most of the people who are investing a huge amount in bitcoins are already paying the transaction fee's.
I dont think that taxes on cryptocurrency is necessary because people who are interested on investing bitcoins are already paying transaction fee's so taxes are not necessary because the fee's can already compensate into this taxes.
There is a difference between a fee and a tax. Transaction fee would be paid to miners while the tax would be paid to the government for your obligation as a resident or citizen of the country because you are enjoying the benefits of what the government has built. It is the blood of the government and it cannot function properly without tax (funds) so if you want to help your government then you should pay your tax properly but due to corrupt government officials, we are just disappointed when our money will just go to an individual's pocket.
If you earn some income from cryptocurrency trading or any activity then you should pay tax too but I doubt that all pay their taxes because it is not directly traceable yet as to who earn an income so you have a choice to declare your income and the applicable tax as well.
If we do have to pay taxes then:
1. We should think of cryptocurrencies same as stocks - pay taxes anytime we sell a cryptocurrency and make a profit, not when crypto is bought.
2. Same as with property tax in some countries - taxes should be much lower if you own cryptocurrencies for more than one year and then sell them
3. you should be able to gift or donate your cryptocurrency and not pay taxes, if you have not sold it with a purpose to earn
That is not too bad, but there are some countries that want to charge a tax on each bitcoin transaction that you made even if you are only buying a coffee with it, that kind of taxation is going to kill the usage on everyday transactions of bitcoin but people could still use it as a store of value to protect the value of their money from fiat devaluation. 1. We should think of cryptocurrencies same as stocks - pay taxes anytime we sell a cryptocurrency and make a profit, not when crypto is bought.
2. Same as with property tax in some countries - taxes should be much lower if you own cryptocurrencies for more than one year and then sell them
3. you should be able to gift or donate your cryptocurrency and not pay taxes, if you have not sold it with a purpose to earn
I dont think that taxes on cryptocurrency is necessary because people who are interested on investing bitcoins are already paying transaction fee's so taxes are not necessary because the fee's can already compensate into this taxes.
There is a difference between a fee and a tax. Transaction fee would be paid to miners while the tax would be paid to the government for your obligation as a resident or citizen of the country because you are enjoying the benefits of what the government has built. It is the blood of the government and it cannot function properly without tax (funds) so if you want to help your government then you should pay your tax properly but due to corrupt government officials, we are just disappointed when our money will just go to an individual's pocket.
If you earn some income from cryptocurrency trading or any activity then you should pay tax too but I doubt that all pay their taxes because it is not directly traceable yet as to who earn an income so you have a choice to declare your income and the applicable tax as well.
whatever the kind of tax imposed on crypto currencies maybe, what matters is that you could always minimize the amount of money you need to pay or even get away from paying it altogether. it'a only a matter of really studying the tax laws in you country. it would also help you have someone who knows their way around the tax laws. i myself have a friend who is a corporate accountant so i can ask him about it. i mean taxes are good, but i sure as heck won't make the big wigs in my country richer.
Everywhere the tax is arising so it would be important for all. I would appreciate if they dont put taxes although the price is always fluctuating.
For me,if the government will seattle a lot about the cryptocurrencies,and it will be actually legalized,i am also the one who are willing to have taxes in cryptocurrency. It it really good if we are doing anything in crypto world freely,while the government also benifited for it.
I dont think that taxes on cryptocurrency is necessary because people who are interested on investing bitcoins are already paying transaction fee's so taxes are not necessary because the fee's can already compensate into this taxes.
Well I think taxation in cryptocurrency could be a long long process since its population has already can sum up to a very huge amount. Judging the situation right now the i must say that taxation is really impossible.
The motive of the government imposing taxes to all crypto holders is good cause it is big help also to our economy unless it won't be abused by them. People are get worried when it is finally imposed cause there is possibility that it could affect the market price and no chances that it will go higher,
For me,if the government will seattle a lot about the cryptocurrencies,and it will be actually legalized,i am also the one who are willing to have taxes in cryptocurrency. It it really good if we are doing anything in crypto world freely,while the government also benifited for it.
before goverment withdraw taxes from crypto market, they must prepare about its legal standing.if that already clear about legal standing, they can take taxes from cryptomarket.
How old are you? Have you ever paid tax? Probably not. Crypto isn't anything special and fits in pretty much every possible declaration form. Legal status only matters in the way that people within a specific country know what it is categorized as. Based on that, you may see crypto or/and your activities suddenly fit in a different tax category. In some cases it might work in your advantage and in some cases not. If we look at Japan's crypto regulations, it's quite harsh, but they are already looking to soften things up in our (the crypto enthusiast's and user's) favor. In other words, don't assume that you aren't subject to tax, because you are....
Now the government does not have the ability to control the flow of the crypto currency. Therefore, they can not impose a tax. But during the exchange of crypto currency on Fiat you have to pay tax.
Well I think taxation in cryptocurrency could be a long long process since its population has already can sum up to a very huge amount. Judging the situation right now the i must say that taxation is really impossible.
before goverment withdraw taxes from crypto market, they must prepare about its legal standing.if that already clear about legal standing, they can take taxes from cryptomarket.
Well I think taxation in cryptocurrency could be a long long process since its population has already can sum up to a very huge amount. Judging the situation right now the i must say that taxation is really impossible.
if governments want to regulate cryptocurrencies then they should tax of cryptocurrencies which is inevitable and paying tax is the only way crypto currencies are allowed to trade in any country
Tax is always there on every legal income, so if we are going to give a legal status to bitcoin in our country, then we have to pay income tax on bitcoin. Some countries have already turn bitcoin a legal currency like Japan and i think that they may already be collecting taxes on income that people are making from bitcoin. I think that it will surely increase the revenue of a country. 
I don`t disagree, somehow the realistic view as what we thought could be viewed in an apparent reality. it is not exaggerated however, it has not been simplified... If the government will set to tax every transaction on bitcoin. Then, it could. To tax, the government should not look on the bitcoin because they cannot control it; hence, they can control the person using it. Government is silent as of now, but i don`t disagree with the facts.
I think having to pay taxes in crypto will be only realized once the government starts to legalize and adopt bitcoin as a payment system just like fiat currency.And if it happens,then there's nothing we can do but to be responsible in paying taxes or else we will face its consequences in the latter part.
I don`t disagree, somehow the realistic view as what we thought could be viewed in an apparent reality. it is not exaggerated however, it has not been simplified... If the government will set to tax every transaction on bitcoin. Then, it could. To tax, the government should not look on the bitcoin because they cannot control it; hence, they can control the person using it. Government is silent as of now, but i don`t disagree with the facts.
If we do have to pay taxes then:
1. We should think of cryptocurrencies same as stocks - pay taxes anytime we sell a cryptocurrency and make a profit, not when crypto is bought.
2. Same as with property tax in some countries - taxes should be much lower if you own cryptocurrencies for more than one year and then sell them
3. you should be able to gift or donate your cryptocurrency and not pay taxes, if you have not sold it with a purpose to earn
1. We should think of cryptocurrencies same as stocks - pay taxes anytime we sell a cryptocurrency and make a profit, not when crypto is bought.
2. Same as with property tax in some countries - taxes should be much lower if you own cryptocurrencies for more than one year and then sell them
3. you should be able to gift or donate your cryptocurrency and not pay taxes, if you have not sold it with a purpose to earn
A couple of days ago, I have attended the networking event regarding my business and I met a person involved in taxation activities as a part of his profession and he said that taxation is going to play a crucial part when it comes to the future of blockchain based currencies and he is interested to see government's next move in terms of decision making through legal point of view.
I disagree taxation is not going to play a big role at all, what we need is the development of the technology that is what we need and we need adoption, the issue of the taxes is going to be incidental, after all if governments find a way to tax bitcoin users I do not mind since I'm willing to pay my taxes but if they do not find it that is their problem. Jump to: