Two things are certain: Bitcoin and Taxes - page 3.

tee-rex

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Quote from: ?? on ??

So Donald Trump wins and the obviously left wing biased IRS now decides to finally put it's boot on Coinbase's neck?

I don't quite understand how Donald Trump's victory may have affected the IRS' decision to poke their nose into Coinbase records. All in all, we could expect Trump to be somewhat negative toward taxes. For sure, he might have been evading some of them himself during his long business career. Or are they trying to imitate wild activity before he fires them all?

IRS, you are fired!

topesis

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Bitcoin and Tax: the way I look at it, just like my school days, during exams period, every semester brings about stricter supervision but you will still find out there is still exam malpractice, People will always find a way to get around tax, that is how God create human mind

tee-rex

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Quote from: 1Referee on November 23, 2016, 07:49:39 AM

However, with Bitcoin there is basically no way the government (unless the government demands information from exchanges) to see what you have, and how much profit you have been making. It's your silence that will allow you to avoid paying tax over your coins. But if you're a completely honest citizen, and declare everything according to the law, then you are shooting yourself in your foot because of your honesty. 99% of the people will simply not declare any of their coins. I am part of that 99% as well. Tongue

Being honest simply doesn't make any sense because most if not all governments are exploiting their population and contrived a multitude of laws to justify that. They enforced fiat for use as a means of payment, with which they are stealing wealth from ordinary people that create this wealth with their own hands. People can try to evade taxes, but fiat itself is a tax in its own right, which is hard to escape.

1Referee

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Quote from: xuan87 on November 23, 2016, 07:35:37 AM

Yeah i know one day the government will find a way to taxed us, for now the government still plan and observe how is the way, there is no way that government will let us earn something without being taxed, that is why before the government make any rules we need to used bitcoin as much as we can and enjoy as much as we can

It basically doesn't really matter what you hold. If you hold something with a certain value that can be converted to fiat, the government will see it as something that is part of your total wealth. In that regard, it's easy to assume that you need to declare what you have, and after that you pay tax what the government think you owe them.

However, with Bitcoin there is basically no way the government (unless the government demands information from exchanges) to see what you have, and how much profit you have been making. It's your silence that will allow you to avoid paying tax over your coins. But if you're a completely honest citizen, and declare everything according to the law, then you are shooting yourself in your foot because of your honesty. 99% of the people will simply not declare any of their coins. I am part of that 99% as well. Tongue

xuan87

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Yeah i know one day the government will find a way to taxed us, for now the government still plan and observe how is the way, there is no way that government will let us earn something without being taxed, that is why before the government make any rules we need to used bitcoin as much as we can and enjoy as much as we can

danherbias07

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Quote from: LuanX3 on November 20, 2016, 09:36:32 AM

I would prefer "Two things are certain: Death and Taxes." I think Bitcoin will not be here forever. There is a great possibility that governments will ditch paper money and go into their own cryptocurrency.

So true. They wont be using something that says FREEDOM in its definition. Grin

They dont want us to be free from taxes which makes them rich. Where would they get their money for buying their hobbies and other stuffs which are expensive if we don't pay them tax anymore. Grin

TastyChillySauce00

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Quote from: LuanX3 on November 20, 2016, 09:36:32 AM

I would prefer "Two things are certain: Death and Taxes." I think Bitcoin will not be here forever. There is a great possibility that governments will ditch paper money and go into their own cryptocurrency.

Definitely there's possibilities for those governments to make up their own digital currency instead of counting on bitcoin for the sake of their own security and to build up their economy to be better. but i guess it's not going to be a problem because bitcoin is not aiming to be the main currency of a country but to be universally used in this planet

Xester

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Quote from: useless4 on September 04, 2016, 08:26:26 AM

Quote from: Xester on September 04, 2016, 03:32:04 AM

Quote from: ?? on ??

Quote from: goinmerry on August 24, 2016, 09:39:59 AM

Quote from: diodio5 on August 24, 2016, 09:18:14 AM

Quote from: x|8y8|x on August 19, 2016, 02:32:58 AM

to me if state impose tax on bitcoin its mean that they have accepted bitcoin that will be really a good decision, and it must be in favour of bitcoin, through this bitcoin will become more popular in the people.

I think it is impossible for the government to be giving taxes to the bitcoin users. bitcoin users have many ways to avoid their taxes.
they can use a mixer so that they can not be detected by the government. I think giving ideas for bitcoin enacted tax is a strange idea

Those greedy monsters will do something to create a tax. Maybe not now but they will specially when they see a lot of growth in price of bitcoin. They will make a law someday that will be about taxes when it comes to online currencies.

They already did.

It is called altcoins.

You spend your time building them and they tax you at the exchanges for trading them.

They already have your information.

This is how it starts and then we repeat history all over again.

That is very true and correct my friend. Trading and exchange platforms are the new sharks in virtual currency. They are the new face of banking systems and we speak of decentralization there are no such things. The problem is not with fiat in which many blames the banks and governments and they say that's the reason for their shift to bitcoins but look around you even in cryptocurrencies the problem in fiat currency is reappearing but why? It's because the problem is greed and we humans cannot free ourselves from that. As long as greed is there currency maybe in the form of fiat and virtual will face the same fate. So if the government put taxes to bitcoin then let it be it will benefit the community.

basically you are right, exchanges will make a lot of profit from the people in my opinion, besides that we cannot avoid taxes for our country

Yes!i agree!almost all of us wanted to avoid tax!who would not? Many people are using bitcoins because of its low fees. Bitcoin charge is very minimal than tax. It can be in a tolerable amount. Tax are being use by the government for the improvement of the country, but most of taxes goes directly to the pocket of some corrupt government officials. So why put ysx on bitcoins. better to get off with bitcoins.

groll

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Quote from: ClownSpider on August 20, 2016, 02:42:58 AM

Quote from: LC1007 on August 19, 2016, 09:00:24 AM

The government will un doubtfully somehow figure out how to tax all crypto currencies.

Impossible. You don't know shit about bitcoin if you say such things.

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LuanX3

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I would prefer "Two things are certain: Death and Taxes." I think Bitcoin will not be here forever. There is a great possibility that governments will ditch paper money and go into their own cryptocurrency.

arcanaaerobics

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If they find a way to tax you all, just move to a more anonymous altcoin, don't let the government rules you!

By the way when they start to do this will be too late, they can't deal with us.

Milkduds

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The original layout to this discussion was stating they want bitcoin and I disagree with this. They want the technology it provides for sure,I will not argue this as it does make it easy to tax the people when every aspect is connected to them in a non anonymous way. Taxation currently only comes to those that are caught in the honeypot called Coinbase and it should have been clear for most of us that they where going down this road long ago. So no sudden shakeup and the tax pirates are taking the lowbearing fruit as they say.

Taxation will come in the future but not for bitcoin,it will be replaced with a backdoor driven coin that has no ways of hiding who you are.
The negative interest rate will be walked in hand in hand with the new setup.

Quote from: ?? on ??

Quote from: croutonhexagon on November 18, 2016, 12:47:45 PM

Yes there are two things possible either choose bitcoin which is taxless or choose paper money which include taxes. And let's super impose both and make a better system which be reliable, affordable and secure then normal paper currency and online banking system. Money is everything so let's eradicate the barriers from paper currency

I don't think you understand.

What do you think it means to watch the US dollar strengthen against?

Couple this with the proposal to tap into Coinbase accounts to start taxing and you have a Yellow Claw trying to rip you to shreds.

Bitcoin already taxes by the way in the form of transaction fees and exchange fees.

Built right into the system from the beginning.

Also, thinking about the future "taxless" system is fun but reality is that the everyday Joe still can't use Bitcoin to pay his utility and mortgage bills without going back to home currency.

Theory always gets trumped by reality.

You can wave the fee and face a longer wait,that is the price of business and not a ingrained tax system.

The average Joe is still quite unaware of bitcoin,so I do not know how they factor into the discussion of taxation in the future. Unless you are implying that this will be a forced thing and if that is the case I still think it will be another crypto other than bitcoin to push this agenda.

croutonhexagon

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Yes there are two things possible either choose bitcoin which is taxless or choose paper money which include taxes. And let's super impose both and make a better system which be reliable, affordable and secure then normal paper currency and online banking system. Money is everything so let's eradicate the barriers from paper currency

rajasumi3

full member

Activity: 266

Merit: 100

Well i guess taxes are certain for sure .well i cant guarantee for bitcoins . And taxes have to paid for gambling and traders ..well dont worry that anything will happen .just keep on doing bitcoins ..enjoy it to the fulllest ..kudoos

useless4

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Quote from: Xester on September 04, 2016, 03:32:04 AM

Quote from: ?? on ??

Quote from: goinmerry on August 24, 2016, 09:39:59 AM

Quote from: diodio5 on August 24, 2016, 09:18:14 AM

Quote from: x|8y8|x on August 19, 2016, 02:32:58 AM

to me if state impose tax on bitcoin its mean that they have accepted bitcoin that will be really a good decision, and it must be in favour of bitcoin, through this bitcoin will become more popular in the people.

I think it is impossible for the government to be giving taxes to the bitcoin users. bitcoin users have many ways to avoid their taxes.
they can use a mixer so that they can not be detected by the government. I think giving ideas for bitcoin enacted tax is a strange idea

Those greedy monsters will do something to create a tax. Maybe not now but they will specially when they see a lot of growth in price of bitcoin. They will make a law someday that will be about taxes when it comes to online currencies.

They already did.

It is called altcoins.

You spend your time building them and they tax you at the exchanges for trading them.

They already have your information.

This is how it starts and then we repeat history all over again.

That is very true and correct my friend. Trading and exchange platforms are the new sharks in virtual currency. They are the new face of banking systems and we speak of decentralization there are no such things. The problem is not with fiat in which many blames the banks and governments and they say that's the reason for their shift to bitcoins but look around you even in cryptocurrencies the problem in fiat currency is reappearing but why? It's because the problem is greed and we humans cannot free ourselves from that. As long as greed is there currency maybe in the form of fiat and virtual will face the same fate. So if the government put taxes to bitcoin then let it be it will benefit the community.

basically you are right, exchanges will make a lot of profit from the people in my opinion, besides that we cannot avoid taxes for our country

Xester

hero member

Activity: 994

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Quote from: ?? on ??

Quote from: goinmerry on August 24, 2016, 09:39:59 AM

Quote from: diodio5 on August 24, 2016, 09:18:14 AM

Quote from: x|8y8|x on August 19, 2016, 02:32:58 AM

to me if state impose tax on bitcoin its mean that they have accepted bitcoin that will be really a good decision, and it must be in favour of bitcoin, through this bitcoin will become more popular in the people.

I think it is impossible for the government to be giving taxes to the bitcoin users. bitcoin users have many ways to avoid their taxes.
they can use a mixer so that they can not be detected by the government. I think giving ideas for bitcoin enacted tax is a strange idea

Those greedy monsters will do something to create a tax. Maybe not now but they will specially when they see a lot of growth in price of bitcoin. They will make a law someday that will be about taxes when it comes to online currencies.

They already did.

It is called altcoins.

You spend your time building them and they tax you at the exchanges for trading them.

They already have your information.

This is how it starts and then we repeat history all over again.

That is very true and correct my friend. Trading and exchange platforms are the new sharks in virtual currency. They are the new face of banking systems and we speak of decentralization there are no such things. The problem is not with fiat in which many blames the banks and governments and they say that's the reason for their shift to bitcoins but look around you even in cryptocurrencies the problem in fiat currency is reappearing but why? It's because the problem is greed and we humans cannot free ourselves from that. As long as greed is there currency maybe in the form of fiat and virtual will face the same fate. So if the government put taxes to bitcoin then let it be it will benefit the community.

Hamaber

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Quote from: useless4 on August 31, 2016, 09:03:25 AM

Quote from: groll on August 24, 2016, 10:29:50 PM

Even if bitcoin is decentralized it does not mean that it is free of tax. When you exchange it to currency there is a certain fee and I think partbof it goes to tax. And I do not think the government does not know about it where in fact some banks here in our country supports and allow bitcoin teansactions. There is just certain fees but it was not that large. Otherwise they will banned it and stop the bitcoins if ever there is no return of benefits to them.

you are right, you will always need to pay some fees with bitcoins because ou need to pay the fees for the transactions

The bitcoin fee for the transactioin is very cheap at the moment. It is about $0.15 on average, lower than credit card fees.

useless4

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Quote from: groll on August 24, 2016, 10:29:50 PM

Even if bitcoin is decentralized it does not mean that it is free of tax. When you exchange it to currency there is a certain fee and I think partbof it goes to tax. And I do not think the government does not know about it where in fact some banks here in our country supports and allow bitcoin teansactions. There is just certain fees but it was not that large. Otherwise they will banned it and stop the bitcoins if ever there is no return of benefits to them.

you are right, you will always need to pay some fees with bitcoins because ou need to pay the fees for the transactions

bitkilo

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https://www.bitcoin.com/

Quote from: danherbias07 on August 31, 2016, 12:47:54 AM

Quote from: bitkilo on August 30, 2016, 10:29:55 PM

Quote from: eternalgloom on August 19, 2016, 05:50:13 AM

Quote from: bitkilo on August 19, 2016, 01:33:14 AM

They used to double tax bitcoins where i live, 10% when purchasing and another 10% when selling. I'm glad the government changed that stupid law.

I get paid a percentage of my wage in bitcoin and nothing has changed from when i used to get paid completely in fiat, still running on PAYG (pay as you go tax)

Where do you live? That seems like something that could be avoided pretty easily and I've never heard of a law like that.

I am in Australia and the law was not that easy to get around in the start, all exchanges operating here charged the customer a 10% gst tax when they purchase coins and unless you did a p2p trade via localbitcoins or something you would have to pay the 10% tax to sell those coins also.

Damn that is robbing people already. Too high to pay. That is like letting people know to not use it. Is this some kind of a movement for making it fall?

It was probably started by big banks pressuring the government as a means to stop bitcoin adoption but it didn't last, the double tax is no longer charged.

Kungfu45

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Well, I did not pay a dime because there are no taxes on bitcoin in my country and even if there was I doubt most of us would, You pay taxes on goods but with something you can hold like bitcoin I don't think it will be fair if they add a every year tax. That's my opinion.

Topic: Two things are certain: Bitcoin and Taxes - page 3. (Read 7445 times)