When Bitcoin will be taxed, will it still be as in demand as it right now? - page 3.

Tyrantt

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Quote from: shield132 on August 23, 2017, 02:20:41 PM

Guys I am amazed, isn't bitcoin taxed in your country? You are wrong guys, in my country (and I believe not only in my country) bitcoin is taxed. Why? Because every business you have, doesn't matter which currency you use, you have to pay taxes. Customers pay you in bitcoin and that transaction is officially recorded. Maybe taxes will be paid like this: taxes will be cut from btc converted in usd at the moment you received coins or there will be another method.

in my country, and probably in most, you SHOULD be taxed for every income like bitcoin,ebay sales, amazon sales, etc.. but it's not that well regulated, I mean even online sales aren't taxed because government doesn't want to bother with that. BTC isn't taxed in my country, even tho it should be taxed as every other income, and I doubt that it will be taxed any time soon or at all.

bamboylee

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Tax or no tax, bitcoin will still be popular and in demand. It is not the main features of bitcoin. And if ever, it will be hard for the government to track which one is not paying their bitcoin tax.

chalkboard17

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Tax is not the main priority of the people so that I do not think that it will cause a big problem to bitcoin. However, I do not think that bitcoin can be tracked or bitcoin users can be forced to pay tax. It is hard to find who are using bitcoin. Therefore, I think we do not need to worry about this issue

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Quote from: shield132 on August 23, 2017, 02:20:41 PM

Guys I am amazed, isn't bitcoin taxed in your country? You are wrong guys, in my country (and I believe not only in my country) bitcoin is taxed. Why? Because every business you have, doesn't matter which currency you use, you have to pay taxes. Customers pay you in bitcoin and that transaction is officially recorded. Maybe taxes will be paid like this: taxes will be cut from btc converted in usd at the moment you received coins or there will be another method.

Exchanges here in my country is also taxed since it's business. And for business to run legitimately, they should be licensed and recognized by the government no matter how currency you used.

For me, I see no problem at it since while we are enjoying the benefits that bitcoin is giving us, we must accept that for bitcoin to become fully globally adopted, it should be recognized by the government. Plus the fees that exchanges charging us is still not to the point that it's not fair for all concerns.

shield132

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Guys I am amazed, isn't bitcoin taxed in your country? You are wrong guys, in my country (and I believe not only in my country) bitcoin is taxed. Why? Because every business you have, doesn't matter which currency you use, you have to pay taxes. Customers pay you in bitcoin and that transaction is officially recorded. Maybe taxes will be paid like this: taxes will be cut from btc converted in usd at the moment you received coins or there will be another method.

MintCondition

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Quote from: 2tang on August 23, 2017, 01:41:31 PM

Quote from: LeoEspansq on August 23, 2017, 07:05:48 AM

The tax for bitcoin will reduce its popularity and price. Many authorities use money from taxes not for their intended purpose and this currency was created for a tax evasion.

But if it is not taxed then bitcoin has the potential to become illegal currency, and this is more detrimental to us, in my opinion will not be different from the previous bitcoin conditions provided they have to accept bitcoin as a legal tender, and I keep wondering. How to calculate any user income tax because bitcoin is not centralized.

It will be hard for it's decentralized and can access anonymously. Those companies accepting btc can be taxed by the government and those charges can be put to it's user through transaction fees. But putting tax one by one when just by having btc is not necessary.

2tang

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Quote from: LeoEspansq on August 23, 2017, 07:05:48 AM

The tax for bitcoin will reduce its popularity and price. Many authorities use money from taxes not for their intended purpose and this currency was created for a tax evasion.

But if it is not taxed then bitcoin has the potential to become illegal currency, and this is more detrimental to us, in my opinion will not be different from the previous bitcoin conditions provided they have to accept bitcoin as a legal tender, and I keep wondering. How to calculate any user income tax because bitcoin is not centralized.

rickadone

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Quote from: panju1 on August 22, 2017, 03:31:52 PM

Quote from: TrueCryptonaire on August 22, 2017, 11:20:03 AM

First of all taxing bitcoin is a pretty hard thing to do as the owner of bitcoins can't be identified by address itself. But government can tax the bitcoins only when we sell them for bank transfer as there the KYC is necessary and banks are also involved, otherwise there is no way to tax bitcoins as far as I know.

At some point, you will have to spend your bitcoins or encash them for fiat. That is when governments will check if you have been regular with your taxes. If you have evaded taxes, you can get into trouble.

Getting taxed for the use of Bitcoin is unlikely to happen, but if it does happen, the situation people find themselves in will determine whether Bitcoin will be in high demand or not. If people happens to be making more profits than they’re being charged, then they continue. But if they feel like they’re losing, they will quit from it.

LeoEspansq

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The tax for bitcoin will reduce its popularity and price. Many authorities use money from taxes not for their intended purpose and this currency was created for a tax evasion.

cantstopthebeat

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Yeah as the poster said above you are supposed to pay capital gains tax already. There are ways to get away with not paying but its illegal. If you have a large amount and are looking to cash out, just pay the tax even if it does suck.

BingoDog

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Tax authorities will probably not tax bitcoin itslef (so if you just hold coins in your wallet) but bitcoin transactions especially converting to fiat. But it's not possible to discover and trace all transactions so there will be always users who will not pay. In my country there are no taxes at all related to bitcoin but maybe this will change in the future if the governement will need another source of income for the budget.

KizaruOG

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If you will cash out your btc to fiat via exchanges, you need to pay taxes.

Sled

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Quote from: Gotumoot on August 23, 2017, 01:04:02 AM

It is beiing taxed even now, but if the government is going to use it as payment and charge taxes, i think it will be more in demand and tax will not going to be a hindrance.

That is right, tax is a normal thing in this world because we are paying tax so we can have a fund for the government which they will use for executing different projects or services that can benefit for all the people who are covered within that country or government and if they will charge tax in bitcoin then there is no problem with that and that will just lead for having more demand because most of the people still trust government rather than the other people so if they will declare tax to bitcoin then it means that government is promoting it and it is safe.

Gotumoot

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It is beiing taxed even now, but if the government is going to use it as payment and charge taxes, i think it will be more in demand and tax will not going to be a hindrance.

Schuyler

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The fact that there can only be 21 million bitcoins that can be mined would surely keep the demand at a high rate, be it taxed or not. It is a finite asset and we will one day come to a time that all the bitcoins have been mined and you can only imagine what the price would be by then.

btcjocan

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Quote from: gentlemand on August 22, 2017, 07:01:51 PM

Quote from: GrayFullbuster on August 20, 2017, 11:46:05 PM

No. that is very impossible. The reason why many people got interested to the bitcoin is because of being decentralized. The government can't control the bitcoin and it can't be taxed.

What is it with the bubble heads in this forum?

In most countries it's taxed right this very minute. They don't care that it's decentralised. They don't care that it's 'on the internet'. They don't care that you took a risk. If you bought it for less than you sold it and it goes over your personal tax allowance then there's some tax.

If you sell enough of your sweaty work out thongs to perverts, that's taxable. If you sell enough finger paintings of Barbra Streisand, it's taxable. They're both far sillier and more abstract than Bitcoin but it's all the same thing.

You're welcome not to pay it. Don't be sad if they turn up at your mansion with a fleet of supercars outside and take it all away and shove you in jail.

There are countries where it isn't taxable. If you live in one then congrats. If you don't then pay some bleedin' attention.

In my country right now I don't consider it taxable for the main time, because the wallet site that I've been using already affiliated with central bank of the country which mainly the site was taxed and license registered. For now the development of the wallet site was still on going for further improvement which most of us doesn't know when will it will be taxed fully with all transaction including withdrawals. If that will happened I don't think that the demand of bitcoin will be like this what we are experiencing right now, it maybe changed and it may caused sudden drop of bitcoin economy; so the freedom of currency will be removed by that time of imposed bills on it.

gentlemand

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Quote from: GrayFullbuster on August 20, 2017, 11:46:05 PM

No. that is very impossible. The reason why many people got interested to the bitcoin is because of being decentralized. The government can't control the bitcoin and it can't be taxed.

What is it with the bubble heads in this forum?

In most countries it's taxed right this very minute. They don't care that it's decentralised. They don't care that it's 'on the internet'. They don't care that you took a risk. If you bought it for less than you sold it and it goes over your personal tax allowance then there's some tax.

If you sell enough of your sweaty work out thongs to perverts, that's taxable. If you sell enough finger paintings of Barbra Streisand, it's taxable. They're both far sillier and more abstract than Bitcoin but it's all the same thing.

You're welcome not to pay it. Don't be sad if they turn up at your mansion with a fleet of supercars outside and take it all away and shove you in jail.

There are countries where it isn't taxable. If you live in one then congrats. If you don't then pay some bleedin' attention.

Hydrogen

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When I think of bitcoin being taxed, I think of the effect gas, alcohol and tobacco taxes have on the price of gasoline, cigarette packs and cases of beer. And the effect property taxes have on rent.

A lot of people want marijuana to be legalized and taxed. I'm not certain if those people realize how much cheaper cigarettes & other things were before taxes were added to them.

panju1

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Quote from: TrueCryptonaire on August 22, 2017, 11:20:03 AM

First of all taxing bitcoin is a pretty hard thing to do as the owner of bitcoins can't be identified by address itself. But government can tax the bitcoins only when we sell them for bank transfer as there the KYC is necessary and banks are also involved, otherwise there is no way to tax bitcoins as far as I know.

At some point, you will have to spend your bitcoins or encash them for fiat. That is when governments will check if you have been regular with your taxes. If you have evaded taxes, you can get into trouble.

UsernameBitcoin

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Bitcoin is very hard to tax. Imagine the technology and manpower required to track all the addresses of everyone who spends or sends Bitcoin. Shocked

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