It's pretty hard for such a thing to actually happen, although, if you are constantly withdrawing money in form of Fiat currency from exchangers, you could end up getting taxed for that money.
However, Bitcoin's nature is that it makes it not regulated by governments or banks, provided that you use a Bitcoin-only ATM, your money doesn't even show anywhere for it to be taxed. No matter what laws might be passed in the future, there are plenty of ways to avoid them.
Topic: When Bitcoin will be taxed, will it still be as in demand as it right now? - page 4. (Read 1975 times)
August 22, 2017, 03:43:29 PM
August 22, 2017, 12:20:03 PM
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.
August 22, 2017, 11:52:43 AM
It is illegal to tax the trading of a commodity in the way that you're talking about. If you would done your research you would say that since 2016 Bitcoin is been legally considered a commodity and not a currency in the United States, making it impossible to tax in the way that you are speaking of.
August 21, 2017, 12:17:31 PM
When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
Does the bitcoin community is ready for this?
surely demand will still go up even though bitcoin is accepted universally because it can facilitate any transaction.
i think all bitcoin communities are well prepared for this
August 21, 2017, 10:18:46 AM
When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
Does the bitcoin community is ready for this?
If bitcoin will be taxed, it means that it is under the government. Therefore it is legalize. If this happens, I think that the demand will fall because of additional fee which is the tax. Just imagine if you are going to get your profit but you can't get that completely because of tax.
August 21, 2017, 10:15:58 AM
I wouldn’t bother paying tax for bitcoin as long the price of bitcoin stays above 3-4K USD. The reason is simple, I’m earning huge money from the internet with very little efforts and if my government is going to provide me more security against my taxes then Im more than happy to pay my government. The price is already very high as we all know, then why we should hesitate paying tax over it. We know very well how crypto currencies work, they can sometime give us shit profits but at few times the profits could be 10 to 50 times more than our investment. You earn more than enough with them so its all right to pay the tax.
Bitcoin demand will be same as it is today because anyway we are getting something without resections! Its better than getting banned! :-)
August 21, 2017, 08:50:41 AM
I think that bitcoin, which is taxed, will not be as popular as it is now and its value can drop dramatically. It will be at the level with conventional currencies and will not be of interest to investors.
August 21, 2017, 08:36:13 AM
Government cant really taxed bitcoin transactions directly because the transactions offered by bitcoin is from user to user and not under any company or corporation thats why the demand for bitcoin is getting high because free lancers choose this kind of payment from their work or project.
I believe it can be tax as soon as the govertment acknowledge the bitcoin to replace their currency.Then their legislative body which are composed by congress and the senate will make the laws to impose tax on their bitcoin and amending it to for the people to comply. Like today we currently pay taxes using our current paper money this is will going the same to bitcoin we will pay taxes using bitcoin.
August 21, 2017, 05:44:26 AM
When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
Does the bitcoin community is ready for this?
When government intend to start taxing bitcoin, I don't think that will deter a lot of people from bitcoin, The only set of people that would ,move are those who cannot compromise on anonymity because when you file your returns, you then need to disclose some information as well which invariably, means exposing your identity. Aside that, people who have been working and earning salary didn't stop working because government taxed them. Its a civic responsibility for every citizen to pay tax.
August 21, 2017, 03:48:08 AM
When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
It is impossible to have a tax because it is decentralized , and if that will somehow happen it eill still be in demand, if they its users are still earning profit out of it. If it is still profitable to its users, tax won't be a problem and its demand will continue increasing , same as its price is rising. But I think it would be impossible to be taxed. Does the bitcoin community is ready for this?
August 21, 2017, 03:35:41 AM
In my country it is pretty clear that the capital gains tax does apply to cryptocurrencies, so that doesn't really effect the demand so far, demand is growing...
August 21, 2017, 03:32:33 AM
I think it will still be in demand. In fact I think most bitcoin users are just hoping that taxing will not happen even though deep inside thier heart they know this will eventually happen. Since this is still new and not evryone knows about this, tax is still out of the question. But even if tax will be imposed, I think everybody is ready for it.
August 21, 2017, 03:30:04 AM
Bitcoin is taxed already in most countries. Some countries see bitcoin as a commodity and they take capital gain tax on your profits you make from the trading that are done. In many countries they charge you VAT on all the things you buy with bitcoins. In some countries they charge you both capital gains and VAT.
You will even find that some countries are Bitcoin friendly and they charge zero tax on bitcoin commerce.
http://kryptomoney.com/bitcoin-tax-policies/
You will even find that some countries are Bitcoin friendly and they charge zero tax on bitcoin commerce.
http://kryptomoney.com/bitcoin-tax-policies/
Well this is unevitable because offcourse we know how tax works that it could help the community not totally go in bankrupt. But at least it is not the same tax as other countries to its workers. Sometimes taxes are just so high that your wont hold your income in the amount that was promised to you. For me its ok to have taxes to avoid imbalance in a countries economy. It would still be in demand because now adays it is still in its discovery among other localities.
August 21, 2017, 03:15:52 AM
When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
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. Does the bitcoin community is ready for this?
Nothing is impossible for the Government If they want something they could get it. If Bitcoin gets legally accepted by a country, Government would impose such laws and regulations on transacting Bitcoin. There's no such thing as a free entry into the market without getting taxed. To add Government can manipulate everything.
To answer the question, We are already taxed due to transactions fees. But once the government started to play a part in this industry for sure above that transaction fee is another tax imposed by the Government itself. The demand will depend on how will Bitcoin react at the market. We all know that Bitcoin is volatile, if it continues to grow then demand would increase for sure. But, potential investors would limit their investment to avoid big losses not only because of the tax but to make sure that they will not engage in something beyond their control.
August 21, 2017, 03:08:51 AM
Bitcoin is taxed already in most countries. Some countries see bitcoin as a commodity and they take capital gain tax on your profits you make from the trading that are done. In many countries they charge you VAT on all the things you buy with bitcoins. In some countries they charge you both capital gains and VAT.
You will even find that some countries are Bitcoin friendly and they charge zero tax on bitcoin commerce.
http://kryptomoney.com/bitcoin-tax-policies/
You will even find that some countries are Bitcoin friendly and they charge zero tax on bitcoin commerce.
http://kryptomoney.com/bitcoin-tax-policies/
August 21, 2017, 03:06:50 AM
My bitcoins are already taxed at the point when I sell them.
This does not decrease my demand for them. But it means more work for me.
I have to study all those taxe rules and make my tax declaration.
Profit is still there, and that is the most important thing.
This does not decrease my demand for them. But it means more work for me.
I have to study all those taxe rules and make my tax declaration.
Profit is still there, and that is the most important thing.
August 21, 2017, 03:05:14 AM
Bitcoin is already being taxed in most of the major countries. But instead of reducing the demand it has opposite effect. When a government recognises any commodity, then people of that country start trusting it. Where many people are skeptical of Bitcoin being an illegal currency. Such steps by government rather work in favor of bitcoin.
Well said, and I agree. It has had a great effect on BTC. Let's keep the positive progress...
August 21, 2017, 03:03:04 AM
Bitcoin is already being taxed in most of the major countries. But instead of reducing the demand it has opposite effect. When a government recognises any commodity, then people of that country start trusting it. Where many people are skeptical of Bitcoin being an illegal currency. Such steps by government rather work in favor of bitcoin.
August 21, 2017, 02:48:38 AM
When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday. Does the bitcoin community is ready for this?
Taxing Bitcoin can actually make it more popular. Why? It is because when the government will fully tax Bitcoin it can mean that the government is somehow recognizing Bitcoin and getting involved with the currency will not anymore be somehow illegal.
Actually, a lot of governments are already putting tax on Bitcoin transactions and if you gain some income out of your Bitcoin transaction and you declared it then you should be paying some tax. Tax is not the enemy of Bitcoin.
August 21, 2017, 12:46:05 AM
When Bitcoin will be universally accepted accepted by Government, of course it will be taxed accordingly. Do you think it will still be as in demand as it is right now, that makes its price higher and higher everyday.
Does the bitcoin community is ready for this?
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. Does the bitcoin community is ready for this?
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