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    Author Topic: Two things are certain: Bitcoin and Taxes  (Read 7482 times)

    • Sir Alpha_goy (OP)
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    August 18, 2016, 11:47:45 PM
     #1
    I doubt many of you care at this moment what Bitcoin is capable of achieving.

    Most likely one of the most efficient automated taxation schemes on planet Earth.

    I believe many of you gamblers and builders of the Bitcoin ecosystem haven't paid a dime yet to any of your local governments (that require them).

    It's starts with voluntary taxation (exchange fees and transaction fees) but just wait until just the right "Federal Reserve" type coin gets released and fully adopted.

    Then be prepared to repeat history as you breathe life into the new "State of Government".

    Easy money comes at a large price.

    Nothing in life is free.

    Are you ready to sell your seed right up the river?

    So quick to lay a brick on a building that should be condemned?

    WHEN LARGE FINANCIAL INSTITUTIONS ADOPT BLOCKCHAIN TECHNOLOGY IT IS BECAUSE THEY SEE ABSOLUTE UNTESTABLE POWER.

    The animals start the engine and then they show the world how bad you are mucking it up then they take it over.

    It's that simple.

    Bagged, tagged, and taxed.

  • DOGE12321
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    August 19, 2016, 12:09:52 AM
     #2
    I am not sure but doesn't the fact that Bitcoin runs on a decentralised system bypass taxes. The community is in charge of Bitcoin right.

    My second point everyone wouldn't have to pay taxes because they don't gamble or trade. Taxes only apply for gamblers or traders as you said.

    Smiley

  • unamis76
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    August 19, 2016, 12:24:43 AM
     #3
    Quote from: Sir Alpha_goy on August 18, 2016, 11:47:45 PM
    Easy money comes at a large price.

    Nothing in life is free.

    That's true, and Bitcoin isn't easy or free.

    Quote from: Sir Alpha_goy on August 18, 2016, 11:47:45 PM
    WHEN LARGE FINANCIAL INSTITUTIONS ADOPT BLOCKCHAIN TECHNOLOGY IT IS BECAUSE THEY SEE ABSOLUTE UNTESTABLE POWER.

    It's up to each one of us to decide to use a private blockchain or not Cheesy

  • franky1
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    August 19, 2016, 12:27:35 AM
     #4
    Quote from: DOGE12321 on August 19, 2016, 12:09:52 AM
    I am not sure but doesn't the fact that Bitcoin runs on a decentralised system bypass taxes. The community is in charge of Bitcoin right.

    My second point everyone wouldn't have to pay taxes because they don't gamble or trade. Taxes only apply for gamblers or traders as you said.

    Smiley

    governments cannot automaticly remove bitcoin out of someones bitcoin private key. but they can take fiat out of bank accounts with a court order.

    with a few laws, governments can 'threaten' its residents that if they hold bitcoin they need to pay a percentage of bitcoin value to the government or face legal action.

    at the moment in most developed countries, bitcoin is classed as an asset. and so any income or gains you make from your assets need to be declared and taxed.
    at the moment bitcoin is treated as a civil thing (finance), meaning there are some loopholes, but if they raised it to criminal, then things can get nasty

    its not about the currency.. taxes are predominently about where you reside and the laws of the land you reside on. no matter what the currency is.
    I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
    Please do your own research & respect what is written here as both researched opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at

  • jackg
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    August 19, 2016, 01:00:01 AM
     #5
    I'm conused as to what this is about but do know that I am currently not in any debt to my local government.
    I do not need to pay tax as I do not have to pay tax when changing from Bitcoin to Fiat (my government say that Bitcoin is a currency in itself and is taxable in the same way as Fiat).
    I also do not need to pay income tax as my signature does not earn me more than ~$150 a week or ~$1300 a month.

  • machinek20
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    August 19, 2016, 01:18:07 AM
     #6
    I think you have a great point, sooner or later the government is going to charge us with bitcoin tax, that is the reason there are a lot of the user dont want the government to interfere with bitcoin, but sooner or later the rules is going to happen, let just see when and how is the regulation

  • jackg
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    August 19, 2016, 01:27:48 AM
     #7
    Quote from: machinek20 on August 19, 2016, 01:18:07 AM
    I think you have a great point, sooner or later the government is going to charge us with bitcoin tax, that is the reason there are a lot of the user dont want the government to interfere with bitcoin, but sooner or later the rules is going to happen, let just see when and how is the regulation

    I think that's the point of it being decentralised. It is really hard for people to track  it.
    If hacking can take place in Bitcoin, so can tax evasion.

    Quote from: Sir Alpha_goy on August 19, 2016, 12:54:10 AM
    Quote from: franky1 on August 19, 2016, 12:27:35 AM
    Quote from: DOGE12321 on August 19, 2016, 12:09:52 AM
    I am not sure but doesn't the fact that Bitcoin runs on a decentralised system bypass taxes. The community is in charge of Bitcoin right.

    My second point everyone wouldn't have to pay taxes because they don't gamble or trade. Taxes only apply for gamblers or traders as you said.

    Smiley

    governments cannot automaticly remove bitcoin out of someones bitcoin private key. but they can take fiat out of bank accounts with a court order.

    with a few laws, governments can 'threaten' its residents that if they hold bitcoin they need to pay a percentage of bitcoin value to the government or face legal action.

    at the moment in most developed countries, bitcoin is classed as an asset. and so any income or gains you make from your assets need to be declared and taxed.
    at the moment bitcoin is treated as a civil thing (finance), meaning there are some loopholes, but if they raised it to criminal, then things can get nasty

    its not about the currency.. taxes are predominently about where you reside and the laws of the land you reside on. no matter what the currency is.

    And this washed away any hope of actually being your own bank.

    You will always owe your master.

    The State will not go quietly into the night and any thoughts of liberating yourself from the clutches of corruption is built on false assumptions.

    When they are ready to send out enforcers they will.

    By that point though the body will have already signed the contract.

    "Give back to Caesar what is Caesar's and to God what is God's."

    People keep forgetting what the term "web" means.

    I think you keep forgetting the term of sanity?
    This seems a bit rant like and is quite odd (not usually the thing done with people who have Bitcoin).

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    August 19, 2016, 06:13:55 AM
     #8
    Yes, pay your taxes so that the governments can fund wars to get more oil and also to bail out banks, after they printed
    fake fiat money with zero value. You are backing the wrong horse, if you want people to support such corrupt practices. Our governments should protect us from banks and corrupt politicians, and then utilize our tax money to render basic services to keep us safe, and to protect our interest.

    Your masters cannot complain, if they waste our tax contributions to fund unethical practices. We will pay what is due, because we are forced to do it, not because we want to do it. ^hmmmm^
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  • mobnepal
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    August 19, 2016, 06:27:33 AM
     #9
    I think you are referring to transaction fee/miners fee in blockchain can be used as paying tax while doing financial transaction. And i also think that is possible if government launch blockchain based currency but centralized and only miners for the chain should be of government, So that all transaction fee goes to government pocket.

    But the current bitcoin network is not compatible for taxation other than if government implement tax on deposit and withdraw on bitcoin trading platform.

  • bitkilo
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    August 19, 2016, 06:33:14 AM
     #10
    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)
    Not a paid signature, just added to promote Bitcoin.com Smiley

  • mindrust
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    August 19, 2016, 06:36:34 AM
     #11
    If you don't put any money on the banks, there is nothing they can do about this. No banks, no taxes. I want bitcoin to be more mainstream, so more sellers would accept bitcoin and i wouldnt forced to use Fiat but it seems it is not going to happen any time soon. People have gotten sick over their goverments and their shady acts that is why they dont wanna fuel up them with their taxes.
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  • 1Referee
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    August 19, 2016, 06:44:17 AM
     #12
    Quote from: mindrust on August 19, 2016, 06:36:34 AM
    If you don't put any money on the banks, there is nothing they can do about this. No banks, no taxes. I want bitcoin to be more mainstream, so more sellers would accept bitcoin and i wouldnt forced to use Fiat but it seems it is not going to happen any time soon. People have gotten sick over their goverments and their shady acts that is why they dont wanna fuel up them with their taxes.

    Not sure where you live, but here even if you don't have a bank account, you'll be forced to pay tax if you own a house, or have work that even pays you cash in your hand. If you're registered as citizen, but don't have work or any holdings at all, then you at least have to fill in a yearly tax report about what you have done. Even when you haven't done anything. There is no way to avoid it as citizen. Because if you don't fill it in..... They'll fine you heavily.

  • Hamaber
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    August 19, 2016, 06:53:11 AM
     #13
    Quote from: mindrust on August 19, 2016, 06:36:34 AM
    If you don't put any money on the banks, there is nothing they can do about this. No banks, no taxes. I want bitcoin to be more mainstream, so more sellers would accept bitcoin and i wouldnt forced to use Fiat but it seems it is not going to happen any time soon. People have gotten sick over their goverments and their shady acts that is why they dont wanna fuel up them with their taxes.

    If you earn the bitcoin privately, then you might do not have to pay the income tax. That is similar to be paid in cash.

  • Herbert2020
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    August 19, 2016, 06:53:21 AM
     #14
    Quote from: 1Referee on August 19, 2016, 06:44:17 AM
    Quote from: mindrust on August 19, 2016, 06:36:34 AM
    If you don't put any money on the banks, there is nothing they can do about this. No banks, no taxes. I want bitcoin to be more mainstream, so more sellers would accept bitcoin and i wouldnt forced to use Fiat but it seems it is not going to happen any time soon. People have gotten sick over their goverments and their shady acts that is why they dont wanna fuel up them with their taxes.

    Not sure where you live, but here even if you don't have a bank account, you'll be forced to pay tax if you own a house, or have work that even pays you cash in your hand. If you're registered as citizen, but don't have work or any holdings at all, then you at least have to fill in a yearly tax report about what you have done. Even when you haven't done anything. There is no way to avoid it as citizen. Because if you don't fill it in..... They'll fine you heavily.

    every country that has taxes is like this and i doubt that there is any place that don't take taxes, you pay them if you have a job and a salary, if you own some property like house, or even you are paying taxes when paying the bills or buying stuff.
    Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
    Whales are those who keep buying the dip.

  • danherbias07
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    August 19, 2016, 06:58:02 AM
     #15
    Have thought about this and imagined when will this happen. Because it is true. Nothing is free in this world. Everything should be controlled or you pay if you want to be a little free.

    Someday, it will be done. It might take long but it will be.
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  • Senor.Bla
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    August 19, 2016, 07:06:49 AM
     #16
    Quote from: Herbert2020 on August 19, 2016, 06:53:21 AM
    Quote from: 1Referee on August 19, 2016, 06:44:17 AM
    Quote from: mindrust on August 19, 2016, 06:36:34 AM
    If you don't put any money on the banks, there is nothing they can do about this. No banks, no taxes. I want bitcoin to be more mainstream, so more sellers would accept bitcoin and i wouldnt forced to use Fiat but it seems it is not going to happen any time soon. People have gotten sick over their goverments and their shady acts that is why they dont wanna fuel up them with their taxes.

    Not sure where you live, but here even if you don't have a bank account, you'll be forced to pay tax if you own a house, or have work that even pays you cash in your hand. If you're registered as citizen, but don't have work or any holdings at all, then you at least have to fill in a yearly tax report about what you have done. Even when you haven't done anything. There is no way to avoid it as citizen. Because if you don't fill it in..... They'll fine you heavily.

    every country that has taxes is like this and i doubt that there is any place that don't take taxes, you pay them if you have a job and a salary, if you own some property like house, or even you are paying taxes when paying the bills or buying stuff.

    you do not pay taxes if you have no source of income (or almost no income). this of course begs the question how you survive. the almost only way i see would be to live completely self sufficient. but if you live in a nice place and buy nice things then the government will want to now how this is possible. if you can not explain and prove this, then they will start to take away things. and if you are not able to pay you fine (no income remember) you will end up in jail.
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    August 19, 2016, 07:12:45 AM
     #17
    This is going to be a shitfest when the governments figure out how to reliably link bitcoin holdings to people..

    Don't think because it cannot be directly traced to you that you don't have to pay taxes.. It is just like any other money you own. If you hold more than a certain amount, the government will tax you at one point. And you may even get fined if you do not disclose your holdings in the years before that happens.

    And think about it, there is a reason we pay taxes since the ancient Egyptians 3000 BC. It was introduced as a way to provide for government spending without inflation. How are the governments going to subsidize schools, healthcare, defense, police? Taxes are needed and you should pay them.

  • Herbert2020
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    August 19, 2016, 07:18:43 AM
     #18
    Quote from: Senor.Bla on August 19, 2016, 07:06:49 AM
    Quote from: Herbert2020 on August 19, 2016, 06:53:21 AM
    Quote from: 1Referee on August 19, 2016, 06:44:17 AM
    Quote from: mindrust on August 19, 2016, 06:36:34 AM
    If you don't put any money on the banks, there is nothing they can do about this. No banks, no taxes. I want bitcoin to be more mainstream, so more sellers would accept bitcoin and i wouldnt forced to use Fiat but it seems it is not going to happen any time soon. People have gotten sick over their goverments and their shady acts that is why they dont wanna fuel up them with their taxes.

    Not sure where you live, but here even if you don't have a bank account, you'll be forced to pay tax if you own a house, or have work that even pays you cash in your hand. If you're registered as citizen, but don't have work or any holdings at all, then you at least have to fill in a yearly tax report about what you have done. Even when you haven't done anything. There is no way to avoid it as citizen. Because if you don't fill it in..... They'll fine you heavily.

    every country that has taxes is like this and i doubt that there is any place that don't take taxes, you pay them if you have a job and a salary, if you own some property like house, or even you are paying taxes when paying the bills or buying stuff.

    you do not pay taxes if you have no source of income (or almost no income). this of course begs the question how you survive. the almost only way i see would be to live completely self sufficient. but if you live in a nice place and buy nice things then the government will want to now how this is possible. if you can not explain and prove this, then they will start to take away things. and if you are not able to pay you fine (no income remember) you will end up in jail.

    in other words you have to live on the street and sleep under a bridge if you don't want to pay taxes.

    and i don't know how other countries work but where i live (as i said in my previous comment) you are paying taxes even when you pay for your electric bill for example. there is part in the bill clearly showing the amount that you are paying extra and as tax on your using of these services.
    Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
    Whales are those who keep buying the dip.

  • virusasog
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    August 19, 2016, 07:26:57 AM
     #19
    Quote from: danherbias07 on August 19, 2016, 06:58:02 AM
    Have thought about this and imagined when will this happen. Because it is true. Nothing is free in this world. Everything should be controlled or you pay if you want to be a little free.

    Someday, it will be done. It might take long but it will be.

    It's obviously If we render something we need to pay for it nothing is free. In bitcoin also it's same case we need to get pay for work what we are doing.  It's all based upon the skillset what we have so utilise and earn through it.

  • x|8y8|x
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    August 19, 2016, 07:32:58 AM
     #20
    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.
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