Taxing profits on bitcoin is possible?

[yulitzacalvete 1366]

On 10/18/2019 at 8:29 PM, Keith700 said:

Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.

I think that despite the problems or conflicts with BTC, sanctions or blocking of people who use it, it has not been an impediment to stop the new financial era that BTC has driven, but of course all this still affects free use.

[jappy 1129]

On 10/18/2019 at 8:29 PM, Keith700 said:

Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.

Yes, it is difficult and it will take some time, but in case of occupying the same position as tangible money, I think it should be the rules for both in the same way.

[RonaldB 48]

I do not think that taxes can be applied to the profit from bitcoin, because we cannot track the transactions that occur through cryptocurrencies and it is difficult for the various governments of countries to control them and this is what makes most countries not support the encrypted world.

[Abdul1168782 572]

Yes you are right and this is the main issue of many countries people's. Because they are scared due to the government. But now many of the countries are thinking to remove bann from crypto currencies. And i think now this will take some time.

[Teminali69 1081]

On 12/14/2020 at 5:15 PM, Imran Hasan Sh¡sh¡r said:

I think this is not possible at all.As complicated as it may seem to make a profit on Bitcoin, what will be the way to determine the profit?Is it Fight Equivalent or in Satoshi and how will the gains be monitored?

If they focus on ways people uses to buy and sell crypto like mobile money and banks, somehow they can collect taxes from those services, other wise i myself do not see any effective way that people can not simply bypass.

[setifien 1016]

Bitcoin network is completely decentralized, thus users can not be identified and as you may know authorities can't tax someone's funds without being known. but if they force users to declare their crypto portfolio, then taxing may be possible.

[Hanbal 359]

Bitcoin is a decentralized system that has no any middle authourity so i don't see how government can impose tax on cryptocurrency except if every country is responsible for it cryptocurrency that is the only way they can impose tax.

[MoralStories 1127]

governments will soon accept all the benefit queen and then the tax system will have to be replaced and it would be going to the exchange I think. Take advantage of that.

[Amna Hareem 1213]

On 10/19/2019 at 5:29 AM, Keith700 said:

Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.

Thank you so much dear you post is amazing and really informative for me. I think bitcoin should be legal in every country and it is a main issue because many people are earning huge profit from it and that people also want to earn profit in which country bitcoin are not legal so I think this problem should be solved.

[abohasnn9 2401]

My friend, this is unlikely, as it promises to bully your profits, as everyone imposes a brother on you in order to own or earn from cryptocurrencies. This is not good at all. I do not think that anyone will take a tax on your profits from all cryptocurrencies in general Thank you

Just now, abohasnn9 said:

صديقي ، هذا غير محتمل ، لأنه يعد بالتسلط على أرباحك ، حيث يفرض عليك الجميع أخًا من أجل التملك أو الربح من العملات المشفرة. هذا ليس جيدا على الإطلاق. لا أعتقد أن أي شخص سيأخذ ضريبة على أرباحك من جميع العملات المشفرة بشكل عام شكرًا لك

 

Edited December 24, 2020 by abohasnn9

[Khetam 328]

Yes, I think that the government can tax the bitcoin currency and members of this forum should try to stay as anonymous as possible. 

[Harbeeboullah 428]

Buying, selling, mining or the use of bitcoin and other cryptocurrency can be taxable, and also if you employer or client pays in bitcoin or other cryptocurrencies, that coin use will be a taxable income, also withdraw fees are also deducted 

[Cryptotakl1 0]

I would like to know how tax taxes can be imposed on the crypto world. It government take control of digital market then she can do anything .that is why bitcoin often escape many regulations .

[rahul12345 0]

I think that the government can tax the bitcoin currency and member of this forum should try to sty for example texes security system and faslettes and good profit from this texes etc .take advantage of that .

[zeshan1122 654]

when you make trades it is easy to make profits and that is possible if you learn a skill of trading or if you can not you will be able to hold the currency.

[Oki 675]

Bitcoin taxes can be imposed by the government, that is, every Bitcoin transaction on an exchange is taxed. This is done because it is only through exchange when transacting to convert it into fiat that taxes can be withheld, because many countries have already done this kind of thing. In my opinion, the only way bitcoin can be used as a legal investment asset in a country is by providing taxes.

[David84 1191]

I do not think that taxes on crypto money is even possible and I do not think that there should be one in the first place... crypto is made against the centralization of the old system and now they want it to look much the old system .... so it is really stupid...Crypto trade and transference should not be subject to any rule or domination authority like the old system.

[Sairaranjha 674]

No dear it is not controlled by government so we don't need to pay any tax.if you acquire crypto currency as an investment you may have to pay text on capital gain you make on disposal of cryptocurrency.

[Ishtaiq hussain 210]

Everything in the world is possible nothing is impossible .

 .  .  .  If it is banned in many countries .As cryptocurrency is banned in many owners, then we should use it with caution. .

.  .  .  .  When we start working with it that we work with you, we play with a lot of things ....This is why all those people are working with it .

[Tawari 888]

The basically crypto currency market is not under governments control. To impose taxes on something it should be in control of governments. It government take control of digital market then she can do anything.

[Naseer Ahmad78 721]

I think cryptocurrency is becoming famous because of public is joining more If it is not related to the government, but the government can stop it, then crypto currency should pay tax to country.I personally like cryptocurrency very much because it is a very good platform for knowledge and profit.

[joemcgwa 3227]

If the governments will be taking taxes from bitcoin, that's will makes to have lack of bitcoin supply, because all bitcoins mostly of bitcoins will be taken by the revenue authority. and also this will make bitcoin price to be very high.

[Samotokika 1780]

On 10/19/2019 at 5:29 AM, Keith700 said:

Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.

Yes dude there are some withdrawal feeses which may be considered as taxes and no other money will be deducted as tax. Because it is decentralized and work on its own rule rather than control by any government.

[Farukatie 1271]

Expense on the bitcoin pay can be pertinent in the country..if any nation acknowledge the legitimization of thr cryptographic money then they will apply some duty on tr bitcoin or any digital currency pay.

[basel23 1722]

There are many countries that have not yet taken a position on cryptocurrencies and therefore they cannot impose taxes on cryptocurrency traders.

I hope that cryptocurrencies will be accepted in my country, but it would be bad to impose taxes on traders.