Taxing profits on bitcoin is possible?

[Dmasked 1840]

Taxation of bitcoin is always a problem for its legality. Countries are trying to formulate regulations to tax crypto currencies but it seems difficult as it is decentralized and the transactions are encrypted and unregulated by anyone. But still they can charge VAT and income taxes for exchanges which they can include in the fees.

[deepown 0]

On 4/16/2020 at 10:57 AM, CrimBit2020 said:

It will not making any sense because cryptocurrencies supposed to be of no tax, only miners fee are deducted and that is what makes it great to be used. 

What is happening here is that crypto does not make sense on taxes, at the same time governments can not make sense of crypto.

[deepown 0]

23 hours ago, halloweed said:

If we can't make sense of each other then we are uncivilized, if this war continues we will create a westworld right where we stand.

It is not about civilization, even civilized people sometimes does not agree with each other, because they must protect their own affairs.

[DokAgsikap 145]

On 4/17/2020 at 9:16 PM, Jamesnachoog said:

I think it wouldn't be easy to tax profit on bitcoin because it is not every country that legalized the use of the currency and even the government cannot control that but it can be done in countries which legalize the use of crypto.

If they will start to put tax on it, it will be very helpful for the government but it will be a deduction to our earnings instead of putting it all in investment again.

On 4/17/2020 at 9:24 PM, Jabed00089 said:

Bitcoin is a digital currency.  Bitcoin is a very valuable and popular currency.  The price of bitcoin is increasing day by day.  Society accepts bitcoin by converting it to fiat currency.  Bitcoin is a currency very good.  Thank you

Yes, when they start to legalize it, that is the time they will start putting very large taxes on it, I hope it will not , I dont want to reduce my earning .

[DokAgsikap 145]

1 hour ago, chrislynn said:

Bitcoin is regulated in some countries such as USA now done this what's the criteria for taxes on earnings of crypto market we don't now because not knows anyone there is nothing published about rules of crypto market. Bitcoin is really amazing currencies for making investment. 

Oh, US already put taxes on it? and even they already legalize it? I did  not know that.

[Laboni 755]

It is not possible to collect a profit tax on bitcoin. Bitcoin is not controlled by anyone and is not operated by the government. Prices are determined depending on the conditions of the Bitcoin market. If it was under the control of the government, taxes would have to be paid.

[Treat1234 0]

5 hours ago, chrislynn said:

Bitcoin is regulated in some countries such as USA now done this what's the criteria for taxes on earnings of crypto market we don't now because not knows anyone there is nothing published about rules of crypto market. Bitcoin is really amazing currencies for making investment. 

Most of the country was successfully in implementing tax to their citizens, this won't be a problem when tax is implemented, there will always be a solution to it

[Thekingcallme 1975]

It is not possible to impose taxes by governments on the profits they make from cryptocurrencies and bitcoin, and this is because the matter is not at their disposal.

[Rezort 846]

It is possible in a way when you withdraw or exchange bitcoin on fiat currencies and basically that transaction might be taxed by government, but I hope it would never happen.

[Zaino34 0]

As long as governments do not yet allow the use of encryption, it is still not organized and cannot impose taxes on its use and make profits from it unless it regulates it and allows people to use it.

[magd 5231]

Taxes on the profits of Bitcoin holders is very difficult because it is not possible to monitor the profits of all Bitcoin holders in a country, but it is possible to impose taxes on major companies that accept payment and deal with Bitcoin

[Omar Ommeish 4872]

Most of the governments have prohibited dealing in scrap currencies because they cannot collect taxes from their profits because this is difficult, but I believe that it is possible in the future.

[pablomarwan 3082]

Bitcoin is the first digital currency that has been shown to us, according to the data. It has no real or tangible assets, such as any coin. I mean this, although it is digital, but there are several factors that have become applied to some laws in order to keep the financial system running

[CryptoLover21 0]

I don't think taxing profit on bitcoin is possible because bitcoin are made to anonymous transaction so it has no tax applied. No can control over bitcoin so it is very difficult to put tax on bitcoin. 

[Zues 1069]

On 5/15/2020 at 3:03 PM, Zaino34 said:

As long as governments do not yet allow the use of encryption, it is still not organized and cannot impose taxes on its use and make profits from it unless it regulates it and allows people to use it.

Yes I also think that you can tax in cryptocurrencies and that is the reason on why people are earning less because of the tax that we are getting so it is important to use decentralized transactions because it does not have taxes. 

[iloveyobit 6599]

In a legal way not because the field is not recognized by the states, but there are some countries that have found a way to impose fees on the profits of the crypto domain.

[Whited35 15285]

On 4/23/2020 at 7:19 PM, Iambee said:

Bitcoin are digital or simply regard it as virtual money where there is no laws or regulation which abide the crypto currency. So government cannot imply tax on it that's why crypto currency are also used on black market.

Criminals are misusing Bitcoins so it is also used in the black markets. Some cryptocurrency exchange platforms charge the certain amounts for each transactions as the tax purposes. I think you are familiar with the case of South Korea where users have to pay the tax for each crypto transactions while using local exchange platforms.  

[Michael0606 861]

It is known that the fight in governments, to control bitcoin, with the help of banks, because many evade taxes paying with bitcoin, and this has long known that the decentralization of bitcoin is a threat to the current monetary system.  .

[Zues 1069]

On 4/23/2020 at 2:27 PM, Basad said:

Why will governments taxes what it's not responsible for controlling or regulating, cryptocurencies is a decentralized system supported by blockchain technology 

Yes I think that you are right becaus egovernments have no rights to tax cryptocurrency because it is not their property and tehya re not the ones that regulating the cryptocurrencies and I think tsht they have no right for taxing people in cryptocurrencies. 

[Rahul11 292]

On 10/19/2019 at 6:29 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, we can pay or take action on any person for tax. It's more easy to do that. Even no one can hide money from government. Because every transactions are saved on the blockchain and we can easily track any wallet address. We just need to register all the address.0

[Honny143 13612]

On 11/17/2019 at 7:51 PM, Akbor said:

When trading bitcoin with another coin we have to pay trading fee. when we withdraw btc from any exchange then a huge amount have to give them as withdrawal fee.  so if we have to pay tax on btc then how we can make profit from it. so i dont like to the tax option for btc.

Dear friend I understand what are you saying but it's one side, but what about the big whales they invest lot of black money without paying any tax, they chits government earn so much money, so i think its good when countries legalize crypto and observe every movement who invest big amount in crypto and trace them, then I think prices manipulate problem also solved.

[TimopheyKa 3900]

I think so, but in the distant future, when the cryptocurrency will become decentralized, and it will be associated with the state and politics in General, when we can use it as a Fiat, then most likely! And now, it is anonymous, and not used so extensively, so there are no taxes!

[Moaz 7239]

I think that it is possible for countries to impose taxes on profits on bitcoin if the bitcoins are formally recognized by these countries and become legal 100% like fiat currencie as dollars and euros

[Calvinpriva 17296]

This may be possible in the future, some governments may charge bitcoin investors tax just like normal business owners. This will be normal because investing in bitcoin its just like investing in a normal business, all have profit and loss. You just need to to invest at the right time.

[Laboni 755]

Crypto will be considered as the number one asset of the country Bitcoin has led to an increase in crypto demand I believe that bitcoin's profit is possible. Bitcoin is a very profitable currency. We have to wait patiently for long term investments.