Taxing profits on bitcoin is possible?

[Virgil dijk 1431]

It's so complicated that most government choose to implement taxes on bitcoin and bitcoin being legalized in such country will be seen as an asset, I don't really know how the government will really manage to get taxes from citizens who work with bitcoin.

[Zalaks007 543]

Taxing of cryptocurrency will really be difficult to happen because these coins are specifically designed against it. But with time an sure the government will find away to achieve what they're looking for, that is to say taxing of cryptocurrency will definitely come to past one day.

[Mwangi 5611]

I think most possibly it is the idea of  taxing cryptocurrency can be something lucrative, but where does it get paid, so its important we are able to understand where the whole idea of a taxing comes in, I think its important you get yourself in that position where a country can tax incoming , this can be in the en source

[vynz 540]

On 10/19/2019 at 8:29 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.

It is possible but not today since it has no official rules and regulation and no ones controls cryptocurrency since it is decentralized and so no one can tax it just by now but the possibility of taxing cryptocurrency is very high since we are evolving to digital transactions. 

[khan22 3478]

This is possible that we make good profit through the bitcoin or through another currency but we need to invest good amount and through that we can make good profit in short time. Crypto market is the good market and through trading we make huge profit in just a single day.

[Josh Hutcherson 3]

It is very difficult for the government to tax taxes on crypto because it is digital and difficult to see. Is not the main purpose of crypto to prosper the people without tax.

[hasan007 206]

Its a interesting thing, that the Government doesn't allow the cryptocurrency but ask to pay the taxes and all the other fees on the cryto. But it would be better if they  allow the cypto, in order to increase the taxes amount. Many country counted the crypto as a  foreign remittance.   

[Solex 2262]

Tax can only be applied to Cryptocurrency when it is legalized and it must be transformed to centralized site so that the government can be able to get access any transaction that take place on blockchain network, fixing tax on Cryptocurrency users will be good for the countries that legalize crypto because it will serve as source of revenue to the national wallet.

[Ashsh 1446]

I don't agree with you my friend

Cryptocurrencies will not be charged

The nice thing about digital currencies is that they are not controlled

If it is subjugated, it will lose many of its exciting properties

[Razan alikac 1899]

Governments tax everything, so why not tax bitcoin profits, what happens is the fact that countries that have legalized cryptocurrencies levy taxes and collect them periodically.

[zhoutong 2188]

There are many countries that are already taxking profits from Bitcoin and cryptocurrency trading didn't you know about this? Do you think any country doesn't have laws on income taxation? Even if it is not specific about Bitcoin it is about income.

[percare 3192]

Crypto profits are taxed in most nations where there are regulations. In countries where cryptocurrencies are not regulated the taxation will not happen for everyone but only for the big players that suddenly sell a lot of coins and transfer the money to a bank.

[Brushless4500KV 4214]

The term " Taxing Profit " is a little weird! Tax is something which is only charged by authorities. Profit is something which can be gained by all classes of people. Tax is a kind of income only for governments and it is wrong to call it profit. Normal people can't have this type of income and they can only trade to have profits. Miners can earn a rather steady earning through transaction fees but this is also different from taxing crypto users.

[Fixfin 2569]

If I understand correctly from all of that you written which was again not easy to read or understand, you are asking if you will get taxed when you withdraw to your bank. If this is what you wanted to say then we don't know friend, we don't nkow where you live or which bank you used. Ask your bank anything you want about your bank and taxation.

[yonkii 3205]

On 10/19/2019 at 3:29 AM, Keith700 said:

It is not clear in that case and legal uncertainty may take time to be resolved.

Yes, this is bad. Legal uncertainty is making us not know what to do. I don't know if I should sell the crypto because I don't know what I will have to be taxed. If I withdraw 100 dollars and pay 10 dollars in tax I wouldn't like that. We have to be sure what we will hve to pay and if we have to pay anything at all.

[Sanjana321 6]

I don't think that it is possible because taxing profit in cryptocurreny are so hard for the government, if a law is implemented on the taxation policy it would reduce the profit.

[cryptovlek 2597]

My friend you don't know this probably but it is always a big problem, there are taxes and if you make profit you ahve to pay. But this is not the same everywhere. We don't know where you live and what is going on there. You discuss something that has no meaning as for everyone it is different.

[annayks 2314]

Are you asking if taxing profits exists? How old are you as you don't seem to know a lot of things. If you are 15 go back to school and study because this is not for you yet. Your government will ask you for taxes depending on your profits. If these are more than enough for them they will demand it.

[Gluttony 1775]

I am inclined to say yes, since the possibility of the government accepting crypto currency is also possible. There is also a possibility that the crypto currency would take over the fiat currency which would result to the end of the usage of fiat currencies in the whole world. If these things is possible to happen then it is also possible that government would likely impose tax to crypto currencies since the country should also benefit upon the acceptance of the country in adopting the practice of crypto currency with their countrymen. I think one of the signs of the country is accepting the crypto currency is that when they are now already started to impose taxes into it.

[kryptonick 2659]

On 10/19/2019 at 3:29 AM, Keith700 said:

There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies

Really another post that has no meaning and it seems that the writter doesn't know what he wants to discuss and just typed random words for no reason. Great point. All was nonsense.

[khan22 3478]

Profit on the BTC is so much easy and this is possible becasue in the crypto market if you trade on the BTC you can earn good money in the amrket on the daily basis and also we can hold the coin and sell that when the coin is high in a high price.

[Sykkuno 2887]

On 10/19/2019 at 3:29 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.

I had to quote because you explain a lot of things here and it is not easy to read this post with the way you wrote it. Bitcoin of course is not fiat currency but regulations are clear where they exist. And where there are regulation there is also taxation. In some countries they tax every trade you make. In some others they allow you to trade without extra tax but they tax your profit.

[Froshk 1828]

These isn't a new thing especially in developed countries, it's is believed that the income generated from these currencies are legally privileged to be tasked, countries like Spain pays very high tax just to hold or own a cryptocurrency 

[bogdanoff 3173]

You are asking if it is possible but it is already something that happens for years. It was I think in 2017 when these profits were started being taxed in usa and japan and even before if someone wanted to withdraw to the bank large amount like millions of dollars they had to contact the tax authority.

[duncun007 3577]

On 10/21/2020 at 4:11 PM, Sanjana321 said:

I don't think that it is possible because taxing profit in cryptocurreny are so hard for the government, if a law is implemented on the taxation policy it would reduce the profit.

actually its not that hard, because at some point you will need to take your profit off the exchange and the only way to do so would be selling your bitcoin and transfering the cash to your bank and that way you will be taxed.