Taxing profits on bitcoin is possible?

[Zeshan Khalid 2577]

As their are some demerits associated with decentralization and lack of legislation regarding crypto. This is a great advantage that one can get a taxing relief through it

[Teminali69 1081]

20 minutes ago, elouardi said:

Thanks for this important topic. Unfortunately, my country already has such a law in place that compels everyone to declare an alternative currency held on foreign exchanges and pay taxes on any capital gains made from cryptocurrencies.

And has your country been successful in that matter, do people real get to pay taxes?

[Cryptic 0]

Definitely, I know South Korea have already imposed a 20% tax on the Crypto trading profit. With the rapidly growth of the user of crypto, I think it would not be impossible to impose a tax on it, especially in the so-called crypto-friendly country where there are already regulations regarding crypto. But I think it would be difficult to impose a tax in crypto as its price are not stable not compared to fiat money.

[Mella 3680]

Tax it is means that it is also legalize the Bitcoin so there are some country that are not legal or tax it but if you are try to move big money out of exchange to the bank you will have many questions and have to pay tax for income too so it is legal but not where it is ban.

[khan22 3478]

Bitcoin is a great market and so many peoples will make good profit in it and we can easily withdraw it and also those peoples which don,t know about the trading they just buy the BTC and hold that till the bull time.

[Goyaa 2414]

Taxing your return on bitcoin is doable, that is, a deduction through an exchange. Any transactions made will be deducted from the exchange, this is the only way the government can do it. I think it doesn't matter if the tax is imposed on bitcoin, but the tax must have a legal basis so as not to harm bitcoin holders and also related parties.

[Amiami 1362]

Generating taxes on cryptocurrencies is somewhat complicated, since this would require impressive logistics, tracking the funds of all citizens is almost impossible in this case, also this would go against the decentralized nature of the network and also against  of the policies of basically any p2p / exchange market

[muniral4422 185]

Governments don't have any power when it comes to crypto currency. We are a investors and the only people that make decisions are the miners. Even their own decisions is based on the mining process. Crypto is decentralized and so their isn't any authority.

[sarahmoses202020 251]

Crypto is free from tax. All we pay for are transaction fees and we would like to keep it like that. Government seems to give us a tough time, so it is great to have your income in crypto because you won't deal with taxes.

[Onden 2098]

I think it's possible for bitcoin tax refund, it's done in some countries like South Korea, they cut taxes on every transaction on the exchange. But from the news that I read, the taxation there is too big, around 20%, in my opinion it is too high.

[Russel 017 506]

The government can use tax for bicoin users or cryptocurrency users.It will not be hard work for government. If the taxes is very high and fee also be increased which will not be good for the users.

[wassim19 645]

I do not think that a tax can be applied to digital currencies because countries cannot control it and it can be withdrawn in a number of ways and without oversight, unless dealing with it in government banks becomes possible there, and a tax can be applied on it because digital currencies and Bitcoin are decentralized.

[Froshk 1828]

Imposition of tax on cryptocurrencies holders is currently been used by some countries to limit the use of these currencies, countries like Spain now charges tax just for holding a cryptocurrency you mustn't necessarily make profit from it, the moment you engage in transactions then tax will be deducted from your holdings

[Dorjoy12 8962]

Ofcourse its possible and already many country put tax on bitcoin user in their country and such as   UK where bitcoin is legal now a days and if you want to buy there bitcoin then you dont need to pay tax or something but when you going to sell it then its must for you to pay tax..  Also i heard that south korea or another country put 30% tax on bitcoin user..          

[VijithaVarghese 1994]

Tax imposing on the bitcoin needs to be established by government in a serious way. It is quite a complication and might find hard for handling it with other financial services. I think depending on trading sites and thereby considering tax would be better.

[Alex9876r 1408]

Imposing taxes on Bitcoin is not possible or imposing taxes on its possession, but countries impose taxes on the platforms that operate within their territories Thus the platforms raise the fees for trading on them for traders.

[hasaan 289]

The bitcoin is not the usual coins or the currency which can controlled by the government, so without few country none other company can impose the tax on the btc. Cause its hard to track the transaction, but  the tax is vital for any of  the country. 

[Rozy 1918]

Hell no, that is semi impossible to happen, and they key point about Cryptocurrency is decentralization, so whenever there is legislations and authority governing it it will lose its point. Plus they want to tax your profit but will they compensate your losses!!

[Guru2050 8284]

Most people talk about tax in the world of crypto currency were by the system is rendered free from imposing taxes owing to the fact that crypto is decentralized in nature and anonymous to the best of my experience these factors has voids an reason adduced calling for enacting of taxes by government, top officials or any other authorities

[mzk7736 1592]

It's not wrong by the nations to bring Bitcoin under tax net. At least they would protect bitcoin from online scams and hacking and provide it legal protection.

[Amr90 1064]

Really important topic,
On the one hand, simple restrictions or taxes should be placed on crypto to limit dealing in illegal exchanges.
On the other hand, cryptos are non-fiat currencies and are decentralized, so putting taxes on their transactions is a breach of their basis.

[Zafar123 906]

According to the IRS' official guidance on crypto taxation, crypto is taxed as “property,” which is just a fancy way to say it's taxed like a stock. If you buy bitcoin and hold it for more than a year, you pay long-term capital gains when you sell.

[godislovefll 1880]

I understand that to be able to have a BTC or free cryptocurrencies is a difficult step, but I think that in the same way as the tangible money the BTC can take its places is only a matter of time, perhaps the financial era will rise again thanks to the cryptocurrencies.

[Msh9 84]

It is not necessary to impose taxes on these profits because most of the members here are from the poor class and need money, so if the profits become taxes, some members will resent them.

[abdullah553 1981]

On 10/19/2019 at 2:29 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, there may actually be taxes on Bitcoin through banks, and for your balance to be physically disclosed in each period or through withdrawals in banks, taxes are deducted