Taxing profits on bitcoin is possible?

[Keith700 1885]

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.

[Keith700 1885]

2 minutes ago, Silvinator said:

You're right. In some countries if they consider cryptocurrencies as an asset that must be taxed. But many people are confused on how to do it because governments don't finish clearing up the situation.
 

The issue of legality with bitcoin may take time to resolve in too many countries, I don't know if it implies a threat but it is still an economic plus for millions of people today, taxing btc is somewhat uncomfortable but perhaps necessary. 

[lakhlomoha 485]

United states want to regulate bitcoin like that by tax the profit of the holder and trader,it's easy to say but so hard to applicate they will search another way to control this 

[Mathers 295]

Taxing profits on Bitcoin is more complicated than it would seem, what will be the way to determine the profits ? is it fiat equivalence or in satoshi, and how will the profits be monitored ?

[hakimgentlemen 671]

I would like to know how tax taxes can be imposed on the crypto  world; and if one day the governments manage to impose this law, and what will be the negative sequences on the use of this platform?

[M Aqeel 59]

At the moment it is nit possible to impose taxes on crypto currencies in most if the countries. 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.

[Dammyrichie 131]

15 hours ago, Rabby20 said:

Taxing profits on bitcoin transaction isn't possible at all. But the government can collect taxes from every trading website & fiat exchange website.

It hard taxing Bitcoin on transaction do to Bitcoin not control by any individual, it possible for government to take taxes funds from exchange.

[Keith700 1885]

Bitcoin is taken by society as a means to obtain fiat currency, being so it is very difficult for society to want to declare it, that is why bitcoin often escapes many regulations. Has to depend by the people 😉 

Edited October 20, 2019 by Keith700

[Tine0313 3053]

Well I think government need to legalize the use of bitcoin the make laws about it so they can tax the cryptocurrencies. 

[yifnt 666]

Sounds unreasonable if we have to pay taxes for the cryptocurrency we receive, but in my country crypto is not too legal but there is a transition that has worked with state banks to impose taxes, so users when trading on the exchange will immediately be taxed.

[soupster 239]

Yeah some countries do that. Its not the right thing to do though. I think in the USA all of your earnings from crypto are taxed. Such kind of things lowers your want of crypto its sad.

[Abdizidan 56]

On 10/19/2019 at 7:29 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.

since the beginning of bitcoin was created by satoshi nakamoto one of the goals is decentralized, so no one can intervene including the government about the legal certainty of bitcoin

[SyntaxEr. 709]

Yes it is possible, if im not mistaken US is already getting a tax on every crypto holder. The tax reform on crypto will surely happen once your government legalized it like what happen to US.

[Emma 611]

On 10/19/2019 at 6:34 AM, Silvinator said:

You're right. In some countries if they consider cryptocurrencies as an asset that must be taxed. But many people are confused on how to do it because governments don't finish clearing up the situation.
 

Tax is a great subject for a nation. they can collect taxes from cryptocurrency exchanges where traders will give a tax based on their profit.

[teminalibug 309]

Governments can not touch Bitcoin directly, so basically hey can not regulate it. They target businesses that deals with crypto and regulate them like exchange sites and that is how they impose taxes.

[Akbor 1042]

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.

[bitcoin-shark 1928]

unfortunately in my country there is already a law of the kind must declare the altcoin held on foreign exchanges and pay taxes on any capital gains realized

[Benjamin 84]

This is possible to happen if this bitcoin is accepted in any country and un surr that they will put some taxes from it because they need to get some money from there just like in my country, you will have paying taxes in transactions and payments.

[aqua 773]

The government can apply tax for bitcoin users or cryptocurrency users, and I am sure that it will be easy for the government to do that. But maybe they will investigate every people who involved in the crypto world, so they know which member that get the most money among the other people. They will continue the pursuit of people to pay some amount of tax from the profit. But we can stay anonymous by not sending anything to any third party so we can feel free to avoid the tax. But I suggest that we need to pay that tax because the government will know that every crypto user doesn't bother for that tax.

[Afrizal rahman 2636]

Yes there are some countries that consider crypto to have a tax. the rest I do not know that, sorry if I'm wrong.

[Rosepetals 407]

On 10/19/2019 at 8:53 AM, Rabby20 said:

Taxing profits on bitcoin transaction isn't possible at all. But the government can collect taxes from every trading website & fiat exchange website.

I agree with you mate it's a hard job for the government to trapped every transactions made most especially that Bitcoin is program as peer to peer transactions.Maybe they can reach out those trading sites and  collect taxes on them.

[duncun007 3577]

yea its what the government doing now to make sure they milk you out of every profit you make which is insane because they dont think bitcoin should be accepted but they are willing to take taxes of those who make money of bitcoin lol

[dillah 56]

Not any of regulations regarding digital assets is something to think about in this regard. It's possible to make digital assets tax, but do users as owners of digital assets want to accept them. The lack of benefits obtained of digital asset taxes is the main problem for the owners in my think.

[fuer44 1083]

if there is a comparison, for example with taxes the security will be guaranteed 100% and there will never be hacking, I think it can too. but if the tax is too big, then the fee will also increase and it will be bad for the user. there are still many considerations regarding this crypto tax.

[avatarkiyoshi 270]

On 11/9/2019 at 6:50 PM, alpayno said:

Maybe giving taxes on exchange is more right or we can say is more acceptable because you can't put tax on the bitcoin itself because the source of bitcoin is not specific.

Withdrawal fees at the exchange can be used as taxes, that's why will be charged if you make a withdrawal, your money has been paid as taxes by the exchange to the government.