Taxing profits on bitcoin is possible?

[Iamstrong 563]

I think that even if it is possible, it will take years to implement it, and the identification of users on the network.

[rchres 414]

Is possible but we need to fixed of the legality of Bitcoins in other countries. Because some countries they not allow Bitcoins. As a payment or digital currency, As i said we need Cryptocurrency in our daily lives to earn money.

[ibtismanipun 120]

In many regions, cryptocurrencies are legal to use. But country like mine, the usage of cryptocurrencies are banned and strictly prohibited. I don't think so it will require taxes in future.

[manny 6]

Taxing Bitcoin is possible if it is regulated but since it's not so it's impossible.  Taxing it for withdrawal transaction, many will oppose and it's not good in the sense of making profit. What should the government do when collecting taxes?  Arresting scammers in the internet and put to prison?

Edited December 10, 2019 by manny

[khan22 3478]

It can be possible that if blockchain will make a contract with the different countries if the peoples will a that country which is used in the area so apply the tax on the that country peoples and automatically that tax will send to that country main exchange account and like this any country will collect the tax from blockchain easily.

[Naga 1250]

 

On 12/2/2019 at 3:45 PM, Muhammad Abdullahi said:

In some countries, Government cannot touch bitcoin directly, so basically they cannot regulate it. They target business that deals with crypto and regulate them like exchange sites

Well thats the messed up part of this taxation because the government don't accept bitcoin as a real asset and think its actually a scam but when you go and make money online from.bitcoin they want you to pay taxes on those profits. Lol

[bliznec 22267]

In my country, there are taxes on bitcoin, from the commercial network on the appointment of an office, for mining Bitcoin. It acts that customers who exchanged bitcoin for fiat are taxed. 

[Sumayya 493]

Taxing on Bitcoin will be possible but yet complicated, it will have a long procedure to get to tax users for transaction

[Naga 1250]

9 minutes ago, Shahadatbd said:

If any government want to make a tax on bitcoin profits they won't do that. Because they won't control the bitcoin transection even they has no any data about the total users of bitcoin. So it is quite impossible.

I don't know how it works in your country but taxes on bitcoin has been happening in the US and its not because they see the transaction but beca they can see your banks account details and if you used any of the crypto profits and withdrawn to your bank account the government will see it.

[patitaycute 648]

Once  Bitcoin will legalize and change Bitcoin to become centralized then it is possibe to put a tax on Bitcoin for every transaction occur.

[suzuya 945]

I think it is really impossible for bitcoin to have taxes because first of all government can not manipulate crypto, also the sense of bitcoin's as being a decentralized coin will be gone. If the government can develop their own cryptocurrency then they can charge taxes on it.

[Grandmaster 245]

On 10/19/2019 at 8:34 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.
 

The government can get the list from exchanges or based the tax that they are going to impose to their tax payers on the number of transactions in the exchanges

[urooc 218]

In some countries BTC is banned .And their use is illegal.So i don't think that it would need any type of tax to be pay. So that in these countries it is good for it's users that they do not have to pay any type of tax.But in many countries it is fully legal so that might provide taxing any type of profit. 

[tienda 8776]

I think is very easy taxing profits on Bitcoin, but all is depend about who and how they manage the websites exchanges, if the government control all websites exchange is possible, means they will not be active if they dont get authorization from the government, and all of their member need to be verified and their information about the identity and wallet address will be presented to the government.

 

[Sagor 500]

In many countries btc are becoming legal but the government is doing this for getting tax from it. so i think taxing is possible on btc.

[CryptoMaxim 3829]

If bitcoin is fully legalized, taxes will be inevitable, as well as on other finances. But it will be a long process.

[Sahbana 212]

Collecting taxes from fluctuating assets that cannot be traced is difficult. In this case the government must be able to find a tax collection solution that is not too detrimental to bitcoin users.

[Roomi 1119]

Is is possible to implement tax on crypto currency but it is difficult to be identified too. But if proper measures took place than it can be easily adopted by and country and also be taxabale

[gourav789 2834]

it is so hard to took tax from the profit from bitcoin investers its is not an easy to calculate the profi tfrom bitcoin because bitcoin is not an a faith currency so its look like impossible ..

[doriahailee 643]

On 12/19/2019 at 11:01 PM, Sagor said:

In many countries btc are becoming legal but the government is doing this for getting tax from it. so i think taxing is possible on btc.

Yeap you're right some country legalizing crypto as digital asset and also i hear some rumour that country was taxing the holder or trader from their profit, I'm not really sure about this news but i just hear it (I forgot where).

[febriyana 934]

I think that is possible. Because if we withdraw to bank we need exchange our Bitcoin to fiat on exchanges.

I sure some exchanges already taking taxes when we trading. So you can get your money with small tax. But if the government want taking action to giving tax on withdraw, i think that will make the problem.

[Suhannewaz 245]

At the moment, crypto currency taxes in most countries are not possible. The cryptocurrency market basically is not controlled by governments. It should be controlled by governments to impose taxes on something. It takes over the digital market and then it can do anything.

[thiscomm 306]

I think this is a consideration by every country to legalize the existence of crypto in their country. the system in crypto cannot be used to get taxes like fiat in general. because in each transaction the deduction used is only to provide wages to the developer or service provider. not given on state tax.

[Interface User 1070]

Is that possible to used tax for Crypto Currency? If that is the case maybe they add some more fees if tax is here. Tax may help especially to have enough fund for the future of community.

[Shahud 1319]

Tax on the bitcoin income can be applicable in the country..if any country accept the legalisation of thr cryptocurrency then they will apply some tax on tr bitcoin or any cryptocurrency income