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Keith700

Taxing profits on bitcoin is possible?

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On 10/19/2019 at 5:29 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.

BTC is decentralise currency and not under control .So applying tax on it is reasonable question.But if we apply tax on it then what is the benefit giving us taxes collector.I have read article about U.S collection of taxes from crypto holders for the 2016-17 .They are asking  where this money comes from and other hand they don't accept crypto as a currency.

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I think that is good idea about this. Because if the government approve this then government and crypocurrency members will be earn profit here. 

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On 10/19/2019 at 5:29 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 could be possible that when you convert the crypto into fait currency then you pay tax on your fait currency not pay on crypto currency because the crypto currency is decentralized mean to say government is directly not involved.

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We all crypto lover and trader want that government implement tax system in bitcoin and crypto but officially make crypto legal and allow people to trade freely in crypto market .

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It is possible. Impose tax on cryptocurrency exchanges. There is only a small percentage of merchants accepting cryptocurrencies as payment, and thus, people are forced to cash out their cryptocurrencies in fiat such as USD, in order to actually buy products they want.

 

Implementing tax on an exchange would also force the exchange to impose tax on its customers, such as when trades and withdrawals are made, value-added tax could be placed.

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On 1/18/2020 at 3:26 PM, Mendeleev17 said:

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

So it is possible to take our taxes from crypto, but this is not a step forward

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It seems that it might happen at a later time that Bitcoin is charged a tax because almost all governments are considering the regulation as a way to legalize Bitcoin and to achieve that the government must inevitably make rules so that the Bank cooperates with exchanges crypto because to impose tax on Bitcoin currently exchanged crypto is the key for the government to negotiate. Thats in my view.

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5 minutes ago, Davon said:

Bitcoin is totally independent of  any Government policy and as such  don't think Unite State will be able to regulate tax Bitcoin Holder and the Traders    

i think the united states already have laws and taxes on bitcoin and a lot of the traders in the united states have gone outside of the country so they dont have to pay it.

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On 10/19/2019 at 5:34 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.
 

When the Btc is legal in all over the world then the countries will apply the tax on the blockchain and also on the Bitcoin when that country peoples will transfer then the tax will apply on that and automatically the tax will detected an send to the government account.


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Taxing in bitcoin transaction not possible and governments can't control bitcoin.this mane reason some country not legalize crypto currency.

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On 1/25/2020 at 9:46 PM, Saransh32 said:

I am newbie here and I don't know much about this platform tell me about the rules and regulations about this platform.

👓

 

You have more than 300 Posts, you are in the Member ranking and you are still asking this type of question?

 

_______________________________________________________________________________

 

OP, governments always find a way to make people pay taxes, don't worry that eventually everyone who uses bitcoin will pay tax

Edited by Red-Jones

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It depends on regulations implemented by government, first of all it requires the government attentions to be adopted and after that proper regulations are required to be implement. As after this crypto could be legalize and will be concider legal tender 

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I don't think Bitcoin is the only place where you can collect taxes, cryptocurrency it is M and centered. Because of the high cost of these coins, I think this coin will work in all countries and help curb foreign exchange currencies in the countryNow Internet usage is high in almost all countries so it is easy to work from these coins so it will work in all countries

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On 10/19/2019 at 5:40 AM, lakhlomoha said:

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 

I agree with you completely it is easy to say that the country is applying taxes on the profits of bitcoin but it is difficult to implement.

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wow. BTC has a very high monthly transaction volume, if the government taxes it, it will be a huge part of that country's economy. But the problem it has to be legal.

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If bitcoins are held for a period of less than a year before selling or exchanging, a short-term capital gains tax is applied, which is equal to the ordinary income tax rate for the individual. However, if the bitcoins were held for more than a year, long-term capital gains tax rates are applied.....

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The government container be appropriate confront for bitcoin users or cryptocurrency users, and I am certain that it will be cool for the authority to see to that. But perhaps they will explore every inhabitants who complicated in the crypto world, hence they be familiar with which element that become the mainly change between the other people. They will carry on the pursuit of people to compensation round about quantity of due from the profit. But we be capable of inhabit indistinctive by not distribution everything to any third faction accordingly we know how to sensation free to forestall the tax. But I call to mind that we penury to compensation that ask too much of as the rule will grasp that every crypto abuser doesn't fret for that tax.

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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.

I have heard it somewhere, but I am not certain of it if it is true. I cannot verify it myself. But I have read that on other countries, your profit in cryptocurrencies are taxable. Not just sure what country is that. 


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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.

I agree with your thoughts. But it can be regulated and also government will get tax from it. If we make rule of kyc mandatory then we can easily know which person have how much fund.


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United states want to regularly bitcoin like that by tax the profit of the holder and it government take control of digital market then she can do anything .

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On 10/19/2019 at 5:29 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.

If bitcoin needs to be regulated it needs proper implementations by tax authorities and this could minimize the decentralize status of bitcoin but it will have more trust in the world.


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It is possible to impose taxes on crypto currency and many leading nations along with usa are trying to develop effectives policies and regulations for governing crypto but it is surely difficult to determine ascertain and collect taxes on decentralized digital currency like crypto.


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No, in my view, this is not possible. Bitcoin is a decentralized currency, as is a fictitious currency, i.e. intangible and impossible to place fees on, but fees may be imposed against the money with which bitcoin is bought.

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Where Bitcoins are kept for less than one year before the sale and/or exchange, a short-term capital gains tax shall be levied that is equivalent to the individual's ordinary income tax rate. If the bitcoins are kept for over one year, however, tax rates on long-term capital gains will be used.

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The published minutes of the BoJ meeting show that most board members took a "hawkish" stance, calling for a rate hike.   However, many analysts believe that the Bank of Japan will take only one such step in the second half of the year. The last chord of the past five days sounded at 155.75. Economists at Singapore’s United Overseas Bank Limited (UOB) expect the USD/JPY pair to trade in the 154.00-157.20 range in the next 1-3 weeks. UOB also believes that the chances of it falling to 151.55 have significantly diminished. Overall, most experts (70%) simply shrug their shoulders in uncertainty. The remaining 30% persistently expect the yen to strengthen. As for technical analysis, 100% of trend indicators on D1 look north. Among oscillators, 50% are such, 15% point south, and 35% point east. Regarding support/resistance levels, traders should note that with such volatility, the slippage can reach many tens of points. The nearest support level is around 155.25, followed by 154.70, 153.90, 153.10, 151.85-152.25, 151.00, 150.00, after which come 146.50-146.90, 143.30-143.75, and 140.25-141.00. Resistance levels are 156.25, 157.00, 157.80-158.00, 158.60, 159.40, and 160.00-160.25.   Events of the upcoming week include the release on Thursday, 16 May, of preliminary GDP data for Japan for Q1 2024. No other significant publications regarding the Japanese economy are expected in the coming week.   CRYPTOCURRENCIES: A Week of Reflection and Uncertainty     What will happen to bitcoin in the foreseeable future? It seems there is no clear answer to this question. Experts and influencers often point in opposite directions: some shoot for the stars, while others keep their eyes on the ground.   For instance, according to the founder of Pomp Investments, Anthony Pompliano, bitcoin is "stronger than ever." He concluded this based on the 200-day moving average (200 DMA) reaching its ATH (All-Time High) of $57,000. Michael Saylor, CEO of MicroStrategy, is also optimistic. In his latest message, he urged investors to "run with the bulls." (It should be noted here that MicroStrategy holds 205,000 BTC on its balance sheet, so Saylor's bullish calls are quite understandable. He simply has to do this for his company to profit rather than incur losses).   However, analysts note that bitcoin's fate depends not only on the rosy calls of the MicroStrategy CEO. And if buyer support weakens, BTC could break through the key support level of $61,000, falling to the $56,000 zone, where significant liquidity is concentrated. MN Trading founder Michael Van De Poppe does not rule out another correction to around $55,000. However, the specialist quickly reassures investors, stating that this is quite acceptable as long as bitcoin holds above $60,000. Anthony Pompliano believes that the price will not fall below $50,000, and another expert, Alan Santana, does not rule out a drop to $30,000.   Trader and analyst Rekt Capital believes that the first cryptocurrency has exited the post-halving "danger zone" and entered the initial phase of re-accumulation. According to this expert, in 2016, BTC demonstrated a long red candle after the halving, falling by 17%. This time, the pattern repeated, with the difference between the post-halving maximum and minimum being 16%. The price reached a local bottom at around $56,566 but then rose to $65,508, on which Rekt Capital concluded that it re-entered the "re-accumulation range." However, there is one "but" - after this, we again observed a drop to $60,175. Overall, it seems that BTC/USD is in a descending channel, which increases investor concern.   In general, the forecasts are quite diverse. Information on the activity of various categories of traders and investors also varies. Analyst and CMCC Crest co-founder Willy Woo noted the activity of so-called crypto dolphins and sharks. "There has never been such a rapid purchase of coins by wealthy holders as in the last two months when the price fluctuated between $60,000-70,000. We are talking about those who hold from 100 BTC to 1000 BTC or approximately $6.5-65 million," he explained. On the other hand, according to CryptoQuant analysts, whales holding from 1000 to 10000 BTC, unlike dolphins and sharks, have behaved quite passively. Michael Van De Poppe, for his part, notes the absence of retail investors.   All this suggests that we may not see new all-time highs for BTC in the coming months. We wrote about this in the previous review, citing, among other things, the opinion of such a Wall Street legend as Factor LLC head Peter Brandt. With a 25% probability, he assumed that bitcoin had already formed another ATH within the current cycle. As for long-term forecasts, nothing has changed here - most of them predict a powerful bull rally for bitcoin. Anthony Pompliano writes about this. Willy Woo expects bitcoin to continue increasing its penetration into various spheres of everyday life, meaning the number of users will grow. "By 2035, we expect bitcoin's fair value to reach $1 million. This forecast is based on the user growth curve. And I'm talking about fair value, not a peak during a bull market frenzy," the analyst notes.   The author of the bestseller "Rich Dad Poor Dad," entrepreneur Robert Kiyosaki, once again included bitcoin in the TOP-3 ways to save and increase capital. "Bad news: the [currency market] crash has already begun. It will be severe. Good news: a crash is the best time to get rich," he wrote, offering several recommendations on how to act in a crisis. Let's note two of them. The first reads: "Find an additional source of income. Artificial Intelligence will destroy millions of jobs. Start a small business and become an entrepreneur, not an employee afraid of losing a job." "Don't hoard fake money (US dollar, euro, yen, peso) that is losing value. Hoard gold, silver, and bitcoin - real money whose value increases, especially in a market crash," is Kiyosaki's second recommendation.   Regarding bitcoin's growth, Kiyosaki is absolutely right; it's even pointless to argue. According to a study by Colin Wu, better known as WuBlockchain, over the past decade, the price of the leading cryptocurrency has grown by an astonishing 12,464%, outpacing giants like Amazon, Apple, Google, Meta, Tesla, and Netflix. BTC was second only to Nvidia (+17,797%). But the fact that bitcoin took second place, being a representative of a relatively new and volatile market, is a real achievement. BTC's impressive growth trajectory over the past decade demonstrates its resilience and potential as an essential component in investors' portfolios.   At the time of writing this review, on the evening of Friday, 10 May, the BTC/USD pair is trading at $60,470. The total market capitalization of the crypto market is $2.24 trillion ($2.33 trillion a week ago). The Crypto Fear & Greed Index has risen from the Neutral zone (48 points a week ago) to the Greed zone, now standing at 66 points. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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