If tax is implemented on blockchain

[Ali_hmwi 966]

Okay if they accepted cryptocurrency then tax and other stuff will come over soon.. for now it will not be officially until all people or alot of them get into this business,,, they need support of the people they don't care about anything else...

[McCree 713]

On 1/4/2020 at 9:53 PM, Romaan1987 said:

Hi guys! Today i want to ask an expert opinion that if a tax is implemented in blockchain technology that every transaction sent, tax is automatically deducted. What would be impact of this in a state that it will be more trusted by a government?

It is technically impossible to implement such a feature on the blockchain protocol because bitcoin is a decentralized system and the only fees that are paid go to miners. This would require governments to open their own wallet addresses which they will not do.

[Ionescu 115]

Tax cannot be implemented directly on blockchain. The government can say in their laws that there are taxes for blockchain but this doesn't mean they can obligate us to pay them

[Heroshema 0]

Ok the tax is just an ID for the payment on the Blockchain .. and there's so many ways that you can't truck the payment .. by using any smart contract (there's no smart contract on BTC BLOCKCHAIN) and there's no way to know who send and who recive the payment 

[Grease Lightning 169]

If the government has set a tax on cryptocurrency transactions it means they have trusted the use of bitcoin. We do pay tax to pay things with fiat.

[el-Muhammady 718]

On 1/17/2020 at 10:26 AM, Urmila14 said:

I think yes on the future will be implemented.it could be more trusted. Government would also implement kyc to every exchange. Exchanges would impose tax fees per transection.            

I don't think this would be the appropriate mechanism to organize sensibly at each and every one how make you be a burden accuse on on that and it is not flush free in reallity bitcoin is a virtual currency that does that ain't existing in the reality
 

[Grease Lightning 169]

20 hours ago, chadex said:

It will really affect we the small traders and investors in the I game. And the government will like it because they will have control over the currency. But as it is now no one control btc but rather manage by some big individual 

I think you just want to avoid tax. Can you avoid VAT when purchasing goods at the supermarket for your daily needs? You cannot do that even with fiat. And you expect you can avoid it using bitcoin? Tax is everywhere even if you buy guava ice tea at Starbuck.

[babaji 1228]

Tax to be implemented on blockchain, the basic and common question would be HOW. And if they have the answer to HOW, why do you think they have not implemented it, and let the global market cap of crypto reach 600Bn$ and yet not tax it. The simple answer is they CAN'T. Why do you think they are so much against it.

[BTC Future 3946]

On 1/4/2020 at 9:53 PM, Romaan1987 said:

Hi guys! Today i want to ask an expert opinion that if a tax is implemented in blockchain technology that every transaction sent, tax is automatically deducted. What would be impact of this in a state that it will be more trusted by a government?

It looks that Bitcoin Cash wants to implement this idea in order to tax miners by 12,5% and spent this money on development. No government involvement there but a decision that Roger Ver backed down from lately, as he fears a split in the chain and the creation of another forked coin from miners that disagree with this.

[Shaza Ahmad 1682]

On 1/4/2020 at 2:53 PM, Romaan1987 said:

Hi guys! Today i want to ask an expert opinion that if a tax is implemented in blockchain technology that every transaction sent, tax is automatically deducted. What would be impact of this in a state that it will be more trusted by a government?

There are fees for every transaction and fees go to network operators. Do you mean government taxes? Perhaps this will impress governments, but not the crypto community that demanded financial freedom and privacy.

[Razan alikac 1899]

It is impossible for the government to impose taxes on the blockchain and if that happens then it will be very bad for us .. We don't want this to happen

[Fatihgani12 348]

Speaking of taxes if that happens every transaction on the Blockchain then the government will definitely like it. But in the world of crypto, it is not like that because there is a fee that is paid only a very small amount according to the number of how we deal for the miners' wages.

[Tasrif Hossain 271]

In my future, the government will find out some of the rules and regulations by which the government can fully collect TaX from blockchin technology, that is, crypto currency And I think this will create a worldwide buzz, but the cryptocurrency  

[Darkelf11 262]

If taxes will be implemented on every transactions in blockchain, probably there will be people that will switch on other coins. Or maybe they will turn out to cryptocurrency because the tax will just be deducted to their earnings. It's not good because cryptocurrencies are naturally decentralized, so no one should try to control it and claim that they can.

[Hendy1 370]

I think when making a shipment or withdrawal transaction it will require a small fee to process in the blockchain ledger and also trade coins. Yes I think that's tax. I have heard that several governments have imposed taxes on the biggest mining in China just for mine. All I know is this.

[Rstunirk 151]

That might be the superlative line of attack out for management instruction in requisition to put together blockchain technology for the public and the country.  But the hitch iswhether the public container accept?
 

[Usman Abdulmumin 354]

I don't think I didn't tax to the Bitcoin transactions will make government legalize cryptocurrencies in the world if they decide to accept Bitcoin they will do if they didn't decide they will not

[Ummita 303]

That will be a good thing cause finally every government will be ready and gladly embrace blockchain. If just won't favour small traders in the market. 

[Hanan951 841]

There is fees why taxs now , all that amount will be gone just for this ? Strange. That will be a bad days for the new member of crypto.

[hadayt2030 85]

According to my thinking it is not possible to tax is implemented on block chain if this happens so govt must accept the crypto currency.....

[Ionescu 115]

On 2/7/2020 at 10:44 PM, Crypto555 said:

Governments can easily create a law where they state that everyone who is using blockchain and cryptocurrencies has to pay a tax for that. And that's how they are going to tax bitcoin 

The real question is who is going to pay those taxes? Because governments don't have any proof that I have been using bitcoin or cryptocurrencies since the transaction are anonymous 

[mskhatri24 299]

If tax is implemented on blockchain then it might discourage the new people who want to join the crypto world because still there are many people who are not yet involve in crypto activity but may be in future they will and if tax is implemented then people might discourage to join this technological revolution of virtual currency.

[Delgboke 2480]

The government has not actually legalize the use of cryptocurrency in the state globally so for now I don't think the government has the power to collect tax payment in the Blockchain and cryptocurrency investment, although the tax payment will create more trust and conviction for the government not to kick against Blockchain technology. 

[Banito23 216]

That opinion is not a bad one either. We will still pay it since we are making the money. Some people even pay high transaction fee let alone paying the tax. Crypto for real, and anything that will bring the success, am in.

[Brushless4500KV 4214]

It depends on the amount of taxes that are implemented in each region. If a country applies high taxes for each transaction in blockchain, it will have a negative effect on day traders because they have to pay taxes in addition to fees and this will greatly reduce their profits and even sometimes they can't earn anything. High taxes may also discourage ordinary crypto users (non-traders) to stop using cryptocurrency because many people have chosen crypto for its cheap processing and if blockchain transactions don't be considered cost-effective for them, they may return to fiat.