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❓ASK Will cryptocurrency tax affect the number of users?

AudraMiller

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One of the main reasons that people got into cryptocurrency was the decentralized nature which is probably going to be revised should there be tax implications associated with cryptocurrency transactions. Do you think that the implementation of tax rates relating to cryptocurrency transactions would affect the number of cryptocurrency users as well as the volume of transactions that are occurring on a daily basis? Many of the people that were looking at cryptocurrency as a long-term investment would have to pay a sizeable portion of their profits to what's tax depending on the rate that is agreed upon. Therefore do you think such a development will negatively impact on cryptocurrency?
 
It wont affect ,because people that are holding and trading would continue ,because some already feel that the benefit and profit from crypto will cover tax and expenses
 
It wont affect ,because people that are holding and trading would continue ,because some already feel that the benefit and profit from crypto will cover tax and expenses
This is likely the case and for more experienced users they will be able to make a sufficient profit that will be able to outweigh the tax. However if the tax is placed as a percentage then it does not really help because whatever profit you are making you are paying a portion of the profit. So the more profit you make the more tax you are paying.
 
I think this is just one of the ways that government is taking advantages of cryptocurrency , which can be good and bad, cryptocurrency was always been created for the purpose that no government should interfere with it nor regulate it
 
I think this is just one of the ways that government is taking advantages of cryptocurrency , which can be good and bad, cryptocurrency was always been created for the purpose that no government should interfere with it nor regulate it
I do agree with you in the sense of why cryptocurrency was created in the first place however in order for it to be decided as a legal currency and to be used as a form of legal tender it has to be regulated to a certain degree. But overall it could have a negative impact if pager investors into cryptocurrency had to withdraw all their Holdings.
 
One of the main reasons that people got into cryptocurrency was the decentralized nature which is probably going to be revised should there be tax implications associated with cryptocurrency transactions. Do you think that the implementation of tax rates relating to cryptocurrency transactions would affect the number of cryptocurrency users as well as the volume of transactions that are occurring on a daily basis? Many of the people that were looking at cryptocurrency as a long-term investment would have to pay a sizeable portion of their profits to what's tax depending on the rate that is agreed upon. Therefore do you think such a development will negatively impact on cryptocurrency?
No I don't think so. Crypto currency have come a long way and have become a daily part of many lives, so paying taxes on them will have very little effect on the number of users.
 
I think this is just one of the ways that government is taking advantages of cryptocurrency , which can be good and bad, cryptocurrency was always been created for the purpose that no government should interfere with it nor regulate it
They are ready to take advantage of anything that fetches money and that's why they wanted crypto to be out of existence in some country ,by banning it but it didn't work because crypto have reached a high development
 
They are ready to take advantage of anything that fetches money and that's why they wanted crypto to be out of existence in some country ,by banning it but it didn't work because crypto have reached a high development
Well most governments are scared the cryptocurrency might take over their own currency that people would prefer to use cryptocurrency despite its volatile nature
 
No I don't think so. Crypto currency have come a long way and have become a daily part of many lives, so paying taxes on them will have very little effect on the number of users.
Paying taxes on the coins will show that to a certain extent the coins are being monitored and also that the potential profits that you can make will be lowered by teh percentage of tax being paid. This defeats the purpose that many got into crypto, which could affect teh user base in my opinion.
 
Well most governments are scared the cryptocurrency might take over their own currency that people would prefer to use cryptocurrency despite its volatile nature
I think it's the fear of crypto currency taking control over their banks ,that have been their main fear because the banks is their main source of revenue
 
I think it's the fear of crypto currency taking control over their banks ,that have been their main fear because the banks is their main source of revenue
Banks can ought to adapt crypto too though as I think there are already some banks out there that are adapting it already. Atleast stablecoins are quite friendly for their stable price natures
 
I kind of think you have a point.
Paying taxes on the coins will show that to a certain extent the coins are being monitored and also that the potential profits that you can make will be lowered by teh percentage of tax being paid. This defeats the purpose that many got into crypto, which could affect teh user base in my opinion.
If I have to pay tax that means I have to account for all my activities and earnings on my coins. This will certainly nullify it's advantages over Fiat money. I get your point.
 
I kind of think you have a point.

If I have to pay tax that means I have to account for all my activities and earnings on my coins. This will certainly nullify it's advantages over Fiat money. I get your point.
Yes. From what i have seen there are countries that want to implement the taxes now and there are other that have put it off until next year. I think they are hoping that there will be more crypto users by that time, rather than discouraging them now.
 
the simple truth is that governments are always looking for revenue and looking to take advantage of their public who earn more than twice of an average industry salary so its on cards that when they see an opportunity in any market they try to put taxes , Americas tried 30% tax on rich people in past but in vain reasonable tax % can be 5% or so which does not put the public off
 
I don't think it would make a difference if the price is minimal enough but when the tax is higher than the profit then it will make people to begin to think otherwise
 
Banks can ought to adapt crypto too though as I think there are already some banks out there that are adapting it already. Atleast stablecoins are quite friendly for their stable price natures
Yeah some banks are adopting it , but many prefer using cryptocurrency exchange platform because of the level of anonymity attached too
 
Tax on crypto may not really affect the user if it is reasonable and its not above the profit but when people pay more on tax than what they get as profit i think this will make many users loose interest in trading.
 
I don't think it would make a difference if the price is minimal enough but when the tax is higher than the profit then it will make people to begin to think otherwise
I agree with you. When there is a higher taxation rate then people will have to strive for a much higher profit margin in order to still be able to profit after taxes and therefore this will drive people away from crypto trading.
 
Yeah some banks are adopting it , but many prefer using cryptocurrency exchange platform because of the level of anonymity attached too
Yeah , and governments are against that for many reasons like illegal activities too which is a really understandable concern as cryptocurrencies are like double edge sword
 

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