Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[AudraMiller]

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?

 

[AudraMiller]

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

They are a double edged sword however i think that if government had to put as much effort into adopting and addressing the concerns with crypto, rather than banning it that they would see a massive rise in economic benefits.

 

[Razor1911]

They are a double edged sword however i think that if government had to put as much effort into adopting and addressing the concerns with crypto, rather than banning it that they would see a massive rise in economic benefits.

With proper law and enforcement in place, the negatives can be eliminated. The govt must take strong stance here. Otherwise that will be a hard task to stop the scammers.

 

[microunit]

They are a double edged sword however i think that if government had to put as much effort into adopting and addressing the concerns with crypto, rather than banning it that they would see a massive rise in economic benefits.

Well their main concerns with cryptocurrencies had always been in the volatilities section of it, but volatility is a normal thin in cryptocurrencies which makes it hard for them

 

[BullyMaguire]

I don't think so.. i think will increase its users because there's lot of people still not seeing Bitcoin/Cryptocurrency as legitimate. But when there's s tax law that means governments acknowledged it already so people will be at ease

 

[AudraMiller]

Well their main concerns with cryptocurrencies had always been in the volatilities section of it, but volatility is a normal thin in cryptocurrencies which makes it hard for them

Volatility will continue to exist because it is a decentralized network and therefore there is no way to eliminate this without making it a centralized network.

 

[microunit]

Volatility will continue to exist because it is a decentralized network and therefore there is no way to eliminate this without making it a centralized network.

Yep that's what I'm saying , but majority of the cryptocurrencies or even the pioneer crypto bitcoin was always designed as a decentralized network

 

[AudraMiller]

Yep that's what I'm saying , but majority of the cryptocurrencies or even the pioneer crypto bitcoin was always designed as a decentralized network

I think the fact that it is decentralized network is what drew a lot of people to invest in these coins, and myself personally as well, because you know that it is not being controlled in any way.

 

[microunit]

I think the fact that it is decentralized network is what drew a lot of people to invest in these coins, and myself personally as well, because you know that it is not being controlled in any way.

Yep, people invest in it because of its volatility nature, no person even i think would invest in something that could not net them that much profit, crypto invest is like just stock investment for most but crypto has lesser barrier of entry

 

[AudraMiller]

Yep, people invest in it because of its volatility nature, no person even i think would invest in something that could not net them that much profit, crypto invest is like just stock investment for most but crypto has lesser barrier of entry

It is a lot easier to get involved in crypto because with the stock market it is legalized and so there is a lot of legal loopholes to cover before you invest, whereas with crypto there is no such thing.

 

[arif67]

I think it becomes better for prevent illegal activists. If any true fan of crypto will happy to see that crypto can be regulate for good reason. Many new users will not see the crypto as a coin for illegal activity. However, an crypto enthusiasts will never affact for tax

 

[CyberPreNurse]

I am of the belief that the government would be considerate and won't charge so much from Crypto Currencies holders as tax. This won't affect the number of users and transactions done using cryptocurrencies

 

[GoldenLady]

I am of the belief that the government would be considerate and won't charge so much from Crypto Currencies holders as tax. This won't affect the number of users and transactions done using cryptocurrencies

If it's the government that we know, I doubt they would be so lenient. Considering the fact that they are strongly against cryptocurrency, it would only make sense that they impose as much tax on it as possible.

 

[Oluwaa]

One thing that is a common know in the crypto market is that news drive the market, goods news goes up and bad news down, if the tax affects and news is being circulated the market then it would affect.

 

[AudraMiller]

Bitcoin taxes can be a bummer, but at least you can deduct capital losses on bitcoin, just as you would for losses on stocks or bonds. These losses can offset other capital gains on sales. When you're done tallying your winners and losers, you can't write off a loss of more than $3,000.

The numbers that you have given here seem quite specific and I am curious to know if this is actually a law that has been implemented in your country?

 

[Corzhens]

Based on logic the taxation will have an effect on the service charges particularly with the wallets and the market exchange centers. With the price of the crypto currency it can stay without effect because what is taxed are the transactions.

 

[a_jerobon]

I think people are already used to paying taxes in most of their other businesses and it has never stopped them from progressing. So I think they will just adjust to paying cryptocurrency taxes and continue using them.

 

[AudraMiller]

I think people are already used to paying taxes in most of their other businesses and it has never stopped them from progressing. So I think they will just adjust to paying cryptocurrency taxes and continue using them.

This may be the case, however consider that for many people taxes on cryptocurrency would require a centralized network and this can affect how they view the currency and the faith that they have in crypto after that point.

 

[Glmrabbani]

I don't think so, the real crypto fans will never leave the market for tax. I think its a good decision to prevent illegal works. We should give tax for using crypto. It will make the market more efficient to all peoples

 

[Razor1911]

I don't think so, the real crypto fans will never leave the market for tax. I think its a good decision to prevent illegal works. We should give tax for using crypto. It will make the market more efficient to all peoples

Obviously in any investment there is certain amount of tax to be provided to the government. But the text should be low enough that the people don't get discouraged.

 

[ElPaule]

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?

How will tax be enforced when transactions are anonymizes? Tax might be only apply if a crypto will be exchanged to fiat or maybe any good. How to tax a transaction that comes from US and goes to 12 other countries? Not gonna work