Quote from: blackhawkeye1912 on January 11, 2017, 05:43:03 AM

Quote from: Jemzx00 on February 11, 2016, 03:40:17 PM

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??

According to what I read in the google search about the definenition of bitcoin it is a peer to peer currency and decentralized, which means none of us even the government itself cannot control it. Therefore, there is no tax charge will happen in bitcoin industry.

Exactly, but the moment we cash out it's a different story. The law says that we have to pay taxes if we are doing transaction such as selling for a profit and when we trade we make profit and that is the time when we cash out we have to report our income and pay the appropriate tax.

Supposedly that will be the scenario, however due to the privilege of using bitcoin to avoid taxes, until now we are still enjoying it and honestly I really hope it will last long. The feeling is better if you can maximize your profit. Therefore "bitcoin itself will not be tax".