Quote from: exstasie on December 07, 2017, 10:34:19 PM

Quote from: bbymi on December 05, 2017, 11:08:14 PM

Quote from: Sirbenjamin on December 05, 2017, 11:03:04 PM

Is it possible that i have to pay taxes on my Bitcoin in the future?

I doubt it, since btc is decentralized, who would be able to monitor the exact amount to tax? Will you as a user willingly divulge all your crypto assets if there is no way for them to check if it's true or not?

This is terrible advice. If you transact with exchanges, you often need to provide ID and proof of residence. Even if you don't, various information is collected about you: personal information, cookies, IP address, BTC deposit/withdrawal history, etc. Companies like Chainalysis then track blockchain activity, flagging any and all activity that could be used to identity you later.

The IRS (US tax agency) is already using Chainalysis software to identify people that are using BTC to evade taxes. Bitcoin privacy is pretty bad, especially when users don't selectively use UTXOs or Tor browser, etc. I'm not sure about the rest of the world, but Bitcoin is taxable in one or more ways in the US. The IRS published a FAQ about digital currencies earlier this year to help investors figure out how to report their taxes.

Thanks for this info, I live in the U.S, so this is good to know.