Post
Topic
Board Bitcoin Discussion
Re: No need to pay tax if you buy using bitcoin in Germany
by
tekusa
on 02/03/2018, 18:16:51 UTC
Even now we don't need to pay any taxes to the crypto to crypto transaction because it is anonymous and no one knows that we are using it.But the problem is when we convert our bitcoin or other crypto into fiat it will be recorded in our bank then we need to pay taxes.So it means still taxable right from your statement.

This is really very confusing and can be abused in  a number of ways:

1) Suppose we have a friend who does not fall under the tax bracket or say has no earnings at all. One can just transfer his bitcoins to his wallet and then he can withdrawn to his bank. Then give him some commissions and spend that cash. No need to pay any tax on that bitcoin profit.

2) If you are earning huge amount of money, you will need a number of friends to replicate the above process.

One suggestion is to choose those friends wisely as they may run away with the whole money transferred.