Quote from: panganib999 on Today at 10:08:22 PM

Quote from: Davidvictorson on Today at 12:23:05 PM

So, a senior citizen in one of the western countries makes a complaint that he preferred the 1950s when everything made sense and life was simple. He loves the analog times more than the digital. Despite this, he trusts Bitcoin self-custody, and that is the reason why he holds bitcoin. He complains that his bitcoin just sits in his hard wallet, and he doesn't even know what to do with it. According to him, his fear is that if he sells it during the next bull run, he will be taxed, and he doesn't want that. A question arises: Would taxes still be applicable if a time comes when exchanging bitcoin for fiat is no longer necessary?

I'm not sure where he lives but if he lives in the US I think he's going to be taxed for his monetary assets the moment they become liquid. In the case of his bitcoins, he's going to be taxed for it soon as he convert it all into fiat. I suggest he take his money out little by little so he doesn't get taxed that much. Although I'm not really sure about the legalities of that since I'm not really living in the US and in my country, we don't get taxed for owning and converting cryptocurrencies into Fiat lols. If he's not living in the US then props and congrats to him, otherwise he's just fucked royally cause the IRS and the taxman will always catch up to him no matter what. Remind him that it's not bitcoin's fault that he's going to be taxed for his ownings, it's the government's fault for taxing everything with value to them.

But the condition is not exchanging Bitcoin to fiat. Naturally, Bitcoin is decentralized and all of your wealth into such currency shouldn't be taxed. But as we all know governments won't allow such thing to happen. Taxation might be done to your properties as you register it to the local governments perhaps your house or your car. But for sure they'd make a way to also tax your daily expenses such as needs. One way to do this is thru a third party exchanger, they'd just won't allow it 'coz taxes play a huge role in one country's economy. Is it a bad thing? Well taxes should be having an impression of such but corruption just exists. If taxes are being used properly, then people won't complain of it.