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Showing 9 of 9 results by M. C
I cannot pay my tax in such place with bitcoin, when I don't earn in bitcoin. Assuming, I am paid in bitcoin, I don't see it as any problem to me. My bitcoin is very precious to me, so I will rather use it as an investment than giving it to the government.
If I have bitcoin and my government accepts bitcoin as a tax payment method, I will still not use my bitcoins to pay tax.Because if I am not careful, I will break my privacy to tax governmental agency. With Bitcoin, I have my own bank and privacy if I have good practice. Use my bitcoins to pay tax, is one of bad practice, that I will not do.
I understand your point of view, this is something I also thought about.
However I believe that if you are a experienced Bitcoin user and with good practice like you said. You can find a way to not let them know.
But of course, it could be just an illusion, and that they're trying every means possible to tax you and report any activity they might find suspicious.
I see nothing different, what's exactly the biggest difference if you pay tax using fiat and Bitcoin? I think you might end up paying 2x tax, first is your income tax and second is capital gains tax.
Technically people need to pay tax if they sold their coins at profit, it doesn't have to wait until Bitcoin can be used for paying tax.
Technically people need to pay tax if they sold their coins at profit, it doesn't have to wait until Bitcoin can be used for paying tax.
I actually sees it as a major plus to the Bitcoin ecosystem, if most states start accepting Bitcoin in tax collection, because it will definitely bust it popularity among local and by doing so, they are advertising Bitcoin unknowingly to the general masses, which will make it adoption process worldwide very fast.
But the major disadvantage about it is that you might end up paying even more than person paying with the fiat, because after paying your tax with Bitcoin, you will definitely be paying the higher transaction fee attached to it, which will be very much expensive compared to the fiat.
What about Lightning Network ?
I see nothing different, what's exactly the biggest difference if you pay tax using fiat and Bitcoin? I think you might end up paying 2x tax, first is your income tax and second is capital gains tax.
Technically people need to pay tax if they sold their coins at profit, it doesn't have to wait until Bitcoin can be used for paying tax.
Technically people need to pay tax if they sold their coins at profit, it doesn't have to wait until Bitcoin can be used for paying tax.
I see however, in Switzerland, you don't any pay taxes if you made profit from selling cryptos.
Lets say you buy Bitcoin at 20k , and decide to sell at 70k. Not a single cents is taxable (article 16 paragraph 3 from the Swiss Direct Federal Tax Act)
Title 2 - Income tax
Chapter 1 Taxable income
Paragraph 3 : "Capital gains realized on the disposal of private assets are not taxable."
Selling is another word for to dispose.
Private assets can be cryptos, shares, cars, tv etc...
Only way a government can tax your profit you made from selling yor cryptos is if your are a independant and you are buying and selling cryptos as a living like a trader for example because the crypto are a in this case commercial assets and not private assets anymore.
What do you guys think about a city accepting Bitcoin for paying taxes, fines and all other invoices from the municipality.
Is it a bad thing or a good thing for the Bitcoin ecosystem ?
Here's some articles about a city in Switzerland that accepts Bitcoin :
https://bitcoinsuisse.com/news/city-of-lugano-accepts-crypto-payments
https://cointelegraph.com/news/bitcoin-accepted-taxes-swiss-lugano
https://planb.lugano.ch/
I believe that accepting crypto and especially BITCOIN to pay taxes could be a favorable business framework conditions for crypto companies / investor that are looking for a place to establish their operations.
Additionally, let's imagine a company that decided to go full on crypto (in their treasury) , how are they going to fulfill their taxes obligations ?
Switzerland is also crypto friendly nation so I guess it can depend on the state of a country.
Is it a bad thing or a good thing for the Bitcoin ecosystem ?
Here's some articles about a city in Switzerland that accepts Bitcoin :
https://bitcoinsuisse.com/news/city-of-lugano-accepts-crypto-payments
https://cointelegraph.com/news/bitcoin-accepted-taxes-swiss-lugano
https://planb.lugano.ch/
I believe that accepting crypto and especially BITCOIN to pay taxes could be a favorable business framework conditions for crypto companies / investor that are looking for a place to establish their operations.
Additionally, let's imagine a company that decided to go full on crypto (in their treasury) , how are they going to fulfill their taxes obligations ?
Switzerland is also crypto friendly nation so I guess it can depend on the state of a country.
Hello everyone,
I'm curious about how coinbase rewards work. Could someone clarify the mechanism for me?
I understand Proof of Work but I'm not sure about how miners receive their bitcoins. Is it through a transaction? And how did Satoshi preprogram the code ?
Thank you.
I'm curious about how coinbase rewards work. Could someone clarify the mechanism for me?
I understand Proof of Work but I'm not sure about how miners receive their bitcoins. Is it through a transaction? And how did Satoshi preprogram the code ?
Thank you.
Hi everyone,
I am doing research about Integrating Bitcoin technology into a government.
While researching I came across this specific Blockchain : KSI Blockchain
I need your thoughts on this KSI Blockchain, it was developed by Guardtime and they use it in the Estonian Government. Also I heard that companies government and businesses are using CERTUS which is a digital seal (Bitcoin can do the same if I am not mistaking) developed by another company SICPA and then they put it into this Blockchain.
They use it for officials documents to ensure the authenticity, integrity , trust blablabla sounds like business as usual while I was researching on their site. Also I found out that a city in my country are actually using it.
I am not trying to promote a scam or shitcoins, but if it was the case can someone elaborate ?
Thank you for your responses and time.
I am doing research about Integrating Bitcoin technology into a government.
While researching I came across this specific Blockchain : KSI Blockchain
I need your thoughts on this KSI Blockchain, it was developed by Guardtime and they use it in the Estonian Government. Also I heard that companies government and businesses are using CERTUS which is a digital seal (Bitcoin can do the same if I am not mistaking) developed by another company SICPA and then they put it into this Blockchain.
They use it for officials documents to ensure the authenticity, integrity , trust blablabla sounds like business as usual while I was researching on their site. Also I found out that a city in my country are actually using it.
I am not trying to promote a scam or shitcoins, but if it was the case can someone elaborate ?
Thank you for your responses and time.
Hi everyone,
I have have a question regarding the implementation of Bitcoin technology in a specific sector.
I was wondering what was the key concepts, technical characteristics of Bitcoin that we need to keep in mind when implementing it in a specific sector, organization, businesses other than the financial aspects of it ?
Is there any books, research paper on how Bitcoin can have an impact other than just for financial reasons can y'all recommend me ?
Thank you for your help and time.
I have have a question regarding the implementation of Bitcoin technology in a specific sector.
I was wondering what was the key concepts, technical characteristics of Bitcoin that we need to keep in mind when implementing it in a specific sector, organization, businesses other than the financial aspects of it ?
Is there any books, research paper on how Bitcoin can have an impact other than just for financial reasons can y'all recommend me ?
Thank you for your help and time.