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[earnmorewith]

and what about youtube, yup google and facebook wasnt first, but others accepted them very much, but in crypto currencies no one want to accepted other then Bitcoin.

not true... almost all of the crypto's have some level of "acceptance"

There are lots of businesses and individuals that won't accept Bitcoin
at all... and quite a few that do but not at anywhere near spot prices...
they set their own exchange rate if you want them to accept Bitcoin
as payment for services (one that I know uses a fixed $30:1Btc value)
otherwise you need to cough up real US$

but acceptance alone doesn't prove or disprove legitimacy...
there are some government agencies that will not accept their
countries own currency to settle payment for transactions.

[JustClick]

I am collecting 100 Dogecoins...that's all I want.
I've got 40 so far & I am not paying for any.

PM me your DOGECOIN wallet id , i will give u 200 DOGE for free  After all you are my old mate in forum who helped me in exchanges.

[JustClick]

Hope not cuz Bitcoin will be wothless soon japan have banned it and now Usa are taxing bitcoins as capital gains 

Taxing will make it legit, it is good if they start taxing on it. Soon they too will become confused bcoz it is not easy to tax bitcoin.

Example :

On January 20th 2014 a person bought 30 BTC worth $500/ Btc that day
On Taxing day March 31st 2014 Person have same 30 BTC worth $380 / Btc .. what will be the value of Tax ? if they will tax on $380 the margin of $120 will make calculation wrong.

Until this Virtual Currency will calculated as Dollar it is having no Value of its own.

[earnmorewith]

Taxing will make it legit, it is good if they start taxing on it. Soon they too will become confused bcoz it is not easy to tax bitcoin.

Example :

On January 20th 2014 a person bought 30 BTC worth $500/ Btc that day
On Taxing day March 31st 2014 Person have same 30 BTC worth $380 / Btc .. what will be the value of Tax ? if they will tax on $380 the margin of $120 will make calculation wrong.

Until this Virtual Currency will calculated as Dollar it is having no Value of its own.

Not hard to tax Btc at all... and simply 'taxing' something doesn't make it legit...

The US government and others tax all kinds of 'illegal' activities all the time...
failure to file tax returns for income received from selling drugs, prostitution, etc...
is just as much a crime (and easier to prosecute) as doing the act itself


That is not the way that capital gains taxation works at all...

it is the same as calculations of capital gains on anything else...
homes, stocks, etc... all are taxed on per transactional basis

buy 30Btc for US$15000 = $500 value on a particular date (Jan 20th) --- not taxable...
until you dispose of it...  for example

On March 31st you trade 2Btc for US$760 ($380/Btc value) - there is no capital gain tax due on this transaction.

On April 21st you trade 2Btc for US$1200 ($600/Btc value) - there is capital gains tax due on this transaction.

...and you still need real US$ to pay the tax... because they, governments, will not accept Btc. as legal tender.
and any failure to claim capital gains is in itself a crime.

[JustClick]

@earnmorewith : Thanx for the clarification. 

What happen if value of BTC gone down and someone sell due to Loss. What Tax he have to pay then ?

[insidmal]

@earnmorewith : Thanx for the clarification. 

What happen if value of BTC gone down and someone sell due to Loss. What Tax he have to pay then ?

you wouldn't pay anything.. it's a loss of money not a profit

[earnmorewith]

you wouldn't pay anything.. it's a loss of money not a profit

exactly...

but you never want to dispose of anything at a loss (if you can help it )

It doesn't make any kind of sense to do that just to avoid paying the taxes...