Germany recognizes Bitcoin as ‘private money’

[Tsuken]

Article

Personally, I think it is a great step forward for the Bitcoin. Germany's ruling has brought Bitcoin closer to be acknowledged as a legitimate currency. So here's the question: do you see Bitcoin as a legitimate currency? Personally, I think it is (my definition of legitimate may be a little broader than someone else's). I want to hear what you guys think.

[TaQud]

I wonder which person coined the label "private money" for the BitCoin

[Breadknife]

Giving it legal recognition can be as easily the inroad to being considered a taxable resource, you know... (Not sure how it could be properly tracked and assessed for tax, given that's the whole point, but now someone who provides goods/services in return for bitcoins may find need they need to declare this.)

But, on the whole (and from what I know of Bitcoins, which is nothing first-hand but includes plenty of serious journalism on the issue as well as an awful lot of e-evangalism), it sounds like it's a good idea. Here's hoping the above is just me be paranoid (by proxy, at the moment).

[Timna]

aka Monopolygeld.

[Geilinor]

Giving it legal recognition can be as easily the inroad to being considered a taxable resource, you know... (Not sure how it could be properly tracked and assessed for tax, given that's the whole point, but now someone who provides goods/services in return for bitcoins may find need they need to declare this.)

But, on the whole (and from what I know of Bitcoins, which is nothing first-hand but includes plenty of serious journalism on the issue as well as an awful lot of e-evangalism), it sounds like it's a good idea. Here's hoping the above is just me be paranoid (by proxy, at the moment).

I support the recognition of Bitcoins if it means we can tax them. What you see as potentially a bad thing I see as a positive.

[Napkiraly]

Giving it legal recognition can be as easily the inroad to being considered a taxable resource, you know... (Not sure how it could be properly tracked and assessed for tax, given that's the whole point, but now someone who provides goods/services in return for bitcoins may find need they need to declare this.)

But, on the whole (and from what I know of Bitcoins, which is nothing first-hand but includes plenty of serious journalism on the issue as well as an awful lot of e-evangalism), it sounds like it's a good idea. Here's hoping the above is just me be paranoid (by proxy, at the moment).

I support the recognition of Bitcoins if it means we can tax them. What you see as potentially a bad thing I see as a positive.

This, pretty much.

[Minarchist States]

Giving it legal recognition can be as easily the inroad to being considered a taxable resource, you know... (Not sure how it could be properly tracked and assessed for tax, given that's the whole point, but now someone who provides goods/services in return for bitcoins may find need they need to declare this.)

But, on the whole (and from what I know of Bitcoins, which is nothing first-hand but includes plenty of serious journalism on the issue as well as an awful lot of e-evangalism), it sounds like it's a good idea. Here's hoping the above is just me be paranoid (by proxy, at the moment).

I support the recognition of Bitcoins if it means we can tax them. What you see as potentially a bad thing I see as a positive.

God, if I started trading with pigs the government will eventually find out how to tax pigs. Why can't they leave us alone?

[Warda]

bad germany

[Edlichbury]

I support the recognition of Bitcoins if it means we can tax them. What you see as potentially a bad thing I see as a positive.

God, if I started trading with pigs the government will eventually find out how to tax pigs. Why can't they leave us alone?

Because the purpose of the state requires to be it part of it your life.

[Mozzissey]

In some ways it is, in some ways it isn't (a traditional money -thingy). It's not really physical, then again, a lot of "money" (e.g. like a points system for unlocks) on video games isn't physical.

[Frisivisia]

I support the recognition of Bitcoins if it means we can tax them. What you see as potentially a bad thing I see as a positive.

God, if I started trading with pigs the government will eventually find out how to tax pigs. Why can't they leave us alone?

Because public works are nice.

[Geilinor]

In some ways it is, in some ways it isn't (a traditional money -thingy). It's not really physical, then again, a lot of "money" (e.g. like a points system for unlocks) on video games isn't physical.

Maybe Bitcoins could be a replacement for physical money. Just give everyone a Bitcoin card or something. This is just a random idea, and I'm not that sure about it.

[The Nationalist Republic of America]

Isn't the whole point of Bitcoin that it is a nontaxable currency?

[Geilinor]

Isn't the whole point of Bitcoin that it is a nontaxable currency?

What's so special about online purchases and exchanges that should be tax exempt?

[Napkiraly]

Isn't the whole point of Bitcoin that it is a nontaxable currency?

Just like life will find away, so to will the state. That's not a bad thing though.

[Vazdania]

Article

Personally, I think it is a great step forward for the Bitcoin. Germany's ruling has brought Bitcoin closer to be acknowledged as a legitimate currency. So here's the question: do you see Bitcoin as a legitimate currency? Personally, I think it is (my definition of legitimate may be a little broader than someone else's). I want to hear what you guys think.

Of course the bitcoin is legitimate.

[Grand Britannia]

Inb4 Illuminati ploy.

[Libraria and Ausitoria]

Well anyway it's still not legal tender and it is unlikely to be so in the immediate future, and it will remain an interesting fad unless it does become legal tender somewhere.

[The Nationalist Republic of America]

Isn't the whole point of Bitcoin that it is a nontaxable currency?

What's so special about online purchases and exchanges that should be tax exempt?

What? People here want to tax Bitcoin, which is ironic because the whole purpose of Bitcoin was so people could shop tax-free. That's all I'm saying.


Also, what is there to tax from Bitcoin? How would you tax it? Bitcoin isn't the note from any central bank or national mint. No government owns it.

[Greed and Death]

Giving it legal recognition can be as easily the inroad to being considered a taxable resource, you know... (Not sure how it could be properly tracked and assessed for tax, given that's the whole point, but now someone who provides goods/services in return for bitcoins may find need they need to declare this.)

But, on the whole (and from what I know of Bitcoins, which is nothing first-hand but includes plenty of serious journalism on the issue as well as an awful lot of e-evangalism), it sounds like it's a good idea. Here's hoping the above is just me be paranoid (by proxy, at the moment).

There are plenty of other ways to use real money to avoid taxes.

[The Nationalist Republic of America]

Isn't the whole point of Bitcoin that it is a nontaxable currency?

Just like life will find away, so to will the state. That's not a bad thing though.

It defeats the purpose of Bitcoin even existing.

[Saiwania]

No, Bitcoins are not legitimate currency and if anything, it is just a fad. It is even more unstable than the gold standard. One minute it is worth a lot and the next, the value plunges precipitously.

[Napkiraly]

Just like life will find away, so to will the state. That's not a bad thing though.

It defeats the purpose of Bitcoin even existing.

And? It can change it's purpose if it wants to.

[Minarchist States]

God, if I started trading with pigs the government will eventually find out how to tax pigs. Why can't they leave us alone?

Because public works are nice.

Yeah well you can keep your damn public works until paying for it becomes voluntary.

You can also keep Sir Bacon, my hog. I don't need him anymore.

[Gauthier]

Isn't the whole point of Bitcoin that it is a nontaxable currency?

Don't worry, it'll still be a popular laundry stop for organized crime.