Bitcoin Cash (BCH) proponent Roger Ver says neither he nor Bitcoin.com endorsed the controversial 12.5% BCH miner tax. Meanwhile, Bitcoin ABC is proposing a new dev funding plan which reduces the tax rate to 5% of the block reward.
Roger Ver Distances Himself from Bitcoin Cash Miner Tax
In a YouTube video Roger Ver, Executive Chairman of Bitcoin.com declared that he did not agree to put to his name on the original Bitcoin Cash miner tax proposal from earlier in January 2020.
According to Roger Ver:
I didn’t sign this. There was definitely discussions and I thought the talks were still ongoing when all of sudden this was released with my name at the bottom. I don’t think my name was released with the intention of getting one over on everybody. I think it was just a lack of communication, lots of time zones [and] lots of different languages.
Shortly after the proposal become public, Bitcoin.com issued a statement saying the plan required greater consensus within the BCH community to have any success. As previously reported by Bitcoinist, the blog post stated that Bitcoin.com will not be supporting the plan unless a consensus emerges on the matter.
Bitcoin ABC Proposes 5% Block Reward Tax
Amid the controversy of the BCH miner tax, Bitcoin ABC issued a new infrastructure funding plan (IFP) over the weekend. One of the highlights of the updated plan reduced the block reward tax from 12.5% to 5%.
2/2 This will test if Bitcoin Cash can avoid being captured by a group of developers. Bitcoin does not have payouts to 3rd parties encoded into its protocol. If exchanges and miners download and run the new version of ABC, BCH will be Bcash with no rights to the name "bitcoin."
— Peter R. Rizun (@PeterRizun) February 15, 2020
According to the Bitcoin ABC blog post, the new IFP proposal also differs from the initial plan in two ways — miners triggering the implementation of the block reward tax via BIP 9 and the possibility of allocating funds to several whitelisted projects at the same time.
Roger Ver raised some concerns with the new IFP saying the 5% miner tax was still arbitrary while raising alarms over the possibility of Bitcoin and Bitcoin SV (BSV) miners abusing the system. For Ver, with Bitcoin miners controlling the bulk of the SHA256 hashing algorithm, rogue actors could use the newly proposed IFP paradigm to damage BCH’s protocol.
Apart from Ver’s concerns, BCH mining nodes that do not accept the miner tax may move their hashing potential over to the Bitcoin chain rather than risk being “orphaned.” Such a move could see Bitcoin mining difficulty experiencing a further upward adjustment.
Attempts to push through the miner tax could also cause another chain split with dissenting voices arguing that the plan creates a dichotomy that heavily favors a cabal of miners and developers who appear able to shape the destiny of the network as they see fit.
Do you think pushing through the IFP will lead to a Bitcoin Cash hard fork? Let us know in the comments below.
Images via Shutterstock, YouTube and Twitter @PeterRizun. origin »
US Congressman Matt Gaetz has introduced legislation that would require the IRS to accept tax paid with Bitcoin. If enacted into law, American taxpayers will have the option to pay taxes in BTC. US Representative Matt Gaetz (R-FL),has introduced a new bill that could see Americans pay their income tax with Bitcoin.
The Indian Government has moved towards potentially implementing a tax of 18% on Bitcoin trading in the country.
According to reports, the central government is currently weighing a proposal to impThe post India considers proposal to tax Bitcoin transactions at 18% appeared first on AMBCrypto.
A Ukrainian national has been sentenced to nine years in prison in what the IRS is describing as the United States’ “first Bitcoin case [with] a tax component.”
Kazakhstan has proposed legislation that would see a 15% tax imposed on bitcoin mining firms. This is part of efforts to raise money to help with the fight against the coronavirus pandemic. Proposed by the country’s Ministry of Economy, the new tax plan requires bitcoin (BTC) miners to first file an application for registration with […]
The post Kazakhstan Proposes 15% Tax on Bitcoin Mining to Help Combat Coronavirus appeared first on Bitcoin News.
Japan’s finance minister Taro Aso says he is opposed to reducing tax on bitcoin income to 20%, on par with stock dividends, arguing that most Japanese households find it difficult to invest in digital assets.
Miners claiming to represent the majority of Bitcoin Cash’s (BCH) hash rate intend to implement a plan to tax other miners in the community. Most remarkably, this tax could also affect all cryptocurrencies that share the SHA256 algorithm, including Bitcoin.
The proposal to create a special “developer tax” could split the Bitcoin Cash community, and do more harm than good. Peter Rizun, the chief scientist at Bitcoin Unlimited, commented on the intention to bring miners under a centralized authority.
New Hampshire state representatives have killed the legislature’s second attempt to accept crypto tax payments, saying that Bitcoin’s volatility is too high
Calculating cryptocurrency taxes and pulling together all the necessary information for tax reporting is never the most exciting thing for bitcoin investors. The whole process can be painful – especially if you have been trading across multiple exchanges.
One of the things which causes undue consternation for many holders of Bitcoin and cryptocurrency is its taxable status. While some naysayers still consider the whole industry a tax avoidance scheme, most users just want to make sure they comply with the rules.
Bitcoin’s lack of widespread acceptance by merchants and use by shoppers isn’t just because of the perceived technological barriers and a lacking ecosystem. Tax complications also plague would-be BTC spending.
Singapore’s government appears set to offer tax exemptions for bitcoin and other cryptocurrencies based on a draft document published by the country’s tax body. The proposed perpetual tax holiday will reportedly apply to virtual currencies deemed to be digital payment tokens and will come into effect in 2020 if approved.
By CCN: An Israeli court has ruled that Bitcoin is not a currency but rather an asset. This was in a case brought forth by Noam Copel, a blockchain entrepreneur, according to business publication Globes.
The US tax season has begun, and this might finally be the year to declare your bitcoin and crypto-assets. Sure, bitcoin taxes can be complicated, but research suggests that 61% of holders don’t realize they can write off last years losses as a tax deduction.
Online retailer Overstock announced it would pay a part of its Ohio state business tax using bitcoin, making it the first company to use Ohio’s crypto tax portal, Fortune reported on January 3, 2019.
Finnish tax authorities have handed over information on 2,700 bitcoin traders to its Danish counterpart, Skattestyrelsen (SKAT). According to a press release, the traders used an undisclosed Finnish exchange to collectively purchase and sell some $15.
Do you have big Bitcoin trading losses for 2018? Do you need expert guidance in assembling the forms and documents needed for tax prep? Learn more now!
The post Tax Time! How to Calculate Your Bitcoin and Cryptocurrency Losses appeared first on CoinCentral.
Do You Owe Tax Money In Ohio? You Can Now Use Bitcoin As Settlement! Do You Owe Tax Money In Ohio? You Can Now Use Bitcoin As Settlement! Bitcoin ABC's Bitcoin Cash Software Enhancement Prevents Chain Reorganizations Bitcoin ABC's Bitcoin Cash Software Enhancement Prevents Chain Reorganizations Crypto Market Sees Major Sell Off Causing Tokens To […]
Ohio is now setting up an official website to allow businesses to pay taxes with bitcoin. According to a recent article published by the Wall Street Journal (WSJ), the state of Ohio seems to have given tacit acceptance to bitcoin by allowing businesses, although not individuals, to pay all manner of taxes with the cryptocurrency.
A South African law firm has published a short essay on proposed tax legislation for cryptocurrency in the country. Cox Yeats Attorneys, a Durban-based firm, argues that the Taxation Laws Amendment Bill, published by the National Treasury in July, will be bad for the digital asset industry, according to local media reports.
While the crypto market continues to see an abundance of red on the charts, it received a massive nod of approval on November 25, 2018. The Wall Street Journal reports the U. S. state of Ohio is set to become the first in the country to allow payment of taxes through bitcoin.
Latest Bitcoin News Coinciding with BTC market pull back is morale boosting news that the US state of Ohio will begin accepting tax payments in Bitcoin. Spearheading this drive is the State Treasurer, Josh Mandel, who term the move efficient, secure, transparent and cheap especially for merchants and businesses that in days to come will […]
The post Bitcoin Price Analysis: BTC/USD Stable at $4,000, Paraguay Gives Green Light For the World’s Largest Crypto Mining Center appeared first on Ethereum World News.
Ohio has become the world’s biggest jurisdiction and the first US state to accept bitcoin for tax payments from any business in the area. Any of the nearly 12 million...
The post Ohio Starts Accepting Bitcoin for Tax Payments appeared first on Trustnodes.
In what could be the biggest institutional nod of approval to cryptocurrencies across the globe, Ohio is set to become the first state to accept Bitcoin for tax payments. Starting this week, Ohio businesses can pay anything from tobacco to public utilities tax on OhioCrypto.
CoinSpeaker
First US State Officially Starts Accepting Bitcoin for Tax Payments
Starting from today, Ohio businesses can pay taxes with Bitcoin. The authorities will use crypto payment processor BitPay which will handle the payment in crypto and conversion to dollars for the tax office.
CoinSpeaker
Good News: First US State Officially Starts Accepting Bitcoin for Tax Payments
Starting from today, Ohio businesses can pay taxes with Bitcoin. The authorities will use crypto payment processor BitPay which will handle the payment in crypto and conversion to dollars for the tax office.
In what could be a further critical sign of cryptocurrency adoption in the U. S, businesses in Ohio will shortly be able to pay their taxes online using Bitcoin. The progression will be rolled out to personal taxpayers at some point in the future.
According to the WSJ report on November 25, Ohio appears set to become the first state to accept Bitcoin (BTC) for tax bills. Beginning this week, Ohio businesses will be able to go to the website OhioCrypto.
nitialization eligible for damages. Major US state to start accepting tax payments in Bitcoin In news that definitely screams “real world” cryptocurrency adoption, US state of Ohio will give its tax payers an option to pay their taxes with Bitcoin.
Data center managers in Sweden are expecting a deluge of inquiries from cryptocurrency mining operations in Norway. The Norwegian authorities this week revoked energy tax subsidies for the sector, throwing the future of many companies into doubt.
Crisis Ahead: Norway Ends Power Tax Subsidy For Bitcoin Miners When you hit rock bottom, it can only get worse, or at least is what the Bitcoin miners in Norway must be thinking right now. The Norwegian government has decided that it no longer supports BTC mining and has decided to cut the power subsidy […]
Spain’s Ministry of the Treasury has identified 15,000 cryptocurrency investors it will monitor to prevent tax evasion and money laundering, according to local media reports. The ministry has vowed to ensure that the investors pay taxes on capital gains from digital currency transactions and that they declare any other benefits accrued from trading.
It may soon no longer be business as usual for bitcoin (BTC) and altcoins investors in Spain as the nation’s tax authority, the Agencia Estatal de Administracion Tributaria (AEAT), has reportedly identified at least 15,000 distributed ledger technology (DLT) based virtual currency holders and is now set to make them pay taxes, reported Finance Magnates on November 20, 2018.
As tax payment draws near, the Australian Taxation Office is warning taxpayers against imminent tax scams involving the use of Bitcoin ATMs. Details of the Warning According to an article published by the Australian Taxation Office (ATO) on its homepage, Australian taxpayers are warned to be on the alert for possible tax scams.
The government of Poland recently submitted amended income tax regulations for approval by President Andrzej Duda. The updated framework, which includes provisions referring to cryptocurrencies, is expected to enter into force on Jan.
Two mining companies with operations in Sweden have reportedly abandoned their facilities in the country’s northernmost county of Norrbotten. One of the companies, U. S. miner NGDC, appears to have suddenly fled from the area, leaving $1.
CryptoNinjas
One of the least talked about but most significant consequences of the Bitcoin Cash fork will be the tax authorities collecting millions from the individuals involved, according to cryptocurrency taxation experts NODE40.
In recent exchange news, Seba Crypto AG has predicted that it will receive a Swiss banking license within the first half of 2019. We also look at the Independent Reserve, which has integrated a tax estimator tool into its user interface, as well as Point95 Global, which has announced plans to launch a “crypto quantitative […]
The post Seba Crypto Expects Swiss Banking License, Independent Reserve Integrates Tax Tool appeared first on Bitcoin News.
The market for cryptocurrency tax services is growing rapidly, and it is providing forward-thinking tax professionals with an opportunity to capture oversized profits.
In some countries you are liable for capital gains tax on any profits you make on your cryptocurrency hodlings. Calculating how much you owe can be confusing, but it just got a bit easier for Australian cryptocurrencers.
The Australian Taxation Office (ATO) has warned taxpayers to be “on high alert” for phone scammers demanding payment through bitcoin ATMs. It said payments via BTC cash machines have now overtaken iTunes vouchers as the most common method of scam payment reported to the tax authority.
CryptoNinjas
KPMG Australia and Independent Reserve, the largest Australian cryptocurrency exchange, today announced the launch of a new tool to help the traders of cryptocurrencies better understand their tax liabilities.
Scammers seem to find any possible outlet to steal the cryptocurrency of investors. Twitter has been the biggest opportunity for these frauds to get through, but Australia has found that the hackers are finding a new method of tricking consumers – Bitcoin ATMs.
In a recent article published by Venture Beat a few days ago, there are some cryptocurrency traders that are avoiding taxes in their country. At the moment, every single crypto-to-crypto trade is considered a taxable event.
Jesse Powell, co-founder of Kraken exchange, has publicly supported Bitcoin Cash advocate Roger Ver, who is currently battling tax-related charges from the US Department of Justice (DOJ). In a Jan.
Roger Ver is calling on President Donald Trump to help him avoid a 109 year prison sentence Last week, Trump pardoned Silk Road creator Ross Ulbricht who had spent 12 years in prison and was serving two life sentences plus 40 years without parole Jameson Loop, Casa’s CSO, has echoed Musk’s sentiments and doesn’t believe […]
The post Elon Musk doesn’t think Roger Ver should get a presidential pardon appeared first on CoinJournal.
A popular figure in the cryptocurrency world known as “Bitcoin Jesus” – who has been indicted for a multi-million-dollar tax evasion case – asked a federal court to drop the charges against him.
Roger Ver spoke at Token2049 in Dubai last month — weeks prior to his arrest — about his commitment to cryptocurrency freedom as a bulwark against tyranny. Ver’s speech at TOKEN2049 in Dubai showcased his commitment to cryptocurrency as a…
In a significant development within the cryptocurrency community, Roger Ver, an early investor in Bitcoin, has been indicted by the US Department of Justice (DOJ) on multiple charges, including mail fraud, tax evasion, and filing false tax returns.
CoinFLEX CEO Mark Lamb breached his fiduciary duty when he created a new company, OPNX, with the founders of failed crypto hedge fund Three Arrows Capital, creditors argue. They are also critical of a deal Lamb struck with early BTC evangelist Roger Ver.
The Bitcoin Cash (BCH) price has gone through the roof in recent days. Within the last ten days, the Bitcoin fork has risen by a staggering 168%, temporarily BCH was already up over 200% today. While Bitcoin Cash was still trading at $104 on June 20 and was stuck in a deep bull market that looked bad even compared to other altcoins, a miracle occurred 10 days ago.
