You're exactly right. But that's a German thing that's very difficult for people in the free world to understand. I'm German myself, but I left long time ago. To me, paying taxes on crypto completely defeats the purpose. Plus, you have to actively tell the tax office that you have crypto, which means that once they prohibit it - which they will, sooner or later - you red flagged yourself.
Sure people think this but the government sees it the other way :D So if somebody has a tax liability in his home country he has to pay taxes also on cryptos. CoinTracking is also a very nice tool to view the performance of your crypto-portfolio :)
The government can see it if I allow it. That's the point. If I own crypto and I pay taxes on it, why not stick to fiat? I wouldn't want to have the Gestapo knocking at my door once the regime decides to forbid BitCoin. Then they'll know I have or had BitCoin, because I did them the favor of letting them know. It doesn't make any sense to me. But maybe it's because I've been living in the free world for too long, already. Out here no one would do something like that. If the government wants me to pay taxes on crypto, I'm sure it'll let me know...
You're exactly right. But that's a German thing that's very difficult for people in the free world to understand. I'm German myself, but I left long time ago. To me, paying taxes on crypto completely defeats the purpose. Plus, you have to actively tell the tax office that you have crypto, which means that once they prohibit it - which they will, sooner or later - you red flagged yourself.
Sure people think this but the government sees it the other way :D So if somebody has a tax liability in his home country he has to pay taxes also on cryptos. CoinTracking is also a very nice tool to view the performance of your crypto-portfolio :)
The government can see it if I allow it. That's the point. If I own crypto and I pay taxes on it, why not stick to fiat? I wouldn't want to have the Gestapo knocking at my door once the regime decides to forbid BitCoin. Then they'll know I have or had BitCoin, because I did them the favor of letting them know. It doesn't make any sense to me. But maybe it's because I've been living in the free world for too long, already. Out here no one would do something like that. If the government wants me to pay taxes on crypto, I'm sure it'll let me know...