Bitcoin is Eating the Entire Online Gambling Industry

**hublot** · 20 January 2017, 12:57 pm

Great article...

https://coinjournal.net/bitcoin-eatin...ling-industry/

**TheGooner** · 20 January 2017, 1:17 pm

Interesting article but probably not grounded heavily in fact.

It's probably more accurate in Calvin Ayre's own market space - gaming targeting the United States against their domestic restrictions - but even here we see that bitcoin despots are vastly outweighed by fiat currencies.

**Soplica** · 20 January 2017, 5:06 pm

Interesting, but normally bitcoin news channels have a fanatic view of the things

**PROFRBcom** · 23 January 2017, 9:49 am

Bitcoin is Eating the Entire Online Gambling Industry

^^ Without even reading this I can tell you that it is, at least from our perspective. In the sense that we focus mainly on the offshore, US-friendly poker sites... they have ALL adopted bitcoin and are pushing it hard on players. I understand why... it's fast, it's easy (once set up), and it's an order of magnitude cheaper than the gray market fiat solutions they have to implement.

What sucks for us however, is that many rooms are FORCING affiliates to be paid in Bitcoin. We're ending up in a situation where we're receiving more of them than we'd prefer to deal with and eventually we'll either get rich off of the price appreciation, or cry for days at months of lost earnings if there is a crash.

Anyone know what countries do NOT tax bitcoin appreciation and/or do not have onerous and arcane laws with regard to tracking, spending, and taxation on appreciation?

**Sherlock** · 23 January 2017, 10:46 am

There are many countries where is zero tax on income: https://en.wikipedia.org/wiki/International_taxation (watch the green columns 4, 5, 6)
But even many countries, where there is the income tax applied, do not impose the tax on property that you hold for certain amount of years.
For now I suggest just hold and keep your records, like when you bought the btc. The bigger problem is AML than taxes.

The bitcoin appreciation problem will be solvable. Once btc will be bought by central banks, you can buy some mediocre isle in Carribean area tax heaven and spend there a horrible year with some hot girls, who missed the opportunity to be an early adopters. During that year you can exchange the rest of bitcoins. But I bet you will not need to do that, because other things in economy will meanwhile change as well.

Until then, if you need to exchange some small to moderate bitcoin amounts, just use the debit cards if you are in the USA. It is untraceable for IRS, even when they play the fear game. I will repeat myself, it is not wise to be glued to one country only, especially not with bitcoins. The lazyness might cost you a fortune. The sooner you start, the better. Roger Ver, one of the biggest btc hodlers, is also one of the first bitcoin tax exiles.

**TheGooner** · 23 January 2017, 2:48 pm

Originally Posted by PROFRBcom

Anyone know what countries do NOT tax bitcoin appreciation and/or do not have onerous and arcane laws with regard to tracking, spending, and taxation on appreciation?

New Zealand.

The Capital Gain laws state that "if the asset was not obtained with the main intent of accumulating capital gain then there is no CAPITAL GAIN TO BE PAID". This means that there is no real hassle for tracking each and every transaction.

HODLers (Hold On for Dear Life - thanks Sherlock!) will not be able to claim protection on this claim as their intent is clear when holding, but businesses using BTC to transact are certainly covered.

Of course, if you have a short term BTC hold as an affiliate business, then the cleanest way to handle that is to just record the final amount of fiat currency received into your accounts when it is converted, and treat that as a normal receipt paying tax on profit at end of year.

eg. I expect to get 1000 EUR from Bob's bookmakers - they send 1.25 BTC and I convert it to 1025 EUR at the exchange - just record the invoice as paid with 1025 EUR.

I don't think that there is any legal way for a BUSINESS to simply take the 25 EUR tradings profit and not declare it in most Western Tax jurisdictions.

**Sherlock** · 23 January 2017, 3:08 pm

It is not certain how will be cryptos defined in law. If as currency, asset or something else or new. Only after that will be known how it should be taxed.

In Czech republic, which is a normal developed EU economy the law says, that you do not have to pay capital gain tax, if you hold that asset for 3+ years. So HODLers 3+ yrs that can prove somehow they own the btc for that long, should be tax free. But again: it is too early, it is far to cashout time. Bitcoin is in protocurrency era and the bitcoin taxes as well. There are and will be cheap ways to legally avoid btc taxes for hodlers in case of huge appreciation. If bitcoin goes bust, there will be no problem with taxes as well and there will be a funny story for Sunday family dinners.

Gooner: I think you wanted to write 1250 instead of 1025 EUR and so on or rather 1.025 BTC.

**PROFRBcom** · 24 January 2017, 5:08 pm

Anyone know what countries do NOT tax bitcoin appreciation and/or do not have onerous and arcane laws with regard to tracking, spending, and taxation on appreciation?

Let me also add this addendum: And this country needs to be somewhere that one can relatively easily acquire citizenship/passport.

I know a number of countries "sell" citizenship in exchange for investment of xxx dollar equivalent. Would be nice if one would take bitcoin investment in exchange for this citizenship in lieu of $$$

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