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5 Most Common Bitcoin Gambling Tax Issues and how to avoid them

Gambling is a great way to earn money. These include bingo, lotto, and gambling. If you are lucky you can easily earn, but if you have a good enough strategy you can also easily and quickly get the extra income that we are sure everyone needs. Since every person needs additional income and additional earnings, many people decide to try their luck and start gambling. Their most common choice is gambling games which are increasingly available to anyone who has a desire for this type of games.

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The new time offers many opportunities. These possibilities primarily relate to the availability of gambling games. So today more and more games are available on the internet, and with that, the players are at hand and can play them at any time. In addition, the great possibilities are related to choosing the way you will gamble. So you can choose to play casino games by investing a standard type of money, ie cash currencies with which you will join the game or you can decide to play with cryptocurrencies, usually with Bitcoin which is accepted by almost every gambling site. as an option for payment and inclusion in the casino game. But there is a moment that upsets a lot of players.

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As we all know Bitcoin is a cryptocurrency that is quite successful. Apart from being able to invest in it, trade, and monitor the growth of cryptocurrency exchanges, it has recently been used as a means of payment, and even as a means of payment when it comes to gambling sites. As we all already know, games of chance, and especially casino games, are subject to taxation almost all over the world. It is a policy of all countries with which the state itself tries to reduce the rates of users of these services, ie it tries to control the whole situation with gambling in the country. This means that all gambling winnings are taxable, even those paid with the cryptocurrency Bitcoin. There are many issues that plague players, especially those trying their luck at gambling with Bitcoin. So let’s see what are the most common bitcoin gambling tax issues, clarify them and offer solutions that will avoid them. All that is left for you is to settle in your favorite spot in your home, to read it to the end, and to find out all the information we bring you. Are you ready? Then we can start!

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  1. Does every casino offer Bitcoin payments and are profits taxed everywhere? – Today, when almost all of us already have a cryptocurrency, and that is usually Bitcoin, in addition to having a perfect cryptocurrency, we also have greater opportunities, and that is to pay in Bitcoin. Today, not every casino, but many of the casinos offer the option to gamble in Bitcoin, and only one of them is one of the most popular BTCGOSU casinos which if you want to visit and try your luck you can click here. There are more and more of these casinos and yes, in every casino that offers to gamble, the profits are taxed, both those in cash and those in virtual currencies. This means that if you make a profit you will be deducted an appropriate part of it which will be intended for tax.
  2. Will I be taxed if I have no profit? – sometimes the players are lucky, but sometimes she is simply not on their side, but that never means that the players should give up the game and should not try again. Yes, it happens and you do not make a profit, but hey, that’s good for you. Do you know why? Because you will not be deprived of Bitcoins for a tax that is mandatory only for those who have made a profit. So do not worry. You will not be taxed until you receive a profit from which you will be deducted tax.
  3. What is the tax rate and how is it deducted? – most often the taxation is done during the payment. The percentage deducted from the amount is from 6% to a maximum of 15% of it which is not too much. This is to prevent excessive gambling because we know very well that no one wants to be deprived of their own profits. Therefore, be prepared at the end of the payment of your winnings to be deducted from 6% to a maximum of 15% of it, which part will be used to pay the tax that is mandatory for all players.
  4. Does taxation apply to all games? – no game can not be taxed when it comes to gambling and casinos. Each of the games requires you to pay money or pay Bitcoins and then play with them. Because you pay and play, you have the opportunity to win and win. That profit must then be taxed according to the rules of the country in which you live. So the answer to the question is the following – all games that can be found on casino sites are subject to tax if you make a profit and there is no way you can not be taxed.
  5. When do they tax profits? – The winnings are always taxed at the very end of the game when you find out that you are the winner. Once you find out that you have received a certain amount of Bitcoin, you need to withdraw the profit you have. When withdrawing, ie when paying the profit, the system must automatically tax you in accordance with the rules. Taxation will be based on a predetermined percentage determined by the country of origin. With that, expect to be taxed at the end of the game if you are a lucky winner.
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These are issues that bother players and to which they do not have a specific answer and do not know what happens after a win is won. By now you know how the whole procedure goes, which means you are ready for your next game. Play responsibly and we wish you good luck in playing!

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