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Topic: Transaction fees are a tax on BTC (Read 648 times)

bons

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Re: Transaction fees are a tax on BTC

March 09, 2018, 12:07:23 PM

#81

Well do you expect a service to be free? Please tell me what service is free in this world. Of course you will spend money paying to get your currency halfway around the world. Also you can't boame miners they don't make the fee the users do Wink

jaaeeeyyyy

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Re: Transaction fees are a tax on BTC

March 09, 2018, 12:39:20 PM

#82

I do think that consumer or users cannot be taxed as long as we are doing right in the exchangers. Government should held a hand on exchangers, not on users. Although service is not free, the transaction fees should includes the tax from the users.

tee-rex

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Re: Transaction fees are a tax on BTC

March 09, 2018, 12:49:14 PM

#83

Quote from: thirdprize on February 16, 2018, 03:54:10 PM

Taxes, like death, are inevitable. When they go up, people complain. Txn fees are a form of tax on BTC that goes to the miners. No-one wants to pay them but they have to.

The fees are definitely not a tax. Surprisingly, transaction fees are our payment to miners for doing their job, that of confirming transactions. Whether these fees are too high is another question, though. In any case, you may want to consult the dictionary to find out what the term tax actually means. Also, no one forces you to pay the fees because you can send coins with no fee, though your mileage will vary, obviously.

Tapyaks72

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Re: Transaction fees are a tax on BTC

March 09, 2018, 12:56:08 PM

#84

Quote from: gribble on February 20, 2018, 07:32:41 AM

Payment transaction of fees on bitcoin is expensive and it is not good for a little amount of transaction in bitcoin, but doesn't mean it is like taxes on the government, it is something different. Huge transaction fees on bitcoin is big problem on bitcoin, that is why the community are looking for the solutions with the hard fork of bitcoin's network and right now the lightning network on bitcoin. We hope this problem can be fixed soon.

Yeah to run the technology is entail payment because we are using power and infrastructure that is why we should pay a transaction fee which is also reasonable. But thanks to the peoples who try to make thing for the better like using renewable energy to power infrastructure because in that way will lessen our services fees.

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obinine

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Re: Transaction fees are a tax on BTC

March 26, 2018, 11:24:03 AM

#85

Truly, the expenses area unit comparatively high relating btc dealings. Since, at that time varied people likewise falter to complete some exchanges nonetheless at a similar time they dither visible of the developing charges day by day.I concur the diggers affirm the exchanges and its their expenses , for a typical man like ME the expenses is damn high, charges should be organized well and then over to accomplish additional exchanges within the pipeline. once charges area unit bated, people can get the safe place and empower them accomplish additional exchanges.

espiapogi1994

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Re: Transaction fees are a tax on BTC

March 26, 2018, 12:26:20 PM

#86

I agree.

for tax on bitcoin because we can not do it because it's the law, just do not waste it because they have a positive attitude. should be equal in all Sad

joel123

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Re: Transaction fees are a tax on BTC

March 26, 2018, 01:37:48 PM

#87

I guess this is one way to look at it. We really didn't expect to just use it for free so yes, I agree with the fact that fees are a tax on bitcoins and I do not mind this at all.

taiginabo

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Re: Transaction fees are a tax on BTC

March 26, 2018, 02:26:04 PM

#88

Quote from: thirdprize on February 16, 2018, 03:54:10 PM

Taxes, like death, are inevitable. When they go up, people complain. Txn fees are a form of tax on BTC that goes to the miners. No-one wants to pay them but they have to.

These transaction fees are involved with all payment mediums. May be we can do something to reduce the transaction fees in case of bitcoins.

thirdprize (OP)

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Re: Transaction fees are a tax on BTC

March 26, 2018, 05:47:20 PM

#89

Quote from: isaac_clarke22 on March 26, 2018, 02:20:17 PM

Quote from: bons on March 09, 2018, 12:07:23 PM

You can't expect a mailman to eat dirt after their service is done regardless of how far they had traveled. Same goes to miners that confirms the transactions in the blockchain, I had answered this not that long time ago. Whether you want to pay transaction fees or not, the miners will be the one to confirm your transactions and you can't avoid that and you have accept that

OP here. I suppose what I was getting at is, you pay a fee to a private company but you pay a tax to the government. The miners are more like a government as the whole Bitcoin infrastructure depends on them. You can't NOT have them just as you can't NOT have a government. It is non negotiable. If it was a fee you could bargain and take your transaction to the cheapest miner.

Ayaancool

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Re: Transaction fees are a tax on BTC

March 26, 2018, 05:55:23 PM

#90

Quote from: thirdprize on February 16, 2018, 03:54:10 PM

Taxes, like death, are inevitable. When they go up, people complain. Txn fees are a form of tax on BTC that goes to the miners. No-one wants to pay them but they have to.

Yes, of course, no one would like to pay fees for anything, if anything gets for free then everyone is really happy. What you think is this fare. I don't think so , for example : if your a stationary store owner. Do you sell your products on the exact same buying price or sell it for the buying price that added with your profit?.

palle11

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Re: Transaction fees are a tax on BTC

March 26, 2018, 06:04:49 PM

#91

Quote from: thirdprize on February 16, 2018, 03:54:10 PM

Taxes, like death, are inevitable. When they go up, people complain. Txn fees are a form of tax on BTC that goes to the miners. No-one wants to pay them but they have to.

I just don't agree that transaction fees are tax on bitcoin. Transaction fee is just what it is which is a charge on the transaction carried out for an investor. For instance, banks do charge for services done for a customer and that is not referred to as tax.

Tax is charged by the government and that excludes the charge for service from a company.

ICOchamps

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Re: Transaction fees are a tax on BTC

March 26, 2018, 06:17:51 PM

#92

Quote from: thirdprize on February 16, 2018, 03:54:10 PM

Taxes, like death, are inevitable. When they go up, people complain. Txn fees are a form of tax on BTC that goes to the miners. No-one wants to pay them but they have to.

I think the big difference here is that you absolutely have the choice if you pay these "taxes" or not. I don't only mean that you decide whether to send a transaction - you also decide whether you even want to hold bitcoin or something completely different!
Of course, you can also leave your state - but that is a lot, lot more complicated than just not using one cryptocurrency. So I see this a bit different, even though you have a bit of a point there

allycn

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Re: Transaction fees are a tax on BTC

March 26, 2018, 06:20:00 PM

#93

Quote from: thirdprize on February 16, 2018, 03:54:10 PM

Taxes, like death, are inevitable. When they go up, people complain. Txn fees are a form of tax on BTC that goes to the miners. No-one wants to pay them but they have to.

I would not call it a tax. A tax is literally a charge imposed by the government to pay fund public expenses projects. If you don't pay your taxes or you evade them it is punishable by law (at least in most countries). Bitcoin's is an actual transaction fee (like they call it), what you would pay in any bank to do a transfer to an account in another bank, or other payments. If you don't pay the fee the transaction simply doesn't go through, but you won't get punished by the government.

I will agree with the fact that we all complain when taxes or fees go up.

Argoo

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Re: Transaction fees are a tax on BTC

March 26, 2018, 06:23:25 PM

#94

Quote from: charlzyeby on February 16, 2018, 04:28:54 PM

Transaction fees may be a form of tax but it is worth paying it. miners can't validate our transactions for nothing. while it may be considered a tax, it is also someone else's job. the whole of the bitcoin and cryptocurrency space has to have different niche for balance and stability purposes.

Transaction fees can not be considered a form of tax. The tax is always paid in the state income in connection with the increase of your profit. Transaction fees are just a payment to the miners for the maintenance of the blockchein system, on the basis of which all decentralized crypto currency functions. That is, the fees for conducting transactions are just an internal payment that ensures the functionality of the crypto-currency system and can not be considered a payment of tax to the state in any way.

DAOfan

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Re: Transaction fees are a tax on BTC

March 26, 2018, 07:19:47 PM

#95

Transactions fees are super low again, which is great news for bitcoin. However, I understand where you are coming from. Bitcoin transaction fees were never imagined to be more than a few pennies. The way they have gone into the $30 is unacceptable and hurts the entire community. A few greedy miners essentially destroyed this amazing decentralized project for everyone. I think what has happened was Sathoshi's biggest fear, that a few people would gain control of the entire project.

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Rustamm

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Re: Transaction fees are a tax on BTC

March 26, 2018, 08:03:47 PM

#96

Transactional fees and tax are completely different concepts. Commission fees for conducting transactions are just a payment to miners for servicing the transfer of the crypto currency, because the network blockchein is decentralized and no one is required to service your transaction. At the same time, a tax is always a payment to the state for the use of something or for the received profit and its size depends on the size of this profit.

thirdprize (OP)

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Re: Transaction fees are a tax on BTC

March 26, 2018, 08:06:12 PM

#97

Quote from: ETFbitcoin on March 26, 2018, 07:08:21 PM

There are huge difference between tax and transaction fees, such as :
1. Transaction fees is created to prevent network spam, while tax is created to sustain government and it's project
2. Transaction fees rate depends on it's TPS and network TPS capacity, while tax rate depends on law.
3. Transaction fees is extra reward for miner, while tax is required if you want to see your country grow.

If bitcoin or blockchain-based cryptocurrency don't have transaction fees, surely we'll see people spam transaction which leads to bloating blockchain size, higher network/nodes loads and could lead to centralization.

Wrong. No one actually buys things with BTC so it doesn't matter. Your spam is someone else trying to buy a coffee with BTC. With hight fees TC is a $100 note. Just for the rich.

No fees, no miners the same way no tax, no hospitals.

BossMacko

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Re: Transaction fees are a tax on BTC

March 26, 2018, 08:17:17 PM

#98

Yes they are, transaction fees are like tax. The tax you are giving to the government depends on the amount ofnyourbsalary, the bigger the higher tax they'll get from you. Transaction fees price of it increase if the network is congested and the higher transaction fee you pay the faster your transaction will be completed. There are differences between both but they serve the same purpose.

poplolnman

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Re: Transaction fees are a tax on BTC

March 26, 2018, 08:31:37 PM

#99

Quote from: ETFbitcoin on March 26, 2018, 07:08:21 PM

Well I think op really aware about all of those list you've made above. The point here are the fee seems a little bit high and it makes people don't want to pay it , just like when you don't want to pay tax. We used to be fine when the transaction went smooth fast and charged a little amount of Bitcoin only as a fee. Tx fee now indeed feel like a tax , we hate it but have to.

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spacelab

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Re: Transaction fees are a tax on BTC

March 26, 2018, 08:35:54 PM

#100

How much the transaction fee be?

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