Topic: Bitcoin vs Fiat (Real life test ) - page 2. (Read 452 times)

I think this is true, the story is indeed fully needed when we do fiat or bitcoin transactions, both of which have their own advantages and disadvantages for the cost of peer-to-peer bitcoin transactions, which we can adjust for ourselves, how much we will use will affect the speed of transaction confirmation for each block, in contrast to fiat currencies whose transaction costs have been determined by the bank. Then the role of the government on the tax on digital investment commodities has also begun to be applied in several countries.

It actually depends from country to country. Each transaction and steps when doing transactions depends on how countries does it. Here in our country sending thru bitcoin is way more convenient than using wire transfers since most wire transfer requires days for confirmation and some are passed from one bank (foreign) to our local bank. Fiat and crypto has their own convenience depending on situation.

I think the story is a possibility and this tells us that both fiat and crypto are important because they both have their advantages and disadvantages

more fiat users because every transaction that uses a lot of fiat, I agree if all stores accept payment with btc of course btc will compete with fiat

Many people prefer fiat who don't know the uses of Bitcoin or other crypto, only those guys prefer who knows that bitcoin is the future currency.
But Fiat is on top because if we want to buy things then we have to pay in fiat, not in BTC but if btc accepted in stores then we can say that in near future btc will beat fiat and huge amounts will send in BTC. Fiat sending fees is very high even that btc will charge few dollars for huge amount.

$40 for a transaction is just ridiculous unless u have lots of inputs on that. Better yet, give us tx record or it didn't happen. Straight transfers from btc to btc address wouldn't be flagged by anyone, and AFAIK exchanges only flag trades that are made by accounts with no KYC, or have limited KYC verification on them. You could have used P2P exchanges (LBC) to facilitate the trades to avoid ridiculous fees if that's what you're avoiding. Honestly, there are ways to prevent what you have just experienced, but yeah, for the most part and for the uninformed, using bitcoin to transfer huge sums of money is rather a pain rather than just using fiat and banks directly.

The fees are higher if send large amount and also there is some fee when cashout fiat money to bank, but i really don't agree to pay a lot on tax, i wish the tax to be only if make some profit from bitcoin and not tax money already taxed. I mean if get money from my job they are already taxed and if convert some to bitcoin and send to some family members and they convert to fiat and cashout to not pay again a tax because is wrong.

True, the transaction per-se will not be that expensive, however the whole process can be extremely expensive, first of all, the fees from the exchange (if using) can be quite big, then websites like localbitcoins actually charge you a fee when depositing, then you have to find the best price to sell which wont be the real actually price bitcoin is trading and you are going to lose quite a bit there too, overall the process is long, boring, expensive and simply unreliable since you can get blocked for numerous reasons.

first of all where do you get $40 transaction fees from?! unless you have a ton of inputs, your transaction size is not going to be that big to cost that much. today i sent a transaction with 2 satoshi/byte which was confirmed in about 15 minutes and it cost me 4 cents ($0.04).

as for exchange fees, last time i checked they were charging somewhere around 0.2% fee no 2% if some exchange is charging YOU 2% then maybe you should start looking elsewhere.

lets not forget that if you wanted to send USD  to another country and then in that country convert that USD to local currency like JPY for instance, then you would still pay the same hefty fees for transferring money and the exchange fee.

overall the main problem you face is the amount of service costs that you spend when cashing in Bitcoin. But, what if you can spend Bitcoin without having to use FIAT, it will be simpler.

This is not wrong when you are trying to convert Bitcoin -> FIAT through exchanges. To limit the control coming from the government, make Bitcoin conversions -> FIAT through the trader. This helps you avoid many of the problems that come from the government and don't worry about tax payments for that transaction.

I am pretty much confused with your story. This is not a game, money involved and there are people in this forum who have been doing cryptocurrency business for a long time. How and from where did you transfer those 4 Bitcoin.

It would be nice and more clear to everyone if you can tell us your source of transfer and the exchange used to complete the deal. $40.00 from where? and Who? . This is a complete scam nobody can charge you so much except the grey market and a bunch of fraudster.

Check this link and you will understand the charge/fee - https://bitcoinfees.info/

Bitcoin- crypto currency allows you to receive or send money instantly and securely around the world without middle man.Sounds great but too good to be true from our experience.We decided to do honest big sum transaction between two countries using fiat and bitcoin.Member of family  from country A sent 25000$ to country B using wire transfer.It cost almost nothing 15$ and transfer cleared in less than 4 hours.It was done a 8 month ago.Bank did not  even ask anything about it.Any questions where the money came from.(Cool yea) Now lets talk about bitcoin transfer.
Member of family from country A sends (25000$) 4 BTC (6130$ ea) to country B.Transaction time less than 1 hour and cost about 40$.Country B decided to cashed out because he cant pay with bitcoin for services.He sends bitcoins on exchange- transaction cost about 40$ once again.Exchange charges about 2% for instant sell.On the next step he uses wire transfer to  deposit money to bank.Cost 1$ and almost 1 day to clear transaction.At this point I would prefer Fiat over  bitcoin  because all process is too complicated but story is not finished yet. The Exchange reported my transaction history to authorities quite while ago.Today I am  sitting by the table with a few letters in hands from tax revenue asking me to confirm transaction between exchange and my bank.On other letter they stating that i have to pay taxes on 4 btc (6130$ ea) because bitcoin is an investment asset.Right now I am force to pay taxes and loose quite a lot money but its OK.Conclusion is.....?/   Fiat->bitcoin->fiat is wrong.