The taxes are an extra commission that things and services have and that money goes directly to the government, the idea is they should use it to offer better services and a better life for the citizens, but in corrupt countries this doesn't happen.
The bitcoin fee is a payment that goes directly to the miners who confirm the coins, this is more payment for their services than a taxes payment because the money goes to their pockets and they are free to do whatever they want with it.
Topic: Paying FEES? on e-wallet same To Paying TAXES? to your very own community? (Read 48 times)
April 25, 2021, 03:14:56 PM
April 25, 2021, 02:52:14 PM
Fees are different on taxes, and transaction fees are not for taxes. But if you refer this "e-wallet" as regulated by the government which is responsible for taxes, they may, but normally sending or receiving funds/bitcoin using this "e-wallet" does not required to pay taxes but it may depend though on different matters.
April 25, 2021, 02:34:08 PM
The main characteristic of taxes is that they are collected by government whether you want it or not, and taxes are a portion of your profit or income. Fees are different from that, they are formed on free market, they are determined by supply and demand for block space. And you aren't paying them to "bitcoin community" they all go to miners. The purpose of fees is for filtering legitimate transactions from spam. If you imagine that there was no fee mechanism and miners would be selecting transactions at random, then it would be trivial to destroy Bitcoin by submitting millions of useless transactions, so that real users would have some tiny 0.00000001% chance to get their transaction confirmed.
April 25, 2021, 08:38:07 AM
That's definitely not a tax, that is expenses on our side and expenses are not usually charge with tax. Only the miners will pay the taxes to the regulators based on their income, but what they earn is not actually a tax paid by us, it's just a simple fee where they consider it as income before tax.
April 25, 2021, 05:19:32 AM
While I was scanning different forum I read stuff about:
-Fees
-Taxes
-Government
-Bitcoin value/price
LASTLY, Bitcoin will be used on a daily life basis as equivalent to money? that are Questions and Topics relating to it.
To the point, I got to a thought What if fees and taxes are just the same? I searched google and type "is a fee of cryptocurrency is just like paying taxes?" It gave me something about mining and something else that was interesting but did not answer my question directly (Or I am just slow-witted? so please bear with me
)
____________________________________________________________________________
My question
1. What do you think are fees (cryptocurrency transactions) equivalent/same, you paying taxes(When buying something using your own money/ currency)?
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One of the given articles was this https://www.forbes.com/advisor/investing/cryptocurrency-taxes/
Entitled: Cryptocurrency Taxes 2020: What You Need To Know
------------------------------------------------------------------------------------------------------------
-Fees
-Taxes
-Government
-Bitcoin value/price
LASTLY, Bitcoin will be used on a daily life basis as equivalent to money? that are Questions and Topics relating to it.
To the point, I got to a thought What if fees and taxes are just the same? I searched google and type "is a fee of cryptocurrency is just like paying taxes?" It gave me something about mining and something else that was interesting but did not answer my question directly (Or I am just slow-witted? so please bear with me
)____________________________________________________________________________
My question
1. What do you think are fees (cryptocurrency transactions) equivalent/same, you paying taxes(When buying something using your own money/ currency)?
-----------------------------------------------------------------------------------------------------------
One of the given articles was this https://www.forbes.com/advisor/investing/cryptocurrency-taxes/
Entitled: Cryptocurrency Taxes 2020: What You Need To Know
------------------------------------------------------------------------------------------------------------
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