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Topic: Transaction fees are a tax on BTC - page 2. (Read 622 times)

member
Activity: 266
Merit: 15
March 27, 2018, 10:24:06 AM
The amount of Bitcoin that we pay for each transaction is fixed to the extent that it is in the range of 0.0003 - 0.001 per transaction. The fees for each of these transactions are paid to the miner to help you operate your purchases. The price of each sale increases as the value of Bitcoin increases.
newbie
Activity: 196
Merit: 0
March 27, 2018, 10:15:49 AM
If you think about it, it may look like tax but it's not. It is payment for services rendered, in this case when they succesfully decrypt transactions and verify them on the chain. Taxes are a for the government to be used for their countries expenses, development and citizens and not for personal gains.
newbie
Activity: 224
Merit: 0
March 27, 2018, 09:53:21 AM
I think the transaction fee is a necessity for maintaining stability and extending the security as well as improving the exchange process. Personally, I think the transaction fee will be nothing serious. For example, Bittrex actually charges higher transaction fees than other transaction sites. But I still want to use Bittrex transactions, because stability and security and longstanding reputation have been demonstrated in the crypto community. Of course, each person's point of view is different and there will be no righteous view on this matter.
newbie
Activity: 184
Merit: 0
March 27, 2018, 01:38:24 AM
In my opinion, the transaction fee is the same as the tax imposed. However, it is mandatory and rules of the exchange in the market. It will not create the need and importance, but to preserve some links such as online wallets, it is imperative to have to build the route.
sr. member
Activity: 644
Merit: 259
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March 26, 2018, 04:08:33 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.
Actually its not taxes but some kind of service fee that we pay so that the miners can confirm our transactions for us.
legendary
Activity: 3990
Merit: 1385
March 26, 2018, 04:01:45 PM
Transaction fees are a bribe to miners.

Miners might withhold all the bitcoins they mine. They don't because they need cash to pay for electricity and ASICs. But some of them COULD withhold bitcoins. If they withheld them, the price would go up until they wanted to sell some. This would cause worse instability in Biotcoin prices than we have ever seen.

Transaction fees keep the Bitcoin price much more stable.

Cool

When the price of Bitcoin was near $20,000, it was a bubble. Bubbles pop. If this bubble had been allowed to pop naturally, the price would have gone much higher before it popped.

The danger of a big Bitcoin bubble pop might have been that it would have gone all the way to zero. Nobody knows if this would happen, but if it did, Bitcoin miners would stand to lose a lot. So, miners banned together to charge insanely high fees. How did this help?

Bitcoin prices came down and leveled off instead of crashing to zero. Miners gained enough money from the fees to cover their mining expenses when the price came down. The price didn't go to zero where they would lose more than everyone else. Bitcoin remains because of the wisdom of the miners.

Cool
newbie
Activity: 5
Merit: 0
March 26, 2018, 04:00:39 PM
 Grin Grin Grin Hello people ! I am new here )
full member
Activity: 378
Merit: 100
When Football meets Crypto
March 26, 2018, 03:58:31 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.

Transaction fee's are just fare because it is not affecting the amount of coins you want to transfer since it was only cheap compare to the amount of coins you are holding. It was very hard to work on the corporate world so i prefer to trade.
legendary
Activity: 3990
Merit: 1385
March 26, 2018, 03:56:31 PM
Transaction fees are a bribe to miners.

Miners might withhold all the bitcoins they mine. They don't because they need cash to pay for electricity and ASICs. But some of them COULD withhold bitcoins. If they withheld them, the price would go up until they wanted to sell some. This would cause worse instability in Biotcoin prices than we have ever seen.

Transaction fees keep the Bitcoin price much more stable.

Cool
jr. member
Activity: 82
Merit: 2
March 26, 2018, 03:48:24 PM
Does anybody even know what TAX means? It is a form of mandatory financial obligation imposed by the government so that they can subsidies public expenditures. So by any means, isn't bitcoin associated with the government since it is decentralized? Correct me if I am wrong but transaction fees is very much different from tax. Transaction fees are additional service charges for your transaction while tax is a deduction to be paid to the government. Am I making sense?
hero member
Activity: 840
Merit: 508
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March 26, 2018, 03:39:53 PM
I wouldn't say they're a tax, as a tax is money collected by the government to pay for public services. I think that the bitcoin fee is exactly that, a fee that is paid to those that provide work (the miners), hence why the fee is directly related to the amount of work. You wouldn't expect a carrier pigeon to carry a message with an empty stomach now would you?
sr. member
Activity: 528
Merit: 250
March 26, 2018, 03:35:54 PM
How much the transaction fee be?
legendary
Activity: 1442
Merit: 1008
March 26, 2018, 03:31:37 PM
#99
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.
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.
hero member
Activity: 1134
Merit: 502
March 26, 2018, 03:17:17 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.
sr. member
Activity: 485
Merit: 274
March 26, 2018, 03:06:12 PM
#97
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.  
member
Activity: 532
Merit: 18
Bitcoin lover!
March 26, 2018, 03:03:47 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.
member
Activity: 126
Merit: 10
March 26, 2018, 02:19:47 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.
sr. member
Activity: 2464
Merit: 252
March 26, 2018, 01:23:25 PM
#94
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.
full member
Activity: 420
Merit: 110
March 26, 2018, 01:20:00 PM
#93
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.
copper member
Activity: 40
Merit: 1
March 26, 2018, 01:17:51 PM
#92
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
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