Bitcoin Forum

I woke up to a slamming email from my bank today on government new duty stamps that will be sucking a whopping #50 from each deposit of #10,000 and above deposits,  this made me wonder on the level of the audacity of the government who has failed to provide a good micro economic environment for the teeming youths who have found Bitcoin trading as the escape root to financial over-reliance on the government and lack of jobs opportunities. With this over-taxation, a lot of people like myself will opt to hold and receive money through Bitcoin to avoid this crazy bank stamp tax that is aimed at robbing the citizens to enrich corrupt political office holders.

And then you have to convert your Bitcoin to fiat to be able to actually pay for things, which means paying transaction fees, trading fees, withdrawal fees. Until you are able to go anywhere you want and always be able to pay via Lightning Network, Bitcoin isn't really an escape - at best it would lower some fees.

I may have to convert my Bitcoin to fiat at some point to pay for goods and services, and Bitcoin may not eradicate the payment of fees at some point, but the difference between Bitcoin charges to bank charges is that with Bitcoin I chose the fees I pay but with the bank, the fees are imposed on you without your permission. I see that is a dictatorship tendency. So even with the volatility risk of Bitcoin, receiving payment in Bitcoin is now safer and cheaper than fiat payment since there is nothing like charges on deposits with Bitcoin and they is no charge back in Bitcoin transactions.

You can't really choose a fee in Bitcoin, you choose whether you want your transaction processed in the next couple of blocks, or at some point in the future, potentially days or weeks away from the present.

With banks you can take your money and move to another bank, with better terms and fees. In my country not only banks don't charge you for maintaining an account, they even pay you for just having money on it, around 3-4% APY paid monthly, without opening a deposit. This is the result of market economy working as intended.

The reverse is the case with banks in my country, they charge customers for almost everything ranging from transaction notification charges to ATM card maintenance charges down to monthly stamp duty charges. The traditional banking system in my country has limited the citizens and killed the micro economic activities, foreign companies are moving out to other friendly and less taxed countries reason why Bitcoin become a safe heaven for most youths and start-ups.

I say there is a big difference between using a thing, or having a thing. Bitcoin may not be ideal for using right now, plus we are not seeing that many "bitcoin accepted here", so even if I was willing to pay for the fee, thats still not an option, how am I suppose to pay my meal, bills, clothes or anything like that with bitcoin if they do not accept it. However, there are better deals coming in the future, the debit deal will probably be great in the future, plus the QR code thing is picking up pace, we all have smart phones, so paying with QR code is getting more attention.

However, "having" crypto is still better than having any kind of stock or gold or anything else, definitely better than fiat. Which means that if the problem is "50 of each 10k goes to government" then crypto is certainly an alternative that will destroy that idea of the government. Definitely makes more sense.

We can not use Bitcoin or cryptocurrency to pay everything in life at least now. In future, I believe we can have it but in future, governments will have more regulations on cryptocurrency and taxation is one of stricter regulations.

The crypto adoption is different but there are many crypto payment processors like Coinpayments.io, NOWpayments.io, WOOCommerce, Shopify and more. We can use our cryptocurrency to buy a lot of goods but we have to use those platforms. It is another challenge. We can be familiar with crypto transactions but not familiar with using those services.

In future, even we can pay everything with cryptocurrency, taxation will be very different than now. Stricter taxation and Bitcoin or cryptocurrency is not tool to avoid tax.

Governments have already reached bitcoin environment as well. It won't take too long until every countries which have a neutral approach to cryptocurrency create their own arbitrary rules and regulations to crush individuals who have been dealing with bitcoin by now without any complications and issues. If you really enjoy the way you use bitcoin freely, without intervention from third party agencies, it's advised you find a territory to live where authorities will respect your lifestyle. So far the most friendly country to crypto I have seen is Portugal, where crypto gains aren't taxed and El Salvador, where bitcoin was turned into official currency. But between these two options, life quality must be superior in Portugal, although more expensive.

Its good for singles who can afford to uproot themselves from where they are and move but if you are like the rest who prefers to stay close to family, it will be hard emotionally. The use of Bitcoin may still not get us out of the financial oppression of our own government but at least keeping BTC in your wallet will limit them from getting your money thru forbidding you to withdraw from your bank.

I'm afraid these youths are making the wrong turn. As far as my own personal experience is concerned as well as many of my friends', Bitcoin trading isn't as easy as imagined.

If we look at the price volatility of Bitcoin, it makes us interested to take advantage of it. It seems so easy. The price rises and falls and so we buy when the price falls and sell when the price rises. Easy peasy! Alas, when we're already trading, we're most often stuck in a certain position and we don't know what to do next. We're often losing instead gaining. We're often left out when there's a rally and we ended up buying when the bottom is actually far down below.

It's actually even better to get into odd jobs like flipping burgers and save some in Bitcoin.

And the place where Bitcoin is right now is the best generational buying for upcoming years. I am glad to be part of history.
People will call us lucky, the next bull cycle I can assure you that. Because they didn't have the courage to buy at these prices and were waiting for the $10k price the whole time.

Would love to see this comment in @DocumentingBTC's tweet in 2025. ;)

Yeah, for me there are some people that trading is not for them. Like, instead of they trade their Bitcoin, they just hold it over time and for sure some are more profitable while holding than trading or buying random shitcoins.

Bitcoin is really a lot of use, especially in times of turmoil. Bitcoin was created because of the current financial problems. Even lot of people are not believing Bitcoin, Bitcoin is still here.

Well, it's not surprising, in a world whose global trend is more regulations and more taxes, but anyway, 0.5% is not a very high percentage either and anyway, as hatshepsut93 comments in order to pay for goods and services if you have it in Bitcoin you are also going to have to pay fees that probably exceed that 0.5%.

Do you mind saying in which country this happens? I have searched and I don't see anything recent.

There's a reason why many have ended up HODLing after years of trading. When a newbie comes to know Bitcoin, trading is exciting to learn and try; mere HODLing is boring. But it's just a matter of time before HODLing becomes the most attractive option.


I'd understand if people would consider Bitcoin as an escape route when it comes to saving. Bitcoin could also be an escape route when it comes to tax. It could be an escape route in the face of inflation, or wealth transfer across borders, and so on. But Bitcoin trading is hardly an escape route from lack of jobs.

This is such an unfortunate situation. It really saddens me when the government fails their job to provide a good economic development for their country and constituents to the point that their citizens are the ones suffering the consequences.

Although I cannot really say that bitcoin is actually an escape route on financial oppression because no matter how hard we deny, we're always gonna pay the fees because bitcoin isn't fully adopted yet in every place. Hence, we're still going to pay for processing fees for the conversion of bitcoin to fiat. The government will still have their way to tax us and get money from us as long as it isn't widely adopted yet.

However, bitcoin is a great opportunity to be an additional income source and investment for the future which is beneficial to the holders of it. It's just up to us on how we would utilize bitcoin for our own sake and advantage.

Are you sure that they are deducting that amount from the receiver because 0.5% commission which is a normal moderate one and they take it from the sender not the other way around. In any case, bitcoin only solves this problem to some extent but not entirely because if your government is trying to increase its income through taxes they will find a way to tax you even if you are receiving bitcoin payments. All they have to do is to threaten legal action against those who don't pay their taxes when they are paid in bitcoin!

I don't know what currency you're talking about, so I can't say if it's a lot of money for you or if it's something that will have an impact on some wealthier people - but banks have never been and never will be charitable institutions. In the past 2 years, most banks in my country have increased the fees for their services, and as far as I know, they will increase their fees even more.

Let's say that the fee for paying bills (electricity, telephone, etc.) at the bank is even 100% higher than if you do it at the post office, and even 500% more expensive than the fee you will be charged for the same thing at the gas station (bills can be paid even at a newspaper kiosk).


If you think that Bitcoin is something that has potential and if you believe that it is safe, then I don't see a problem that you trust Bitcoin more than fiat in your bank. I decided a long time ago that I believe in Bitcoin more than in fiat, and considering that my country will soon abandon its currency, I will have even less reason to believe in fiat.

You can not be completely dependent on bitcoin right because bitcoin will provide a means of transaction in future, and in that Government will put its charge also but only real money will run in the market. The Government does not want that their finances are completely out of their hands

IMO most of the banks' profit should come out from their credit facilities. That's the main function of banks. Keeping money in the bank should be incentivized by banks hence the interest on deposits. The fees on other services should either be free or negligible for the average joe. After all with the current available technology an email notification costs the bank practically nothing. Of course banks have overheads like offices and personnel, but that should be easily covered by the interest from their main activity --> lending.

It is not generally good for the long-term when the state makes interventions in the economy. I personally don't support it, but there are situations when it is necessary, I guess.
I don't understand what "#" means though.

I would disagree with saying bitcoin is the only escape route but would agree it's one of, if not the best, escape route from financial oppression and tyranny due to over inflation caused by "printing" unlimited money.

Bitcoin and fiat co-exist within the same financial system, if you say Bitcoin is the escape route as a store of value I will agree with you on that. But as a currency Bitcoin can not be the escape route against the centralized government since Bitcoin is not a legal tender in most countries around the world and not everybody accepts Bitcoin as payment, so your Bitcoin still depends on fiat exchange to be used to pay for goods and services.

The only way?
This may be too much because, in fact, we know how many countries and companies still don't accept Bitcoin. In fact, Bitcoin is still mostly not accepted as currency in many countries. Btw, we may know that bitcoin always has the power and is very big, influenced by many people around the world, globally. But n fact,we are still limited by the country regulation.We can still need to convert BTC to fiat to be able using them for paymenet. We still need to face the bad news of Bitcoin around the world. And we must also still face the volaitlity of Bitcoin. But exactly, this is what thespecial of Btcoin itself, that is much more worthy again from time to times.

The awareness about Bitcoin is all around, and the real value of bitcoin too is well understood by the common man. Most of the countries haven't regulated the usage of bitcoin, but they're still in the process. Very few countries have officially announced the ban over cryptocurrency usage.

Bitcoin as a payment might gain importance in the long term, because people are well used to technology dependent payments. Every form of transformation have taken place in a short time period. Bitcoin too should've got used, but for some reason it hasn't used much. As an investment it is getting more importance.

I don’t think Bitcoin can do much to save us from inflation and price hikes. Unless the traditional currency system is entirely abolished and there is a mass adoption of Bitcoin as legal tender which is not going to happen anytime soon. Even though BTC is immune to inflation, it is still very volatile and we still have a long way to go.

The ATM, the withdrawal and the deposit charges in my locality is now something else. I really do not want to do. Anytime when I withdraw cash with the ATM even below 10k the 50 naira charge would be taken and every week #100 for ATM electronic maintenance levy. The whole thing just tired me. The present government in the country is worst government ever. The government put policies without thinking of the poor masses in the country, they just think all has an equal wealth. If bitcoin can be used to buy goods and also for services, it will go a long way to save us. Because since nobody control the individuals Wallet. There is no extra charges from the government therefore, things will be moving smoothly.

Though bitcoin might not remove inflation of goods and services but it will make the Fiat currency to some extent redundant. That is mostly the bitcoiners in the country will be using bitcoin more than the Fiat currency.

Well Maybe says that overstatement because He is in full confidence with Bitcoin just  like most of us , If I have same positioning from OP? I will do the same thing and will stands the same word.
Mentioning that "Only Escape" is a Big statement but at least he will truly supporting bitcoin than those other option .

I hear you and feel the same way. However, I can't seem to confirm if it was directed to all Banks to be honest. I didn't receive that message from my other Bank only from that Online Purple Bank ^{(I dint want to mention their names)} and I received a deposit in my other bank account after that mail and didn't notice this charge however, I did notice an additional charge outside the regular SMS charge like, "VAT on SMS" among Maintenance and VAT from the Orange color Bank.
Like @hatshepsut93 said,
Until we really get to the day where we can buy or pay for every good/service through Bitcoin as easy as we want, we will still be coming back to this issue cos we have to for now, convert that Bitcoin to fiat which will still go to your Bank account and the Government will still have a piece of it.  

That "ONLY" means no other option to take which is wrong. But I understand what OP is trying to say and that he wants to escape from huge taxes making him think that the government is just milking all fiat holders. And he notices that instead of saving it from banks, putting his money in Bitcoin is obvious it saves him and only just pays a small amount of transactions fee compared to the banks. But I was afraid that soon the government will impose huge taxes on exchanges making them urge to increase regular transactions.

Expect to have this kind of scenario when your financial system in your country is corrupt and they will gonna put the weight on the shoulders of their clients to ease their loss from the government corruption. Bitcoin doesn't have this kind of nonsense because it is all yours and you have the freedom whether you want to send your bitcoins as donations to some people or not. Whereas in banks, as soon as they put some regulations on their system that involve paying a little number of fees, you cannot argue with them instead you just follow the procedure even though you are completely against it.

One question. Do you still believe in Bitcoin now?
Indeed, Bitcoin cannot cope with existing inflation because its price is still volatile, but that does not mean that Bitcoin is weak due to not being able to cope with inflation.
Because as long as there are still many entrepreneurs and investors who like Bitcoin and the demand and supply is still alive on Bitcoin in the market, then you don't have to worry about the current state of Bitcoin.

those who are worried about the condition of bitcoin are certainly those who do not fully understand how bitcoin works. Currently bitcoin is still the most expensive digital asset and has many enthusiasts around the world. Despite fluctuating prices, bitcoin remains strong while maintaining its value. moreover the supply of bitcoin is only 21 million and there is only a little left to be mined, when bitcoin is fully mined, bitcoin will be increasingly rare and more expensive.

That’s true, "only" could be wrong because there are some other options. Hell, my nation is doing so bad that I could buy straight up fiat dollar and I would be doing fine, I made a lot less salary this month compared to other months but since it was in dollars (freelancer) I will still be fine, not doing great, but I won't be hungry or starving at all, I will have a "above average" life instead of "below rich" life and I am fine with that all because it is in dollars.

So, crypto is definitely the "best" option out there, it is not the only one though. I still prefer bitcoin though, it is insane to think that we could actually retire in 10 years if we know how to invest and that means someone who starts working today at 22-23 years old, could retire when they are 32-33 years old all from the money they made from bitcoin. I know that sounds silly but that is the reality we are living in right now.

Agree. Bitcoin is only one of the thousands or millions of crypto so it is not the only one that people can choose to escape the traditional fiat system. Your nation isn't bad but every nation has its unique characteristics but the one that is bad is the person who manages it or your government system.

Maybe you have a problem with your own local currencies, this is why you think using a dollar is much better. Reminds me of Sri Lanka where they are lately been on the same problem and they want to make the dollar as their main currency along with gold but I think that bitcoin or cryptos can do better, since it's value can grow and it's not controlled by a government.

But bitcoin is the best choice if you really want to stay decentralized about the financial system. Dozens of other altcoin don't have as many use cases as currencies, but of course some decentralized altcoin are also great to use when someone is concerned about their financial privacy.

So far I do not use bitcoin as a means of payment even though bitcoin is actually the best choice for it compared to fiat or other altcoin. I can't break the rules issued by the government regarding legal currency as a means of payment, so because so far bitcoin or crypto is not legalized for it, I prefer to be safe than having to violate these rules. Bitcoin has many advantages over fiat, but anyway I can not force the desire to use it as long as the government prohibits it as a means of payment. As a payment option, bitcoin can really be considered as one of the cryptocurrencies with a good use case.

that's centralization, they will arrange according to their wishes so that they can get a lot of benefits. the tax is increasing, you can't protest against the regulation, like it or not you have to pay it.
But if using bitcoin the government can't do anything, that's also the cause of bitcoin getting strict regulation. Even cryptocurrency users are required to pay taxes according to the amount of assets they hold, but no one will report the amount of assets they have because that is the same as falling into a trap. better shut up and enjoy the freedom.

But if we are going to agree with what OP mean from his topic then we will see bitcoin as a currency that has been an alternative in providing better solution to the long time oppression endured enough which fiat couldn't, do here it's not a matter of those thatake bitcoin a legal tender or not bit ad long as an individual adopt the use of bitcoin in his financial obligations then the escape route is guaranteed on that individual and not the government or general public.

If bitcoin is one of the options that you employ for yourself, then you are far from making yourself "completely dependent on bitcoin."

Each person needs to figure out and then choose their level of allocation into bitcoin and with having some bitcoin in your holdings, you likely give yourself more rather than fewer options.

Regarding what the government wants or what they may want or what they think they want, that is both an evolving thing but it is also not any kind of specific thing because we have all kinds of governments and their ways of coordinating what they supposedly want is also not necessarily clear.

Bitcoin seems to achieve a lot of things that governments say that they want, but frequently those governments with money printing capacities might not want bitcoin and/or they might be threatened by bitcoin because bitcoin reduces their frequently abused capacities when it comes to money printing and various ways that they control the money supply - which ultimately seems to get back to various ways (especially in recent times) that governments have been debasing the value of money through printing techniques but then mostly lying (unless they are confused as well) in regards to either what they are doing or the negative effects that monetary debasement seems to have.


Yes, technically you are correct that bitcoin is not the "only" escape route, and it likely would not be very smart for people to fail/refuse to diversify the various ways that they hold their wealth and then also if they fail/refuse to account for their own individual circumstances including but not limited to cashflow, other investments, view of bitcoin as compared with other investments, timeline, risk tolerance, time, skills and abilities to strategize, plan, research and learn along the way including tweaking strategies from time to time to consider trading, reallocating, use of leverage and/or financial instruments.

Bitcoin has a lot of advantages over a lot of assets/currencies, yet getting too much exposure to a good thing has its own likely problems.

This is the real condition in this world, and in fact, we cannot avoid taxes and government regulations. Even though we can use Bitcoin, the fact is that we still have to convert the Bitcoin into fiat in order to spend it.
I myself also see that the more the government raises or makes taxes for certain things and the taxes are burdensome, doesn't that mean they fail to provide a decent living for their people?
We know how much tax we have to pay, but we know how it will turn out for the benefit of the state. Unfortunately a lot of corruption from these taxes. What a pity.
And once again, we too must be forced to follow the rules of the government, even though it sometimes burdens us. If only Bitcoin or other cryptocurrencies could actually be legally a currency in our country.

The issue of fees is never going to end and even Bitcoin also comes with its network fees, this also applies to your bank charges. But lately, a lot of banks have placed so many taxes on different transactions both cryptocurrency and Fiat transactions, some countries already placed income taxes on all the money that entered into their client bank account, and even crypto income is also taxed, so now the question can one truly escape paying fees simply adopting Bitcoin.

This is ridiculous. They just need an excuse to make you pay more taxes. 10,000 isn't a big amount, even for a small business in US. Imagine paying 50 dollars on a each deposit of 10,000 while trying to run a business on slim margins, it will be infuriating!

I am not a US citizen, but I used to have a bank account with WF through a C-corp. I used to beg for discounts on each invoice to keep it profitable, but unfortunately it still went down. if I was made to pay 50 more on a "deposit" during that time, that would turn me into hulk mode lol

Close your bank and buy some silver if you are old and retired lol (NFA DYOR)

Recently I tried to analyze the impact of these duty stamp payments on electronic transfers and on small traders, most especially those who are involved in cryptocurrency trading that make tens of transactions in a day, the truth is they are the most hit from this unfair government's banks acting as the stamp duties end up eating up all the profits they make from they daily trading just imagine if a trader executes 10 trades in a day and that will amount to #50 × 10= #500 which is is kind of high a tax a user can pay just for bank transfers that you are already charged by for bank for transaction fees which some time range from #20 to #30 per transaction of any amount on you account so the fee is approximately getting to #100 per transaction of 10 thousand and above.
This is a harsh economic policy that the current administration has brought to generate tax without minding the economic impact of this policy on small and medium-sized businesses.