Transaction fees are a tax on BTC

[onnz423]

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?

[frank2018]

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?

[BADecker]

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.

[laravuemaster]

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.

[IrishkaZaiChishka]

  Hello people ! I am new here )

[BADecker]

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.

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.

[joebrook]

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.

[loraalbert]

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.

[Birdiebig]

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.

[YzzyGo]

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.

[soname12]

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.

[Harrow30]

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.

Nice synonym! My take will be that if the transaction fees are like taxes then maybe the government can use this also as means of taxing the Cryptocurrency earnings. Not the total txn fee but a percentage shared with the miners too.

[usekevin]

Ya buddy. No one wanted to pay the taxes to our income. But we are paying. As like that, now we are giving some dollars to miners.If you have mining set means, you will speak like this. The people holding mining setup have to get anything for the investment right.For that we are paying transcation fee.

[fanBit101]

If it is tax like your point of view. I think it will not matter to the investment community or traders. Miners are not disadvantaged for justified damages such as the loss of transfer fees. No one would want to pay taxes if it was guaranteed and appropriate.

[bitbunnny]

If you put it that way then you can call the fees as a Bitcoin taxation. But it's not exactly the same. When you pay taxes to the state you expect to have different privileges, infrastructure and services that governments have to provide. If the fee is Bitcoin tax and the miners are the government the only thing you get in such case is your transaction confirmed. Is that the good ratio of what you give and what you get?
But lately the fees are realy low so we can't complain.

[Harrisonimo]

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.

Really inevitable! But a control has come to play; as compared to late last year when the txn fees were way too high for bitcoin. A lot of persons shifted to the ethereum because of its lower fees in comparison. If the miners'/taxation fee gets way too high, people will try finding other options.

[laurenB7742]

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.

Miners are the entities upon which the entire building of BTC stands, as they are responsible for the management of BTC blockchain. It's quite a work as miners invest there money and time in this management. Why anyone will do such service for free, its legitimate right of the miner to get paid for services he is rendering.

[mizunawee]

Assume it just like a security charge securing your wallets and btcs within a dark world

[jhonjhon]

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'm always thinking why people can't stop complaining, in all scenarios happen they'll keep on shouting why and why. Maybe we should fully understand how crypto works, all the transactions fees that they have collected aren't a tax,  is just for the people behind the success of its transactions, maybe we could that's is the salary for them.

[Sexie]

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.

When you are working at any establishment , you pay taxes . It depends on how  much your monthly income is. There is also an exemption  for those who has lower salaries. In every wealth you have , you have to share your assets in a form of paying taxes  to  the government , either you have  own land or home  still I dont understand why we  pay taxes , it is just like you are renting your own properly to the government for life time But when it comes to Bitcoin  , transactions fee is quite different from taxes. When we pay that transactions fees we just paying  services it could help also the  company to continue doing their business and Services to the people and also paying their taxes.