bug.lady
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Large scale, green crypto mining ICO
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February 16, 2018, 09:20:09 PM |
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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 don't agree with that comparison. Tx fee is like a service fee, for instance like your telecom bill for using your cell or like paying for VOD. Tax on the other hand is due to the government for being a citizen and the overall protection you are receiving from them (that you can send your children to school and when scammed you can go to the police and then to court, etc.). And you can be very sure that the governments will very soon ask for the due tax on top of the transaction fee, if they don't do it already |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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Mike Mayor
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February 16, 2018, 09:36:25 PM |
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Well do you expect a service to be free? Please tell me what service is free in this world. Of course you will spend money paying to get your currency halfway around the world. Also you can't boame miners they don't make the fee the users do.
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9jaflick
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February 16, 2018, 09:57:17 PM |
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in as much as you are not remitting your transaction fee to the Government ( cross border authority) you cant call it taxation fee, the transaction you are paying it simply miners reward, reward for maintaining the bitcoin network.
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bug.lady
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Activity: 196
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Large scale, green crypto mining ICO
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February 16, 2018, 10:05:56 PM |
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in as much as you are not remitting your transaction fee to the Government ( cross border authority) you cant call it taxation fee, the transaction you are paying it simply miners reward, reward for maintaining the bitcoin network.
fully agree, and don't worry, one already has to or you will have to very soon pay one's capital gain tax to the government and then one will notice that when one compares the tax to the transaction fees (which may be as high as 20 USD - in December, for instance and one may have thought they were high then), the transaction fees were very very very cheap. |
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jseverson
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February 17, 2018, 01:10:51 PM |
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Miners do set the rates as they prefer to process the ones with high fees rather than the ones with low fees. As with taxes, the less you pay, the worse the service you get.
That means the market sets the rates, not the miners. It's basic business sense, too; why would you accept work that pays less when another available pays significantly more? If no one paid any transaction fees, they would confirm transactions for free. That tells us that they have very little say on the fees. That being said, miners could spam the network with transactions to drive the price up, but that also costs money, and is a different discussion entirely. You only get worse service if you pay a substantially smaller fee than everyone else. |
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rapwindsoul
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February 17, 2018, 01:21:01 PM |
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In my opinion, i disagree that we would say transaction fees are like taxes to crypto. Miners deserves that fees for they provide the vital role in what we so call "Blockchain". As we all know blockchain is a ledger technology that prevents double spending of money.
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Lock00Live
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Blockchain with solar energy
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February 17, 2018, 01:47:14 PM |
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in as much as you are not remitting your transaction fee to the Government ( cross border authority) you cant call it taxation fee, the transaction you are paying it simply miners reward, reward for maintaining the bitcoin network.
fully agree, and don't worry, one already has to or you will have to very soon pay one's capital gain tax to the government and then one will notice that when one compares the tax to the transaction fees (which may be as high as 20 USD - in December, for instance and one may have thought they were high then), the transaction fees were very very very cheap. I thought about this because it was the best way to tax the bitcoin deal. It's possible that commercial sites have partnered with the government to increase bitcoin fees to tax investors. Too high a transaction fee is also a barrier for many investors who do not have much money. |
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hinpoc.hin
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February 17, 2018, 04:32:03 PM |
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I think it is a quite not right here. Tx fee is not a tax.
Tx fee is the cost for the algorithm verification of bitcoin transaction.
The miners paid to process your transactions, it is different from tax.
Government didn't do anything and we pay tax to them, but the miners doing work, we pay for them.
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adzino
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www.Crypto.Games: Multiple coins, multiple games
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February 17, 2018, 04:48:07 PM |
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Well do you expect a service to be free? Please tell me what service is free in this world. Of course you will spend money paying to get your currency halfway around the world. Also you can't boame miners they don't make the fee the users do.
Who said they are doing it for free? They are already get rewarded for each block they mine and the fee the users pay are just some extras for them. Fees would be needed later when all coins get mined though but not right now. |
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bit-freedom
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February 17, 2018, 04:52:44 PM |
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I don’t see transaction fees as a tax. It is service fees for miners to help confirm our transaction. Tax doesn’t work in this way. Transaction fees only occur when you send a transaction but tax can occur anytime even when you hold your BTC (think property tax).
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jonas5222000
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Student Coin
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February 17, 2018, 05:01:45 PM |
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yes the fee was high but you earn higher so what is wrong with that dont be too selfish.
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Yakamoto
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February 17, 2018, 05:10:31 PM |
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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.
Well, what is supposed to be done to encourage mining in the future then? If there's nothing major being rewarded by blocks for mining pools (like what will happen in about 20 years) how are you going to keep miners going and make sure the network doesn't stop moving? There needs to be an additional incentive and the fees are that. It's essentially a future-proof for the network. Would people on here really fork to get a fee sometime in the future once the block rewards start becoming too small? I can't think of anyone who would want to spend more money willingly, so you need to introduce it early on. |
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Caesar-Giulius
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Buy, sell and store real cryptocurrencies
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February 17, 2018, 05:30:15 PM |
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Frankly speaking, I don’t think everyone don’t want to pay transaction fees. It is reasonable to pay for fees when miners invest their equipments and resources to mine and get the blockchain moving.
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ohlawdy
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- "Bitcore (BTX) - The Future is Now"
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February 17, 2018, 05:40:29 PM |
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Frankly speaking, I don’t think everyone don’t want to pay transaction fees. It is reasonable to pay for fees when miners invest their equipments and resources to mine and get the blockchain moving.
I agree this is why it isn't a tax but more of a service. Altough the price is to high imo , that isn't the fault of the miners. |
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Virman01
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February 17, 2018, 06:02:53 PM |
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really, many complain about the fee to be paid greater than the nominal sent. but if it's okay I hope the current fee can be further reduced. I think the current fee is very much too big. especially for me who make small transactions every day.
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FiiNALiZE
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February 20, 2018, 07:25:10 AM |
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It is a fee but not a tax. It would be a tax if governmental institution provide mining power. Then the fees could be seen as taxes on monetary transactions.
That is why it's pretty unique to see people holding Bitcoins because they don't have to pay any taxes on it. |
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gribble
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February 20, 2018, 07:32:41 AM |
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Payment transaction of fees on bitcoin is expensive and it is not good for a little amount of transaction in bitcoin, but doesn't mean it is like taxes on the government, it is something different. Huge transaction fees on bitcoin is big problem on bitcoin, that is why the community are looking for the solutions with the hard fork of bitcoin's network and right now the lightning network on bitcoin. We hope this problem can be fixed soon.
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TopT3ns
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February 20, 2018, 07:38:06 AM |
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yes the fee was high but you earn higher so what is wrong with that dont be too selfish.
true fact but sometime people ignore about this, they only think the fee is really high in value but actually it is same. bitcoin price which make it looks high. and actually people have more money than before |
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tornikejr
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February 20, 2018, 07:47:27 AM
Last edit: February 20, 2018, 07:59:56 AM by tornikejr |
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This is how Blockchain works. Without transaction fees there will be no miners and no Blockchain.
Paying fees to miners is acceptable for me, they deserve it. I am also taking into account that high price of coin means high transaction fees.
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Pan Troglodytes
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February 20, 2018, 07:58:00 AM |
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When you go and buy yourself an ice cream do you consider paying the ice cream guy same as paying tax? There may be some tax in that money, but the rest of it goes to the ice cream guy's pocket. How come you don't see the same with miners? Do you expect them to work for free?
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