In a world of financial oppression Bitcoin is the the only escape route

[Odusko]

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.

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[hatshepsut93]

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.

[Odusko]

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 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.

[hatshepsut93]

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.

[Odusko]

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.

[Captain Corporate]

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.

[SquirrelJulietGarden]

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.

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.

[uneng]

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.

[cabron]

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.

[Darker45]

...youths who have found Bitcoin trading as the escape root to financial over-reliance on the government and lack of jobs opportunities.

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.

[ImThour]

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.

[GreatArkansas]

...youths who have found Bitcoin trading as the escape root to financial over-reliance on the government and lack of jobs opportunities.

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.
(...)

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.

[Poker Player]

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.

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.

[Darker45]

...youths who have found Bitcoin trading as the escape root to financial over-reliance on the government and lack of jobs opportunities.

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.
(...)

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.

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.

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.

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.

[AicecreaME]

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.

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.

[pooya87]

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!

[Lucius]

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... 

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).

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.

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.

[mayfair_coin]

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

[ChrisPop]

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.

[2stout]

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.