When will the bitcoiners realize bitcoin is just fiat with enforced tax

[coolcoinz]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

The main difference between bitcoin and fiat in this matter is that when you hold fiat you're taxed for the coins stored every single year. The network fee doesn't "tax" you for storing bitcoin, only for moving it around. This means that in 10 years, with the average 5% yearly inflation, you'll have 50% less purchasing power, while bitcoin, even if its growth stops completely (I don't think it will) you'll have the same purchasing power, minus a small network fee which is just ridiculous compared to banking fees.

To give you a perspective, PayPal charges 3% per transaction, so if you want to buy a phone for 1k, you have to pay $30 in fees. Sending the same amount with bitcoin is going to cost you less than $2.

What's with the "such wow"? Are you a dogecoiner?

[Smartvirus]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

Well, your entitled to your opinion and that doesn't make you right!

I would have liked to have a good read on what your trying to imply on the Canada theory to it. If you just might provide a written document or link that sides the message your trying to relay with Canada, it would be nice.

Meanwhile, bitcoin has got nothing yo do with fiat or having it been involved in any for of taxation. On like tax where you get to pay a certain amount based in what you earn, you pay nothing for earning bitcoin and the only time you get to be charged a fee is when your transacting.
Still, it doenst count as tax as they both come by different definitions.
Fees on taking up a transaction varies based on the mempool congestion and as such,  a particular mount could have more or less fee but, it ain't the same with tax. It's always the same everytime.

It's okay with you having your thought and contradictory opinion but, hope you get exposed to lots of information here and actually make sense out of them.

[OgNasty]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

I get your point but you’re leaving out something pretty massive in your ridiculous rant. Fiat currencies can be printed until they’re worthless and that has been some time and time again throughout history. Bitcoin cannot be printed endlessly by an individual, since its rules are engrained into the network. So it’s supply is set.

[tokyohd]

Bitcoin enthusiasts have differing views on its nature, but some argue that it's not equivalent to fiat currency due to its decentralized and limited supply nature. Perspectives vary and may continue to evolve over time.

[GreatArkansas]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

Bitcoin has limited supply and most importantly its decentralized unlike Fiat that has unlimited supply and government has full control over it. Bitcoin in general doesn’t work like you are suggesting. The government is just controlling the people to treat as fiat but Bitcoin itself doesn’t have tax and network fee is just a transaction fee.

Bitcoin is far better than Fiat because it doesn’t have inflation due to its limited supply.

If just incase this will happen for sure Government is already owned Bitcoin like they are the one controlling but unfortunately it is not happening or it will not happen because Bitcoin built as different, it is built to be decentralized and have only limited supply only.

[Kakmakr]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

When will Fiat Banking trolls realize that network fees are not taxes, but merely a cheaper transaction fee than what Fiat Banking customers are paying at Banks.

These trolls obviously do not use the Bitcoin Lightning Network, so they do not know what we are talking about. I think the competition are getting desperate and they are paying the trolls to spam Bitcoin forums like this with worthless FUD.  

The Capital gains taxes that are paid are forced by the Fiat supported government, because Banks are crying and bitching with them to protect their money maker. (Banks charge ridiculous tx fees and high interest rates on Fiat financial services... and the governments protect them with taxpayers tax bailouts)  

[fruktik]

OP, you need to take your time to study and DYOR so that you will get the proper understanding between fiat and bitcion,transaction fee and tax. When using bitcoin for transaction, there are miners who help add this transaction to the blockchain which is the fee that you pay for them to help you make your transaction successful. Who will render a service for free,then how will be feed. I don't want what job that you are doing,do you tell that at the end of the week or month that you don't need the pay,that you did it voluntarily? I doubt,this is the same with the tx fee. @Charles-Tim has stated the difference between fiat and bitcion, so check it out for yourself.

You're right. No one for "thank you" will not work. Miners should be paid a fee for providing some kind of service, and there should be payment for the services. They would at least cover the cost of equipment and electricity. Recently, something completely shocked me the prices for these components. Payback takes an incredibly long time.
This is the reason why all this commission is charged. For miners, it is natural that the larger it is, the better. But even for a transaction, a high commission guarantees that it will be executed much faster.

[retreat]

You must know the difference between taxes and fees because they are two different things. If you are a good citizen then you need to pay taxes as a contribution to the country, while fees are one thing you need to pay when using a service. You may not pay taxes, perhaps because you are reluctant to pay them, but you cannot not pay fees because they are used for services that you use directly. So when you equate fees with forced taxes, that is wrong, because the fees you pay directly benefit you, whereas taxes do not.

[laris2]

I'd say never, because Bitcoin is not fiat with enforced tax. You pay tax on your profits, tell me when is your fiat generating profit for you?

[bayu7adi]

If you're hesitant about owning Bitcoin due to your country's tax policies, it might be a good idea to empathize with the sentiments of individuals in certain nations where cryptocurrencies are, in fact, deemed illegal.

Each person has their own distinct goals in holding onto crypto, and the most prevalent among these objectives is profit-seeking. In my view, this remains equitable, as long as fees and taxes remain within the bounds of tolerance, and everyone can still reap benefits from it.

Taxes do tend to make a lot of people feel somewhat aggrieved, but with the incorporation of taxes on cryptocurrencies, at the very least, you can possess cryptocurrency without the apprehension of potential apprehension by law enforcement. This also amounts to a privilege, doesn't it?

[MarjorieZimmermanGinger]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee.

Do you know what tax is? Network and tax costs are two different things and have nothing to do with each other. I realized one thing when making a transaction and when converting Bitcoin to Fiat, the tax will be deducted directly by the centralized exchange. Try to learn more about how Bitcoin works in the White Book and I do not intend to explain further the difference between taxes and network costs because you should try to straighten the understanding independently.

When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

Even though my country does not legalize bitcoin as a transaction tool, I still have to pay taxes when making transactions on centralized exchanges. Network fees are a service because anyone is free to send wherever they want and misunderstandings regarding taxes and network fees need to be relearned by you.

[coupable]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

It is so if we want to abstract the subject, but you cannot come to this conclusion in isolation from the rest of the factors. If we make a simple comparison between Bitcoin (according to your definition) and any fiat money, there is no similarity between them. The process of sending fiat money takes place through a third-party intermediary who will charge a fee for his service, in addition to a complete lack of privacy, which imposes taxes in all cases. While the process of sending bitcoin does not require the presence of a third party, since bitcoin is a payment system just as it is a currency, and it can be used in all privacy without the authorities noticing that, and we do not have to apply taxes.
Your view of the subject is very limited and lacks objectivity.

[Abiky]

I'd say never, because Bitcoin is not fiat with enforced tax. You pay tax on your profits, tell me when is your fiat generating profit for you?

Fiat is slavery. Bitcoin is not. With Fiat, you're subject to the rules of the government and the central bank itself. They enforce taxes on nearly anything you could imagine. With Bitcoin, that's not the case (although you're required by law to pay taxes on your crypto income). What's only deducted from your balance is a network fee that is used to support the miners. There's no such thing as "free lunch", anyways.

Without fees, BTC would be highly-vulnerable against spam attacks. If the OP takes a "deep dive" into Bitcoin, he will realize it's more than just a currency. It's revolution. The tech underpinning Bitcoin will radically transform our society in ways that were never imagined. It will enable a future of self-sovereignity, privacy, and decentralization. Who knows if BTC ends up beating Fiat as the predominant currency in the world? Just my thoughts

[Fivestar4everMVP]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

Its been 2 whole years you joined this forum, and if after 2 whole years of being here, you still lack the basic knowledge and understanding of bitcoin, then I personally do not think you deserve to still be here, lack of education is a disease my friend, try as much as possible to get some Bitcoin education or do you need a total overhaul of your brain before you can understand?

Seeing bitcoin as fiat is the most ridiculous thing I've heard or seen someone say on this forum, even with every other features embedded in bitcoin which clearly defines its total separation, you didn't see those, but only saw the transaction fees associated with bitcoin transfers as an enforced tax, how more ridiculous can someone be  .

[MURONDI]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

Some people believe that Bitcoin is a decentralized currency that is not subject to government control, while others believe that it is a form of fiat currency that is subject to government regulation and taxation.

There are a few key differences between Bitcoin and traditional fiat currencies. First, Bitcoin is not issued by a central bank. Instead, it is created through a process called mining, which involves solving complex mathematical problems. Second, Bitcoin is not backed by any government or asset. Its value is derived from its scarcity and its use as a medium of exchange.

However, there are also some similarities between Bitcoin and traditional fiat currencies. For example, both Bitcoin and fiat currencies can be used to purchase goods and services. Both can also be subject to government regulation and taxation.

Ultimately, whether Bitcoin is just fiat with enforced tax is a matter of opinion. There are valid arguments to be made on both sides of the issue.
Only time will tell whether Bitcoin will become a widely accepted currency or whether it will remain a niche asset. However, it is clear that Bitcoin is a complex and controversial topic, and there are valid arguments to be made on both sides of the issue.

[fuguebtc]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

Its been 2 whole years you joined this forum, and if after 2 whole years of being here, you still lack the basic knowledge and understanding of bitcoin, then I personally do not think you deserve to still be here, lack of education is a disease my friend, try as much as possible to get some Bitcoin education or do you need a total overhaul of your brain before you can understand?

Seeing bitcoin as fiat is the most ridiculous thing I've heard or seen someone say on this forum, even with every other features embedded in bitcoin which clearly defines its total separation, you didn't see those, but only saw the transaction fees associated with bitcoin transfers as an enforced tax, how more ridiculous can someone be   .

If I remember correctly, another thread created by the OP was also a thread spreading negative things about bitcoin. I think the issue lies not in the OP's lack of bitcoin-related knowledge, but rather in his deep-rooted aversion towards bitcoin. His motive seems to revolve around tarnishing bitcoin's reputation to dissuade individuals from engaging with it.  He tries to survive on the forum with the purpose of sabotaging us, not with any good purpose. But one thing he got wrong is that everyone here is not as naive as he thought, everyone is completely knowledgeable about bitcoin and fully aware of what they are doing.

[ancafe]

Try a little harder to understand bitcoin so that the diction in the placement of language and words when you make posts will be much more educational to discuss. Networking fees are not referred to as applicable taxes and you should understand that before jumping into postings.

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

Logically taxes must be paid even if you don't run or use them, for example to better understand what taxes and transaction fees are. You buy a car and even though you haven't used the car for several years, it is your obligation to pay taxes, while you will pay transaction fees if a transaction occurs, simple and not so difficult to distinguish between the two. When you store bitcoin anywhere and never engage in transaction activities, you don't need to incur transaction fees.

[Blitzboy]

I'd say never, because Bitcoin is not fiat with enforced tax. You pay tax on your profits, tell me when is your fiat generating profit for you?

Fiat is slavery. Bitcoin is not. With Fiat, you're subject to the rules of the government and the central bank itself. They enforce taxes on nearly anything you could imagine. With Bitcoin, that's not the case (although you're required by law to pay taxes on your crypto income). What's only deducted from your balance is a network fee that is used to support the miners. There's no such thing as "free lunch", anyways.

Without fees, BTC would be highly-vulnerable against spam attacks. If the OP takes a "deep dive" into Bitcoin, he will realize it's more than just a currency. It's revolution. The tech underpinning Bitcoin will radically transform our society in ways that were never imagined. It will enable a future of self-sovereignity, privacy, and decentralization. Who knows if BTC ends up beating Fiat as the predominant currency in the world? Just my thoughts

In fact, Bitcoin's basic design represents a trend toward decentralization and self-sovereignty. But the debate is not just about Bitcoin versus Fiat; it also concerns the fundamental philosophy of blockchain technology. It could be compared to the monetary system shedding its old shell to show a more robust and transparent financial exoskeleton.

Although you pointed out that fees in Bitcoin are frequently perceived as needless, they are actually crucial to maintaining the security and stability of the system. That cost? It serves as a barrier against dangers from without as well as a means of payment.

Fiat's centralized structure has repeatedly demonstrated to us that it is vulnerable to fraud, inflation, and corruption. The paradigm that Bitcoin challenges forces us to consider a more egalitarian financial future. Bitcoin has the potential to displace traditional currencies as we go farther into the digital era. When rather than if is the question.

[Dr.Bitcoin_Strange]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

Should I believe this was just an idea that suddenly popped into your head and you decided to put it here? But you are absolutely wrong—very, very wrong.

Do you even know that Bitcoin is a proof-of-work coin? Do you know that there are miners who are helping to process every transaction that we sign, and those fees we spend while carrying out Bitcoin transactions are being received by those miners?

Do you also know that if you are a miner, you can broadcast your transaction yourself and receive the fee?

Let's take an example: in the bank, you are being charged for an SMS fee, debit and credit card fees, and levy fees, and you still pay tax. All those fees you are paying are used by the bank to also pay their staff, maintain the bank, and pay other stuff they have to pay to the government and the central banks.

But in a Bitcoin transaction, you don't have to pay for any debit or credit card; you don't have to pay for levy or deposit SmS alart because Bitcoin is not centralized like Fiat. When referring to fiat, you pay a lot of charges in those financial institutions, but with Bitcoin, through p2p, you will only need to pay for the withdrawal fee.

Common man, where is your mind for drawing that kind of conclusion?

[Mauser]

When will the bitcoiners realize bitcoin is just fiat with more steps on a transparent ledger with enforced tax aka network fee. When your nation legalizes it like canada you will pay network fee and tax on top, such wow.

This is a wrong view of the crypto community, it would be more fitting to say that nothing is for free in life. Taxes are paid to the government of the country you live, your transaction fee is not going to the government but rather the system processing your transaction. Why shouldn't they get money? It's their computers and electricity that keeps the infrastructure alive. Also you need to compare to the alternative which is using the bank infrastructure to transfer money, here you also have to pay fees. Either by regular monthly fees of your bank account, or by giving your money cheaply to the bank so that they can invest it and make a profit with it. Every system involves cost that need to be covered somehow. I find transaction cost transparent and we know beforehand what will the cost be.