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Taxation Is THEFT Of Wealth, Bitcoin Also Takes Fees, And Why I Am Ok With The Latter, And Not The Former...

By CodyMac50 | MyCripticLife | 21 Jan 2023


I don't know of a single bureaucratic who DOESN'T benefit from YOUR hard earned tax dollars.

Taxes are not allocated correctly, as we have seen in recent years. 

Most go to the pockets of those who make the laws, and very little goes to the projects, or fixing the roads that we use daily.

That being said, Bitcoin too has a fee attached with every transaction. So isn't this also theft of wealth?

The short answer is, well, yes and no.

Yes, because well, you lose a small amount when you send Bitcoin to another user, or even to another wallet that you own.

These fees are usually small, and are not really a big deal, whereas once in awhile, they are. Usually due to congestion on the Blockchain, and other such things.

The difference lies in the fact that miners are validating a transaction to keep things accurate on the Blockchain and get a reward.

Notice I didn't say, "deserve" a reward. This is just MY useless opinion, but the "work" they do is of course important, but really not work...lol

Anyway...my point is that a fee verses laws that not only grow in percentage whenever the lawmaker feels not enough taxes are coming in, or a new project needs funding, but you can be forced to pay those taxes in some instances or they will sick the IRS (in the USA) after you.

And another point here is holding your crypto in a wallet won't cost you anything, unless these is a fee attached to holding your crypto in a wallet, whereas there are fees when placing your money in a bank. Any bank. 

Bitcoin fees are technically forced WHEN you make a transaction, and even then, sometimes sites absorb those fees so you don't have to. 

Now that lawmakers want to, and have been, regulating crypto exchanges, more wealth is taken due to their fees and fines if the site doesn't handle things correctly.

So I am ok with paying fees when making a crypto trade, and not ok with having to pay taxes so the fat cats can stay fat.

This is why I am not a fan of the SEC. 

But to play devil's advocate for a second, the money that we get when trading crypto to fiat is THEIR money. They make the rules with their money, and when we use it, or trade it or save it, it's under THEIR terms.

That is why Bitcoin is so great...we use it to get away from THEIR TERMS. We use it because we KNOW taxation is theft. We use it because it grants freedom from THEM. 

Because they use us to make themselves wealthier.

These are just my thoughts on crypto verses fiat, and maybe you feel the same way.

If you do, let me know in the comments below... 👇

 

 

 

 

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CodyMac50
CodyMac50

I'm Cody and will post about anything christian, crypto, and sometimes crazy...


MyCripticLife
MyCripticLife

I was involved with crypto since 2012, but left after homelessness entered my life. Now I am back, (since July of 2020) and ready to live this crypto life!

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