Hello to all
In previous articles, we talked about digital gold tokens. We reviewed some of the benefits of this token and said that we will talk about other features of the digital gold token in future posts. In this article we want to talk about transfer costs. Because transaction costs as well as tax costs are an important factor in buying and selling physical gold, so by examining this issue, we can understand the difference between digital gold and physical gold.
Describe fee problem and provide a solution
You must have bought gold many times before. What caught your attention when buying gold? Some answers may include: originality, transaction fee, tax, transfer method. In fact, all of these are basic questions that come to mind when buying gold. These questions are still challenging when selling. The fact is that the ancillary costs of buying and selling gold are very high, and this is so that governments can use the money tool to prevent the people from storing too much gold and so-called increase its costs.
Therefore, the risk factors are as follows
1- Tax
2- Transaction cost or fee
Which are explained below
1- Tax
One of the most important costs incurred by the buyer or seller when buying and selling gold is the cost of taxes. You are constantly monitored by the government tax and all your financial transactions are monitored by the local government. Buying gold is essential to maintaining your purchasing power, but you also have to pay large amounts of taxes to the government. In some countries, the figure is as high as 50 percent. For example, if you buy gold when it is $ 1,900, it is as if you bought gold for $ 3,800, and this is the first major disaster in the physical gold trade. This will cause you to lose some of your money and actually buy less gold. So even if you are sure that gold is growing, you will suffer a lot when you buy physical gold, and even if the price rises, you will have to wait years to be able to cover its tax costs.
2- Transaction cost (FEE)
However, when buying physical gold, an exchange office should make a profit. This means that if, for example, gold is priced at x dollars, the exchange office will buy your gold at x -a dollars, and when you buy from an exchange office, it will be priced at x + a sells you dollars. This price spread is generally called, in simple terms, the exchange profit from the gold trade. Well, the story is that this profit is deducted from your pocket! So if you buy gold and want to sell it in a short time, you will lose $ 2a.
solution to the problems
So what to do? Something must be done to eliminate both the cost of taxes and government monitoring and the cost of transfers. The digital gold token does just that. Digital gold token solutions are based on blockchain. Which has an important property in you
1- Elimination of government share or tax from gold exchanges
2- Eliminate the profit that the money changer takes from you.
But how does a digital gold token do that?
Digital Gold Token is an eth network-based cryptocurrency.ETH is a blockchain-based network that simply keeps your transactions out of the reach of governments. No government can identify which transaction belongs to which person. So when your identity remains anonymous you will be safe from tax evasion. The ETH network, on the other hand, is a decentralized network. In addition to being anonymous, this feature helps users transfer their assets at the lowest cost. In a few months, the new version of ETH, known as eth2, will be shifted from proof-of-work algorithm to stock-proof algorithm. This will make the transfer cost even lower and you can send any transaction ceiling you want with just one click with the lowest cost which is less than half a dollar anywhere and to anyone.
Conclusion
In this article, we examine the costs of physical gold transportation and its problems. It was mentioned that in the transfer of physical gold, you have to pay a fee as well as taxes related to the purchase or sale of gold. Digital gold tokens use eth-free network to solve this problem for you, and you can trade gold as much as you want without paying taxes and with a very small amount of fee. Get this token and trade without worrying about taxes.
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