[2018-11-27]Ohio Ready to Accept Bitcoin for Tax Bills

milewilda

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Quote from: squatter on November 29, 2018, 02:05:07 PM

I wonder if Ohio thinks this will cut down on cryptocurrency-related tax avoidance. I hope not many coiners pay their tax bills this way. It's providing them a possible way to identify your wallets and transaction history.

Quote from: Bepesand on November 29, 2018, 09:44:37 AM

I hope my state will do the same. Even if the government has to sell it on the market to get the fiat, it is still good for the demand of bitcoin in the process.

How so? People aren't going to buy coins to pay taxes. Bitcoin holders might spend coins on taxes, though. And the government will turn around and sell them for fiat. It seems demand-neutral, but encourages more selling on the market.

It is really reverted way rather than recognizing it as a demand. Sell out would be there but we wont know if they would just simply hold it up or sell directly its their choice.Theres a possibility that they do made such act
or adoption for tracing up those personalities that do involved on crypto.An indirect way on tracing people main wallet but it depends of a certain user if they are more wiser than the government.lol
Using other wallet to pay up but in my case i would just stick on fiat terms and just save up my precious crypto.Less hassle and less risk to be tracked.

squatter

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STOP SNITCHIN'

I wonder if Ohio thinks this will cut down on cryptocurrency-related tax avoidance. I hope not many coiners pay their tax bills this way. It's providing them a possible way to identify your wallets and transaction history.

Quote from: Bepesand on November 29, 2018, 09:44:37 AM

I hope my state will do the same. Even if the government has to sell it on the market to get the fiat, it is still good for the demand of bitcoin in the process.

How so? People aren't going to buy coins to pay taxes. Bitcoin holders might spend coins on taxes, though. And the government will turn around and sell them for fiat. It seems demand-neutral, but encourages more selling on the market.

Bepesand

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Quote from: Slow death on November 29, 2018, 07:08:25 AM

Quote from: hugeblack on November 28, 2018, 08:14:11 AM

This acceptance is based on a third party who accepts BTC and sends the government money in US dollars "BitPay".

this is the only way, imagine if they charged $1000 in bitcoin when the price of bitcoin is $10,000 and days later the price of bitcoin drops to $4000, at that time they get high losses. this high volatility of bitcoin do not allow bitcoin to be used as a means of payment. In the future when the market is too big I believe they will use bitcoin as a means of payment

is a good step and I hope that in the future they will accept payment in bitcoin without using third party

I hope my state will do the same. Even if the government has to sell it on the market to get the fiat, it is still good for the demand of bitcoin in the process.

Slow death

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Quote from: hugeblack on November 28, 2018, 08:14:11 AM

This acceptance is based on a third party who accepts BTC and sends the government money in US dollars "BitPay".

this is the only way, imagine if they charged $1000 in bitcoin when the price of bitcoin is $10,000 and days later the price of bitcoin drops to $4000, at that time they get high losses. this high volatility of bitcoin do not allow bitcoin to be used as a means of payment. In the future when the market is too big I believe they will use bitcoin as a means of payment

is a good step and I hope that in the future they will accept payment in bitcoin without using third party

Betwrong

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Quote from: https://coinidol.com/ohio-ready-to-accept-bitcoin-for-tax-bills/

The State aims at becoming a national leader in Blockchain and is happy to be the first government in the entire world to accept cryptos as a method of payment.

What about Switzerland? They have been doing it for more than a year already:

https://www.coindesk.com/swiss-town-to-accept-tax-payments-in-bitcoin

Also there is a great video posted in September this year, which is called Bitcoin in Switzerland:

https://www.youtube.com/watch?v=fgrD0Bse70A

If you have no time for watching the 10 minute video, skip to 2:04 and enjoy the words of Dolfi Mueller, Mayor of Zug, on accepting Bitcoin to pay for some city services: "... it’s only Bitcoin. It’s not Bitcoin Cash, it’s Bitcoin."

But back to Ohio. I think that the very fact that Ohio Treasurer Josh Mandel sees BTC "as a legitimate form of currency" is a very good thing. Even though, as far as I understand, they are going to convert BTC to USD right away, it's a major step toward Bitcoin acceptance.

hugeblack

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They want your money, not your coins. This acceptance is based on a third party who accepts BTC and sends the government money in US dollars "BitPay".
I think this is a far-reaching shift to make most of the Bitcoins in the hands of central authorities.

Quote from: https://www.huffingtonpost.com/entry/ohio-taxes-bitcoin_us_5bfcf6b2e4b03b230fa652f4

State Treasurer Josh Mandel announced Monday that businesses can now register for the program through the website OhioCrypto.com, a portal that will, via a third-party processor called BitPay, convert the digital currency into dollars that will then be deposited into the state’s accounts.

Quote from: https://www.huffingtonpost.com/entry/ohio-taxes-bitcoin_us_5bfcf6b2e4b03b230fa652f4

Mandel, who has developed an interest in cryptocurrency in recent years and referred to bitcoin as a “legitimate form of currency,” told the Journal that he hopes other states will follow Ohio’s example.

If they consider it to be a “legitimate form of currency,” why use a third party and not directly accept it?

Vladdirescu87

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The ‘Buckeye State’ is ready to be the first State in the country to accept crypto, specifically Bitcoin (BTC), for payment of tax bills, according to The Wall Street Journal report on November 26. This comes after BTC and other major cryptos have depreciated value over the past week. On Monday, November 26, 2018, BTC was trading below $4,000, down over 80% since the December 2017 all-time-high of around $20,000.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/ohio-ready-to-accept-bitcoin-for-tax-bills/

Topic: [2018-11-27]Ohio Ready to Accept Bitcoin for Tax Bills (Read 177 times)