Topic: A city in Canada is letting people pay taxes in Bitcoin (Read 872 times)
This is great news. However, let's hope that this will soon be possible on a state, and federal level.
Even if they accept the payment using cryptos, the government will eventually convert to fiat. That is, Bitcoin is being used as a means of payment, competing with a credit card or bank transfer.
This does not cause Bitcoin to become a common currency, it does not make Bitcoin strip the utility of the fiat. It is not what many dream about. But it is a clear demonstration of how Bitcoin is a technological advancement for various needs. It can be used as a means of payment or as a store of value.
This does not cause Bitcoin to become a common currency, it does not make Bitcoin strip the utility of the fiat. It is not what many dream about. But it is a clear demonstration of how Bitcoin is a technological advancement for various needs. It can be used as a means of payment or as a store of value.
Yes, it's a good thing for Bitcoin, because people can now pay taxes in Canada, with Bitcoin. Bitcoin is also being used in many cases offline, which indicates Bitcoin's beautiful future. Bitcoin has been influencing it even through online offline. Also, in many countries, Bitcoin is being used in many offline ways, such as purchasing products, paying bills, purchasing movie tickets, etc are being used in many are sure to bring something good for Bitcoin to the future.
There are still great things to happen for bitcoin in the next years. Yes a lot of bitcoin transactions have been happening already even offline. But in my own place, bitcoin can only be process once an internet connection is there, i still have not heard offline transactions with bitcoin. But for those developed countries who have adopted bitcoin earlier, surely they are the ones who are doing a lot of transactions offline or online. 
It looks like businesses are beginning to pay taxes with crypto too:
https://cointelegraph.com/news/us-retail-giant-overstock-to-use-bitcoin-to-pay-its-taxes-in-ohio
This is something to watch, because if it works for Ohio, other states will copy them.
https://cointelegraph.com/news/us-retail-giant-overstock-to-use-bitcoin-to-pay-its-taxes-in-ohio
Quote
United States retailer Overstock.com has announced it will pay part of its business taxes in the state of Ohio using Bitcoin (BTC), according to an announcement on its website Jan. 3.
Overstock will cover commercial activity taxes (CAT) with Bitcoin starting February, using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com.
The company’s CEO and founder Patrick Byrne — a longtime crypto enthusiast — said in the announcement that governmental adoption of cryptocurrencies and other emerging technologies, accompanied by friendly legislation, is "the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy."
As Cointelegraph previously reported, Ohio became the first U.S. state to accept Bitcoin as a payment method for taxes in November. The service is currently available only for businesses, with reported plans to extend the option to individual filers in future.
Overstock will cover commercial activity taxes (CAT) with Bitcoin starting February, using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com.
The company’s CEO and founder Patrick Byrne — a longtime crypto enthusiast — said in the announcement that governmental adoption of cryptocurrencies and other emerging technologies, accompanied by friendly legislation, is "the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy."
As Cointelegraph previously reported, Ohio became the first U.S. state to accept Bitcoin as a payment method for taxes in November. The service is currently available only for businesses, with reported plans to extend the option to individual filers in future.
This is something to watch, because if it works for Ohio, other states will copy them.
This is definitely good news for Bitcoin community hoping to see more places follow them and adapt to BTC for payment modes, this will help a lot in the growth over time and gain more people's trust.
This is just a normal news, it is just showing that bitcoin is gradually gaining popularity and acceptance but this is not important, it is important that people need to actively participate and invest in bitcoin, but unfortunately, I didn't see that point, a lot of similar news has happened but the community and bitcoin users still have no significant increases, we need something more remarkable and outstanding, news that can help increase the value of bitcoin, instead of so normal news Let me correct the author. Innisfil, Ontario is not a city in Canada but a municipality. This is the first municipality which belongs Northern American Nation to accepts bitcoin in paying taxes. But this is not the first time I heard of it. There was an area in Switzerland which is the first in the world to accept bitcoin to pay taxes and it was followed I guess by Ohio (first US state to accept bitcoin to pay taxes).
But seeing 3 areas in 3 big countries that has government allowing bitcoin to be paid as a form of payment for taxes is a big news. It is another huge progress for the bitcoin and the whole cryptocurrency community.
But seeing 3 areas in 3 big countries that has government allowing bitcoin to be paid as a form of payment for taxes is a big news. It is another huge progress for the bitcoin and the whole cryptocurrency community.
Does anyone know how many people are actually using crypto to pay taxes in these three areas? Or has the project been a big fat flop?
Yes, it's a good thing for Bitcoin, because people can now pay taxes in Canada, with Bitcoin. Bitcoin is also being used in many cases offline, which indicates Bitcoin's beautiful future. Bitcoin has been influencing it even through online offline. Also, in many countries, Bitcoin is being used in many offline ways, such as purchasing products, paying bills, purchasing movie tickets, etc are being used in many are sure to bring something good for Bitcoin to the future.
This is nice because even paying taxes you can pay it to bitcoik and that good start for us this year, they have many payment option will see now are accepting bitcoin and that is good adaption and I hope more store and even more government in different countries will reconize and accept bitcoin. Citizens of canada will pay taxes using bitcoin and they help canadian people who did not know what is bitcoin and they help to grow our community because we know once they accept bitcoin payment for taxes other people will be curious and they will invest also once they see good part of the bitcoin.
well, this doesnt come as a surprise to me as i have in the past few month seen or heard of so many countries adopting bitcoin usage like buying of movie tickets in Brazil, being able to pay bills with bitcoin in Philippines and lots of others. This clearly shows the world is gradually accepting the fact that bitcoin is the future and has come to stay and are gradually migrating to bitcoin usage. We will continue to see such news from time to time.
This is great news. This means that Bitcoin is moving in the right direction with the government being lax around it and accepting its uses and benefits. This can also be and eye opener for others to acknowledge Bitcoin and cryptocurrency in the public scene.
This is definitely good news for Bitcoin community hoping to see more places follow them and adapt to BTC for payment modes, this will help a lot in the growth over time and gain more people's trust.
I am glad Canada is considering crypto as a form of currency/mode of payment. Where most countries are only giving it a status of asset. In my country, it is being termed as assets and not a legal tender. Such restrictions are harmful for the growth. Canada has always been acceptable to cryptocurrency and this step forward is much appreciated. I hope other countries follow the suit.
Let me correct the author. Innisfil, Ontario is not a city in Canada but a municipality. This is the first municipality which belongs Northern American Nation to accepts bitcoin in paying taxes. But this is not the first time I heard of it. There was an area in Switzerland which is the first in the world to accept bitcoin to pay taxes and it was followed I guess by Ohio (first US state to accept bitcoin to pay taxes).
But seeing 3 areas in 3 big countries that has government allowing bitcoin to be paid as a form of payment for taxes is a big news. It is another huge progress for the bitcoin and the whole cryptocurrency community.
But seeing 3 areas in 3 big countries that has government allowing bitcoin to be paid as a form of payment for taxes is a big news. It is another huge progress for the bitcoin and the whole cryptocurrency community.
To be fair, city and municipality are kind of interchangeable. Sure a city is technically a bigger place so a municiplatity would be considered a smaller place where there are less people, but it isn't necessary to go into that much detail for a simple online forum post about it, which can just say city or town and that's good enough to understand the point of it.
Let me correct the author. Innisfil, Ontario is not a city in Canada but a municipality. This is the first municipality which belongs Northern American Nation to accepts bitcoin in paying taxes. But this is not the first time I heard of it. There was an area in Switzerland which is the first in the world to accept bitcoin to pay taxes and it was followed I guess by Ohio (first US state to accept bitcoin to pay taxes).
But seeing 3 areas in 3 big countries that has government allowing bitcoin to be paid as a form of payment for taxes is a big news. It is another huge progress for the bitcoin and the whole cryptocurrency community.
But seeing 3 areas in 3 big countries that has government allowing bitcoin to be paid as a form of payment for taxes is a big news. It is another huge progress for the bitcoin and the whole cryptocurrency community.
very good news about the development of bitcoin in Canada. I am happy to see the development of bitcoin in other countries, I also hope that in my country I can accept bitcoin as a tool to pay taxes, and other payments.
if in my country I accept payment with bitcoin then I will buy something with bitcoin because payment with bitcoin is cheaper than payment via credit card.
if in my country I accept payment with bitcoin then I will buy something with bitcoin because payment with bitcoin is cheaper than payment via credit card.
This is true news, but what I know is that they apply property tax payments only in parts of Canada, not all of them apply it.
But I really appreciate what the government does there, with this means that many are starting to believe in bitcoin
Thank you for verifying this information, although it is only applicable in the neighborhood it's a good start.But I really appreciate what the government does there, with this means that many are starting to believe in bitcoin
I believe we will soon see Bitcoin widely accepted and everyone knows Bitcoin and uses it.
This is true news, but what I know is that they apply property tax payments only in parts of Canada, not all of them apply it.
But I really appreciate what the government does there, with this means that many are starting to believe in bitcoin
But I really appreciate what the government does there, with this means that many are starting to believe in bitcoin
This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:
https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
This is a great sign that they are now accepting crypto I think in the future it would only be natural to pay any tax with our crypto.https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be
Crypto currency is now moving forward and being adopted by so many companies and business this is really great for all of us.
I mean we could just easily pay up with our phone or our laptop without leaving our house we could spend more time with our family instead of going out to pay our tax.
Accepting the bitcoins for paying the taxes is truly remarkable in bitcoins journey; from this event it shows more exposure in the bitcoin community in the whole world that all stereotypes from them are not true.
It shows that bitcoin bitcoin is a legit meduim of currency that can be used in paying all transactions and can be considered as a legal tender which the government shows in their act of accepting bitcoins as payment for personal taxes.
It shows that bitcoin bitcoin is a legit meduim of currency that can be used in paying all transactions and can be considered as a legal tender which the government shows in their act of accepting bitcoins as payment for personal taxes.
Canada has always been more progressive than the United States, this doesn't surprise me in the slightest. They have better healthcare, better technology infrrastructure, and a cleaner environment. I did however hear of Ohio accepting tax payments in bitcoin. That has been the only state in the United States so far.
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