Not bad. I mean, El Salvador has done something like that, wouldn’t be bad for other countries to follow up with the same thing. I would love to see this happen, people who provide government services should be able to accept their payment in Bitcoin if they want to. Although I am not saying like it’s something that needs to be done like really bad, but it would be cool if it’s going to be happening.
If there would be much other people in the house who would strongly support this bill that he has filled, I believe that it will likely be something that would be a success. If not, then it’s just not going to work out. There needs to be other people there that has the same mindset, that’s the only this is working.
Topic: California senator filed a bill to allow payment of state services with Bitcoin (Read 196 times)
February 26, 2022, 12:30:39 PM
February 25, 2022, 12:42:49 PM
Now cryptocurrency is not a hallucination in the era of digitization, the fact many countries have accepted the presence of Bitcoin, This makes the cryptocurrency market more attractive to the public. The millennial generation also has high hopes for cryptocurrency as an investment medium, because they believe investing in cryptocurrency are more profitable than buying stocks and gold.
Now that we have seen how the world reacts to cryptocurrency, if cryptocurrency adoption continues to grow, then the next question When did cryptocurrency become a transaction tool
This question will soon be answered with the passage of time.
Your last question, I didn’t really get that Now that we have seen how the world reacts to cryptocurrency, if cryptocurrency adoption continues to grow, then the next question When did cryptocurrency become a transaction tool
This question will soon be answered with the passage of time. 
Like who on earth doesn’t know that the main purpose of bitcoin is being a decentralized peer-to-peer method of exchange or transfer? Bitcoin was created to be a method of transaction, that’s the first thing before we start talking about this investment of a thing. Yes, it is a good investment to make, and millennials are deeply into because they enjoy what they are getting from it, that is really good thing about Bitcoin. But it serves different purposes, there are also those who are using it for transactions, there are many people around the world who do.
February 24, 2022, 06:14:00 AM
Senator Sydney Kamlager from California has recently filed bill 1275, which states:
It seems that there is a momentum building in the US, after Colorado started moving into this path earlier this year.
Now cryptocurrency is not a hallucination in the era of digitization, the fact many countries have accepted the presence of Bitcoin, This makes the cryptocurrency market more attractive to the public. The millennial generation also has high hopes for cryptocurrency as an investment medium, because they believe investing in cryptocurrency are more profitable than buying stocks and gold.Quote
A state agency may accept cryptocurrency as a method of payment for the provision of government services.
It seems that there is a momentum building in the US, after Colorado started moving into this path earlier this year.
Now that we have seen how the world reacts to cryptocurrency, if cryptocurrency adoption continues to grow, then the next question When did cryptocurrency become a transaction tool
This question will soon be answered with the passage of time. 
February 24, 2022, 02:37:47 AM
Without this bill,,, it was not illegal anyway to do that right? Or do I understand that actually for state services, it was only possible to accept us dollar? Because it does not make sense Coinbase is legal in USA and advertising everywhere including on Wall Street and yet you need to legalize allowing to pay for state services in Bitcoin.
It was just not possible, you would have to first sell Bitcoin for USD, and then pay the tax with that USD.
This bill basically streamlines that process, as you just send Bitcoin directly.
Think of this as a place that now accepts credit cards, and before only accepted cash.
So even with Coinbase app which it seems on Twitter and reddit a lot of Americans are doing, when they are paying for it,,, this is actually all just allowing them to sell Bitcoin for USD and then using the dollars to pay? I all the time thought people were paying Coinbase with BTC. I know it is not even real Bitcoin as in not on chain,,, but I thought so.
February 23, 2022, 06:33:01 PM
Shouldn't the tax in this case be of income tax type rather than being capital gain tax type if they are accepting "payment" in cryptocurrency?
Income tax applies when you receive money in the form of income, for example, you do some work and get paid in Bitcoin. You mine Bitcoin, what you receive is considered income. Etc. Basically income is roughly when you receive money in exchange of goods or services.
Capital gains tax apply when your capital (Bitcoin) has a higher value when you dispose of it (sell, use, pay with it, etc) than when you acquired it (bought it, received it as income, etc).
Therefore if you're paying something with Bitcoin, in the eyes of the tax man you're basically selling it for USD, and getting the benefits of it's increased value, which is the capital gain.
Note that you don't get taxed twice (income and capital gain). You first pay income tax if applicable, and then capital gains are considered from that amount of $ up. If the price remained the same, then there's no capital gains tax.
February 23, 2022, 03:13:34 PM
Wow, it's a nice suggestion, and I'm happy to see that more cities and states are getting interested in adopting Bitcoin as payment in the US. It brings some important balance because cryptos are viewed as assets there, as something to trade and own (at least, that's how they're treated for tax purposes, right?). The link didn't open for some reason, though, and I wanted to see if there's a list of what is suggested as something for which people can pay in Bitcoin ('state services' sounds a bit vague).
February 23, 2022, 11:22:41 AM
They are now realizing the good thing it can do and to get some taxes from potential investors, they allowed it and give them the freedom to operate in their country. This is how it should be for the others that have gone hostile to bitcoins, all they need to do is stay neutral and let every exchange or other platform and stores accept BTC as payment. With this, all they gonna do is accept some taxes from their transactions when they want to convert it to fiat. All will be happy, but other countries choose to remain hostile.
Accepting it is difficult because there have been bad rumors about crypto especially bitcoin since its emergence. So it's only natural that only a few countries now dare to use Bitcoin. Speaking of taxes, as quoted from this article "India's decision to impose a 30% tax on profits from cryptocurrency trading turned out to be a boon for the country's digital asset exchange." - https://www.bloomberg.com/news/articles/2022-02-17/india-s-30-crypto-tax-spurs-bonanza-for-digital-coin-exchanges
30 percent tax too expensive?
February 23, 2022, 08:15:36 AM
If someone pays you $60K a year in gold nuggets for doing work for them, is the IRS not going to tax your income?
if you have no fiat $ in your bank accounts. and no bank has sent a file report of funds exceeding $10k to the IRS
then what can the IRS actually do.
nuggets are outside of their jurisdiction unless you put a $ fiat value on it and you declare it at such value.
do you really think the IRS lives in your house and checks under your pillow every night, looking for gold? no
they prefer to wait to see you convert to fiat so they can see you got $60k income. and then if you dont declare it as taxable income, then they knock on your door
how do you think facebook pays no(very little) american tax.. because its income is stored in euro's in ireland
there are legal means to avoid tax and illegal means to evade tax.
February 23, 2022, 06:08:46 AM
Senator Sydney Kamlager from California has recently filed bill 1275, which states:
It seems that there is a momentum building in the US, after Colorado started moving into this path earlier this year.
but do i missed something? because the word use in the Bill is "Cryptocurrency" and not Bitcoin so maybe this must be a general word? that bitcoin is not the only currency they will going to accept?Quote
A state agency may accept cryptocurrency as a method of payment for the provision of government services.
It seems that there is a momentum building in the US, after Colorado started moving into this path earlier this year.
but indeed that this is a good news to our market here as we are talking about California here .
Lucky California! At least the sanator realizes all the good things Bitcoin can do.
A huge progress for the general adoption of crypto not only in the U.S., but also worldwide.
this is one senator for now mate and we must not act as celebrated , i believe that we need to wait longer here.A huge progress for the general adoption of crypto not only in the U.S., but also worldwide.
February 23, 2022, 05:12:36 AM
Lucky California! At least the sanator realizes all the good things Bitcoin can do.
A huge progress for the general adoption of crypto not only in the U.S., but also worldwide.
A huge progress for the general adoption of crypto not only in the U.S., but also worldwide.
February 23, 2022, 03:36:13 AM
Why is the bill so vague or is the link just a summary? For example what do they define as cryptocurrency, or for example does this mean anyone can pay with a token that they create themselves? What is the exchange rate and where is it received from?
It's not legal tender in the US, so the moment you pay your tax with Bitcoin it means you are taxed on that transaction for the capital gains you obtained. Crazy.
Shouldn't the tax in this case be of income tax type rather than being capital gain tax type if they are accepting "payment" in cryptocurrency? February 23, 2022, 03:13:47 AM
It is amusing how the influence of Bitcoin is slowly creeping into both the legislation and executive branches of a number of places in the US. Whether or not these bills will actually be approved and translated into a law later on is probably not the main point. The point is that Bitcoin has reached doors, knocked on them, and entered the halls. Whether they will be welcomed or not does not matter. After all, these are just the earliest attempts.
This is the same thing I thought about spot ETF applications in the SEC. Rejection may follow after rejection. Regardless, time will come an attempt will finally be successful. It's just a matter of when.
This is the same thing I thought about spot ETF applications in the SEC. Rejection may follow after rejection. Regardless, time will come an attempt will finally be successful. It's just a matter of when.
"Can't beat them you join them" the struggle for recognition and acceptance of btc over the years is slowly turning into reality, the government has fought so hard to suppress BTC growth and usage but it seems an impossible task.
Btc has had a great impact on all corners of the government and it is just a matter of time before that strong resistance is broken.
February 23, 2022, 03:11:09 AM
I don't know what it will look like specifically in each state, but I would say they are two different things. When you receive a monetary remuneration for your work, the normal scenario is that you are taxed on the income, whether you are paid in legal tender in the country, in cryptocurrency or in gold nuggets. If someone pays you $60K a year in gold nuggets for doing work for them, is the IRS not going to tax your income? And then another thing is when you spend it, or when you pay taxes as in this case. If at the time of paying taxes on cryptocurrency the price is higher than when you received it as income, you will be taxed on capital gains.
If this is the case, it will obviously be very detrimental to bitcoin or cryptocurrency users. Government wants money from users although they also make adoption better but in reality it will only cost users more when prices rise higher than before and capital gains tax is clearly another target of the government.What doesn't make sense to me is the government just wants more while they don't want to know when users are at a loss and they won't be held responsible for it.
February 23, 2022, 02:58:39 AM
Without this bill,,, it was not illegal anyway to do that right? Or do I understand that actually for state services, it was only possible to accept us dollar? Because it does not make sense Coinbase is legal in USA and advertising everywhere including on Wall Street and yet you need to legalize allowing to pay for state services in Bitcoin.
It was just not possible, you would have to first sell Bitcoin for USD, and then pay the tax with that USD.
This bill basically streamlines that process, as you just send Bitcoin directly.
Think of this as a place that now accepts credit cards, and before only accepted cash.
February 23, 2022, 02:46:30 AM
Without this bill,,, it was not illegal anyway to do that right? Or do I understand that actually for state services, it was only possible to accept us dollar? Because it does not make sense Coinbase is legal in USA and advertising everywhere including on Wall Street and yet you need to legalize allowing to pay for state services in Bitcoin.
February 23, 2022, 02:45:05 AM
in many states.. they can only claim tax once someone has converted an asset/income into a native legal tender.
where its then declared as a income/gain.
but things like this, by accepting another currency for services. is like saying "we accept euro" so now if you get income in euro we can tax that euro income too now, without having to wait for you to convert it to dollar to then declare it
where its then declared as a income/gain.
but things like this, by accepting another currency for services. is like saying "we accept euro" so now if you get income in euro we can tax that euro income too now, without having to wait for you to convert it to dollar to then declare it
I don't know what it will look like specifically in each state, but I would say they are two different things. When you receive a monetary remuneration for your work, the normal scenario is that you are taxed on the income, whether you are paid in legal tender in the country, in cryptocurrency or in gold nuggets. If someone pays you $60K a year in gold nuggets for doing work for them, is the IRS not going to tax your income? And then another thing is when you spend it, or when you pay taxes as in this case. If at the time of paying taxes on cryptocurrency the price is higher than when you received it as income, you will be taxed on capital gains.
February 23, 2022, 02:17:13 AM
in many states.. they can only claim tax once someone has converted an asset/income into a native legal tender.
where its then declared as a income/gain.
but things like this, by accepting another currency for services. is like saying "we accept euro" so now if you get income in euro we can tax that euro income too now, without having to wait for you to convert it to dollar to then declare it
where its then declared as a income/gain.
but things like this, by accepting another currency for services. is like saying "we accept euro" so now if you get income in euro we can tax that euro income too now, without having to wait for you to convert it to dollar to then declare it
This is actually a good point.
It's not legal tender in the US, so the moment you pay your tax with Bitcoin it means you are taxed on that transaction for the capital gains you obtained. Crazy.
February 23, 2022, 12:09:54 AM
in many states.. they can only claim tax once someone has converted an asset/income into a native legal tender.
where its then declared as a income/gain.
but things like this, by accepting another currency for services. is like saying "we accept euro" so now if you get income in euro we can tax that euro income too now, without having to wait for you to convert it to dollar to then declare it
where its then declared as a income/gain.
but things like this, by accepting another currency for services. is like saying "we accept euro" so now if you get income in euro we can tax that euro income too now, without having to wait for you to convert it to dollar to then declare it
February 22, 2022, 11:37:04 PM
It is amusing how the influence of Bitcoin is slowly creeping into both the legislation and executive branches of a number of places in the US. Whether or not these bills will actually be approved and translated into a law later on is probably not the main point. The point is that Bitcoin has reached doors, knocked on them, and entered the halls. Whether they will be welcomed or not does not matter. After all, these are just the earliest attempts.
This is the same thing I thought about spot ETF applications in the SEC. Rejection may follow after rejection. Regardless, time will come an attempt will finally be successful. It's just a matter of when.
This is the same thing I thought about spot ETF applications in the SEC. Rejection may follow after rejection. Regardless, time will come an attempt will finally be successful. It's just a matter of when.
February 22, 2022, 09:50:20 PM
I'm happy to see people supporting BTC in a position to influence the masses. Having a government position and saying that they support Bitcoin is something else. They want to be transparent as possible towards what they will do with the funds or something. It's essential for a person to be that transparent to gain the people's trust. I think that's way better than just saying what they think or something.
It can be beneficial for the government to have that as well, implementing BTC as currency.
It can be beneficial for the government to have that as well, implementing BTC as currency.
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