Topic: NASDAQ Article -- The Price of Bitcoin Is About to Get a Little Government Help (Read 1609 times)

Great! At least somebody saw its potential especially on how transacting with btc will actually help to save on the fees. If the bill is passed, it will only mean more people starting to accept bitcoin as a form of payment currency. Hope to see more bullish signs coming ahead.

That article is from February.

This isn't much different from the dot-com startups in the 90s who wanted to process local traffic fine payments online.  Now every local government has a website address on your speeding ticket.  Taxes have to be paid with dollars - but you can pay with a credit card, and the credit card company gives the dollars to the government.  It's no different if Bitpay gives them the dollars when you send bitcoins.

No the federal gvt will not allow it, that is clear.  But local officials looking for ways to ACTUALLY SAVE money are going to propose solutions like this.  Sad that they will get shot down.  But at least these officials are trying to help the poeple out by looking for ways to cut gtv costs.

It's obviously an April Fools joke.  If you don't understand why the US Government will never allow taxes to be paid in anything but dollars, then you have a lot of reading and thinking to do.

It's been on the table for months. A few seconds of googling will show it up in the deep past too. You're not allowed to start April Fool jokes several months beforehand.

it's impossible to tell at this point. I really hate this stupid month where you can't fully trust any news just in case is an ellaborate joke.

Sure you're right with all what you said.
But 2 states accepting it to pay taxes with it will reduce the negative image of Bitcoin in the publich as just being a criminal currency.

While i think this could be good news for Bitcoin, lets not get too far ahead of ourselves.

This is a great use of Bitcoin - making a payment that is normally a one-way payment; people don't chargeback their tax payments, and only the absolute rarest will put a stop payment on a check. Bitcoin fits in perfectly for that. More and more, tax payments are e-Payments, and with each payment going to a unique address, verifying that a payment was received on such and such a date would be trivial.

It doesn't signal that e-commerce via Bitcoin is ready or feasible for the masses. Nor do I think that this move would actually spur additional demand for bitcoin - I don't think that people will go buy bitcoin just to pay their taxes with.

Sure, it'll give Bitcoin additional "legitimacy" in our eyes, but to the public, the reporting is already neutral to positive, I would say... compared to a couple years back, no one is implying that people investing or speculating with Bitcoin are criminals. The thing holding people back from bitcoin isn't a question of what the government thinks, more it's the lack of places to spend it (yes, this is one new venue), uncertainty about the currency and how it works, and the lack of userfriendliness...

SO even if both states adopt bitcoin for tax payments, I don't think the demand will necessarily increase nor will the price get much upward pressure.

That's just my thought, though...

Sweet, some more good news! I think bitcoin will see some nice price movement this month.

http://www.coindesk.com/new-hampshire-bitcoin-tax-payments/

New Hampshire Lawmakers Debate Accepting Bitcoin for Tax Payments

Except they use it as a means to keep a large majority of the population living off the govt.  They reward the rich, keep their positions of power, and let the middle class suffer

While majority of people have no idea about how fiat money system works, government officials should be the first one realizing the fiat money's slavery. Utah has proposed return to gold standard since 2009, so it is not a surprise that they also embrace bitcoin

NYC was interested a few months ago in paying tickets ect ect .... well see

I guess there's a first time for everything!

more acceptability, especially by the government agencies is a good thing. But I don't think it will be having any impact on the exchange rates. Margin traders are pushing down the prices now...

I don't think that's what they're inferring. It's being used as no more than a vehicle for transmitting USD. That's what the US government uses and issues.

It being accepted for taxes would make it no more legal tender than Visa or a bank transfer is.

If one can pay taxes with bitcoin, that makes bitcoin legal tender. If bitcoin is legal tender, then the THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE that exists on dollars must also be applied to bitcoin no?

If Bitcoin is considered legal tender in the U.S., I foresee far more regulation for Bitcoin. I foresee businesses whom you owe a debt trying their hardest to force you to pay cash because they fear a change in the bitcoin price cutting into their profit. I foresee the IRS imposing all sorts of restrictions and rules on the use of Bitcoin to pay taxes because one can decide during tax time to choose which legal tender gives them a discount.

I foresee the Federal Reserve and IBM partnering to create a better crypto currency, much like a number of altcoins out there at the moment, to keep control over money in the hands of the Federal Reserve and profit in the hands of IBM. I forsee bitcoins price continuing to fluctuate in response, further convincing the FED and IBM to undermine it.

Make it legal tender and it makes it popular to use for everyone. Widespread adoption for a currency born out of the idea of decentralization, forced into being centralized.

I foresee an incredible surge of momentum for bitcoin being seen as legitimate by everyone, and then the death of bitcoin.

"Who cares! The blockchain is the true gift behind bitcoin!" Right. Silly me for thinking that taking power away from those that abuse it was somehow important in any of this. 

I hate the Internet on April 1st, we never know what to think.

Anyway, bitcoin is getting 'legitier' day by day.

Interesting... This is one reason why i hate april fools day... You can barely trust any news articles on this day 

Yup. Well established news that has been simmering for quite a while.

If it's legal, reliable and people want to use it then why not accept it? It looks like they're treating it as a more secure and cheaper way to accept dollars and nothing else.

If there was a hint of it being kept and subsequently used, that's when things might get weird.