Starting Monday, businesses in Ohio will be able to pay their taxes in bitcoin — making the state that’s high in the middle and round on both ends the first in the nation to accept cryptocurrency officially. Companies who want to take part in the program simply need to go to OhioCrypto.…
The initiative is being driven by Ohio's state treasurer, Josh Mandel, who claims that since he is directly elected he doesn't need to get formal approval from the state legislature or governor – something that has stopped a number of other efforts to accept Bitcoin as a form of payment in states including Arizona, Georgia and Illinois.
Mandel is also a tech lover it seems. He is pushing blockchain technology for the state, owns Bitcoin himself
Can someone use bitcoin to pay for Ohio taxes, yes or no? That’s how you have to talk down to low IQ scrubs like you.
Your 2004 Mazda. I enjoy my 2017 SS Camaro, 460 horsepower. It was payed for in full with bitcoin, in fact the 93 octane is ‘Fueled by Bitcoin’
Thanks for the entertainment revealing your piece of shit ride haha. Bashing bitcoin has done you so well sir!
“The Treasurer’s office ISN’T holding, mining or investing in cryptocurrency for payments or processing. All cryptocurrency payments are processed by a third-party cryptocurrency payment processor, BitPay. Those payments are IMMEDIATELY converted to dollars before being deposited into a state account.”
BUT before you do that, you need to register at a website that doesn’t work:
So essentially, go to a pawn shop sell your crap and walk accross the street and pay your taxes AND then pay capital gains for paying your taxes (AND “service fees” as well)
Every state should do this actually. Very smart of them.
This is very good for bitcoin.
Because I am not as dumb as this subreddit makes coiners out to be. Nor am I one of the btc maximalists who thinks bitcoin should replace usd.
I don’t think bitcoin will ever replace USD, perhaps in countries that are dealing with terrible inflation it will be used as a temporary currency of choice like the situation in Venezuela now, and what happened in Cyprus many years ago which caused bitcoin to reach $1000 for the first time.
I consider it to be more similar to gold, digital gold. Finite amount exists, you can’t make fakes, has steady trickle of new gold everyday mined, etc.
It will take gold over as the premier, non political store of value in the coming years. It is simply easier to send fractions of bitcoin versus gold. You can’t break off a piece of your gold to buy coffee easily. You can scan your iPhone to send bitcoin for coffee much easier wouldn’t you say?
Bitcoin is fully trust-less, public ledger. Exchanges see your whole past if you deposit any coin there, they require KYC and AML and due to bitcoins transparent nature, they have algorithms that scan your wallet and all their transactions with known fraudulent coin. These exchanges are FDIC insured in USA baby.
Cash will always be the king for drug dealers, it’s truly anonymous once you acquire it physically, bitcoin will just be another store of value like Gold imo.
Be patient. It was just made after all, and yet it’s on the CBOE and CME, and an ETF soon all in 10 years. NYSE soon to add crypto too lol
The above companies are much smarter than you and me, I would follow the money invested in blockchain for an educated bet for long term value.
Nope, to pay taxes on anything including business taxes.
Do you think this sub filled with rejects is going to lobby against it? Unlikely, bitcoin is going forward everyday not backward. When the next bull run amassed, I will come to this sub with pleasure to remind you.
Thanks for the miners, mr Bitmain
It seems pretty weird to watch the collective comment pool rage against this change. Seems to fall largely into a couple groups: "people who think it's a waste of time", and "people who are upset that Ohio's official currency is still USD".
Aren't there more interesting responses possible for this move than outrage? Right now this seems limited to businesses, I'm curious why specifically target them instead of all taxes (given that the backend infra seems like it would be the same for both). How does the pricing work given volatility (is there potential that you'll pay taxes and the price will shift such that you owe more / get a refund after the fact)?
Seems like fake news. The state of ohio will not accept bitcoins -- they just "allow" you to pay your taxes using bitpay, which is a service that will convert your bitcoin to USD on the fly. How is this any different to what you could always have done, i.e. selling bitcoins for USD first and then paying your taxes with the USD?
Am I the only one who sees this as a move on Ohio's part to get its residents to "accidentally" disclose their Bitcoin assets by making a payment from their "hidden" stash invested in Bitcoins?
You pay your taxes from your Bitcoin wallet? Oh how nice! Now here is your state subpoena to disclose the FULL value of your (possibly non-US or offline) Bitcoin wallet.
I have a friend who lives in Portland (Maine) and used his BTC to pay some city fine. A month later got a formal order from the state's revenue collection service to file a non-US asset disclosure form and report ALL of his BTC in possession. And mind you, he is NOT a US citizen or even permanent resident. He is in the US on a tourist visa. A US citizen/resident could probably face criminal charges after disclosing he/she has Bitcoin stash they failed to previously report.
So when they collect that bitcoin do you have to pay capital gains tax on the amount you paid then this year on next year's taxes? If you pay the capital gains tax next year in bitcoin, do you have to pay the capital gains tax on that payment the year after that, etc.?
from the article: <<The brain child of current Ohio state treasurer, Josh Mandel, the bitcoin program is intended to be a signal of the state’s broader ambitions to remake itself in a more tech-friendly image.>>
Not from US, but I see this trend in my country also.
It's nice to see governments to embrace technology but, it will be nice to start from the ground up and what I would like to see is: modern websites, one mobile app for everything, transparency of the money they spend, multiple payment options for taxes and transportation, simple online forms, digital signatures, etc.
They take a step, then skip 100, do another one and then: "oh we are done here, we embraced technology"
This is probably the most significant thing to happen in blockchain history and is philosophically in line with the stated original claims of the Bitcoin whitepaper from Satoshi.
That means Ohio is putting the USD in competition with cryptocurrency for the primary thing the USD is used for: Paying Taxes. Federally that's going to remain USD of course, so it's not an existential threat for the Fed, but if enough states move to crypto as an option for tax payments the Treasury/Fed is going to have to make some major moves to prevent it spreading.