Ohio is First to Accept Bitcoin for Business Tax Payments

in #bitcoin5 years ago (edited)

Ohio is the first state to officially accept Bitcoin. Businesses can now use Bitcoin to pay their taxes to the state by registering through ohiocrypto.com. Other cryptos are not yet accepted, but may be in the future.


Source, Source

The website describes what OhioCrypto.com is:

Under the leadership of Ohio Treasurer Josh Mandel, taxpayers are able to pay their state business taxes with cryptocurrency for the first time anywhere in America. Ohio has become the first state in the United States, and one of the first governments in the world, to accept cryptocurrency. From mom and pop coffee shops to Fortune 100 companies, businesses now have the ability to pay their taxes with OhioCrypto.com.

The Ohio Treasurer is thinking ahead, and although this is for the horrid taxes, it's at least a stepping stone to bring further awareness, acceptance and legitimacy to Bitcoin and cryptocurrency. Treasurer Mandel wants to make Ohio a blockchain leader as the site says:

Treasurer Mandel believes in leveraging cutting-edge technology to provide Ohioans more options and ease while interfacing with state government. The Treasurer’s office is also working to help make Ohio a national leader in blockchain technology.

Tax payers only need to register, enter their tax information, and pay with a wallet transfer.

This initiative isn't going to make Bitcoin go up in value though. Ohio has no plans to hold any Bitcoin and won't even be touching it for any government payments. They will sell their Bitcoin for USD as soon as the payment is received.

"Payments made on OhioCrypto.com, through our third party cryptocurrency payment processor partner BitPay, are immediately converted to USD before being deposited into a state account."

With Bitcoin dropping and the selling frenzy in the air, if you have taxes to pay you can cash out on BTC and also pay your taxes at the same time. Mandel says he is "planting a flag" into the crypto world for Ohio.

Some may think of Bitcoin and crypto as a sinking ship, so planting a flag on it isn't that great. But the crypto detractors have always said BTC and crypto was a bubble that won't go anywhere. And that was when BT was at $300, and $600. Although it keeps going up as well as down, the upward long-term momentum seems to be pushing BTC higher throughout it's existence.

I don't think crypto is over and done with. The world will continue to embrace the new form of money that allows a freedom from the centralized control structure. It's especially useful when economies fail and fiat becomes near-worthless, as people in Venezuela and elsewhere have jumped into crypto. Maybe one day STEEM will be accepted by governments for tax payments ;)


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This is further proof that the governments (their owners) want crypto currency. I saw last year several states were accepting it for personal taxes. Bitcoin isn't going anywhere. Sure hope the same can be said of Steem after the announcement by Ned tonight.

Would you be willing to do a few posts on what will become of the chain, how one would power down etc if Steemit closes their path to the chain? I think many like myself know jack about this and would be lost on what to do if in the coming weeks/months there suddenly was no Steemit.

Well I don't get how Steemit takes so much money. People have done more work on websites without Steemit's money, and the chain code changes haven't been too spectacular imo...

Steem would be fine if Steemit closes down. The other sites would have to take the load of the visitors though, and further development in the chain would need to be done by others as well. Since Steemit is the main front end, it would just mean a loss of users who don't know how to use the chain other than from using Steemit.com. Development would take a hit. But the chain can go on as long as witnesses who are paid 1,800 / week in the top 19 keep running nodes and them or others have sits to view the data.

Yeah, its bothering me Ned saying they spend more per user than the other social media sites. That contradicts the idea that Steem is fast and the costs nonexistent. Especially since this site is missing many of the bells and whistles the other sites have.

It's especially useful when economies fail and fiat becomes near-worthless, as people in Venezuela and elsewhere have jumped into crypto.

Yup, just last month, the Venezuelan bolivar fell 3 times more than the Bitcoin in the last year. So... you know... I'm a hodler.

On the other hand, the more the adoption increases, the more the value of the BTC increases, perhaps not reflected in the prices now, but sooner or later it will do so.

yeah, you know how true it is for crypto to be of benefit ;)

I never thought about it before, but HODL is literal for Venezuelans with Bitcoin.

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HODL is literal for anyone who fully relies on cryptos, only that in Venezuela there are also economic incentives for that to happen. ;)

That’s great I hope the Steem coin is more recognized but I’m not sure if I want to have it accepted as a form of payment for government stuff lol

It’s a step in the right direction for crypto though. I think more will follow suit.

Yeah, it's a win-lose good with bad, a crappy win ;)

It’s going to be tough with the crazy volatility... I guess they just match it to the current price of the dollar and you pay that, and they’re taking a gamble on the price increasing

Yup, as soon as the transfer goes through they sell it to someone else too hehe.

I don't know, my jury is still out with any government entity having my Wallet address associated with my name and identity.

Yeah I don't like it either :P Only the bailers will pay taxes with crypto

I've been buying Silver Bullion with Cryptos.
Bullion retailers like Apmex, Provident accept Bitcoin. and Silvergoldbull accepts Bitcoin, Litecoin, and Dashcoin.

Slowly but surely adoption continues regardless of price action :)

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