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⭐ Features
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Ohio Accepts BTC for Tax and Gives Cryptocurrency a Huge Legitimacy Boost

ByBit
  • Darryn Pollock
    ⭐ Features

    Ohio is setting a new precedent by allowing its citizens to pay their taxes in Bitcoin, and this is big news for a number of reasons

Ohio Accepts BTC for Tax and Gives Cryptocurrency a Huge Legitimacy Boost
Cover image via u.today
Contents

While many have been proclaiming Bitcoin as dead and now totally worthless and useless, it has hit back with the news that the state of Ohio in the US has decided it will allow its citizens to pay their taxes in the cryptocurrency.

This is a huge boost for the struggling cryptocurrency as it has further legitimized its use and shows an acceptance from governmental organizations that BTC is a payment option for may people.

It is an indication from the state that Bitcoin is not only making its way into the mainstream, but it is in fact a legitimate currency, as expressed by State Treasurer Josh Mandel, who said:

“I do see bitcoin as a legitimate form of currency.”

BTC suddenly has value

Bitcoin has often been criticised because, in the mainstream economy, it has been called valueless. As a created digital currency backed by nothing tangible, or by any sort of institution, it has been hard to say where it derives its value from.

However, now that it is being accepted and legitimized by a state agency which is willing to accept it as a form of payment, the argument that there is no value to Bitcoin falls flat as it can be primarily used to pay taxes.

This step towards further legitimacy has been fueled by a change of public perception of Bitcoin in a very short time. It shot to prominence along with its price increase, and ever since then there has been incremental appreciation and acceptance of the digital currency from governments and regulators alike.

Good timing

The fact that Ohio has decided to accept Bitcoin at a time when the price of the cryptocurrency is floundering is also vital as it shows the value of the cryptocurrency outside its actual dollar value. Ohio is essentially stating that the cryptocurrency has a future, and for the foreseeable future, will be accepted regardless of where the market currently sits.

Interestingly, it would seem that the catching up from regulators and governments is still occuring as they sit behind the eight ball in many respects. At first, Bitcoin burst onto the scene with no regulation, only for the men in charge to stamp down on the cryptocurrency,  affecting the market.

But now, with the market down, the second wave of adoption, regulation, and understanding is coming through in a positive manner, with this move by Ohio a prime example.

Setting up its stall

It is not only the acceptance of Bitcoin from Ohio that is legitimizing the cryptocurrency — it is the fact that the public perception of the cryptocurrency can be effected in a positive light. For the state to accept the cryptocurrency, there has to be robust and ridgid infrastructure for it to work, and if it is to work under these circumstances, it could show that Bitcoin can work as a true payment option.

“Ohio’s acceptance of Bitcoin for tax does help send a message that bitcoin’s a technology that can be used by anybody — by bad guys but also by the government,” Jerry Brito, the director of non-profit cryptocurrency research organization Coin Center, said.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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📰 News
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Tezos (XTZ) Price Surges Six Percent Amidst Crypto Market Bloodshed

ByBit
  • Alex Dovbnya
    📰 News

    Tezos (XTZ) shines as a lone green spot among a plethora of red coins

Tezos (XTZ) Price Surges Six Percent Amidst Crypto Market Bloodshed
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tezos (XTZ) remains the only green coin in the top 20 while the whole cryptocurrency market is experiencing a deep correction.

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At press time, XTZ is changing hands at $1.29 after surging by nearly 6 percent over the last 24 hours.

Tezos Price
image by coinstats.app

It's worth noting that Tezos is up by more that 12 percent against Bitcoin. The number one cryptocurrency dragged the rest of the market into a bloodbath after collapsing below the $7,600 level. 

Some altcoins took an even bigger hit. Stellar (XLM) and Tron (TRX) are down by nearly 10 percent.

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XTZ's resilience is stunning considering that the coin's price experienced a substantial price pump on Nov. 11. Prior to that, the altcoin surged by an eye-popping 70 percent on the Coinbase staking news

With that being said, Bitcoin might rain on XTZ's parade if it continues to slide. Otherwise, the Tezos price might be up for another push. 

 As of now, XTZ is the last man standing. 

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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