Bitcoin Forum

Just now noticed from investinblockchain (https://www.investinblockchain.com/canada-adoption-first-town-approves-paying-taxes-with-bitcoin-whats-next-in-line/) that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially.  Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

This is great news although this is currently offered by the town of Innisfil only at present, but it is still a great start. Ohio also offers this facility in the USA and I am hoping that majority of USA and Canada will offer this service sometime in the future pushing BTC even closer to mass adoption.

So many countries are drafting regulations at present to regulate BTC which is much better than an outright ban on crypto by certain countries in general.

That's really a positive news for bitcoin growth around the world. Most of the services accepting bitcoin does the same. This is all because of the volatility that bitcoin has, we need direct acceptance. The present acceptance is through an intermediary, there are several such service renders like coinberry and the most preferred is the bitpay. Also I suggest you to change the thread headline. Bitcoin with bitcoin is not fair.

It's pretty interesting I hadn't heard of that. Mind you I do live in a different province. It would have been significantly cooler if the town was actually taking in BTC to their own wallet and deciding what to do from there. Baby steps though.

I suspect this is more of a tourism/awareness stunt to promote the town itself. Although they do seem to be trying to promote a progressive community, I dug a little deeper and they use subsidized Uber instead of public transit.

Edit: Just remembered you may want to change the title to "paying taxes with Bitcoin"
And to clarify it's only a single town, this would not represent the Canadian Government. They actually have warnings on their site stating they do not accept Cryptocurrency, to warn against scams.

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More worrisome is a survey by the Canadian government asking people in a survey about their crypto investments and use of mixing services. Go through all the trouble of mixing only to say yeah I use them all the time.  ;D

Pretty impressive for the government of Canada manage to adopt bitcoin as a way to pay taxes. Looks like bitcoin is getting a positive response from one of the 1st world country. I hope this is the start of bitcoin getting major adoption this year.

This is very good news Canada accepting bitcoin for paying Tax. This is one of most important positive news for every investor and trader. Accept paying tax with bitcoin, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. then it will very help for all country.for trade and invest i think.

this is good news, of course this is the best achievement for bitcoin. if the country has accepted bitcoin in terms of paying taxes, of course in other developed countries it will accept it too

this is good news from Canada after the sad news about the death of CEO Gerald Cotten, the exchange boss Quadriga, which is one of the largest exchanges in Canada, in this case Quadriga is reported to have experienced a major crisis because it has to bear investor funds of $ 145 million,hopefully this good news can restore the Quadriga exchange and great adoption is imminent

The Quadriga story is still unclear, it has a high chance to be a multi-million scam and nothing more. Sad story for canadian speculators that kept big funds at an exchange..
The normal crypto investors should have their coins in their own wallets and they are not so badly affected by this, although a big exchange disappearing is not great. But they can always use other exchanges. Money flows all around the world nowadays.

The news about paying the taxes with Bitcoin is indeed a good news and a great signal. I am happy for Canadians. Yet another country going on the right direction in the relation with crypto.

It is good news for the bitcoin community but probably sad news for some other people who are not able to experience the same thing. I am one of those who cant experience the same thing, as it is clear that my country wont let any other payment methods except fiat. Of course it can be changed in the future but it wont happen in the near future. Sometime I feel jealous to those who can use bitcoin as a payment method in their real life.

The title is a bit misleading, because it's just about a pretty small town with population less then 40 000 inhabitants, and it is a big question how many people in that city know what is bitcoin. It is also important to emphasize that it is just a one year pilot program, and that paying tax with bitcoin in Canada as country at this point is just an idea which will be tested in Innisfil.

In 2017 Chiasso (Switzerland) is allow citizens to pay tax in bitcoin, and before them Zug is also allowed that. It is positive that such things happen in the world, and that bitcoin becomes recognized as something which can be used legally, not only as dark web currency or a money laundering mechanism.

I just heard that Ontario city started the pilot program : https://cointelegraph.com/news/canada-ontario-town-approves-pilot-program-for-paying-property-taxes-with-bitcoin.  Also, this is not a complete acceptance, just like testing.

Bitcoin as payment medium on paying tax is very a positive thing that happens on bitcoin right now, if the government accepts it then they might looking forward for other uses of cryptocurrency and hoping that other huge country support crypto as Canada did.

If we gonna talk about cryptocurrency's progress I think it's no use at all. Even if you can now  pay directly through bitcoin, they are still going to convert it to their main currency(which only means that the government is still directly not accepting/supporting bitcoin.)

Note that we can only guarantee that the government is now really supporting this type of currency when they actually do hold the coin(which can be a nation's asset).

One day most of the crypto will be a stock dollar, But this news was really good to buy some investors and encourage in this community. But I little worried because of china and India will not accept the Bitcoin. I hope as soon as possible all the countries are accepting the cryptocurrency.

This is surely some great and surprising news sinc we never thought a government could accept bitcoin into their system. But we have to remember this thing happened in a small town of only 36k people living there so it will probably not affect bitcoin market that much. We'll have to wait and see how this works since it could be just a temporary decision and anytime it could be closed.

adoption continues!

Here we go again.....

One car dealership out of 4500 is accepting BTC  > BMW is accepting BTC
One store that sells Samsung products is accepting BTC > Samsung is accepting BTC
One start-up plans to build a wallet that enables transfers over whatsapp>  Whatsapp payments via BTC
One town is Canada > Canada

Yeah, it's great and a step forward, but can we please discuss facts and not overexaggerate stuff like this?

And of course, they don't accept really BTC


Every time I run into stories like this I feel like we haven't seen the end of this bearish period, people are starting to hype every move and blow it out of proportion, a sign of losing patience.


Title:
Town of Innisfil will let you convert your bitcoins to dollars and then pay your taxes.
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This is splendid news for all the crypto users and always we use to see some decent price bump in the market in the time of tax paying day in US. Now Canadian crypto users also will joins the party. Hence the circulation will increase in the crypto.

Lets believe again we will get the growth in the marketplace.

Yeah, and how did that go? Well, not that great: https://bitcoinmagazine.com/articles/so-far-only-two-businesses-ohio-have-used-bitcoin-pay-taxes/

And we're talking about a state with a population of 11 million, so I think it's safe to assume that this pilot program in Innisfil, a small town with a population of +36k in Ontario, will be a complete failure as there's high chance that no one will pay their taxes in crypto in this town.

Overall, good PR for Bitcoin and other cryptos as this news helps to show the general public (if they even read crypto related news) that cryptos aren't some scam or ponzi.

I think this will be a good start of bitcoin's acceptance because the one of most progressive and rich country are now accepting bitcoin. As a one of the leading country in the world,it can be a good role model to the other countries to follow their strategies to  become progressive too. So it is a good benefits for bitcoin because I think many countries will do accepting bitcoin soon.

This is indeed a good news for cryptocurrencies. Canada is one of the developed country backed by strong economy, if they are accepting tax via Bitcoin this is a very positive news for Bitcoin acceptance. I think the day is not far away when other countries with strong economy will start accepting Bitcoin for such services/tax payment. Govts. and big companies are now accepting the power of blockchain technology. Blockchain has faster and low cost transactions with high security and these are indeed unique features to be accepted widely.

After all, that is a good step from that city, so they approve bitcoin as the payment option. They will help the adoption of bitcoin, and soon, all city in Canada will do the same, and if another country does the same thing, then the mass adoption will be happening. I think we need more good news like that so people from another country will know about bitcoin and they can use it too.

Title has been updated. It's not very big news but I think at least its positive for bitcoin users. Who know perhaps Canada is trying to experiment how work this system. Doesn't matter how many people's know about bitcoin there,  but once a goverment approved bitcoin officially then obviously more people's will encourage to know about bitcoin. Because it will be very easy to use and low cost. I believe in this way awareness will increase about bitcoin. Do you think same ?

Well, it's good that one can pay income tax in Bitcoin, but the fact that btc is immediately converted into Canadian dollars means that the government does not really trust it and essentially makes it as if those people actually payed their taxes in fiat. I don't know how it works in Canada, but it my country it would not be easy to pay those taxes even if there was a special app to convert btc to fiat while pyaing them rightaway. The thing is that one first needs to register as a private entrepreneur with certain functions, then one has to declare income for every quarter of the year, go in person to a special office, fill in special forms on activity, income and taxes and only then pay. Honestly, this is what makes me hesitate about registering, even though I get most of my income from online jobs (it's not much of money even for my country, to be fair, but if I could just declare the income, make a brief overview and pay online, I'd most likely do it). It's a nice step forward anyway, but if I'm not mistaken cryptos are really heavily taxed in Canada, unfortunately.

Yup you're correct they are using third-party applications to convert Bitcoin payments into fiat just like in my country where you can pay your utility bill using Bitcoin, Ethereum, Ripple, and Bitcoin Cash with a third-party app that converts Bitcoin into our native currency to pay bills, I guess if the government will accept Bitcoin directly there will have a problem because of the volatility of this asset and it is necessary for them to let other companies create a trading application that converts Bitcoin to fiat to pay for government bills.

It looks like it is still impossible for now that governments will accept directly a volatile payment method that fluctuates. :)

Not much for a piece of positive news for bitcoin growth worldwide. This news only applies for Canada and it's just a place in Canada. It's only for for Innisfil town. It is just small news and it can't affect the whole world just because the town approves paying its taxes.

It does have a larger population and closer to the parliament building in their capital city ottawa. So this should have a profound effect on the political landscape to make it more widely accepted towards the larger demographic of more major cities there.

A good start towards a bitcoin vision, I'm sure this is the beginning of a change where in the future bitcoin will become the king of money markets.
Hold it now, and wait for next year

How is it possible that only one town accepting taxes with bitcoin when the rest of Canada isn't?
Why is it like the central government does not control all the towns in regards to accepting taxes?
It seems some towns are independent and they can do whatever they wish to do. Is there any specific reason for this?

With this it's correct to say Canada has accepted the use of bitcoin. Canada is one of the world top economies and them recognising bitcoin as a medium of payment of tax this would really boost bitcoin forward

We have a division of powers that spread from the top down. I can't remember the exact breakdown but looked up this site (https://www.craigmarlatt.com/canada/government/government.html) for a breakdown.

Essentially we have Federal or Central. They can not be overridden by any of the lower levels of government.

Next would be Provincial or a State level of Government.

These 2 entities will collect a Federal Income tax , and Goods and Services Tax, and Provincial sales tax. They also take payment for any forms or services.

Then you have town or city government, Municipal. They collect a property tax. Each level can decide what payment methods they want to use, so it's not surprising to see`1 small town take this opportunity. The reason I point that out is I'd hate for someone to google search and see the government accepts payment that way, as this is a prevalent phone scam across Canada using Bitcoin ATM's

Edit: I forgot to add, that if the federal government were to place a ban on crypto the lower levels would have to comply.

This is a great news for bitcoin and this is one of the adoptions that can help to activate other adoption and trigger bull run. This means a lot for bitcoin and cryptocurrency at large. I hope the acceptance is throughout Canada and also  it’s likely  going to cause some positive spike in the market

The government isn't accepting bitcoin as a means of settling tax payments.

I think that the main takeaway from the article is that, a third party middleman is used in order to convert the BTC into CAD first, before the government collects the tax payments. It's not as if the government has the payment infrastructure set up in bitcoin and ready to go, at least not at this stage.

In this case, there is zero exchange rate risks for the government receiving the payment, and it's almost the same from their perspective compared to traditional means of payment through fiat. It's most likely just hyped up news that in reality, won't really make any difference.

Then there is nothing new with the news. It is just another companies trying to give a little benefits to crypto users. I think it is really possible because if not why there are still companies who actually hold coins and the government can't?

The simple answer still would be it is because they don't fully understood how it works and they are not taking risks. How could you possibly create a law that is beneficial  to the government if they don't understand it in the first place

Yes you are right. This company coinberry is the money transmitter and taking the payments in crypto and converting into cad for the payments to the government will only take this form of payment. But maybe this is the reason why they are only starting to do this for a smaller municipality first. Kind of like a test pilot project first to see how it goes.
But still in the end there will always be a middleman before cryptocurrency as a whole is 100% accepted as a form of payment to even the governments of the world let alone canada.

I live close-by and I just saw this on the news today.

The town is actually very tech forward, so I'm happy to see this go through. They've been famously known for being one of the first small towns to implement Uber as a transit system, and I've spoken to many people from the town (including municipal government employees) and they believe it's one of the best things the town has done.

the good thing done by the country of Canada might be an example of another country, maybe if all countries want to emulate Canada to adopt bitcoin for all purchases and sales then in the near future Bitcoin will become the single currency in the world. good things are happening in the world of commerce.

the most important news is always when we see actual adoption or we see anything that helps that actual adoption. for example this would have been great if the Canadian government has accepted bitcoin as a legal way of payment (as a currency) instead of just allowing it to be used to pay taxes in a small town.
i remember there was some "talk" of the same category in US which has not yet happened.
by the way your title is weird since it says "pay 'bitcoin' with bitcoin" :D

It seems that the mayor, staff and council of innisfil is enough forward thinking, innovative and brave. This will give good effect for cryptocurrency economy, canadian citizens and cryptocurrency industry are get significant win. Even a canadian town permits its citizens to pay their personal taxes in bitcoin, I think other countries have to do this as well. Pay tax using bitcoin is very profitable when save small amount of bitcoin then next year the price increase then maybe small amount of Bitcoin that we save in the past is enough to pay our personal taxes.

This is a great news. I see see more Canadian States adopting this method as well. I know it very soon we will get more and more news on bitcoin adoptions across different parts of the world. I really cant wait to make an all bitcoin payed trip from Peru to USA or other parts of the world.  ;D ;D ;D

In the past two months, I have seen so much positive news in various media that are milling about related to cryptocurrencies, bitcoin especially. Because the value of bitcoin is very dependent on the user and its usefulness both in the economy and consumption, this news will certainly always get a positive response from the wider community.

For the development of cryptocurrencies in the future, perhaps there will be many banks that are to receive various innovations that can provide benefits such as bitcoin which can be applied internationally, innovatively and can help solve international problems. If this can happen, I think the growth of mass adoption it seems will not be inevitable.

It is a pitty that they are not accepting Bitcoin directly, but rather opted to use a payment processor type service to convert all coins received to fiat currencies. <I guess it has something to do with the Bitcoin volatility, because it will be bad if you pay your $10 000 tax today and then it's value goes down to $8000 in a week.>  ::)

I figure Andreas's discussion with the Canadian senate a few years ago, has opened up a few doors for Bitcoin in that country now.  :D  Canada has not been hostile towards Crypto currencies and they are showing some good promise to be one of the pioneers in the Crypto currency industry.  8)

Its good, this is another big step, with more and more permit from governments we are more and more towards the mass adoption, but I am curious about the regulation that the government going to implemented, and hopefully there is no bad incident like scamming, or exchanges running away with the investors money, so the government could focus and make the regulation that can profit both sides

Positive news, hopefully other countries will follow like Canada that receives tax payments with bitcoin. It is indeed feasible that Bitcoin must be accepted as a legitimate transaction tool, only a few countries reject Bitcoin.

I, as a bitcoin user, was very happy to hear this news even though this news was outside my country. Today more and more countries are providing great opportunities for bitcoins to be accepted as exchanges and transactions.

There is no news that gladdens my heart other than seeing or hearing a particulat country adopts and approves bitcoin for transactions. It goes to show bitcoin growth is on the increase and in no time we will see it spread across the globe. This is definitely a welcomed development from Canada and the bitcoin community is happy.

Those are such good news. Im very happy for them as overall community member.
That makes me feel more positive where more countries will probabily adopt the same principle of the taxing. Making it so that the Bitcoin price rises once more since more investors will take their chances to join this great crypto world.

This is the best news i have heard this month. Canada has done welll and i know for sure neighbouring countries will see this and will be moved to do same. The bitcoin community desires nothing more than seeing bitcoin being adopted for use in all parts of the world.

Some recent news I'm seeing off late shows Canada is trying a large scale crypto/Bitcoin acceptance behaviours. This is something great to hear as a crypto enthusiast. It shows even though some nations are against us, we have tons of powerful nations ready to help make the space better for all.

One of the biggest strengths of national currencies is that you have to pay tax with them. You have no choice but to acquire your national fiat come tax season. But now in Canada, the news is big. You can pay taxes with Bitcoin. That is a big development.

Great news this the most awaited of every nation or country to get taxes from crypto currency, this ideas of canada best pattern guide of each country how to collect taxes.

This is another step for bitcoin to become more popular, accepting bitcoin for paying tax is a good sign that bitcoin will dominate the future because of it's usage.

If other countries will follow by using bitcoin in any form of payment then there is a very high chance that bitcoin will be legalize and will be accepted  in all countries. This is what I've been waiting, once all the government will use bitcoin in the future then sending money, paying bills, shopping and etc will become more easy.

Once the entire world get to know and understand that they can't stop people from using Bitcoin, they will have no choice but to accept the use of it. I usually get excited when I see such news regarding the acceptance of Bitcoin as an alternative form for the payment of goods and services. Its great that Canada has seen the relevance of using Bitcoin in their financial economy.

It's a great advantage of bitcoin, it's mean bitcoin now officially accept in some state in Canada! it's a great way and example to create interest for other country, now other country also will be show interest aboutbitcoin as a payment gateway! every bitcoin holders can feel happy for spreading bitcoin value in important leading countries in the universe!

I mean if my government sees bitcoin as a currency (they make us claim it here in Canada as income and tax it)
They need to accept it for us to pay with taxes with.

Sure a welcoming new and congratulations to Canada. I guess this helps to conclude that Canada is indeed more according than most countries in the West. This alone can bring great positive attention to Bitcoin making it adoptions open.
If we could see more of this from major countries like US, Britain and a few others Bitcoin will be certainly souring higher in the next few years.

I mean we just had to give up 12 million to a private company, that no one wanted, because we vote people to vote for us, instead of voting ourselves.

https://globalnews.ca/news/5145773/catherine-mckenna-loblaw-new-fridges/

Yes, I am all about energy efficiency, but not giving a private company my money!  WHERE IS MY FREEZER?

They will exactly can't do that even if they are going to ban it. Accessing bitcoin can still be pretty easy, It is because of the support that the industry are getting.

Canada is somehow an open minded country that is why they are also one of the leading countries when it comes to economic growth. Even if for now the best thing to do it is to have a partnership with the private companies that are actually holding coins

There are now many governmental agencies in many parts of the world that are now starting to accept payments using Bitcoin and even other well-known cryptocurrencies as well. However, this does not mean that the government has already approved Bitcoin as far as its legitimacy is concerned. For these agencies, this is just another way they can provide easier ways that people can pay their obligations. However, this can be a good start and soon we can have the government take a look at ways they can support Bitcoin. I am just hoping that more taxpayers can be paying their tax with Bitcoin so these agencies can be encouraged to continue working with Bitcoin.

This is what we call adoption. While developed and progressive nations are adopting new innovations, some other poor countries are calling bitcoin Ponzi and Pyramid scheme and all forms of malicious name, while the rich and government officials are secretly buying and storing for the futures, but the gullible who see no harm in their financial slavery to the banks and government are listening to a misleading government advise. Thank you Canada.

This is really good for Bitcoin and better for the people of Canada. The Canadian government has accepted Bitcoin to pay taxes. This is certainly good news for the Bitcoin users in Canada. They will be able to perform their necessary activities with bitcoin. And I think the governments of all the countries will gradually accept Bitcoin.

This should be applied in many countries especially countries that are in the 3rd world countries because it is the thing that they really need. Canada proved again that cryptocurrency is not bad for the government and decentralization doesn't mean they have no control of it. It is really good news for the investors and traders.

It has long been necessary to come to an agreement that cryptocurrencies should be given official status. Because it makes no sense to stop the process of creating new settlement systems that is already running. Yes, now few are ready to buy cryptocurrency. But people's interest is growing, needs too. the British government is ready to come to a legislative settlement of this issue, then other European countries may soon follow their example, now Canada, not so far to become as traditional payment

It seems that the initial stigma that was previously associated with bitcoin is now being dropped day by day. For most people, Bitcoin was used by only criminals for illegal purposes such as money laundering and a whole lot of vices but for a major country like Canada agreeing for tax payments to be made with Bitcoins is a huge step which means that the country have started cryptos as well.

there are so many cool projects appearing, ready to help those who wish to master cryptocurrency investments, for example taklimakan. And this is logical, because since there is a tendency of growth in the number of people interested in cryptocurrency, then new platforms appear for this request. Such facts cannot be ignored by the government, and quite soon all countries will give cryptocurrency legal status.

It is difficult to give a certain status to cryptocurrencies, when even Bitcoin developers are unknown. Perhaps that's why they are pulling with the solution. But after Microsoft announced that they are planning to do a project that helps with the launch of blockchain projects, it is likely that Europe and the United States will support this initiative and take part in the regulatory process.

Governments are pulling the regulation of cryptocurrency for so long, because it has no restrictions. No one will tell you, you cannot invest in your low credit status. No, everyone is equal here. And it is this that stops the structure of power, because they are afraid to completely lose control over the circulation of funds.

That's right. If governments see there is interest in cryptocurrencies from people and new projects related to bitcoin appear every year they can't ignore it. Also it would be useless for them to try and destroy something that's just at the beginning and it's prospering by each day so the only solution for them is to accept it as a legal currency. This small towns accepting bitcoin are just the beginning, I'm wondering when will bigger countries start to take actions like this.

That's really good news. The more countries will accept bitcoin as payment, the better it will affect the market.

more specific tax payments for property.  this is the government's concern for crypto enthusiasm.  the Canadian government has not 100% received and adopted tax payments with BTC.  because payment is only via coinberry platform.  and then converted to Canadian dollar currency.

I don't think this is the cause of the increase in bitcoin at the moment, but at least this news is increasingly convincing investors to invest with bitcoin.
I want all business people to begin to realize that bitcoin is an amazing discovery that is feasible to be adopted in various business fields.

Its nice to heard that Canada are already accepted bitcoin for paying tax. This is a good step of their government, because it can encourage their people to invest, and also many of their countrymen to become interested. It proves only that they have a lot of knowledge about bitcoin and they see its very useful to their country.

i am noticing this news bit later even i think its the great news were most of the asians countries busy banning western contries ado[pting more even for tax paying . So only Western Countries economically far ahead  compare to Asian countreis. But it is really great move from Canada.