Bull run loading! Ohio to accept bitcoin for tax payment.

[arpon11]

I just come across this post  in nypost that Ohio to become the first in United States of America to accept bitcoin as payment for tax.  I see this as a great this news and capable of trigger a recovering in some days and weeks to come.  We have lose so much this year because of governments attack and banning of cryptocurrencies activities but with is developments I expect a very serious breakout that should push bitcoin upwards. This is the link to the news. https://nypost.com/2018/11/25/ohio-becomes-first-state-to-accept-tax-payments-in-bitcoin/

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[Wilhelm]

It's a nice way for the government to sc00p d3m ch3ap coinz

[wuvdoll]

This is huge for bitcoin. It is even bigger than the ETF news and anything like that regarding BAKKT and SEC. The point here is that GOVERNMENTS started to accept bitcoin as a means to pay them which makes it official, anything that governments deem official should be highly valuable.

I do not think anyone really understand the size of this deal. It means that if Ohio started to accept it, other states will as well and some other countries will start as well, which means not only bitcoin will be regulated properly all around the world but it will be also a legal money that governments sees as any other fiat currency.

If you live in USA, there is nothing different compared to bitcoin and euro for example. That type of level will help us insanely and will make it amazing to work with it. Price should have soared like hell when it first happened.

[The Sceptical Chymist]

So I have a question:  Isn't the state of Ohio going to want to know how you acquired those bitcoins you're paying your taxes with?  Won't they wonder if you earned them through a sig campaign which you never reported in your tax filing?  And stuff like that?

I know a lot of folks here are anti-tax and there are a lot of anti-government cryptoanarchists, and I fully respect that.  I'm wondering if it's a good idea to pay your taxes with bitcoin.  I'm kind of leaning toward it being kind of a setup.  

It's a nice way for the government to sc00p d3m ch3ap coinz

And then there's that, but I highly doubt the state plans to keep any of the bitcoin.  They'll probably use a payment processor that converts bitcoin to fiat just like most merchants use.  If they don't do that, they're being completely irresponsible with taxpayer funds given the volatility of bitcoin.

[davis196]

Why do you think that the state of Ohio might create a global bitcoin bull run?
Is the state of Ohio as big as Japan or South Korea,or maybe China?
It's proven that bitcoin isn't a good for tax payments,due to it's volatility.
I think that this news might be fake.

[Wilhelm]

And then there's that, but I highly doubt the state plans to keep any of the bitcoin.  They'll probably use a payment processor that converts bitcoin to fiat just like most merchants use.  If they don't do that, they're being completely irresponsible with taxpayer funds given the volatility of bitcoin.

I still believe that Bitcoin has more "real" value than the US dollar. Simply due to the fact that you cannot print Bitcoins at will.
- Bitcoin is built on crypto.
- US dollar is built on faith. (used to be gold)
From that standpoint it would be more irresponsible to keep US dollars.

If governments are smart and want control of the future they should really start getting ahead of the game by stacking Bitcoin.

[Wilhelm]

Why do you think that the state of Ohio might create a global bitcoin bull run?
Is the state of Ohio as big as Japan or South Korea,or maybe China?
It's proven that bitcoin isn't a good for tax payments,due to it's volatility.
I think that this news might be fake.

Because the USA it the center of the universe 

[Totscha]

I just come across this post  in nypost that Ohio to become the first in United States of America to accept bitcoin as payment for tax.  I see this as a great this news and capable of trigger a recovering in some days and weeks to come.  We have lose so much this year because of governments attack and banning of cryptocurrencies activities but with is developments I expect a very serious breakout that should push bitcoin upwards. This is the link to the news. https://nypost.com/2018/11/25/ohio-becomes-first-state-to-accept-tax-payments-in-bitcoin/

Banning scammy ICOs and prosecuting the perpetrators is what caused the BTC bear market?

[figmentofmyass]

So I have a question:  Isn't the state of Ohio going to want to know how you acquired those bitcoins you're paying your taxes with?  Won't they wonder if you earned them through a sig campaign which you never reported in your tax filing?  And stuff like that?

I know a lot of folks here are anti-tax and there are a lot of anti-government cryptoanarchists, and I fully respect that.  I'm wondering if it's a good idea to pay your taxes with bitcoin.  I'm kind of leaning toward it being kind of a setup.  

it may or may not be a setup, but it's definitely a bad idea to send them your coins---for multiple reasons. you'd be providing them really juicy personal data to analyze the blockchain with. and on top of it, you'd be spending coins where you should be spending fiat.

It's a nice way for the government to sc00p d3m ch3ap coinz

And then there's that, but I highly doubt the state plans to keep any of the bitcoin.  They'll probably use a payment processor that converts bitcoin to fiat just like most merchants use.  If they don't do that, they're being completely irresponsible with taxpayer funds given the volatility of bitcoin.

it's interesting food for thought though. at what point (if ever) does bitcoin become reliable enough for governments to hold reserves? nobody bats an eye at government gold reserves.

[cindygirl]

So I have a question:  Isn't the state of Ohio going to want to know how you acquired those bitcoins you're paying your taxes with?  Won't they wonder if you earned them through a sig campaign which you never reported in your tax filing?  And stuff like that?

I know a lot of folks here are anti-tax and there are a lot of anti-government cryptoanarchists, and I fully respect that.  I'm wondering if it's a good idea to pay your taxes with bitcoin.  I'm kind of leaning toward it being kind of a setup.  

it may or may not be a setup, but it's definitely a bad idea to send them your coins---for multiple reasons. you'd be providing them really juicy personal data to analyze the blockchain with. and on top of it, you'd be spending coins where you should be spending fiat.

If you send them bitcoin's at all they can trace every transaction from your wallet through all times so it's a lot to give up. Given that there's no real incentive for paying in bitcoin I don't see why anyone would choose it. The little you might save on converting crypto/fiat is well worth it just to protect oneself in any scenario that the state officials are trying to use the info you provide to them against you. Of course if you are 100% sure you're in line with your tax obligations and have reported everything then go ahead and pay with bitcoin but you're only going to want to replace that bitcoin once you realize it's far more bullish to hold than USD.

[slaman29]

It did trigger some sort of bump on Monday but then everything seemed to drop again shortly after that, before somewhat recovering in the past 12 hours, so it makes me think this was just some profit taking that happened, before things normalized again or rather normal to the point before Bitcoin looks for a new direction to take.

It's not big news in a broad sense, just good news among lots of other good news. I don't think news has the old ability to influence prices longer than a few hours now.

[arpon11]

Why do you think that the state of Ohio might create a global bitcoin bull run?
Is the state of Ohio as big as Japan or South Korea,or maybe China?
It's proven that bitcoin isn't a good for tax payments,due to it's volatility.
I think that this news might be fake.

This not fake and you can click https://www.wsj.com/articles/pay-taxes-with-bitcoin-ohio-says-sure-1543161720?mod=searchresults&page=1&pos=1 to enlighten yourself about this news.  I believe that this is an added advantage as all this while we understand that the reason why bitcoin and cryptocurrencies fall in 2018 is that governments was against it but now if governments are using it to process governments' businesses then I believe that there are now for it and that is why we should appreciate this.

Why do you think that the state of Ohio might create a global bitcoin bull run?
Is the state of Ohio as big as Japan or South Korea,or maybe China?
It's proven that bitcoin isn't a good for tax payments,due to it's volatility.
I think that this news might be fake.

Because the USA it the center of the universe 

That is another great answer and what ever happened in USA economics are always copy by 75% countrie of the world.  Very soon you will begin to see other countries using bitcoin for tax.

[Wilhelm]

It seems that this only applies for businesses and not (yet) for individuals.

[Vit83]

What they will be doing with crypto that they will receive?  Sell them immediately? this will be not very good for BTC.

[sunanbonang]

I am quite happy to hear this news, but what is happening now is that the price of bitcoin continues to decline. I hope this news can end the bear market that is happening now.

[cellard]

So I have a question:  Isn't the state of Ohio going to want to know how you acquired those bitcoins you're paying your taxes with?  Won't they wonder if you earned them through a sig campaign which you never reported in your tax filing?  And stuff like that?

I know a lot of folks here are anti-tax and there are a lot of anti-government cryptoanarchists, and I fully respect that.  I'm wondering if it's a good idea to pay your taxes with bitcoin.  I'm kind of leaning toward it being kind of a setup.  

It's a nice way for the government to sc00p d3m ch3ap coinz

And then there's that, but I highly doubt the state plans to keep any of the bitcoin.  They'll probably use a payment processor that converts bitcoin to fiat just like most merchants use.  If they don't do that, they're being completely irresponsible with taxpayer funds given the volatility of bitcoin.

I have asked this in the past and so did a lot of other people. There was no consensus. It also depends a lot on your jurisdiction. Some guys from the US said that the government will not care were the money comes from as long as you pay taxes. I find this hard to believe. In other countries you are basically a criminal by default, you must be able to prove origin of funds with receipts and whatnot. Of course since bitcoin jobs like signature campaigns has no receipts and its all anonymous I wonder what kind of information one could provide when asked. Screenshots of payments? addresses signed? Do the government even know about that?

Anyway, states accepting bitcoin as taxes is always good. I wish all states in the world accepted bitcoin, so they wouldn't force people to sell for that, which is always risky since I just cant trust any exchange.

[STT]

What they will be doing with crypto that they will receive?  Sell them immediately? this will be not very good for BTC.

Makes sense to engage with business growth wherever it occurs.    The problem I'm thinking of is deciding the price point and timing of when the tax is paid.     If its possible to send overnight any time and it signed off value then the company offloads risk of holding this liquid asset and a tax liability it'll be great.    Should encourage more usage of BTC and lowers costs for government of handling cash processing of payments

[Vit83]

What they will be doing with crypto that they will receive?  Sell them immediately? this will be not very good for BTC.

Makes sense to engage with business growth wherever it occurs.    The problem I'm thinking of is deciding the price point and timing of when the tax is paid.     If its possible to send overnight any time and it signed off value then the company offloads risk of holding this liquid asset and a tax liability it'll be great.    Should encourage more usage of BTC and lowers costs for government of handling cash processing of payments

IMHO this will be trough some payment system, that will hedge risks of price volatility.

[el kaka22]

I just come across this post  in nypost that Ohio to become the first in United States of America to accept bitcoin as payment for tax.  I see this as a great this news and capable of trigger a recovering in some days and weeks to come.  We have lose so much this year because of governments attack and banning of cryptocurrencies activities but with is developments I expect a very serious breakout that should push bitcoin upwards. This is the link to the news. https://nypost.com/2018/11/25/ohio-becomes-first-state-to-accept-tax-payments-in-bitcoin/

I do not think it will affect it right now. It will have a longer term affect in the price and adoption. Now Ohio accepting is great don't get me wrong but it will only affect other states with time and when there are 10+ states accepting bitcoin as an official payment method the price will not be the same. Hence this is not a "bull run" news but more like "gradually more known and better used" thing. It will make bitcoin more "forever" instead of "what if it all goes dead one day" however it won't affect the price that much.

Specially when the price is soo low lately it will probably have no affect at all. People of Ohio need to be one of the leading bitcoin holders in order for that to happen and unless Dan Gilbert has a billion dollars in bitcoin that's not happening any time soon.

[1Referee]

Anyway, states accepting bitcoin as taxes is always good. I wish all states in the world accepted bitcoin, so they wouldn't force people to sell for that, which is always risky since I just cant trust any exchange.

You technically still have to "trust" a party that's taking care of your coins. In this case it's BitPay, which is doing everything it can to destroy its reputation. You can thank Roger for that.

Another thing is that it allows governments to dig into your transaction history to see if you have been honest or not, and they will definitely use that against you if they have a strong case, which is why it's better for people to pay their taxes in fiat. It's known that the IRS uses the services provided by Chainalysis, so expect them to utilize what they pay for.

People might think Bitcoin's "anonymity" will help them remain unnoticed, but that's obviously not the case.