A city in Canada is letting people pay taxes in Bitcoin

[alyssa85]

Let me correct the author.  Innisfil, Ontario is not a city in Canada but a municipality. This is the first municipality which belongs Northern American Nation to accepts bitcoin in paying taxes. But this is not the first time I heard of it. There was an area in Switzerland which is the first in the world to accept bitcoin to pay taxes and it was followed I guess by Ohio (first US state to accept bitcoin to pay taxes).

But seeing 3 areas in 3 big countries that has government allowing bitcoin to be paid as a form of payment for taxes is a big news. It is another huge progress for the bitcoin and the whole cryptocurrency community.

Does anyone know how many people are actually using crypto to pay taxes in these three areas? Or has the project been a big fat flop?

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[dat.ho12492]

This is definitely good news for Bitcoin community hoping to see more places follow them and adapt to BTC for payment modes, this will help a lot in the growth over time and gain more people's trust.

This is just a normal news, it is just showing that bitcoin is gradually gaining popularity and acceptance but this is not important, it is important that people need to actively participate and invest in bitcoin, but unfortunately, I didn't see that point, a lot of similar news has happened but the community and bitcoin users still have no significant increases, we need something more remarkable and outstanding, news that can help increase the value of bitcoin, instead of so normal news

[alyssa85]

It looks like businesses are beginning to pay taxes with crypto too:

https://cointelegraph.com/news/us-retail-giant-overstock-to-use-bitcoin-to-pay-its-taxes-in-ohio

United States retailer Overstock.com has announced it will pay part of its business taxes in the state of Ohio using Bitcoin (BTC), according to an announcement on its website Jan. 3.

Overstock will cover commercial activity taxes (CAT) with Bitcoin starting February, using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com.

The company’s CEO and founder Patrick Byrne — a longtime crypto enthusiast — said in the announcement that governmental adoption of cryptocurrencies and other emerging technologies, accompanied by friendly legislation, is "the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy."

As Cointelegraph previously reported, Ohio became the first U.S. state to accept Bitcoin as a payment method for taxes in November. The service is currently available only for businesses, with reported plans to extend the option to individual filers in future.

This is something to watch, because if it works for Ohio, other states will copy them.

[Vaculin]

Yes, it's a good thing for Bitcoin, because people can now pay taxes in Canada, with Bitcoin. Bitcoin is also being used in many cases offline, which indicates Bitcoin's beautiful future. Bitcoin has been influencing it even through online offline. Also, in many countries, Bitcoin is being used in many offline ways, such as purchasing products, paying bills, purchasing movie tickets, etc are being used in many are sure to bring something good for Bitcoin to the future.

There are still great things to happen for bitcoin in the next years. Yes a lot of bitcoin transactions have been happening already even offline. But in my own place, bitcoin can only be process once an internet connection is there, i still have not heard offline transactions with bitcoin. But for those developed countries who have adopted bitcoin earlier, surely they are the ones who are doing a lot of transactions offline or online.

[vit05]

Even if they accept the payment using cryptos, the government will eventually convert to fiat. That is, Bitcoin is being used as a means of payment, competing with a credit card or bank transfer.

This does not cause Bitcoin to become a common currency, it does not make Bitcoin strip the utility of the fiat. It is not what many dream about. But it is a clear demonstration of how Bitcoin is a technological advancement for various needs. It can be used as a means of payment or as a store of value.

[Chain Clash]

This is great news. However, let's hope that this will soon be possible on a state, and federal level.