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Pay taxes with Bitcoin [BTC] and Bitcoin Cash [BCH] beginning this summer!

Aman Swami



Pay taxes with Bitcoin[BTC] and Bitcoin Cash[BCH] beginning this summer!
Source: Flickr

Cryptocurrencies may soon be used for daily transactions as many people across governments and private entities start adapting to the revolutionary new technology. BitPay announced a formal agreement with Florida’s Seminole County Tax Collector, Joel M. Greenberg.

As a progressive move, Bitcoin [BTC] and Bitcoin cash [BCH] can now both be used for tax payments, beginning this summer. County residents can use cryptocurrency to pay for driver licenses, ID cards, and even property taxes.

Joel M. Greenberg, Seminole County Tax Collector, explained:

“We live in a world where technology has made access to services on demand, with same-day delivery and the expectation of highly efficient customer service and we should expect the same from our government. The aim of my tenure in office is to make our customer experience faster, smarter, and more efficient, and to bring government services from the 18th century into the 21st century and one way is the addition of cryptocurrency to our payment options.”

Cryptocurrency isn’t necessarily moral or immoral. It is an amoral technology, a tool. It can be used for terrorism, vacation getaways, housing, and, now, taxes. As governments are wont, they’re usually immune from innovation. But when it comes to revenue collection they’re surprisingly spry, alert, on it.

The processors take a heavy cut in paying taxes by credit or debit. The advent of cryptocurrency and the BitPay Visa does away with a great many previous frictions, making the expropriation experience win-win; enthusiasts don’t have to do yet another conversion, and governments save in fees.

Head of Compliance at BitPay, Jeremie Beaudry, detailed:

“Bitpay was born out of the potential of the blockchain to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale. With the Seminole County Tax Collector’s office, we have engaged our first government agency to accept bitcoin and bitcoin cash by making it easy and seamless for them.”

BitPay and Seminole County teamed to allow Bitcoin cash and Bitcoin for pretty much everything; car tags and titles, licenses, and property tax.

The money is directly paid in fiat to the account of the county tax collector by the following business day. The local government is spared notorious price volatility and the usual risk associated with cryptocurrency. BitPay in their press release insists that through a push transaction, the user sends the exact amount of bitcoin or bitcoin cash needed to pay the bill. This eliminates traditional credit card fraud and identity theft risks associated with credit cards.

The company’s fees are also better than merely competitive, as 1% per approval is way below market rate. And for those wishing to pay their taxes, the processor can be accessed through traditional computers or smartphones.

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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.


Bitcoin nirvana is happening right now, says Max Keiser




Bitcoin nirvana is happening right now, says Max Keiser

Bitcoin’s price pump affected the altcoins’ valuation on an optimistic note. The digital coins recovered significantly this year after losing nearly 80% to 90% valuation since the market crash in the first quarter of 2018. As Bitcoin [BTC] continued to trade between $7,600 and $8,300, prominent analysts in the field speculated that the king coin could potentially spiral down a bit more. However, Max Keiser, a Wall Street veteran and host of the Keiser Report, who is also a noted Bitcoin bull is of the opinion that “crypto spring is here”.

The broadcaster, in the latest edition of the Keiser Report, stated,

“It’s just bleeding right into our lives we can hear the lawnmowers outside in there getting ready for crypto summer and then crypto fantasia crypto parallel dimension and the Bitcoin nirvana it’s all happening, it’s all happening, right now.”

Keiser also noted that the global economy was undergoing “deglobalization” which steemed out of uncertainty and volatility and added that there “was no way to hedge against that”.

Stacy Herbert, one of the most influential women in blockchain and a host alongside Keiser contributed to the discussion. She said at a time when deglobalization has hit the economy, one would certainly go along with Bitcoin. According to the broadcasters, trade wars between China and the USA was currently intensifying Herbert; While recalling history, they also took note that the empires started falling during the period of deglobalization which was eventually followed by the two world wars.

Keiser had previously remarked that “Bitcoin is hard money” very similar to gold, and added that it is going to “respond well to hyperinflation and hyper-money printing”.

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