It was only a matter of time before U.S. states began seeing Bitcoin as a viable payment option for government fees and taxes, and it is Ohio which has opened the door. It is no secret that Bitcoin is here to stay and has made its way into virtually every corner of the business world, and as a result, it makes perfect sense for the famed cryptocurrency to find a home in the world of tax payments. While not everyone is optimistic about the new move, many see it as a great way to reduce unwanted fees associated with sending payments.
What Are People Saying About the Change?
It wasn’t long after the news of Ohio’s adoption of Bitcoin as a viable way to pay business taxes hit the streets that business owners across the State began to see the benefits. The news was received by many as being a positive step forward for the cryptocurrency and, in many ways, a legitimizing move that will help carry Bitcoin into a more stable future. It has long been a question whether governments were going to get on board, and we can now see the answer. Bitcoin is here to stay.
One local business owner, Bernie Moreno, was very eager to be among the first to get involved. Noting the three month waver on fees for tax payments made with Bitcoin, Moreno said that he was able to save a substantial amount of money in tax fees. He also stated that he wished to be an example for other local business owners.
With regards to the three-month waver, savings will remain significant even after the completion of the introductory term. With fees for tax payments made with Bitcoin projected to be as low as 1%, it will be one of the most affordable methods of payment for taxes Ohio has ever seen.
Not everyone is so positive about the change. Noting the unpredictability of Bitcoin’s prices, many see this move as more of an attention-getter than anything else. The primary argument for this group is that when it comes the time to pay taxes, the value of the currency used to make payments is a vital consideration.
In short, the business owners who already see the benefits from the new system are right. The numbers do not lie, and they know there are real savings to be had. Cost is not the only benefit, either.
There are obvious privacy advantages that are a fundamental part of cryptocurrencies which make this a smart move, as well. Payments can now be made without divulging identifiable information for an added layer of financial security.
Another interesting aspect of this move by the Ohio tax office is that they are creating an official outlet for Bitcoin. Previously, if a business was to accept Bitcoin for its products or services, that business would have to go through the extra steps to convert their cryptocurrency into dollars before making any payments.
While this was a move seen as acceptable by many businesses, it was seen as an unnecessary hurdle by many others. Removing the inconvenience of exchanging crypto into dollars is sure to create more drive for businesses to accept Bitcoins from their customers as they will now be able to incorporate the cryptocurrency into their normal monetary dealings with the Ohio tax office. That’s great news for Bitcoin, and it’s users!