Adoption, Bitcoin, Cryptocurrency Taxes

Ohio First State to Accept Bitcoin: Calling Crypto Secure, Transparent, and Low Cost

Ohio First State to Accept Bitcoin: Calling Crypto Secure, Transparent, and Low Cost

Beginning Nov. 26, Ohio will begin accepting Bitcoin payments for twenty-three kinds of business taxes. The state will become the first in the United Statesand one of the first governments in the worldto accept cryptocurrency.

Up until now, there have been concerns that Bitcoin would not become a suitable means for conducting payments, instead, describing the cryptocurrency as a store of value. Opponents have described Bitcoin as “slow and costly.”

However, moves by the Ohio Treasurer’s office directly counter those criticisms. Through the use of the payment service BitPay, Ohio State now offers Bitcoin as a means to of paying state taxes.

According to the Ohio Treasurer’s website, twenty-three kinds of business taxes will be available for payment in crypto, including utility tax, sales tax, and employee withholdings. The website states that the state is adopting crypto payments because they are secure, transparent, and low cost:

“Cryptocurrencies cannot be transferred to third parties without user initiation, thereby practically eliminating fraud; Anyone can view all transactions on the blockchain network; Payments on the blockchain can be tracked on a second-by-second basis; a minimal fee is charged to confirm transactions on the blockchain network.”

The payment option will not only be limited to Bitcoin, as the website states, “the Treasurer’s office looks forward to adding more cryptocurrencies in the future.”

Furthermore, the state is looking to gain a foothold as a blockchain technology epicenter, with the Treasurer’s Office stating, “[we are] working to help make Ohio a national leader in blockchain technology.”

Adoption by Ohio serves as a harbinger of things to come. Use of Bitcoin and other cryptocurrencies have the opportunity to make governments more secure, more transparent, and more efficient. This move is the first of many to bring us into a world where this technology is leveraged to improve our day-to-day lives as citizens.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Did you like this article? Join us.

Get blockchain news and crypto insights.

Join Us on Telegram
Mitchell Moos

Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.

View author profile