Ohio was recently the first US state to accept Bitcoin for 23 different types of corporate taxes. Some observers consider it a stunt. Others say it's not just cool, but also a way for companies to save on paying their taxes.
Observers Respond to Ohio's Acceptance of Bitcoin Through Ohio
After Ohio Announced Its Plan to Accept Bitcoin for Corporate Tax Payments Some industry connoisseurs may have hailed as this meant the asset could become more important as a "legitimate" form of payment , Car dealer Bernie Moreno immediately bought BTC to pay some car-leasing taxes, for example because he wanted to be considered one of the first entrepreneurs to actually pay taxes through Krypto.
Maybe he also wanted to do this advantage of the three-month window, in which no fees are charged for paying taxes in BTC. After the three-month window, fees will be raised to one percent. This is still lower than the fees Ohio charges for paying taxes with a credit card.
"Digital currency and Blockchain are really the next tech revolution," Moreno told reporters.
Other commentators said that Ohio is the new means of payment. Tax is a gimmick and then compares the offer with Beanie Babies. Most companies still do not accept cryptocurrencies. Therefore, they may not be inclined to buy BTC to pay taxes. The naysayers also claim that Bitcoin 's price is still very volatile, making it unsuitable for paying bills University of Pennsylvania. Englisch: emagazine.credit-suisse.com/app/art … = 263 & lang = en.
What the Naysayers Make Wrong
The naysayers tend to ignore the fact that many crypto-insiders, especially those who have been around for a long time, still prefer crypto-currencies to carry out transactions without theirs sensitive personal data.
Many of the same advocates may be fed up with finding their identity when exchanging, and may want to use their holdings as a monetary currency. Although Ohio requires companies to file a profile with the treasurer's office for security reasons, paying taxes with Bitcoin could be just one more way that everyday cryptos can be used without liquidating them.  If companies realize that not only can they pay taxes with crypto, but also save money, they may be more inclined to accept crypto currency payments than to deal with the exchange and fees.
You may also request access to services similar to the Living Room of Satoshi, where people can pay for overhead costs such as rent and utilities via crypto. In this way, companies can be less worried about the volatility associated with "HODLing" cryptocurrencies and simply turn them into daily and monthly operations.
Ohio's acceptance of bitcoin could be a public relations stunt, Werbach said. However, some companies, such as Moreno's dealership, seem to have a genuine interest in actually using crypto-currencies to cover at least part of their business expenses, including paying taxes.
This could encourage greater acceptance and distract cryptocurrencies from their current perceptions that they are a pure speculative medium that is too fleeting to be useful in everyday life.