Colorado Becomes First State To Accept Bitcoin As Payment For Taxes

The_Krakenite said:
Well, seems that's another nail in the coffin for bears who used to joke that you'll never be able to use crypto to pay your taxes. Only paying taxes ON your crypto.

https://www.zerohedge.com/crypto/colorado-becomes-first-state-accept-bitcoin-payment-taxes
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Lets see: users interested in using bitcoin holdings to pay Colorado state taxes need to use a PayPal account.
There are fees: Citizens paying their taxes with cryptocurrency will be charged 1.83% of the payment amount in fees.

Plus as the article says: "
" it is hard to make the case for paying taxes with bitcoin, especially in Colorado’s fixed arrangement with PayPal. While the user would likely forgo future capital appreciation from the bitcoin price by doing so, that buying power wouldn’t be transferred to Colorado as the state doesn’t seek to hold BTC or cryptocurrency on its balance sheet."

So you pay in crypto, Paypal takes a bite, Colorado takes a bite and get paid in US dollars from Paypal.

I'm sure that makes a lot of sense to a lot of people.
 
The_Krakenite said:
Well, seems that's another nail in the coffin for bears
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Adoption =/= price

A decent crypto could be a worldwide payment tool with a valuation of let's say $500. And a shitty crypto can not increase adoption level even with a value of 19K.

Now if they only hold crypto for 2 minutes while the transfer occurs, is that really adoption? Ah you say there are extra taxes involved with the "convenience"? (loving it, extra tax on the stupid)

Where do I sign up?

Not to mention you are over paying your taxes if BTC goes up in the future. :)
 
deaddog said:
Lets see: users interested in using bitcoin holdings to pay Colorado state taxes need to use a PayPal account.
There are fees: Citizens paying their taxes with cryptocurrency will be charged 1.83% of the payment amount in fees.

Plus as the article says: "
" it is hard to make the case for paying taxes with bitcoin, especially in Colorado’s fixed arrangement with PayPal. While the user would likely forgo future capital appreciation from the bitcoin price by doing so, that buying power wouldn’t be transferred to Colorado as the state doesn’t seek to hold BTC or cryptocurrency on its balance sheet."

So you pay in crypto, Paypal takes a bite, Colorado takes a bite and get paid in US dollars from Paypal.

I'm sure that makes a lot of sense to a lot of people.
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%%
Eggzactly, or exactly for the English teachers.
EVEN if they were dumb enough to hold on, to say an ice cubes for payment, as if that's is a good idea???
The good tax news[sarcasm] on bitcon[ aka bit coin] is now the US IRS now requires you to disclose if you trade bitcon [aka bitcoin] on your federal tax form.
But the tax lawyer warned ''think carefully before you sign that''
 
deaddog said:
Lets see: users interested in using bitcoin holdings to pay Colorado state taxes need to use a PayPal account.
There are fees: Citizens paying their taxes with cryptocurrency will be charged 1.83% of the payment amount in fees.

Plus as the article says: "
" it is hard to make the case for paying taxes with bitcoin, especially in Colorado’s fixed arrangement with PayPal. While the user would likely forgo future capital appreciation from the bitcoin price by doing so, that buying power wouldn’t be transferred to Colorado as the state doesn’t seek to hold BTC or cryptocurrency on its balance sheet."

So you pay in crypto, Paypal takes a bite, Colorado takes a bite and get paid in US dollars from Paypal.

I'm sure that makes a lot of sense to a lot of people.
More...
Another exchange for BTC into dollars, from the sound of it.
 
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