One of the most frequent money transactions is paying taxes which is widespread in all countries, and active people in business are vocationally dependent to it to sustain their career without any vital risk. It can be assumed as a proliferous task often done in all regions of the world regardless of any financial position. It has mostly done through traditional payment method, but there have been some changes recently which seems to help accelerating its process.
One of the forerunners who has been continually worked with crypto is Josh Mandel, a treasurer in the state of Ohio, who has done an unprecedented job of making tax paying possible, albeit in his state Ohio. His aimed currency is Bitcoin. Moreover, he has started OhioCheckbook.com to make all state spending transparent, and he tries to make Blockchain technology familiar in his homeland and extend it to the other states.
It just needs an online registration process for the businessmen via BitPay, a service provider of cryptocurrency. The good news is that it is not limited to few taxes and it can cover more than 20 types except private ones.
The people inclined to use it for their business activities do not need to worry about its loss, since as soon as doing a transfer through Bitcoin, it will be changed into U.S. Dollar, so it will help all businessmen regardless of their business size.
On the other hand, there is some assurance about continuing this process even after the executive officers leave their posts, those who have launched it believe that next ones would follow the same pathway. Their next mission might be creating the chance for various cryptocurrencies to be used as the transfer tool. Nonetheless, they go forward cautiously and after great and meticulous investigations not to face the risk of losing security.
There have been some trivial attempts to pass the bill in this regard; though, they could have not found popularity among authorities as well as commonalities yet. One of them might be the governments’ attempt to enforce the tax on Bitcoin itself which might be the beginning of some complications in paying through it. The other point is the volatility in Bitcoin itself which entails incurring some tax because of changing the value in time.
Considering all benefits about crypto-payment, there are still many who claim it is not a safe payment method. It is on professional tradesmen to decide if it can pave the way for them to more comfortable payments and successful business in the world.
Thursday, December 6, 2018 7:48:00 AM