- ‘Star Trek: Discovery’ unmasks the time-traveling Red Angel Thursday 8:30 PM
- Everyone is making memes of Meghan McCain saying ‘my father’ on loop Thursday 8:11 PM
- Irony of Georgia’s sperm-reporting bill flies by anti-abortion advocates Thursday 7:11 PM
- Sex scandals are consuming the K-pop industry Thursday 5:44 PM
- Trump supporters are abandoning Fox News over network’s latest hire Thursday 5:20 PM
- QAnon is attacking a random woman in a disturbing and dangerous way Thursday 4:59 PM
- Google celebrates Bach with AI-powered, music-making doodle Thursday 4:53 PM
- RIP: The best free trial in all of streaming entertainment Thursday 2:19 PM
- Which ‘Florida Man’ are you? Thursday 1:06 PM
- Hundreds of millions of Facebook passwords were accessible to employees Thursday 12:55 PM
- ‘Bitch I’m Bella Thorne’ morphs into TikTok dyslexia meme Thursday 12:17 PM
- Marvel is auctioning props and costumes from Netflix’s ‘Defenders’ franchise Thursday 12:12 PM
- Net neutrality advocates plan online watch party for the ‘Save the Internet’ Act Thursday 12:01 PM
- Tim Cook turns his iPad meme into an AirPod meme Thursday 11:46 AM
- Auschwitz Memorial asks visitors to stop taking playful photos at Holocaust site Thursday 11:33 AM
Jason Benjamin/Flickr (Public Domain)
Ohio will soon let businesses pay their taxes with Bitcoin, promising “quick” and “easy” payments with the digital cryptocurrency.
The new initiative uses the website OhioCrypto.com to let businesses pay their tax bill due to the state government. Nearly two-dozen taxes can be paid through the service, including sales tax, withholding tax, tobacco tax, and public utility tax. The site also claims that Ohio is “the first state in the United States” and “one of the first governments in the world” to “accept” cryptocurrency.
“Payments made on OhioCrypto.com, through our third party cryptocurrency payment processor partner BitPay, are immediately converted to USD before being deposited into a state account,” the site’s FAQ reads. ”
BitPay sets a 15-minute time window for Bitcoin’s exchange rate during a payment, and the payment processor assumes “the risk of any market fluctuations” during those 15 minutes. That’s a sizable amount, given Bitcoin’s steady decline over the past year. The cryptocurrency has since dropped in value to under $4,000, which is a first for 2018.
That said, Ohio Treasurer Josh Mandel doesn’t seem phased by Bitcoin’s volatility. As the site writes, the treasurer “believes in leveraging cutting-edge technology” to help those interacting with the Ohio government. He also wants to frame the state as a “national leader in blockchain technology.”
While Bitcoin tax payments are only accepted by businesses, for now, Ohio plans to “eventually” let residents pay their Ohio tax return with Bitcoin, according to the Wall Street Journal. It remains unclear for now whether this will lead to more state governments accepting Bitcoin for tax payments, but at the very least, it may help bolster Bitcoin’s credibility in the year ahead.
- The 10 best torrent sites that are still up and running
- What is Reddit Gold, and why do users give it away?
- Naughty America is the Bitcoin-using VR porn experience of your dreams
Ana Valens is an LGBTQ reporter and essayist for the Daily Dot. Her work has previously appeared in Bitch, the Establishment, Vice's Waypoint, Rolling Stone's Glixel, and the Toast. She lives in Brooklyn, New York.