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Do you think that we will, one day, be able to use bitcoins to pay our taxes?

Do you think that we will, one day, be able to use bitcoins to pay our taxes?

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Asked by H.Donna, Last updated: Jul 28, 2020

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P. Halah

P. Halah

Answered Oct 15, 2019

I strongly believe that one day, this will be achieved. Although, the recent increasing rate at which people use bitcoins suggests that very soon, payment of all kinds of taxes using bitcoins will be adopted and strengthened. It is important to note that the use of bitcoin to pay taxes has already started in the United States, with Ohio becoming the first US state to allow the payment of taxes in bitcoin.

This is really a good payment option for businesses. This can only be great for businesses that can effectively determine the future of bitcoin in relation to other digital currencies and the market generally. Overstock was the first company to pay most of its taxes in bitcoin. It opined that payment of taxes in bitcoin would save the company a lot in terms of cash since there will no longer be any need for taxes to be paid in dollars.

 

h. George

Government employee and a part-time content writer.

H. George, Copywriter, MA in English, California

Answered Feb 26, 2018

It is possible that one day we will be able to use bitcoin or other cryptocurrencies today our taxes. The number of vendors accepting bitcoin as payment for goods and services is growing every day. Vendors that accept bitcoin range from travel websites to fast food restaurants to internet service providers.

It may have been hard to imagine some of these vendors accepting bitcoin ten years ago but now any big company should consider how they may interact with bitcoin in the future. If bitcoin continues to gain popularity and acceptance it is likely that governments will also have to consider how they will interact with bitcoin, including accepting it as payment for taxes.

 

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