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Ohio Becomes the First State to Accept Bitcoin for Taxes

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Bitcoin doesn’t seem to be slowing down anytime soon. Reports have it that the state of Ohio is set to become the first in the United States to start accepting bitcoin payments for tax bills. The Wall Street Journal reports that the taxes will be limited to businesses purposes. Also, BitPay, an Atlanta firm would convert the Cryptocurrency to dollars first as the tax would not be going directly into Ohio’s coffers.

Ohio is making this move to support cryptocurrency as a means of payment. The report revealed that before local businesses can pay their taxes using BTC, they will have to register on the OhioCrypto.com. After registration, they’ll be able to pay taxes, sales and employee withholding taxes in crypto.

Josh Mandel, state Treasurer believes that the program will help Ohio stand out in crypto adoption although he claims that it is not a move by the state to make bitcoin a legal currency in the state. Equally, it is not known the amount of business that will patrons this program. Mandel, however, claims that some business has asked to utilise BTC as a medium of tax payment. He also revealed that the move to make Bitcoin a medium of tax payment was made possible since he did not require a bill to be passed to implement the program.

On the other hand, some other states in the US such as Arizona, Georgia, and Illinois, had been unable to implement bitcoin payments for taxes as the proposals got stalled in their state legislatures. Mandel, however, claimed that he can direct the office to accept bitcoin without the state legislatures’ approval.

This would be a significant feat in the crypto sphere if accomplished. Bitcoin has been losing face recently and this could help it regain its value. Other states such as New York already making plans to utilise cryptocurrency.

 

What do you think about this step by Ohio? Share your opinion with us in the comment section below.
Image credit: Pixabay

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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Events

Techpoint Partners CryptoTVplus For 2019 Edition of Techpoint Inspired Coverage and Widespread Publicity.

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We are happy to announce our recent partnership as Techpoint CryptoTVplus For 2019 Edition of “Techpoint Inspired” towards the successful outing of the of the 2019 edition of Techpoint Inspired coming up on Saturday 1, June 2019,

Techpoint Inspired is an annual conference organized by Techpoint.africa, a division of Techpremier Media Limited. With speakers converging from all parts of Africa and even Europe and the United States, it boasts of a massive attendance of participants making it rank as one of the top events to be attended by participants every year.

At the third edition of this conference to come up by the 1st of June 2019, several topics and discourse covering global issues will be held in different sessions of the event. Workshops on AI, Robotics and Machine Learning, the future of work and even fast breezing phenomenon such as the Blockchain Technology will be facilitated.

Bosun Tijani, Co-founder and CEO of Co Creation Hub, Professor Maziar Nekovee, Professor, Engineering & Design, Sussex University UK, and Funke Opeke, CEO of Main One will be speaking at the event.

Rolayo Akhigbe the Divisional Head of Transaction Banking at FCMB will also be speaking at the event. Recall that First City Monument Bank (FCMB) is a major sponsor of this event year in year out. Also as a speaker is Seni Sulayman, the Vice President, Global Operations at Andela and a few others.

Senator Ihenyen, the Lead Partner at Infusion Lawyers and Partners will be facilitating a session in the workshop category focusing on the blockchain technology. And as technology continues to evolve making artificial intelligence and the internet of things even more interconnected, Wale Akanbi Co-founder / CTO, Aella Credit will be speaking on AI and Robotics. Mayowa Adeoti a global IBM Skill Leader will be drawing the attention of participants on “The Future of Work” in this 21st Century.

Several other notable speakers such as Daniel Bloch, Co-founder and CEO of Seso Global, Owenize Odia, the Country Manager of Luno Nigeria will also both be speaking on Blockchain.

Techpoint Inspired, an event that focuses the attention of participants on the impact of technology to businesses, social, political interactions and personal development whether being championed by corporate entities or giants such as facebook, Twitter or Google will be spicing things up further by making room for virtual speakers who work for tech giants such as Twitter, About You GmbH (Germany) etc., to address the enthused participants. Babatunde Fashola, Eniola Banwo, both working at the San Francisco based tech company, Twitter will be speaking in their respective capacities as Software Engineer and Product Designer. Oyewale Oyediran a Senior Software Engineer at the German based N26 will also be a Virtual Speaker at the event.

So, whether young or old, participants through action-fueled conversations with experts and enthusiasts from around the world in Lagos, Nigeria will have the opportunity to hear from experts and key into a digital age where businesses and social interaction are constantly being redefined by the disruptive nature of technologic and its accompanied innovations.

And for us at Cryptotvplus we are indeed very excited to be a major media partner covering the length and breadth of this conference. Also, watch out for exclusive interviews with some select speakers at the event. We will be updating our readers with more updates on this event pre and post conference. Kindly keep a date with us.

Hurry now by visiting https://inspired.techpoint.africa to get your seat with the limited tickets available.

VENUE:

Pistis Conference Center: 1 Resurrection Drive, Lekki-Epe. Express way, Lagos Nigeria

DATE:

Saturday 1, June 2019

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Crypto Payments Comes to eBay

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Crypto-Payments-Comes-to-eBay

As cryptocurrencies continue its rally, another titan of the global e-commerce industry might be making move to add virtual currencies as it’s rumoured that crypto payments come to eBay.

The Californian registered tech giant which has its competition as Amazon has up to 179 million confirmed users on its platform. With up to that number given the crypto payment option, this will no doubt boost widestream acceptance for other industries and firms who have chosen to play the waiting game to see how other firms who choose to accept this payment option comes along.

The rumour of the possible addition of crypto payments option on eBay comes from leaked ad information of Consensus an annual conference of international repute where eBay is also a major sponsor.

While this is breezing through and might lead to favorable market sentiments, it must also be remembered that eBay is actually not the first mainstream company to jump into the fray as companies who accept cryptocurrencies with bitcoin being the currency of choice for major platforms who have at one point in time decide to support crypto payments options.

Firms like Microsoft, Twitch, and whole other long list have disavowed their support for crypto payments citing extreme volatility and low confirmation as reasons for pulling the plug on their earlier decision of setting up and accepting cryptocurrencies.

While this definitely comes as a welcome development for crypto enthusiasts the world over, the discretion to see this rumour become reality still lies with eBay. It should be remembered back in 2017, during an interview with a top executive of the e-commerce giant that he stated that eBay is seriously considering the option of crypto payments on its platform but in the end, never did.

Will eBay see this through this time around? It will be nice to have it do and possibly encourage other firms to follow suit.

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Exchange

Binance Gets Hacked of 7000 BTC

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Binance Gets hacked

Looks like CZ Would Have to Take Solace via the Liverpool Invite Afterall

Binance has been hacked after several unsuccessful attempts by hackers for a period of one year now as issued in its press release. With this hack, perpetrators successfully carted away with 7000 BTC in a single transaction. The damage could be more in the coming days CZ opines, as the team is taking time to investigate how deep this damage could be.

Binance announced itself to the world and without any doubt becoming the exchange trading platform of choice for most traders in the space. And swiftly, displacing veterans in the space such as Bittrex, Poloniex etc, for top positions, little doubt was left in the minds of many as to the height Binance could attain within the space as the cryptocurrency adoption continues to gain traction globally.

While Binance was making a good name for itself with the mantra “Exchange the world”, hackers were also making plans to ink their activities in the books of history as one of the successful clandestine groups who have successfully carried out a heist on the most popular exchange. February 2018, saw hackers attempt to breach the exchange security systems which was botched as they unsuccessfully got hacked themselves. It was in the news how the hackers themselves got hacked. After successfully targeting and breaching several user accounts via API (Application Programming Interface), the hackers pumped a VIA/BTC  pair by over 10,000% and then immediately sought to cash out by withdrawal. This attempt was botched as the risk management mechanism built in triggered an alarm that automatically froze withdrawal leaving the hackers funds trapped in the exchange.

With controversial entities like McAfee tweeting that Binance exchange has been hacked, Binance quickly attacked him on Twitter that he’s trying to create FUD (Fear, Uncertainty and Doubts).

Responding after some months, McAfee apologized to CZ and the entire Binance Team that he obviously was wrong and CZ offering a cup of coffee when they meet someday, could there be no love lost between the duo?

One thing was clear, CZ shared with his fans how this event obviously was a blessing in disguise and had made his fanbase grow very quickly. This marked a new era for both the Binance Team and their maverick CEO. CZ was always in the news whether for bagging new partnerships, fostering industry growth or even for recent CZ vs BSV Craig Wright Binance delisting.

From yesterday’s hack, and as described by Binance in their press release, it sure looks like the hackers decided to stage a “hackathon” on Binance. The recent hack operation was well coordinated. Took time and patience to execute. Even Binance agreed the modus operandi of these hackers followed the “once beaten, twice shy” route. They were not going to be hasty allowing their funds get trapped again. Alas! They got through with the similar pattern in the past but this time more intelligently.

Apparently CZ had tweeted that #SAFU (Secured Asset Funds for Users) funds will be used to ensure everything is kept under control while the team investigate and try to do implement damage control. Industry Leader and TRON CEO, Justin Sun has offered open support for Binance offering to transferring 7000 BTC to the Binance wallet and buying BNB and USDT to help stabilize the situation.

One particularly interesting part of the AMA session held few hours after the unfortunate hack incident is that CZ and his teams are putting all options on the table in ensuring this issue is salvaged. One of such is a reorganization of the bitcoin blockchain network. This is already sparking heavy debate across social media. This option even though earlier considered has been dropped as outlined in his tweet.

Let’s not be quick to forget at that nicely designed parcel CZ unveiled on Twitter sent to him by Liverpool FC, looks like this is actually a great time for CZ to honour that Liverpool invite he brandished via his Twitter account considering how exciting the club is right now after the 4 – 0 thumping of Barcelona at Anfield last night in the UEFA Champions League Semi Finals clash.

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Bitcoin Trading at $6000, Ether at $173 at Bitfinex.

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Bitcoin Trading at $6000, Ether at $173 at Bitfinex.

An Opportunity for Arbitrage Hunters?

Bitcoin trading at $6000 on Bitfinex presents arbitrage opportunities for traders at a market volume of $38.9 million in Bitfinex. This is $300 over the reported price in Coinmarketcap as at Press time presenting arbitrage opportunities to traders.

Ether the second top cryptocurrency by market capitalization is trading at $173 as against the reported aggregate in CMC of $164. This is an interesting opportunity for arbitrage seekers. Sure appearing like a great opportunity considering some of the major top cryptocurrencies are experiencing some significant value increase in the exchange. This is evidenced with the variance as seen with other exchanges or the CMC reported aggregated data.

Bitfinex which was founded in 2012 and has its headquarters in Hong Kong is currently listed as the 44th top cryptocurrency exchange. This is according to Coinmarketcap data as at press time. It was one of the top and biggest exchanges, prior to the launch of some of the exchanges ahead of it.  However, it has been beset by a wide variety of allegations many of which it has up until now not been able to provide acceptable and substantial evidence to refute.

Arbitrage is a unique opportunity for traders to enjoy unique profits by trading the price differences between two different exchanges. According to Coinmarketcap and Bitfinex price data on Bitcoin and Ethereum, traders can be able to enjoy up to $300 and $10 profits respectively  with Bitcoin trading at $6000 on Bitfinex presenting arbitrage opportunities.

Even more, Bitfinex has recently announced the launch of their IEO in their attempt to raise $1 billion to continue financing its operation. This is expected to happen in the midst of its varied scandalous allegations such as wash trading, Tether’s full value not hedged against the Dollar, inability to provide clarity of Tether’s operative transparency, Bitcoin manipulation.

Bitfinex price data was removed from the data feed of Coinmarketcap yesterday with the sign of an asterisk * which the website says means

“Some prices are manually excluded from the average, denoted by an asterisk (*) on the markets tab. This action suggests price is not indicative of a “free market price”

Hence, its removal by CMC. This is coming after Coinmarketcap set new rules towards ensuring exchange transparency

Arbitrage provides a great opportunity for traders to make significant gains and profits. And as such, users are most likely to troop into the exchange. Be that as it may, many may not be considering the looming scandals and the rationality of the $1 billion funds to be raise via IEO.

Consequently, will anyone because of profit attempt getting into Bitfinex to enjoy Bitcoin trading at $6000 on Bitfinex presenting arbitrage opportunities? Let’s see how the arbitrage hunters react to this.

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