Home / Crypto Currency / Ohio Is ‘Planting A Flag’ And ‘Embracing Cryptocurrency’: State Treasurer

Ohio Is ‘Planting A Flag’ And ‘Embracing Cryptocurrency’: State Treasurer

ohio bitcoin


CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here.

Asked on Bloomberg News Thursday morning “just how big a deal” it is that Ohio now accepts cryptocurrencies for tax payments, Ohio State Treasurer Josh Mandel responded in kind saying that Ohio is “proud to do its small part” by being the first in the nation to do so.

Speaking from a true position of authority on the subject of state taxation, the official said there were two primary motivations for the move: one, to make life easier for taxpayers and two, perhaps most significantly, to stimulate innovative industries to migrate to Ohio.

His exact words were as follows:

We’re proud to do our small part and take this small step to make Ohio the first state in America to enable taxpayers to be able to pay via cryptocurrency. We’re doing this for two main reasons. First, to give more options and ease to taxpayers in how they pay their taxes.

And second to really plant the flag in Ohio and say that Ohio is a place that’s embracing cryptocurrency, embracing blockchain technology, and send the message to the rest of the country – to software developers, to entrepreneurs and others, that Ohio is open for business. If you want to grow a blockchain company, if you want to grow a software development company, do it here in the state of Ohio.

Mandel went on to demonstrate an intimate knowledge in how person-to-person cryptocurrency transactions work for the Bloomberg anchors.

One Industry Closes, A Blockchain Opens

A commentator from London heckled Mandel, claiming that fees were quite high and there was a high degree of difficulty for the average user to set up and use a Bitcoin wallet. At present time, with a high number of inputs, a typical Bitcoin transaction using legacy technology will cost about $1.25. This is the network fee, separate from the fee charged by Ohio for processing the payment it later receives from BitPay – 1%.

Source: buybitcoinworldwide.com

Bitcoin fees themselves are not based on amount of money transacted, but instead the actual amount of space on the blockchain that will be consumed. Several wallets such as Mycellium make it rather easy for the user to minimize fees.

Mandel responded to the London-based commentator with a stark reality: there is a 2.5% fee if the taxpayer wants to pay with a credit or debit card.

Mandel said that a growing number of “small and medium-sized businesses” in Ohio want the state to embrace blockchain technology. He then mentioned the Blockland Conference in Cleveland happening early next week.

The rest of his interview focused on GM closing plants in Ohio, and the critically negative impact it will have on the economy. One industry closes, a state government opens its arms to blockchain.

Featured image from Shutterstock.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.
Read more

Check Also

XRP Price Reaches $0.29 Again Following Fake Amazon Rumor

The current hourly cryptocurrency charts look incredibly weak, which means most cryptocurrencies will see another retrace in the coming hours. Until that happens, there is still some positive momentum where the XRP price is concerned. Although it hasn’t reclaimed the $0.3 level just yet, there is some positivity among community members. That sheer optimism can usually go a long way in this rather volatile industry. XRP Price Inches Higher It is quite interesting to keep an eye on the value of XRP during this bearish year. This asset has been beaten up quite severely, yet it seems to come up stronger every single time. It is also one of the more resilient markets to date, even though it can’t escape the gravitational pull of the world’s leading cryptocurrency these days. Over the past 24 hours, however, there has been an interesting XRP uptrend on the charts. The 2.2% gain in USD value is promising, as it pushes the value to $0.29 again. This is still a hair short of retaking $0.3, although this current price is seemingly more than acceptable as well. There is also a 0.2 uptick in the XRP/BTC ratio, albeit that is almost negligible. There is another rumor swelling when it comes to XRP. More specifically, some sources – wrongfully -assume there will be a partnership between Ripple and Amazon to push the usage of XRP forward. Since neither company has made any official statements in this regard, it is evident those rumors are nothing more than just that. It creates some excitement, albeit it may not necessarily materialize anytime soon, if ever. What is genuine, however, is the Binance XRP buy wall which materialized just a little while ago. It was valued at a total of $1,1m, which is very significant bullish pressure first and foremost. It is not exactly common for such massive buy orders to stack up on regular exchanges, although this may very well be a fake order to create some artificial momentum. That's a buy wall on @binance of $1.1m right now. Live. #xrpcommunity #xrparmy #xrpthestandard #cryptocurrency #crypto #RippleNet #XRP #xRapid pic.twitter.com/GC6mf7xXN0 — XRP_Canada (@XRP_Canada) December 16, 2018 When looking at the technical fundamentals for XRP, it seems a bullish breakout is more than warranted. The asset is entering a narrowing channel and will either rise or decline in value in spectacular fashion. So far, the chart leans toward breaking out on the upside, albeit nothing has been set in stone just yet. Ripple #XRP Todo Listo Para Un Gran Brote En Las Próximas Semanas #criptomonedas https://t.co/nMfxVITVGQ pic.twitter.com/F7ylDhDLT9 — Americancripto (@americancripto) December 16, 2018 All current signs point toward further XRP price stability, which is never a bad thing for enthusiasts and investors. While some people would prefer to see a big uptrend materialize prior to New Year’s Eve, that seems highly unlikely. Nothing warrants a big bull run right now especially because the weekdays will usually wipe out any gains sustained throughout the weekend. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post XRP Price Reaches $0.29 Again Following Fake Amazon Rumor appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.