Ohio will accept Bitcoin for corporate tax payments via Bitpay

Re:Ohio will accept Bitcoin for corporate tax payments via B... by mancerayder on Sunday November 25, 2018 @01:41PM (#18528140)

What happens to Ohio's treasury if BTC's value halves and stays in a bear market for two years? Or worse, never recovers?

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Re:Ohio will accept Bitcoin for corporate tax payments via B... by dragonwriter on Sunday November 25, 2018 @01:45PM (#18528173)

> What happens to Ohio's treasury if BTC's value halves and stays in a bear market for two years

Nothing, because like most other traditional economy outlets “accepting” Bitcoin, they are just contracting with a processor that actually accepts the Bitcoin and pays the State in dollars.

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Re:Ohio will accept Bitcoin for corporate tax payments via B... by freedomben on Sunday November 25, 2018 @01:44PM (#18528160)

Please read the article. They won't be holding BTC. They are using BitPay (which exchanges it immediately for USD).

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Re:Ohio will accept Bitcoin for corporate tax payments via B... by nabla9 on Sunday November 25, 2018 @01:47PM (#18528187)

Bitcoin is used just as a payment system. The state receives USD from anyone who handles the payment.

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Re:Ohio will accept Bitcoin for corporate tax payments via B... by dgobaud on Sunday November 25, 2018 @01:43PM (#18528156)

Ohio is not receiving Bitcoin. They are locking in the USD value at time of payment and get that.

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