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A comment on Ohio will accept Bitcoin for corporate tax payments via Bitpay. Parent comment

Re:Ohio will accept Bitcoin for corporate tax payments via B... by tptacek on Sunday November 25, 2018 @04:39PM (#18529220)
Exactly what is Bitcoin accomplishing in this scenario? Ohio won't actually accept them; rather, it contracts with a third party that immediately exchanges them for USD, which is what Ohio actually accepts. Ohio maintains no BTC inventory nor any exposure to Bitcoin. Not only that, but this apparently binds taxpayers to Bitpay's exchange rate.

What is this doing that you couldn't accomplish by simply selling BTC and remitting in cash?

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Re:Ohio will accept Bitcoin for corporate tax payments via B... by em3rgent0rdr on Sunday November 25, 2018 @11:35PM (#18531105)
Reducing friction when interacting with government. The alternative of using a credit card carries stiff fees (~2%) [1].

[1] https://www.irs.gov/payments/pay-taxes-by-credit-or-debit-ca...

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Re:Ohio will accept Bitcoin for corporate tax payments via B... by JamesBarney on Monday November 26, 2018 @01:47PM (#18535760)
I doubt after you pay the transaction fee, and bitpay takes it's cut you'll be paying less than 2%.
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Re:Ohio will accept Bitcoin for corporate tax payments via B... by kasey_junk on Monday November 26, 2018 @06:56AM (#18532665)
This program charges at least 1% fees. The FAQ is fairly nebulous on the max fee.

Seems like there are easier ways to get payment processing fees lowered for Ohio than exposing tax payers to currency markets.

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Re:Ohio will accept Bitcoin for corporate tax payments via B... by smsm42 on Thursday November 29, 2018 @12:13AM (#18558269)
That sounds suspiciously like the owner of the conversion service knew somebody within Ohio government's IT management, for values of "knew" ranging from "friends" to "bribed".
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Re:Ohio will accept Bitcoin for corporate tax payments via B... by sova on Sunday November 25, 2018 @05:23PM (#18529457)
PR
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