Contrary To The FUD...Bitcoin and Other Cryptocurrencies Could Soon Be Legitimately Money Via Legislation!!!

in #bitcoin7 years ago

Based upon the price action and the media reports the last 5 weeks, you would think that cryptocurrencies were just about dead.

Actually, isn't that what Goldman basically said the other day?

Of course, we all should be well aware that what the media reports is often vastly different from what is really taking place. This fact is magnified in the cryptocurrency world since the banksters are so threatened by it.

Just yesterday, a little report vote took place that could have tremendous impact on Bitcoin and other cryptocurrencies. So while the MSM and other entities are demonizing, the Arizona State Senate passed a bill that might add might legitimize cryptocurrencies to the point where the attack dogs cannot reverse it.

In short:

The Arizona Senate has passed a bill that aims to allow residents in the state to pay their taxes with bitcoin and other cryptocurrencies.

Now before getting all hot and heavy, this still have to go through the State House and be reconciled if it passes. Plus, I can only presume the Governor is on board with this because, if not, that could stop it from becoming law.

Nevertheless, if this does go the full path, this is a death blow to all those government entities which are doing the bidding of the bankters to make cryptocurrencies appear illegitimate. If the residents of Arizona are able to pay their taxes with cryptocurrency, suddenly that becomes....money. As usual, Bitcoin is at the head of the list which helps in the familiarity factor.

It is hard from someone to call Bitcoin a fraud when people in Arizona are paying their real estate taxes in Bitcoin. Or to say that cryptocurrencies will disappear since they are worthless when companies are sending in their sales tax receipts in crypto.

This will really open up Pandora's Box. The IRS deemed cryptocurrencies to be viewed as securities. Funny how states tend not to accept stocks or other securities as payment for their taxes or fees. If Arizona adopts it, how long until other states get the same idea, or even the I.R.S.?

What is interesting is this is truly a payment system. The state will not hold onto the currency at all.

...if passed, would enable taxpayers to use bitcoin or other cryptocurrencies in order to pay "tax and any interest and penalties" to the state's Department of Revenue. The Department, in turn, would have 24 hours to convert those payments to U.S. dollars.

For full article:

https://www.coindesk.com/arizona-senators-pass-bitcoin-tax-payments-bill/

Again, it is a bit pre-mature but it appears that, for at least once in my life, a government entity appears to be doing something that makes sense. And this is wonderful news for the entire cryptocurrency space.

Of course, the Feds could take a different stance on this by continuing to demonize cryptocurrency and move to the banishment of it. This would be an interesting move since it would set up another state's rights debate just like with the maryjane issue.

The main difference is this is money. If states determine they can increase the percentage of taxes collected by accepting cryptocurrency, that is what they are going to do.

Ironic that with all the FUD, we see steps taken that are making cryptocurrencies more legitimate.

I wonder what Jamie Dimon and Warren Buffett think about that.


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The crypto issue will most likely end up like marijuana, where states have laws that fly directly in the face of federal statutes.

"I wonder what Jamie Dimon and Warren Buffett think about that."

I would say that Dimon and Buffet's influence is rapidly declining: the new world is rapidly approaching and these guys will find themselves becoming mere spectators to a revolution they don't understand.

I would say that Dimon and Buffet's influence is rapidly declining: the new world is rapidly approaching and these guys will find themselves becoming mere spectators to a revolution they don't understand.

I agree completely. It seems Buffett, albeit an upstanding guy, is passe. I don't think he is a snake like Dimon, just that he doesnt get tech. As fast as things are moving, it is beyond him.

The new world is driven by guys who are young and tech oriented. They are the ones who know what is going on since they are the ones shaping the future. The old model of looking at valuation, as an example, is passe since much of what is valued today cannot be adequately priced (like software, algorithms, etc..).

The all-time most brain-dead anti-#Bitcoin FUD is that the Lightning Network will pressure #BTC’s price because it’s “easier to spend.” To the contrary, it will make it exponentially more valuable!

LOL I didnt hear that one but, yes, it ranks up there on the "all-time most brain-dead anti-#Bitcoin FUD".

I like how things are going, and I'm sure some small state like Switzerland will fully embrace crypto in the near future leaving other countries scrambling to get in on the action.

Wow! Quite an informative post @taskmaster4450

Maybe not now, but I believe soon enough, cryptocurrencies would be adopted in the first world countries.

But then gain, judging from the second and third world countries that have not really braced up with modern technology, it might be difficult for them to follow trend hence it might be a bit difficult to fully implement a world scale crypto dominated market.

And then again, let me be specific with my Country Nigeria, our legislators would jot really adopt it owing to the fact that crypto market has its high and lows, they might not want to stick their noses into something like that.

And secondly, would a crypto market support money laundering and corruption?
If yes, MY government would adopt it but if NO, trust me, they would never accept it.

Thanks for sharing this informative post with us @taskmaster4450

it is a bit pre-mature but it appears that, for at least once in my life, a > government entity appears to be doing something that makes sense.

Hahaha, maybe we're reading it wrong? There's got to be a catch.

I'm still learning a lot about the US, but it does seem like the politics at the State level tends to be more rational and in line with what the people want... so there's hope for all us all yet...

The market has responded really strongly today, and I think it's because these tiny bits of legislation and Government policy are bringing back the investors who were unsure if they'd get their bank accounts frozen. Eventually people will learn that blockchain can't be stopped by any one entity or Government... and the companies that become true early adopters stand to make a lot of money... and then it'll snowball from there.

Amazing!! Well is best others try and accept it too. Because the world is moving to more digital form...fiat would be old school...more reason crypto currency won't fail.
Resteemed.
Thanks for the updates keep it up ..honestly.

This is great news.

I'm sick and tired of all the FUD because most of it makes NO sense even... if you know even a scrap about crypto you can easilly debunk most arguments.

Can't wait for adoption to start... but we're still a long way from it, there's plenty of FUD on our way for this and next month.

Anything that makes life easier for the people is 'bad' for the bankster and their government.

Thank you for always bringing us good news amidst of the gloom and doom they are feeding us with....But we ain't having any of it.

Contrary to what many people have been screaming for years now, Bitcoin and cryptos in general are not going anywhere, and as you stated things like BTC are more likely to be deemed legal tender then it is to be banned completely. I think by the end of 2018 people are going to realize this quite blatantly as more and more news comes out to cement the fact that these "intangible" assets are in fact currency and will be treated as such on a global scale in the not so distant future.

At the present time cypto market very low..Maximum steemiter very upset ..

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