Adaption: In Ohio you can pay your taxes with Bitcoin

The US state of Ohio has been accepting tax payments in Bitcoin since this week. Companies can register for the service via an online platform and then pay a variety of taxes with Bitcoin.

Bitcoin revolution from San Francisco then converts the payments into US dollars

The squirrel feeds itself laboriously. This phrase also applies to the Bitcoin revolution adoption, because the path from asset class to means of payment is long. Nevertheless, the message about the Bitcoin revolution acceptance for the settlement of tax debts in the US state of Ohio in stormy crypto times is good news.

But one thing at a time. As the Wall Street Journal reports (Attention Paywall), citizens of the U.S. state of Ohio will soon be able to pay a variety of different taxes in Bitcoin. These include VAT, payroll taxes and certain taxes on consumer goods such as gasoline and cigarettes.

Until now, only companies have been able to pay their taxes in Bitcoin. They must register via the website. However, according to the report, the state plans to expand its tax system to include taxable private individuals in the medium term.

Crypto friend Mandel as Bitcoin loophole architect

The driving force behind the Bitcoin loophole project was Ohio Treasurer Josh Mandel. The Republican is considered a strong proponent of crypto currencies: For me, Bitcoin is a legitimate form of money, the politician told the Wall Street Journal.

According to the U.S. Treasury Department, the agency identifies six reasons why companies should take advantage of the new offer: The speed of payment processing, low fees, blockchain tracking, greater transparency, a high level of payment flow security, and the ability to initiate mobile payments.

According to Mandel, the online service will be open from the beginning of this week:

„From the beginning of this week, companies in Ohio will be able to register on and pay various taxes with Bitcoin. At some point, the service will be extended to private individuals.“

In collaboration with Bitpay
However, the state relies on the payment provider Bitpay for payment processing. The San Francisco-based company will soon convert the Bitcoin into US dollars. This step is necessary because the US dollar is the only legal tender in the country.

Even if the taxes are not booked in the form of Bitcoin, the step is a clear signal from the Ohio administration to be positive about crypto currencies., innogy, Share & Charge – an interview

What has happened at since last year? In this interview Stephan Tual gave us a little update. is without doubt one of the better known German companies in the blockchain ecosystem. Its aim is to develop devices – such as locks – that are connected to the Ethereum Blockchain and thus enable the offer of everything for sale.

We have reported about the cryptosoft company several times in the last year

Indirectly related to this is the DAO, the decentralized autonomous organization, which ultimately represented a kind of decentralized venture fund and was supposed to finance, among other things. The history of the DAO is well known – but what happened with cryptosoft? Stephan Tual, the COO behind, offered to answer my questions and report on the latest developments in the cryptosoft company.

Hello Stephan, nice that you gave us the opportunity for an interview! Can you tell us a little about your crypto trader career in Blockchain?

I was interested in Blockchain crypto trader technology quite early and followed Bitcoin accordingly. Without much criticism I have to say that I wasn’t very enthusiastic. Bitcoin does what it wants to do well, I just didn’t find the financial aspect so interesting. Read more:

One day I heard an inspiring talk in which the presenter outlined his vision of a Bitcoin-based future. He talked about self-propelled cars that accept Bitcoin and thus create a decentralized environment in which rentable cars are truly autonomous. This vision inspired me!

Six months later Vitalik Buterin published his paper on Ethereum

I saw that with Ethereum the described vision was possible and jumped up immediately. I worked for Ethereum for some time, later developing an Internet of Things application at IBM adept. With this experience – Blockchain and Internet of Things – I finally joined is a project that hardly needs to be introduced: The first planned application is an intelligent lock, a smart lock or a short slock. This lock is connected to the Ethereum blockchain, so that the lock itself reacts to payments via smart contracts. This makes an Airbnb without people possible. Would you like to correct or add something here?

All in all, this is all correct. I would just add that is not just about locks. If we look around, we notice that we all use electricity all the time. In the spirit of the sharing economy, one could imagine a market in this area as well. A peer-to-peer market for consumer goods, where the use of WLAN and washing machines is offered for sale – thanks to this is possible without a middleman.

Bitcoin: Why major banks misunderstood the block chain

Bitcoin evangelist, software developer and journalist Chris DeRose looks back on the year 2015 and explains the current state of Blockchain applications and is already looking forward to what 2016 will bring.

To get an overview of the current state of private blockchains, there is no better way to do this than through this year’s Blockchain-Panel conference.

In front of a group of renowned financial experts, „Bitcoin secret experts“ and the audience agreed

Bitcoin secret is the future, even if some lacked knowledge about the basic idea behind Blockchain technology. With every new year a new audience appears, which wants to solve our everyday problems with the Bitcoin secret. As in every year, the boring „notarial certification via Blockchain“ was made a big issue.

If one reads through the marketing brochures of private blockchain providers, one quickly gets the impression that they have discovered a technology that handles complex calculations in such a short time that the entire current financial system would succumb.

Certifications have never been a feature of the blockchain and have even been seen as one of the biggest bugs. If you ask a Bitcoin developer about the biggest problems of the blockchain, he will probably answer with „fungibility“ as the biggest weakness.

Even though many headlines say that the big banks support and test the applications of blockchain technology, it seems that the newcomers do exactly what newcomers usually do: they start their own blockchain and start selling their own tokens.

What is unique among the new market participants, however, is that the tokens are seen as „bad“ and the shares in the circulating blockchains as „good“. The difference between tokens and shares in the blockchain remains a daring one, but apart from the nuances, everyone wants to get support for their investment.

The biggest winners in 2015 are and remain those who have secured the largest investment sums.

Blockchain cryptosoft Propaganda

Computerised transactions, certifications and checksums are a mature industry whose efficiency has never been hampered by anything other than cryptosoft regulation. These cryptosoft regulations are usually efficient and reduce the risks in the financial sector. The software in the sector works as precisely as the regulatory framework allows. Some may even think that a traditional bank transfer takes so long because the servers can’t work faster.

From the initial hype to today’s private blockchins, the blockchain was sold as „the technology behind Bitcoin“. Many of the newcomers in 2015 have taken the propaganda to heart while ignoring the most important part: Reducing the risks of a transaction between untrusted participants.

Whether you think Bitcoin is a fad or not, it seems that this fundamental segment has not been questioned by any of the 2015 newcomers.

Towards the end of 2015, it seems, the argumentation is gradually beginning to lift.

Remarkably, the established payment networks are beginning to understand the true purpose behind the blockchain.

American Express recently conducted a large financing round with the innovative regulatory arbitrage company Abra. Shortly thereafter, Visa presented its own (well-considered) Bitcoin Proof of Concept application.

What does the future hold?
So what can we expect for the blockchain in 2016?

Only a few sectors are as active as the blockchain sector and thus the success is already obvious. The successful companies already include the older startups BitPagos and Backpage.

Among the start-ups that seem to have most efficiently implemented the blockchain technology are Nitrogen Sports, a platform for sports betting online games and the addictive games platform BitKong.

Applications that successfully implement and use blockchain technology will be successful. Not because people want to use the blockchain, but because they have to. There are many more „Gamechanger applications“ waiting on the horizon that may sound very ambitious with today’s standards, but Gamechangers are the startups that make up the FinTech sector.

Certainly the private blockchains also have a future in 2016, but it will be difficult to find a market for authentications that is not yet covered by or Google Docs.