Ohio recently decided to allow businesses to pay their taxes with Bitcoin and the decision has spiked criticism among crypto skeptics so we read more about it in our bitcoin news.
According to skeptics, this decision is a ‘’gimmicky PR Stunt’’ that is unsustainable. Because of the high volatility and price fluctuations, bitcoin is still far away from mass adoption and this makes it unsustainable and impractical.
Professor Kevin Werbach from the Wharton School of the University of Pennsylvania believes that this decision is a classic PR stunt:
‘’There is not a particular advantage in paying your taxes with bitcoin today. The state just wants to signal that it’s ‘cryptocurrency-friendly.’’
Werbach has already taught a class called ‘’Blockchain, Cryptocurrency and Distributed Ledger Technology.’’ He is one of the many business-school professors that believe the top MBA programs should offer courses in blockchain and crypto.
Another professor at the University of Michigan’s Ross School of Business, Andrew Wu explained that bitcoin’s high volatility makes it an unattractive payment mechanism. He also doesn’t think that Bitcoin will gain mass adoption but thinks that blockchain is a game-changing innovation.
However, there are already some businessmen that paid taxes using Bitcoin and one of them is Bernie Moreno, a car dealer from Ohio. He sold three cars to people who paid for them in Bitcoin. He sold two Porsches and one Aston Martin.
Other supporters of this method come from the UK such as Eddie Hughes, a member of the British Parliament says that this is a great first step towards mainstream adoption of crypto.
Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
‘’Binance Lite is a simple site for users to easily buy bitcoin with cash at physical store fronts. This model makes it really easy to bring new users into crypto, starting with Australia, where the government has taken proactive steps to support the blockchain industry. Users won’t have to open complicated online accounts to start using the service.’’The crypto market in Australia was a little behind than other markets in the world such as South Korea or Singapore because the banks didn’t support the crypto businesses in Australia. Back in 2017, during the strongest crypto rally, reports show that the larger Australian banks closed the accounts on multiple crypto investors. However, starting last year, the government of Australia began its proactive approach in regulating the crypto space and the blockchain industry so the investors are now hopeful that they could improve the market in the long run. Zhou also said that more than $5 billion in crypto was traded in crypto in 2018 in Australia and that since then the government is funding blockchain startups and companies by issuing bonds on the blockchain. The government has also started to accept crypto on airports such as the airport in Brisbane and even held a voting trial on the blockchain. He finished his interview by saying:
“Binance Lite also completes a comprehensive value chain for the Binance ecosystem in Australia. For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.’’
Binance: Australians Can Now Buy Bitcoin With Cash From 1,300+ High-Street Stores
“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy bitcoin. We are excited to continue to roll out more fiat to crypto gateways around the world to support the growth of our industry. We firmly believe that more adoption will lead to more innovation and more economic opportunities.”The account verification will occur on www.binancelite.com - and after that - users can deposit cash at the nearest Newsagent stores to receive crypto within minutes. Binance Lite Australia was designed as simple and easy to use and it sstate-of-the-art order processing technology guarantees maximum safety. Binance recently integrated the credit card payments on Binance.com and launched the fiat-to-cryptocurrency exchange (January 2019) with zero deposit fees - becoming one of the lowest priced exchanges for trading with Euros, British pounds and BTC and ETH. The fiat gateways also included the Binance Uganda, another exchange which supports the trading of Ugandan Shillings for cryptocurrency.
“Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause,” Zhou concluded.
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