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.
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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