Ohio became the first state in the U.S. to allow cryptocurrencies to be used by business entities for paying a variety of taxes.
The state, upon the initiative of the office of Treasurer Josh Mandel, launched the website ohiocrypto.com, as first reported by The Wall Street Journal.
According to the website, the enabling of cryptocurrency-denominated tax payments is part of efforts to make Ohio a leader in blockchain technology among U.S. states. “Treasurer Mandel believes in leveraging cutting-edge technology to provide Ohioans more options and ease while interfacing with state government,” the website reads.
Even entities without prior registration can set up their account in order to pay 23 different taxes, such as for tobacco sales, public utilities, general sales, motor vehicles fuel, commercial activity, and 911 Wireless. Currently, individual entities are not eligible to pay income taxes or other personal taxes using cryptocurrency.
Payments, in BTC, are to be processed by BitPay, so that none of the actual cryptocurrency goes to the Treasurer’s Office. The paid amounts are converted to U.S. dollars before being deposited into a state account.Exchange rates are set for 15 minutes from when payment is begun, taking into account volatility of prices, wherein BitPay assumes any losses related to the trade.
Transaction fees are set at 0% of amounts paid for the first three months upon launch of the website, after which a 1% rate will be charged. Even at 1%, the Treasurer’s Office said, the fee was considerably lower than the 2.5% charged when using a credit card to pay on the Ohio Business Gateway.
Cryptocurrencies seem to be especially appreciated in Ohio. Just this month, Rep. Warren Davidson announced the filing of a bill that would classify initial coin offerings (ICOs) as a product distinct from that of a ‘security,’ so as to reduce the Securities Exchange Commission’s (SEC’s) authority over such offerings. The bill seeks to be applicable at both a federal and state level.
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Cryptocurrencies continue to grow as an alternative around the world and nowhere is this as evident as it is in Australia. The country is adopting crypto at a rate faster than most countries and residents have several options available to them to pay for virtually anything using digital currency. There is soon to be a new option added to the mix, thanks to a partnership between blockchain-based tech company Ivy and HiveEx.com, a crypto brokerage.
The two companies have teamed up to offer IvyPay, which will allow crypto owners to use their holdings to pay bills or to transfer funds directly to their bank accounts. The platform is designed to give crypto a huge boost as an alternative to fiat and fill a void that the companies feel has been keeping mainstream adoption from expanding more rapidly.
HiveEx co-founder Fred Schebesta explains, “Despite cryptocurrency being around for the past decade, it still has quite a while to go before it’s as widely used as fiat currencies, like the Australian dollar. We wanted to help build a platform to bridge the gap between fiat and crypto.”
A survey conducted by HiveEx showed that around 10% of Australians feel that the inability to transfer their assets to their bank accounts was a huge obstacle for adoption. Given that there are an estimated 2.58 million Australians with crypto holdings, there is a large market for a platform that can bridge that gap. Adds Schebesta, “We think that this will inevitably increase as there are more options to use it. We’ve seen the power of this technology and how it can become a better banking system, but without mass integration and acceptance by traditional financial institutions there are limited ways of using it.”
IvyPay will manage all transactions using the company’s own IvyKoin cryptocurrency. Each token will be imbedded with the necessary personal data in order to comply with Know-Your-Customer regulations around the globe.
HiveEx was founded by some of the same individuals that founded finder.com.au. According to a company statement, it has traded more than $15 million in the past three months and “operates everything from large OTC trading to bill payments.” Ivy builds blockchain-based technology for business transactions of both fiat and crypto.
The platform isn’t live yet, but is expected to be launched before the end of the year. If everything goes well, the platform will then be rolled out to other regions, including the U.S., Europe and parts of Asia.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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The Bitcoin.com Store went through a major facelift last week that saw the inclusion of additional products, such as new merchandise, art, hardware devices and paraphernalia. Since then, it has continued to add new products in an effort to expand its large line of offerings, and has now gone one step further. The store has partnered with Egifter, a gift card service, and customers can now purchase gift cards for any of more than 300 retailers.
The Egifter Marketplace has been integrated, in a way, into the Bitcoin.com Store. The store will provide an interface to the marketplace to browse and purchase any of the available cards. Among the retail options are Best Buy, AutoZone, Dunkin Donuts, Banana Republic, Applebees, the California Pizza Kitchen and many more.
After making the card selections, users proceed to the checkout page on the store’s site and can make payments with Bitcoin BCH. The store uses Bitpay to process payments and, as such, payments must be made through a crypto wallet that is compatible with the Bitpay Payment Protocol. Once the purchase is complete, the customers will receive a virtual gift card corresponding to their store, or stores, of choice.
According to Bitcoin.com’s eCommerce Manager, Blake Moore, Bitcoin BCH enthusiasts now have hundreds of more reasons to appreciate the digital currency. He said, “Well over 300 cards from the world’s top brands are now available to our valued users which adds a great deal of accessibility.”
Bitcoin.com isn’t just the name behind a store. It offers a range of products, including a mining operation, a news service and a wallet. The wallet has been downloaded more than a million times from the Google Play Store and reportedly has more than 3 million users worldwide. The company is owned by Roger Ver, who recently announced that the company could be considering the launch of a cryptocurrency exchange.
The continued dedication of Bitcoin BCH enthusiasts is showing why the cryptocurrency is the world’s number one digital currency alternative to fiat. It is the only crypto that still adheres to the original design of digital currency as set forth by Satoshi Nakamoto. It continues to receive global merchant adoption and is now used by millions of retailers around the world.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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India’s position on cryptocurrency continues to slide downhill. At the beginning of the year, the country was relatively warm toward the industry, but when the Reserve Bank of India (RBI) instituted a ban on its banks that prohibited them from working with crypto companies, things got a little worse. Most recently, the founders of the Unocoin exchange were arrested and police seized the country’s first crypto ATM, which only allowed users to buy or sell cryptocurrencies with no fiat support. Now, the country is considering making it illegal to use cryptocurrencies completely.
During the recent 19th meeting of the Financial Stability and Development Council (FSDC), the subject of cryptocurrencies came up, with some arguing that “private” cryptocurrencies such as Bitcoin BCH and Bitcoin Core should not be allowed.
The country’s Press Information Bureau, on behalf of the country’s Ministry of Finance, released a statement, stating that a working group has been reviewing the topic. Another group, an inter-governmental committee that was formed to propose legal guidelines for crypto went the other direction and has suggested that a complete ban is the best course of action.
According to the press release, “The Council also deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban use of private crypto currencies in India and encouraging the use of Distributed Ledger Technology, as announced in the Budget 2018-19.”
Per the government’s words, banning the “use of private crypto…” would mean that they could not be legally traded or be used as a form of payment. Initial coin offerings would no longer be allowed and any startups looking to get into the crypto space would be breaking the law. However, it might not prevent crypto enthusiasts from owning crypto – they simply wouldn’t have any way to spend it.
RBI’s banking ban has already taken a toll on the industry in the country. Several exchanges shut down, while others decided to move offshore. Last month, some exchanges restarted limited operations that saw users being able to purchase and sell cryptocurrencies through the platforms’ peer-to-peer services, but the latest from the government would seem to indicate that all exchanges will soon be looking at make a move out of the country.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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The Yenom wallet was created specifically for Bitcoin BCH, the world’s only cryptocurrency that has retained the original vision of what digital currency is meant to be. The development team behind the wallet has been working on a new project that could greatly enhance Bitcoin BCH’s position as a true retail currency. If accepted, Bitcoin BCH could be expected to reach millions of merchants overnight.
The project is built around the Deep Link Payment Protocol (DLPP). DLPP is a system that links a wallet with a callback URL, similar to how the BIP21 scheme works, and would allow shoppers to pay with Bitcoin BCH on a website by only having to click on a button on the site.
Published the draft spec of #DeepLinkPaymentProtocol.
With this protocol, the communication wallet application and other applications will be very smooth. #NoMoreCopyAndPaste
We're very open to design change proposals, let's make it better together!https://t.co/VPa24l2TWo pic.twitter.com/o4lbuFkMdf
— Shun Usami (Yenom) (@usatie) October 21, 2018
Specifications for the project indicate that the current mobile wallet experience is anything but user-friendly. They point out that it’s cumbersome to pay with crypto—users have to copy the destination address, open their wallets, paste the address, type the exact amount of the transaction and authorize the payment. Using DLPP, the payment link would be opened automatically in the wallet and the user would only need to confirm the payment. In effect, the process would reduce to two the number of steps needed to make an eCommerce purchase.
The developers further assert that the protocol is simple and offers versatility. They explain that a method could be designed that is similar to BIP70, such as what is seen on BitPay’s payment protocol.
The DLPP project would also be forward compatible. The developers explained, “Adding optional parameters can be done by simply adding them — Adding required parameters or a destructive change can be done by simply changing the type name to new one.”
While some cryptocurrencies prefer to be seen as an investment vehicle through which investors are hoping to see returns like what was witnessed with Bitcoin Core (BTC) last year, Bitcoin BCH is moving forward, advancing the true definition of cryptocurrency. Bitcoin BCH is already gaining significant traction around the world as a legitimate currency, being accepted by a growing number of businesses in Europe, Asia and Australia. Developments such as the DLPP project will further entrench Bitcoin BCH’s position as the world’s only legitimate peer-to-peer retail currency.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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One of the most enduring jewelry retailers and designers in the US has decided to embrace cryptocurrencies. Pennsylvania-based Marks Jewelers announced in a press release yesterday that it has partnered with Shopping Cart Elite, an eCommerce payment platform, to give customers the ability to pay for their fine jewelry purchases with a variety of digital currencies.
Marks now accepts Bitcoin BCH, Bitcoin Core (BTC), Bitcoin Diamond (BCD), Bitcoin Gold (BTG), Ether (ETH), Litecoin (LTC), ZCoin (XZC) and Dash (DASH). It is the first time a major US-based retailer with a large physical presence has embraced cryptocurrency and shows how crypto is continuing to expand to fulfill its intended purpose – to be used as currency.
According to Marks Jewelers Director of Marketing Joshua Rubin, “We’re very excited to begin accepting cryptocurrency payments from our customers around the world. This will allow us to make our fine jewelry available to the global market while paying lower fees and avoiding chargebacks. Marks has long been known for our meticulous craftsmanship and curated selection, and we are thrilled to open our store to the world.”
Opening up its payment capabilities to crypto gives Marks’ customers access to its large portfolio of fine jewelry “with lightning-fast transactions that take just minutes to process.” Since cryptocurrency transaction fees are substantially lower than those associated with bank transfers and credit cards, “Marks Jewelers is able to pass on even more savings to customers buying their next dazzling piece of jewelry,” according to the announcement.
Marks has been around for over 35 years. The company doesn’t just provide resale options for jewelry; it designs jewelry, as well. The company has five gemologists that graduated from the Gemological Institute of America on its payroll to ensure that the quality of diamonds and gemstones is a cut above the rest. It is partnered with Forevermark, a company under the DeBeers umbrella of jewelers.
Shopping Cart Elite is an eCommerce platform that gives companies the ability to automate their businesses. It is gaining traction as a crypto payment facilitator and is capable of being integrated into any eCommerce platform, including those that are listed on large retail sites such as Amazon, NewEgg, Etsy and Walmart, among others.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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The CoinText Bitcoin BCH wallet was only introduced a few months ago. However, it has continued to innovate and gain a significant user base, most recently expanding into Israel, Palestine and Hong Kong. Now, the wallet’s developers have taken things a step further and have announced that users can make BitPay invoices payments with the wallet.
CoinText works differently than other wallets. It allows a wallet user to send Bitcoin BCH to anyone using either a Bitcoin BCH address or a telephone number. It has received substantial praise for being able to provide cryptocurrency functionality to those where the Internet is not present and for providing a method for individuals to still be able to conduct business in the event that the Internet goes down.
With the latest integration, Bitcoin BCH adoption and acceptance gets a little easier. Any time there are more options to make payments, the ecosystem benefits. Typically, making BitPay payments isn’t a hassle, but having the CoinText option ensures that there is more flexibility and a secondary system in place, should it be needed.
Through the new feature, CoinText wallet users can freely spend Bitcoin BCH at any retailer that uses BitPay through a simple SMS text message. Depending on where the user and retailer are located, this is a huge advantage, as some malls in certain countries, for example, have no Internet access, or a saturation issue that makes it difficult to connect in a timely manner.
An individual doesn’t need to have a CoinText wallet to receive a transfer. If Bitcoin BCH is sent to a phone number that’s stored in a smartphone’s address book, CoinText will automatically create the wallet and deposit the currency. From there, that user will also be provided a link to instructions on how to use cryptocurrency and the wallet.
The addition of the BitPay support may not seem like a big deal to crypto enthusiasts in Western countries, but it should definitely be a huge success in developing and third-world countries. It’s another example of how cryptocurrencies – especially Bitcoin BCH – are continuing to develop and an important step to expand adoption of Bitcoin BCH, the only cryptocurrency that has maintained a retail focus among the digital currencies now available.
CoinText is now available in the US, 16 countries in the European Union, South Africa, Mexico, Chile, Hong Kong, Israel and Palestine. Its beauty is in its simplicity and the ability to literally reach anyone, anywhere in the world with nothing more than a phone number.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Payments giant Mastercard is reported to be exploring a number of new technologies, including blockchain, as the group looks to improve the general efficiency of its payments networks.
Through its Dublin-based research arm, Mastercard Labs, the firm is looking into a range of cutting-edge technologies to improve its business—including blockchain, as the division seeks to build on its achievements since it was launched in 2012, The Irish Times reported.
As well as improving their existing infrastructure, Mastercard Labs also has a remit to explore new products, which could see its parent company ultimately offering a range of new solutions backed by blockchain technology.
Ken Moore, the firm’s head of research and development, told the news outlet that while the division currently operates at a loss, its contribution to the wider Mastercard group was already significant, and would become increasingly relevant over the next few years.
“We build new products for Mastercard globally out of Dublin so we incur the costs for that in Ireland even though the services we provide are global,” Moore explained. “We’re very much seen as a success story…and are increasingly growing in relevance.”
Mastercard Labs has already delivered a number of successful innovations, including the QKR app—an ID verification app already being deployed by several large global brands.
With plans to scale up the 400-strong team by another 175 hires in the near term, Mastercard Labs has indicated it intends to double down on these successes, in exploring new ways blockchain technology can be integrated within their business.
The news comes in the wake of a substantial settlement reached by Mastercard and Visa, following a class action lawsuit over price-fixing, reported to have been settled for an amount in the region of $6.2 billion.
The pivot towards blockchain at the payments giant reflects the ongoing trend of interest from the mainstream financial world in the technology, despite their outward opposition to the sector.
With industry names like Mastercard now going further and faster with their blockchain development, it is expected that more mainstream institutions will follow suit as the benefits of distributed ledger technology become more apparent.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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