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Ohio becomes the first state to accept Bitcoin

Ohio becomes the first state to accept Bitcoin

Ohio began accepting Bitcoins on 26 November and became the first state in the United States to accept cryptocurrency.

Now it will accept Bitcoin payments for twenty-three types of business taxes, thus becoming one of the first governments in the world to accept cryptocurrency. They have cited cryptocurrencies as secure, less costly and transparency. People have raised their concerns over the future of the virtual currencies and crypto experts have called cryptocurrencies a bubble.

The critics of the digital currencies say that Bitcoin are slow and costly. However, moves by the Ohio Treasurer's office have contradicted these concerns and has portrayed the Bitcoins as a means of paying state taxes. Ohio Treasurer's site, twenty-three kinds of business taxes will be available for payment in crypto including utility tax, withholdings and sales tax. The website also states that the Treasurer's office looks forward to adding more cryptocurrencies in future.

The state plans to expand their horizons as a blockchain technology epicenter. "We are working in the right direction to help our state make efficient and ensure transparency. This move is the first of many to bring us into the world where this technology is leveraged for improving day-to-day lives of our people."      

"Cryptocurrencies can't be transferred to third parties without user initiation which will minimize the risks of fraud. Everyone will be able to view all transactions on the blockchain netework. Payments on the blockchain can be tracked on a second-by-second basis and we will charge a minimal fee for confirming transactions on the blockchain."