No they don’t. The State of Colorado only accepts dollars for tax payments. They do allow Paypal to convert your crypto into dollars (extracting fees along the way), and then Colorado will accept those dollars after Paypal has stepped on them.
Which is a great way to go if you demand centralized authority and lots of additional fees. That’s what draws people to crypto, amirite?
You cannot use native crypto to pay taxes in Colorado or any other state. No state accepts crypto for payment. States only accept dollars.
I get that Leap but what I am looking at is incremental adoption. The more countries that allow Crypto, than go to making it legal tender the further is goes along, than companies allow it on their balance sheet the further it goes, than states allow it to be used and set up procedures to use it the further along it goes. Incrementally crypto is getting implemented into our society. When countries regulate crypto that shows a further sign that it is becoming adopted. That I find very interesting.
Syke, the state of Colorado set up this payment system. They allowed it. This is a state government allowing this to happen. Show me where, if ever, beanie babies have been allowed to pay for any taxes by any government.
That is where you are completely wrong. Colorado does. You can protest all you want but the proof is in the article.
The article clearly says that the crypto is converted to dollars prior to transferring to the dollars to the state. Why? The state doesn’t accept crypto. Colorado only accepts dollars. This was clearly stated in your article.
Colorado does not accept crypto. Full stop. No matter what you say, your article says the opposite.
You still don’t understand. The state of Colorado set up the process. They allow Crypto to be used to pay taxes. It doesn’t matter that they exchange it for USD. That is the process. Show me one state that allows Beanie Babies to be used to pay for taxes. You said that crypto was beanie babies and I guess you silence is deafening.
Yes they do. Even though you cant accept it they still allow crypto to be used to pay for taxes. " I think the Gentleman doth protest to much"
Yes they do. It is even more enlightening that you no longer want to talk about beanie baggies. What happened to your thesis? It’s amazing how the banksters have finally given into their thesis.
Yes, for purchasing cars (your example) or normal day to day transactions.
They require some sort of exchange to convert to the accepted currency of the country.
I’m sure there are edge cases where a seller might accept something other than cash for a transaction, but that’s just barter.
You do not understand.
Colorado set up the process–but you can NOT give the state crypto (or anything else) to settle taxes owed. They take nothing but dollars. Using your crypto example, anything can be deemed accepted by the govt because the govt will tell you to “Go to eBay, Amazon, etc. Sell your stuff there and then give us the cash.” See? ALL govts accept ANYTHING/EVERYTHING as payment. All you have to do is convert your stuff to US $ first. Which is what Colorado does with crypto.
Ok, so in essence, crypto is no different than a piece of paper I use to pay my taxes with, aka a check.
Well, there is a slight difference. If my taxes are $3,000, I write a check to the state and they take $3,000 out of my bank account. It costs me $3,000. Period.
If I pay with crypto, I have to cover processing fees in addition to the $3,000 for the honor of using crypto. It costs more than $3,000. Period.
I’ll use a check every time to avoid additional fees.
However, one of my checks, has no value (other than the value of a small piece of paper and some ink), yet some crypto is valued at thousands. I don’t make any money holding my checks, but I don’t lose any money either.
So my checks can do the same thing as crypto, for less than crypto, and without putting my money at risk.
From a practical sense for me, crypto makes no sense. Especially as I have no current plans to blackmail anyone.
As an aside, my Wacky Wolf NFTs are still for sale for a mere $3.42 billion. And good news, I accept crypto!
Cryptos are not currencies and never will be. The stable coins generally are a failed experiment. Might work or stay afloat at some point but for now I do not trust stable coins.
BTC and Eth are assets. The IRS has it right.
To the rest of you and me…if stable coins finally get truly trustworthy then you’d be effectively wrong. Not because Eth or BTC would be a currency but because with a worthwhile stable coin they would function as currencies. A currency has to function to be a currency.
For instance you do not bring a gold bar grocery shopping. But if there was a way to use gold against a medium/mechanism to make the exchange then the option to use gold as a currency in a modern society would work.
Right Jerry but Colorado did not set that up for you. You did that on your own. Two very different scenario’s. That is why you are unable to understand. Using your logic everything is a nail.
That isn’t the discussion Alpha. The discussion was around Colorado accepting Crypto, which they said they would do, even setting up a process on how to do it. The discussion isn’t whether you should or shouldn’t do it but the incremental use of Crypto.
Yea but will Colorado accept your NFT? That is the real question.
LOL yea but you notice nobody is saying Crypto is like beanie babies anymore? Instead everyone is trying to twist themselves into knots trying to explain why Colorado isn’t accepting Crypto even when they say they are. LOL. I wonder how many I could get to argue, if I showed them a picture of a rock, that it really isn’t a rock?
Leap, this is the problem with your argument. I never said Crypto is a currency. You have very effectively set up a straw man argument and shot it down all by your self. Well done.
What the article states is:
** Starting September 1, 2022, the Colorado Department of Revenue (DOR) will now accept Cryptocurrency as an additional form of payment for all state taxpayers .**
As far as gold goes it is a commodity also. So if you are saying that gold could be used as a currency, than in fact you are stating that crypto could be used as a currency. Because both crypto and gold are commodities.
