Overstock.com to Become First Major Firm to Pay Taxes in ...
Overstock.com to Become First Major Firm to Pay Taxes in ...
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Overstock is officially pivoting to blockchain
I think this is the biggest thing holding bitcoin back.
I haven't been involved in bitcoin long, only about a year. But within the year I've become infatuated with the potential of crypto and the implications that would result from widespread adoption. I understand its utility as a decentralized, instantaneous transacting currency. But I think the problem with many bitcoiners is many don't take a step back and realize why this isn't expanding at a more dramatic rate. Many bitcoiners look at the time magazine, the overstock, and the microsoft news as evidence of bitcoin "on the cusp of global adoption." Many bitcoiners look at the ATMs sprouting, the Winklevii BTC investment funds, and all the niche bitcoin businesses as evidence of a growing footprint in new market spaces. They look at these "news pieces" and ask, why isn't the price going up? Well, before answering why the price isn't going up, let's first acknowledge that, yes, we should be valuing the technology and not the day to day value against the dollar. The market price doesn't change the software, it's still as good at $0.10 as it is $1,000. But the price is a good indicator of new users. If new users are prone to coming into bitcoin, the price will grow. The price will grow because more people are converting fiat and buying into bitcoin. And the price will grow because speculators see the prospect of user base growth, and will invest in anticipation of profiting from the influx. So, yes, speculators largely dictate the price, and the price isn't that important when it comes to the technology, but it does reflect its prospect as a widely adopted currency. As of right now, its prospect is slowly dwindling because bitcoiners are spending their bitcoin at coinbase and bitpay operated business like Microsoft and Time Magazine, and these purchases are instantly converted out of bitcoin and into fiat. The purchasing of bitcoin is out-frequented by the selling of bitcoin. Why is that? And that brings me to the original point of this thread. The biggest thing holding bitcoin back is the fact that it's hugely inconvenient to purchase bitcoin. It just is. Coinbase is great, it really is. It's a staple of reliability and safety. It's a model of what all bitcoin businesses should try to emulate. There are way too many bitcoin businesses out there like Mt. Gox with infrastructure as weak as an old bridge over a river - untrustworthy, corrupted, and not prepared for high growth. Coinbase is great, but it is not efficient. It took me over a week to get my account bank-approved, and multiple days to get my bitcoin. This is way too long. The quickest way to get bitcoin is through craigslist or localbitcoins, and that's like playing russian roulette from a trust standpoint. People who are interested after reading about bitcoin, maybe even interested in trying it, many are not going to waste the time and effort for weeks of waiting and trading bank information in order to try it. A car salesman tries his best to get you inside the car to test-drive it, because he knows you're much less likely to buy the car if you read about it, see it, and then go home to forget about it. Bitcoin needs to find a way to get people in the car right away, right when they're interested in trying it, before they can lose their attention span. What bitcoin needs is one trustworthy, safe, extremely user friendly site that can transact bitcoin instantaneously. No wait times, no bank trading information, just some credit card or debit card numbers. Once this is in place, everyday people can conveniently buy bitcoin and demo the technology. They can spread the word and recommend it to others. But this will never happen if it continues to be so hard to get.
Online retailer Overstock.com (NASDAQ:OSTK) announced that it will pay a portion of its Ohio state business taxes in Bitcoin (BTC-USD), starting from this year. By paying taxes in Bitcoin, Overstock will be become the first major U.S. company to use Bitcoin for tax payment purpoases. Overstock Bitcoin Tax Payment The retailer will pay its commercial […] Eventually, with a healthy 0.6806 of my bitcoin left, I triumphantly returned to Overstock and spent BTC 0.2206 on underpants, water glasses, and slippers, just like an ordinary guy in the future ... The Bitcoin name and logo has been trademarked in Spain with the Spanish Patent and Trademark Office. This process was completed by Ignacio Rubio Menéndez, a compliance expert and lawyer specializing in business law. Cointelegraph en Español spoke directly with Menéndez’s client, who is choosing to remain anonymous for now. This person explained: “I now have the logo and the word ... With Bitcoin being touted as a way to conduct anonymous transactions and as way to compete with government currency, many small business owners wonder what's the right way to accept and account Bitcoin, or if it's legal or ethical, or whether and how they should pay taxes on income received through Bitcoin. Bitcoin has been formally recognized by some governments and authorities as a "currency ... Overstock is going all in on the blockchain. Image: Getty Images/EyeEm By Matt Binder2018-11-23 12:55:37 -0800 Overstock is getting out of ecommerce. One of the internet’s earliest online retailers, Overstock, is preparing to sell off its entire ecommerce business in February according to its founder and CEO Patrick Byrne. Overstock’s future?
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