Will We Soon Be Paying Taxes in Bitcoins?

Have you ever started using something superfluous just because you could, only to realized that, hey, this thing is actually pretty good? I have a couple pieces of software like that, photography drones are moving that way, and that pretty much sums up my thoughts on Bitcoin.

While Bitcoin and other cryptocurrencies are gaining popularity based on the “oh, this might actually be useful” factor, governments still have no idea what to make of them. The IRS released their own Bitcoin tax implication guide, attempting to denounce it as something less worthy than even the most obscure country’s currency.

Fortunately, although the Feds might hate the thought that the internet could sidestep all those benjamins, it doesn’t mean that the states won’t be more than happy to hold their hand out for a piece of the action.

New Hampshire is breaking new ground on Bitcoin tax implementation, taking charge in a way not seen since declaring their independence six months before the other slacker colonies. New Hampshire HB 552 will allow you to pay your state taxes and fees using the popular cash alternative.

If the bill passes, all those technogeeks who jumped on the cryptocurrency fad can start sending their fractional Bitcoin payments on July 1, 2017. If it works well there, it’ll probably spread to other states faster than Velcro.

Velcro

Which some random website told me came from New Hampshire, so it must be true

It’ll be a fun game to watch. Though it does beg the question of whether New Hampshire is doing this in hopes of attracting more nerds to its state, or if it’s House is filled with people in invested in Bitcoin and don’t know what to do with it.

There is a bit of bad news in the bill. While Bitcoins can be used to pay taxes, sadly, the other cryptocurrencies are currently left out. This may change by 2017 (start lobbying your representative today!), for now those hoping to use their Dogecoins and Coinye West will have to look elsewhere.