Residents in Seminole County, FL are now going to be able to use Bitcoin to pay for IDs, property taxes, and titles.
If cash, check or credit card seems too old-fashioned, Seminole County Tax Collector Joel Greenberg said Monday his office will begin accepting bitcoin as payment for new IDs, license plates and property taxes starting next month.
The county is going to use BitPay to convert the Bitcoin to cash. Bitcpay offered a 15 minute guarantee of Bitcoin from the time of receipt.
This eliminates the volatility associated with Bitcoin.
For its service, BitPay will charge the county 1%.
This is another one of those big steps in making this more mainstream. Since the Tax Collector didn't go through the state, it remains to be seen whether the decision will stand up. Either way, it is being considered by some who hold office.
Under terms of the deal, taxpayers would pay BitPay in the currency through the tax collector’s website, then BitPay would compensate Greenberg’s office in cash. BitPay keeps a 1 percent fee.
What is the hook? Lower fees.
He couldn’t cite instances of customers asking to pay in the digital currency but said some have complained about higher fees associated with banks and credit cards.
It appears some people are grasping the benefits to cryptocurrency or, at a minimum, they are seeing the high fees banks charge. The fee BitPay charges for its service is most likely half of what the bank charges the country.
This is the first government agency to accept Bitcoin as payment for its services.
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