Bitcoin News: Paying Taxes With Cyrptocurrency And 80 Percent Of Coins Mined

The question, ‘what can you buy with bitcoin’, is a practical one as acceptance of the currency slowly grows but one major city could study whether you should be able to pay your taxes with a cryptocurrency.

Toronto councilor Norm Kelly said “ Hundreds of thousands of companies around the world have been accepting cryptocurrency as a form of payment for quite a while now, why shouldn't governments also take advantage of this?,” according to the CBC.

Kelly reportedly filed a motion for the city of Toronto to study if bitcoin, ethereum, litecoin, and more are appropriate currencies to pay for property taxes and even parking tickets.

As pointed out by the CBC Kelly has done a quick 180 on his bitcoin stance. On Dec. 12, 2017 the councilor tweeted "Does anyone Really understand bitcoin," by Jan. 9 his line of clothing was accepting bitcoin and he just announced his wishes for the city to study cryptocurrency payments.

Bitcoin Price

Despite the buzz surrounding the price of bitcoin over the past month, the skyrocketing value of the cryptocurrency still has people concerned. Yes, the bitcoin price rose to more than $19,000 at one time, the 30-day average shows the bitcoin price fluctuates widely but isn’t much different than a month ago. The bitcoin price today is $13,869. According to Bitcoin.com the price on Dec. 22 was $14,036.

Bitcoin’s market cap is $233 billion but as pointed out today, roughly 80 percent of bitcoins have been mined, which can lead to a myriad of issues. According to CoinTelegraph, as of Jan. 13 16.8 million bitcoins have been mined which means there are only 4.2 million bitcoins left to mine.

Inverse wrote that, because mining bitcoin gets harder as more coins are mined, it could take another 100 years for all bitcoins are mined.