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Worldwide, the popularity of Bitcoin transactions has increased exponentially, particularly in Texas. Even though Texas does not precisely recognize Bitcoins as one of its legal means of exchange, it is still allowed as a form of payment for goods and services. Due to this, there has been an increase in the population of businesses using Bitcoin on various digital money platforms as their means of payment for the goods and services they provide.
The value of Bitcoin lies in the fact that all the parties taking part in the exchange unanimously agree that it does have value. The security of blockchain technology makes the system even more appealing, especially for those concerned initially about its security. Before Texas or any government can be recognized Bitcoin as legal tender, there is still much to consider. One factor is that could affect this is the willingness of other states and countries to trade with Texas using crypto like Bitcoin and how good such a trade would be for the economy. The cryptocurrency benefits Texas stands to gain are innumerable; however, most states and countries are reluctant to make it a legal tender.
Access to Digital Money Platforms
One of the main factors affecting the ability of outside countries to trade with Texas is their citizens’ ability to access digital money platforms. At the very least, an individual needs a smartphone with internet access to trade in cryptocurrencies. Using an ATM or other kiosk would go against the idea that crypto is not part of the traditional banking system. During an interview with Stevie Johnson on The Crypto Show, Collin Plume, the CEO of Noble Gold Investment Company, said that you’d be replicating the bank system, defeating the purpose. The idea of crypto is that the person’s in control. Creating digital kiosks or ATMs would reduce people’s control over their crypto. Plume also said they would lose the chance to observe trends independently and make the financial decisions they want. The decentralization goal of the Bitcoin cryptocurrency becomes defeated, and the whole concept falls on its face.
Texas and Cryptocurrency
Texas has always been known for its open-mindedness towards a wide variety of businesses and innovations. Many big corporations move to Texas because of its pro-business stance. Texas does not tax the trading of gold and silver because they view it as a currency, unlike some other states. Cryptocurrencies are another asset that could be utilized in Texas to everyone’s advantage. The need for an efficient, decentralized exchange system has become more pressing in the past few years.
The good news is the Governor of Texas, Greg Abbott, has become increasingly open to the idea of the blockchain network. Citizens have been pushing for the legalization of Bitcoin and other cryptocurrencies as legal tenders, like gold and silver. Many businesses and corporations would prefer to engage in mining crypto within Texas because it has very favorable tax laws and energy costs are much lower than in other states or countries. This makes Texas very appealing to investors and businesses.
Potential Benefits of Legalizing Cryptocurrency in Texas
- For businesses located in countries that have banned crypto mining, legalizing Bitcoin as a legal tender in Texas would mean these businesses could now move their operations to Texas and operate freely under less stringent cryptocurrency laws.
- Another advantage of legalizing Bitcoin as a legal tender in Texas is that people could use the blockchain network to pay taxes. Less strict tax laws in Texas, when compared to other states, make this a very attractive option.
- If Texas legally allows the use of Bitcoin and crypto in exchange for goods and services, more countries would be encouraged to engage in business deals with individuals and businesses within Texas.
- Many miners in Asian countries like China would finally get the push they have been looking for to invest in Texas. Investors in many Asian countries always look for secure places to put their money. Using crypto as legal tender in Texas would open an additional option for these investors.
Conclusion
The unforeseen cryptocurrency benefits are that other industries would be encouraged to use Bitcoin and other cryptocurrencies as a means of exchange, even between states. Texas tends to lead where others will eventually follow. The recognition of Bitcoin as a legal tender in Texas would be a step in the right direction towards innovation, growth, and development.
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