U.S Taxpayers Can Get Refunds In Bitcoin From Federal Taxes

U.S taxpayers will now be able to receive a refund on their state and federal taxes in Bitcoin after collaboration between Refundo and BitPay was made. The coming altcoin news shows that this new partnership will be extremely useful for low-income communities.

The tax-refund provider Refundo says that its CoinRT product is good for the low-income communities and U.S taxpayers since many of them do not have a bank account and they often end up paying higher cashing fees. The new service is not free but it costs $34.95 per refund transfer without the one percent BitPay service fee. Roger Chinchilla, the CEO of Refundo says that the low-income communities often send or receive money from abroad so integrating a refund with bitcoin will show as a good option for their international remittances.

During the explanation for the new U.S taxpayers refund option, the Refundo CEO stated:

 “Bitcoin provides transactional transparency, as every transaction is verified, recorded and stored on the blockchain. The transaction itself contains no sensitive personal information. Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently. Adding bitcoin was a natural fit for our customers, who often do not have traditional checking accounts, pay high check-cashing fees, and regularly send money internationally.”

As reported in the best cryptocurrency news sites, the CEO of Bitpay Stephan Pair noted that he believes the mass crypto adoption is only five years away. When he was asked about an opinion on crypto tax payments and blockchain adoption, he said:

 “I used to say 10 years. But now I think it’s more like three to five years until you can go into a restaurant, a retail establishment, and everybody’s going to expect that the store will be able to accept a blockchain payment.
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The CEO of BitPay also explained that a bitcoin ETF will not be a quick solution for mass adoption but it will push the prices of the number one cryptocurrency even higher. Pair also noted that the bitcoin prices do not reflect the actual utility of the cryptocurrency but that it is a result of future adoption speculation.
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He noted:

 “A very big component of the [bitcoin] price is certainly speculation. It’s investors that are speculating on the future usage and adoption of this technology. I’m sure a small component of that price is the actual utility.”