As of 25th November 2017, Bitcoin price touched all-time high price of $8668 on major Bitcoin exchanges, price was stabilized around the $8000 mark since one week, but one important thing to notice is that in previous week most of the crypto currencies were on the rise, Ethereum which is second largest crypto currency in the world touch all-time new high but Bitcoin was stabilized around the landmark of $8000 and there were rumors about the future of Bitcoin as Bitcoin cash was picking up and reached to $1700 before giving some of its gains, but still stabilized around $1600 mark, so the rumors were that Bitcoin cash may replace Bitcoin in future but each and every time Bitcoin reminds investing community that it is still the “BOSS” as far as Crypto world in concerned.
High Price but Low volume
Although Bitcoin price reached new highs but volume is low, that’s due to the weekend effect as volume is normally low on weekends, It will be interesting to see that how Bitcoin reacts with high volumes, would it be able to sustain with high price? If we take a look at history, the answer is Yes, it will, easily because It has been evident that whenever Bitcoin reach all-time high there is short term profit taking but prices recovers to reach another high in coming days, it seems like history is repeating itself and there are many chances that Bitcoin rally will continue and it will make another high in near future.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share