Russian-Canadian Programmer and Co-Founder of Ethereum (one of the leading crypto currencies) holds around 500000 Ethereum, with current market price it’s worth more than $500 million in Net worth of Vitalik Buterin. Ethereum Co-Founder is a college dropout who started to pursue his passion at a very early age and it seems like that is paying off sweetly.
Ethereum is at all-time high of price more than $1000 per unit, making it one of the best performing crypto currencies in past one year with gains of more than 10000% in just 2017.
Ethereum started 2018 with a bang, gained more than 40% in first week alone and still counting. This massive Bull run is not only making money for its investors but also for its Founders as well, in Feb 2016, Vitalik Buterin announced that he holds around 630000 Ethereum, but later he sold 25% of his total holdings and currently holds around 500000 Ethereum, taking his net worth to a whopping number of $500 million that half a Billion dollars, They way Ethereum price is rising this year, it is pretty much possible that his net worth could touch the mark of $1 billion in near future.
Ethereum bills itself as a blockchain app platform where transactions are used to pay for decentralized computing power. (The most visible of these apps so far has involved the breeding and trading of digital cats) Despite its intentions, the coin’s skyrocketing value has much less to do with enabling trustless apps than the sort of wild speculation that drove a nearly 20x increase in bitcoin over last year.
Ethereum is making people rich, just like Bitcoin. The big difference between Ethereum and any other crypto currency is that acceptance of Ethereum is much higher than any other crypto currency (Bitcoin is an exception). We are experiencing a Flood of ICO’s and almost all of them are based on the structure provided by Ethereum, making it more useful than anything else.
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