The internet has provided an unprecedented avenue for new growth within the virtual currency industry and this new growth has taken many shapes and sizes, from Bitcoin to Starbucks Stars. In todays fast paced market, any company wanting to survive needs to pay attention to these changing methods of payment.
The California state legislation is one entity who will no longer be ignoring these new alternatives. If you missed it, Bitcoin and other digital currencies, were technically “illegal” to use in California up until a few days ago. This should be no worry to anyone though because the outdated law was not being enforced, even when such big names as the Sacramento Kings and San Jose Earthquakes where accepting Bitcoin well before the rule was changed.
California is catching up to the times now that Governor Jerry Brown has just signed the new bill that recognizes the legal use of these methods of payment within the state.
“Assembly Bill 129 will allow Bitcoin and other digital currencies to be legally used in transactions by repealing a provision of state law that bars the use of ‘anything but the lawful money of the Unites States’” reports Patrick McGreevy of the LA Times in his article regarding the new bill.
In theory Bitcoin and other digital currencies have many advantages. But in practice, account safety, hackings and user anonymity issues need to be addressed before it can become more widely used and accepted.
Where Bitcoin has been used to avoid taxes and other regulating bodies, essentially operating in a grey area, BizX has been legal all along. Everything is reported directly to the IRS so that it can be taxed and accounted for, just like any other transaction done using cash. BizX has, is and always will be completely compliant with the IRS.
Furthermore, Bitcoin essentially has anonymous interactions between its users. With BizX you are dealing with tried and trusted companies, a lot of times in face to face situations. BizX is also a protected and safe method of payment with thousands of reputable businesses transacting every day, doing millions of dollars in transactions every month.
BizX is ahead of where the digital currencies are going, paving the way for alternative currencies and methods of payments in the ever changing landscape of alternative currencies.