Software company TurboTax is getting into cryptocurrency. TurboTax has partnered with Coinbase in order to allow users the option to deposit both state and federal tax returns into cryptocurrency.
Coinbase, a U.S. company that operates a cryptocurrency exchange platform, is trying to establish itself as the mainstream gateway for those wanting to enter the world of cryptocurrency. It aims to become the everyday platform for cryptocurrency by letting users deposit paychecks, reimbursements for expenses, and even tax refunds.
Coinbase announced Thursday that it had launched a new direct deposit program in partnership with TurboTax. You can now send your tax refunds into Coinbase accounts, and there is an option to automatically convert U.S. dollars into cryptocurrency.
Randy Hellman, who works in TurboTax’s investor segment, said that there has been an increase in alternative investments, and this new partnership is keeping with the way people invest their money.
Coinbase’s head of product, Prakash Hariramani, said that Coinbase’s aim is to make cryptocurrency easy for people.
Mayor Eric Adams of New York converted his first-ever mayoral paycheck from dollars into crypto, a first for a mayor, and for cryptocurrency. On January 21, the day of his first paycheck, Adams used the paycheck program that Coinbased recently rolled out, which allows people to directly deposit their paychecks.
But cryptocurrency has seen a lot of controversy and issues as well. One controversy around it is that cryptocurrency is bad for the environment. It consumes a lot of energy, to say the least, consuming as much energy as an entire country.
Globally, Bitcoin’s impact on climate and the environment has dire consequences, and the implications are far-reaching.
Another issue comes from the fact that cryptocurrencies are decentralized, meaning that no central authority such as a bank or a government regulates the currency. Some celebrate this because there is no transaction fee, an obvious plus side, especially when sending money across borders.
But the downside is that anonymous and unregulated transactions mean terrorists and criminals can use the currency without any tracking.
Another issue is safety. Last night, cryptocurrency platform Wormhole was exploited by hackers, stealing a whopping $320 million.
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