Texans for Greg Abbott recently announced that Bitcoin will be accepted as a form of campaign contribution through www.GregAbbott.com. Abbott, who is a native of Wichita Falls, Texas, and is running for governor, recently said, “I’m excited to see our campaign add another tool to our cutting-edge digital outreach, which is allowing us to reach more Texans than any previous campaign in the state.”
Abbott, the Texas Attorney General further said, “The spirit of Bitcoin embodies the free market principles that make Texas a leader in innovation and entrepreneurship. We welcome the Bitcoin community to join our team.”
People can make secure contributions via Bitcoin through the campaign website, www.GregAbbott.com.
The Abbott campaign yesterday, Tuesday, June 24, released a web ad explaining the Bitcoin process. Abbott appears personally in the ad which explains how to use the Bitcoin as a contribution. Donors are allowed to use the server of their choice. Viewers of the ad are instructed to go to GregAbbott.com for further information.
For those who aren’t familiar with this relatively new currency it may be described as an encrypted, decentralized digital currency. For those concerned about the safety of this cutting edge currency, it is protected by an extremely secure database (the Blockchain).
In order to comply with the Texas Ethics Commission concerning in-kind contributions, Texans for Greg Abbott will require users submit certain information. That includes name, address, employer and occupation.
Bitcoin is recognized by the Texas Banking Commission as well as the Internal Revenue Service as an asset as opposed to actual currency, so contributions via Bitcoin transactions so contributions to Abbott’s gubernatorial campaign will be regarded as in-kind contributions.
Bitcoin transaction fees, if any, are less than those associated with more traditional forms of payment because the form of currency is user to user, thus eliminating the presence of a third party financial institution.
Created in 2009, Bitcoin includes the advantages of not having to pay banking or other middle man fees. Although it is new compared to other forms of currency, the currency or assett as it is often described, is fast gaining wider acceptance. A person can even use Bitcoin to pay for webhosting services or buy Pizza. Ladies will be interested to know they can use Bitcoin to pay for manicures.
Bitcoin also has the advantage of being used on an international level.
The Abbott campaign becomes the first statewide organization in political history to employ the cutting edge currency as a way of making donations.
Although Abbott is running as the Republican nominee for governor, he is working full tilt as the top law enforcement official in Texas to address the unaccompanied child immigration crisis on the border today.
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