In an interview with CoinDesk TV on Thursday, Miami Mayor Francis Suarez said that the city will provide bitcoin to its residents. If you asked Suarez if he saw bitcoin as a form of cash, including a way to pay taxes, he said he did.
? Miami Will Provide Bitcoin As Salary
Last Monday, Miami Mayor Joe Suarez declared that he will accept his whole salary in bitcoin. This is a move that he has been pursuing for some time.
According to the mayor’s plan, civic personnel are going to have their salary in BTC. And, residents should be able to pay city fees and taxes in the decentralized currency.
? Bitcoin & MiamiCoin
The mayor added that a digital wallet will be launched in conjunction with bitcoin exchanges.
This is in order to distribute airdropped Bitcoin earned through staking MiamiCoin in the Stacks protocol to its citizens.
In the end, Suarez believes that individuals will be able to utilize bitcoin and MiamiCoin as they see fit. This is whether they choose to HODL or use them to pay for goods and services at local businesses.
“Because MiamiCoin is based on the Stacks protocol, which stacks on the Bitcoin blockchain, there are several nexuses and connections between the two,” Suarez explained.
However, the mayor’s belief that Stacks and Bitcoin are interconnected is incorrect.
Stacks has its own mining algorithm and consensus rules.
To put it another way, the initiative is at best a sidechain to the Bitcoin effort. At worst, it is an entirely other endeavor.
Additionally, Stacks has its own cryptocurrency, the “proof of transfer” token, which is mined as its holders get bitcoin.
Thus, Stacks is reliant on bitcoin holders’ willingness to exchange their BTC for Stacks Tokens in a one-way transaction, expecting for future advantages from the yield generated by their “stacking” – a practice that is not entirely consistent with Bitcoin’s incorruptible proof-of-work system.