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0 sats \ 2 replies \ @Solomonsatoshi 24 Oct \ on: Self custody strategies for small volunteer orgs with rotating staff? bitcoin
All you need is for the pastor to be trusted and for him to learn how to set up Electrum cold storage. A view only version of the cold wallet could be available to all church members/public even. A Bitcoin Treasury seems a reasonable step as Bitcoin is far more consistent with the Bibles (frequenly ignored) prohibitions upon usury but why do you need LN? What use cases are there for actually spending Bitcoin by the church? And in what way will you account for and pay taxes due on capital gains when spending sats to comply with taxation? If you really want/need LN capability then again maybe need to trust the pastor to operate it.
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6 sats \ 1 reply \ @SimpleStacker OP 24 Oct
A Bitcoin Treasury seems a reasonable step as Bitcoin is far more consistent with the Bibles (frequenly ignored) prohibitions upon usury
Without commenting on usury specifically, part of my desire is to help the church members understand why bitcoin is a better money more consistent with biblical principles.
What use cases are there for actually spending Bitcoin by the church?
There aren't, but it's a better savings vehicle than cash and bonds which are the only assets we currently hold.
And in what way will you account for and pay taxes due on capital gains when spending sats to comply with taxation?
Our church is exempt from taxes so we don't have to worry about that
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30 sats \ 0 replies \ @Solomonsatoshi 24 Oct
So given there are no use cases for spending all you need functionally is a cold wallet on L1 for Treasury. Electrum can potentially provide that without any third party HW gadget required. https://electrum.readthedocs.io/en/latest/coldstorage.html https://itsfoss.gitlab.io/post/how-to-install-linux-os-on-usb-drive-and-run-it-on-any-pc/
Great if you can increase understanding of how usury has become embedded into our entire monetary system via fiat money. Unquestioning acceptance of debt slavery via fiat money has been almost universal and is a great thing to try to overcome.
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