Just to the point of treating it as cash. Try explaining that to an accountant :). Believe me, I tried and will keep trying, however, In most places, it is viewed as an asset, so you are basically being paid in an asset which complicates things (it is not like you get paid in Tesla shares or something). The sad truth is that most of us still have to live inside the system in order to run a business and unless the laws and regulations start treating bitcoin as cash, then it is hard to treat it as such without raising red flags in the tax office.
I know, I know, fuck the system :), but that is where the change has to happen in order for people to start treating bitcoin as cash on a larger scale.
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most of us still have to live inside the system
Why? Just step out of that fucking system.
Nobody can force you to live like that without YOUR CONSENT.
raising red flags in the tax office.
Who is the "tax office" ? Mafia?
Are you fucking insane, still paying taxes?
Try explaining that to an accountant
I don't talk with accountants that are not on MY SIDE. I fired all my accountants, I am my own accountant now.
FUCK'EM'ALL are just gov agents.
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I think your consent is sort of a given if you live in a certain country and follow that country's rules. Otherwise, you are just leaching off all of us slaves who pay taxes.
That is not the solution to get more people to use bitcoin. I can totally see how you convert customers by saing: "just don't pay taxes and accept bitcoin" hehe.
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It's not him who is leeching off you slaves, it's the state and its beneficiaries.
You can choose to do the same and break out of slavery.
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Please show ne where I signed and consent to live (forcibly) in a country/state.
What is a country?
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consent at gunpoint isn't really consent tho
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And who put that gun in their hands? Not you by "paying taxes" aka funding your own oppressor?
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They definitely had guns before I even started working.
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What I have heard that some small businesses do: receive bitcoin in the owner’s personal wallet. Take fiat cash from the owner’s wallet and place into the business cash drawer. The sale is accounted for as a cash sale and the business doesn’t keep a bitcoin balance.
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LOL such a dumb and useless move.
I am amazed how in 2023 people still do not make the difference between legal tender, money, sales currency, payment methods and put them together in the same bag.
FUCKING UNBELIEVABLE!
When you make a sale, as a business, you create a sales ticket/ invoice.
That invoice in your accounting ledger is expressed in a currency, usually a local currency. That damn currency is used ONLY to express the value you get for the goods or services you sell and register in your accounting.
That sale, HAVE NOTHING TO DO WITH THE FORM OF MONEY YOU RECEIVED for that invoice.
Dammit guys, money is money, currency is currency, legal tender is TOTALLY other shit.
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I don’t follow. Yes, it doesn’t matter for the invoicing itself. Bitcoin can be seen as both “money” and a “payment” method in this context.
If the business keeps bitcoin in its balance, then it will have to account for it and account for capital gains/losses when the business spends it. In addition, accountants are scared of bitcoin and usually they don’t want to be involved with it. Of course, accountants are state agents that are afraid of losing their licenses or getting in trouble with their local tax agency. Yes, business owners are hiring and paying accountants to sodomize them and deliver them to the state.
For a business owner that hasn’t gone yet full agorist, this might be a good way to acquire bitcoin and the customers also benefit since they can pay directly with bitcoin.
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"capital gains" is such a bullshit term that only US people use it.
By default is a moronic term that have no sense.
- Who are you (any gov) to have any authority ovef my capital / money. Am I your slave or something? Did I fave you any authority over my own work?
- Taxation is theft in any form or shape. Supporting taxation meand supporting slavery.
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I know of a merchant who does this because the tax authority approached him and told him that he accepts btc because he wants to evade tax so he decided to take btc into his wallet and put fiat in the books.
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Merchants should "declare" their BTC as "cash".
Bitcoin IS cash. Nothing else.
All the rest is noise and fear monger.
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We don't have to consent to anything from a government! ALL interactions from a government are voluntary or in others words, offers to contract with them. Learn about Private Membership Associations or Private Clubs and become your own jurisdiction. Take Bitcoin in the private as a merchant. Because that is all governments are...a club of members that try to get you to contract with them. Then they gain jurisdiction over you. Once in your own jurisdiction in the private, you are no longer liable for anything a government demands. We must as a species stop taking the offers of governments!
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Most businesses are oriented around cash flow. They do not have reserves inside the company. Most companies are run at zero profit, the officers all drain the cash to zero and only leave a small portion as a buffer. Credit is used to cover low cash balances for payroll or purchasing materials for an order. To hold a monetary asset inside the company that isn't part of operations or cost of goods sold for a year would look crazy to a business owner. As soon as businesses start to pay for their expenses with bitcoin, or need to do foreign exchange without dollars, then they will begin accepting bitcoin in exchange for their products. The problem is that we as consumers are asking companies at the end of the supply chain to accept bitcoin, when its businesses closer to the raw materials that we should focus on orangepilling, then the rest of the economy will follow suit.
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Thanks
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I studied Finance at uni in the U.S. and when you boil down what they taught us it all came down to cash flows. Getting my mind around being the bank and holding my own reserve was, and at times, still is a challenge.
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THERE IS NO DISADVANTAGE OF BITCOIN CIRCULAR ECONOMY. Everybody should embrace it.