100% Bitcoin \ stacker news ~bitcoin

pull down to refresh

2508 sats \ 5 comments \ @globalmerchant 31 Aug 2023 bitcoin

I am 100% Bitcoin. about four years ago I was introduced to Bitcoin FROM having coffee with someone who was explaining to me why Bitcoin only I saw the light and wanted to say to anyone reading this everyone eventually you will see Bitcoin is the way to go.

Use it in your business, be part of the circular Bitcoin economy, eco system whatever work you want to use. If someone talks down to you about another method you might be into right now, don't argue just learn, when the time is right you'll see the light.

God Bless, be productive support each other

Aloha

view all related items

13 sats \ 0 replies \ @Undisciplined 31 Aug 2023

How well are you able to use Bitcoin as a unit of account? (As in, having your expenses and revenue defined in Bitcoin terms, rather than defined in fiat and converted to Bitcoin)

I think unit of account is the next big hurdle and we need to know how you guys have been doing it.

500 sats \ 2 replies \ @Maximux 1 Sep 2023

I believe that much more adoption of Bitcoin is needed in the Ecommerce Platform🧐

0 sats \ 1 reply \ @globalmerchant OP 1 Sep 2023

You're absolutely right, discussing with your suppliers, and wholesale customers was step one for me.

Sometimes I get frustrated when I see how good Bitcoin is for the World and yet the Governments are trying to stop the use.

0 sats \ 0 replies \ @Maximux 1 Sep 2023

Yeah exactly like this. There are many dark forces that have a mission to stop the advance of Bitcoin. That is why it is in the hands of the BTC followers to work to promote the advancement and implementation of Bitcoin in the economy.

0 sats \ 0 replies \ @globalmerchant OP 1 Sep 2023

Excellent question. Please let me state this first……..

1. We still receive the majority of overall sales paid to us as an exporter in fiat usually on a wire transfer or ACH. These are tied to a regular commercial invoice. 
2. Not everyone in other Countries is comfortable to use BTC due to the ever changing approvals by their Governments changing what is ok this month versus a few months back.  
3. I do NOT want payments by credit cards POTENTIAL FOR charge backs, unless it is a long time customer.
4. On one of our websites we ONLY accept BTC via IBEXPAY we do NOT want this transferred to USD, we ONLY want BTC to build up as much as possible, as some smaller suppliers are now starting to accept Lightning for orders. 
5. Our expenses are shown also paid in fiat on one account and one being paid with BTC on another account in this way we can confirm our movement of BTC. Complicated to say the least. However if a business is serious about being circular then this is comes with the territory.
6. We keep records of what the so called price of BTC was at a specific date when a payment was posted when received as BTC. My take is coingecko declares one price, coin market cap another, and so on and so on in the end as far as the IRS, what we declare what we say the price is for a specific transaction is how we close out the books.
7. I do my best to record what the BTC price is at 0900 HST each day.
8. I’m long term for BTC but it is very, very sad that my B2B customers in other Countries are much more interested in BTC than most of the USA B2B and B2C.
9. So in the end our chart of accounts we have some sales that were received as fiat and some as BTC. 
10. Now the fun part when we import we usually have multiple payments going outbound to a supplier. They might be by wire transfer in USD.
11. When we export we might also receive multiple payments if they are received via a zaprite invoice as an example the amount of the transferred value in has to be included in the final calculation of what the profitability is.
12. We also have to pay duty on the goods. How this is included in the profitability and/or selling price is tough.

I wish there was a short answer, bottom line however uses BTC will have to accept the reality that our Government and other Governments are the difficult part, not market prices, supply chain issues, competition, shipping, just the Government not wanting the use of BTC.

Mr. Biden is planning to tax miners 30% I’m wondering how much he will start charging for merchants to accept BTC as a payment regardless if B2C or B2B. God forbid they will outright stop the use of BTC as they really don’t want us to use BTC.