63 sats \ 6 replies \ @DarthCoin 21 Sep 2023 \ parent \ on: A kit to help local businesses start using Bitcoin bitcoin
Bitcoin is cash money in any accounting. No more no less. Done. Why complicate it when is so fucking simple.
The accountants are really idiots, always complicating things.
You use BTC only as a payment system, like visa or paypal. That's it. You do not have to do any changes in your accounting or management software. All your sales tickets/invoices are expressed in local currency, you are just taking the value of that invoice in sats. That's all, in your accounting you declare the sale in that currency NOT in sats.
The accountant, taxman or whatever don't even have to know that you take sats. Is not their damn business.
That's all, in your accounting you declare the sale in that currency NOT in sats.
Unlucky is not so simple everywhere.
In Italy, and I suppose many other EU countries, when you get a payment you have to register it and prove the payment channel. So give to the accountant the converted value is not enough. Then if you own bitcoin as a business you have to keep a separate balance and bitcoin is managed as a foreign currency.
I know, we should change the rules. Step by step.
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Who stop you to not say a word that you took sats and say it was cash?
LOL sometimes people are such pussies...
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You missed the point.
In Italy, if I have sold you a service/product I must produce the invoice; the invoice must be linked to a payment record, usually a bank statement.
If I'm payed by sats I have to say it, otherwise I am fined. Plain and simple.
Because that, I think we need to offer a clean view of the legal situation by country, explaining how Bitcoin can be correctly managed in a standard accounting system.
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If I'm payed by sats I have to say it, otherwise I am fined.
All depends WHERE you position yourself in this pyramid
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I will repeat: bitcoin is cash. Is nobody's business what am I doing with my cash. That's it.
Keep living in that cage and you will never be free.
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Clearly, we have different backgrounds and so different ideas. We both want Bitcoin success, we just have different strategies.
Instead of an individual action against the rules, I prefer to spread a collective movement that moves legally towards Bitcoin adoption, and eventually will bring forward a change in the law. In fact Bitcoin can lives without any problem with the current rules, but will inevitably end up changing them.
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