Q/ Onboarding local businesses - how should they record BTC payments? \ stacker news ~bitcoin

pull down to refresh

Q/ Onboarding local businesses - how should they record BTC payments?

302 sats \ 10 comments \ @SatsCats 4 Mar bitcoin

I am onboarding several local businesses & most seem interested. However, they all ask the same question, "How do I handle the tax/cash side of the business when accepting BTC/lightning?"

Is there a go-to answer? Should I keep it simple and say treat it the same as how you handle cash transactions? Also, potentially sell BTC if and when needed?

Or should I educate the need to have a hodl stack?

view all related items

155 sats \ 4 replies \ @DarthCoin 4 Mar freebie

Bitcoin is CASH in accounting. Is simply money. No more no less.

Also being a low volume, all these sales in BTC could be just savings plan. I mean do not sell it back to fiat. NEVER. Later when the merchant accumulate a good quantity, could start paying the employees or suppliers in BTC too.

Please stop this bullshit madness with "bitcoin taxes". There's n o such thing.

21 sats \ 3 replies \ @SatsCats OP 4 Mar

Thanks. I've had similar conversations about not returning to fiat but noticed it scares some small businesses and becomes a roadblock.

I like what you said:

Later when the merchant accumulate a good quantity, could start paying the employees or suppliers in BTC too.

I've started to provide a spreadsheet example of how their BTC buying power will increase, which helps to illustrate how they can create a circular economy.

61 sats \ 2 replies \ @DarthCoin 4 Mar

Darth memes never fail...

https://i.postimg.cc/bw6G5G5V/darth-advice-apprentice.jpg

0 sats \ 1 reply \ @SatsCats OP 4 Mar

I think this is half my issue. I'm trying to help the dumb ones, and it's tiresome.

42 sats \ 0 replies \ @DarthCoin 4 Mar

As I said, the dumb ones DO NOT DESERVE bitcoin. Fuck them. More sats for you.

60 sats \ 0 replies \ @fm 4 Mar

As a person, hold, As a business, suggesting them to hold is dangerous.. businesses often operate a small margins. Suggesting someone to hold and then see a correction that wipes all their benefits in a couple days is a risky move.

Holding MUST be a personal choice from the owner. As a business manager i would never ever give that financial advice.

21 sats \ 3 replies \ @Bell_curve 4 Mar

If they convert to cash or fiat then nothing changes

10 sats \ 2 replies \ @SatsCats OP 4 Mar

Is it a bad idea to be their exit liquidity/fiat off-ramp?

I know we shouldn't use the F(iat) word, but it might help with the onboarding process if they enough I can give them physical cash for their precious precious sats.

21 sats \ 1 reply \ @Bell_curve 4 Mar

Some miners don’t HODL. They mine then sell.

21 sats \ 0 replies \ @Bell_curve 4 Mar

Wulf is a public miner that doesn’t HODL