10 sats \ 5 replies \ @clr 8 Mar 2023 \ parent \ on: Disadvantages of Bitcoin's Circular Economy bitcoin
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.
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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