Establishing a Circular Economy in Australia \ stacker news ~bitcoin

Establishing a Circular Economy in Australia

3856 sats \ 22 comments \ @kdnolan 1 Feb bitcoin

Within the https://peninsulabitcoin.com/ community, our focus has been on actively engaging and integrating local businesses into the realm of lightning payments. This endeavor has been incredibly rewarding, especially when I enjoy my morning coffee, knowing that I am contributing to a local family business. Moreover, it's heartening to know that their children are learning about this technology.

In relation to the circular economy concept, which essentially involves businesses supporting each other through lightning payments, my query pertains to potential legal considerations. Assuming proper recording of tax events, are there any other legal ramifications that should be taken into account?

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37 sats \ 8 replies \ @f6287b82CC84bcbd 1 Feb

Aiming to do the same on Koh Phangan Thailand.

Have a weed dispensary and 2 restaurants onboard., and soon will have accommodation which can also be rented by the momth soon.

41 sats \ 7 replies \ @kdnolan OP 1 Feb

How are the laws?

They pretty much killed it in Bali

6 sats \ 5 replies \ @justanumber 1 Feb

What happened in Bali? Was thinking about going to live there for a while to check it out.

22 sats \ 4 replies \ @kdnolan OP 1 Feb

They had circular economy going.. and the gov made it illegal essentially 😢

1 sat \ 3 replies \ @justanumber 1 Feb

thanks for coming back to me, that's very sad 😭

36 sats \ 2 replies \ @kdnolan OP 1 Feb

Yeah they are the nicest people too.. and they need it the most :/

0 sats \ 1 reply \ @justanumber 1 Feb

A friend was telling me how lovely the people are. Have you lived there? If so, what do you think?

11 sats \ 0 replies \ @kdnolan OP 1 Feb

I actually caught up with Bitcoin community living there.. super cool... They love it.

I've been about 7 or 8 times, I love it there

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0 sats \ 0 replies \ @f6287b82CC84bcbd 1 Feb

Allowed to accept bitcoin as long as you are not using an exchange to receive funds.

38 sats \ 5 replies \ @cryotosensei 1 Feb

I know that the Wallet of Satoshi hails from Australia and it's rather cool to see it featured in the picture here because that's what i'm familiar with.

The WoS gets a lot of flak for being custodial, but I think it's one of the easiest wallets for those new to the LN to actually use.

24 sats \ 0 replies \ @kdnolan OP 1 Feb

Totally agree, they are great guys.. and have done so much for Bitcoin adoption

They deserve props!

114 sats \ 3 replies \ @justanumber 1 Feb

Agree, it's super easy - especially for onboarding newbies!!

Does anyone know any non-custodial wallets that are as easy as WoS?

36 sats \ 1 reply \ @cryotosensei 1 Feb

Zebedee.

It works perfectly for me to buy gift cards from Bitrefill: https://www.bitrefill.com/invite/q3vi9c4y

It also has these advantages:

has a variety of games that reward newcomers with sats fairly easily
has tie-ups with Slice, thus entrenching itself with an ecosystem
provides an email address that makes it convenient for people to use it as a burner account

0 sats \ 0 replies \ @justanumber 1 Feb

Thank you for responding! I'll take a look at Zebedee

0 sats \ 0 replies \ @btcschellingpnt 14 Mar

phoenix is non-custodial and excellent - have been using last 6 months or so

22 sats \ 0 replies \ @cyberpunk0101 1 Feb

Wish them well Happy to Support any small business with Lightning payments.

1 sat \ 3 replies \ @_b_o_n_e_s_ 1 Feb

it sounds as though you've received tax advice so with legal requirements, what do you mean, is there something specific you have in mind? do you mean for the community group, or for yourself operating a business that accepts bitcoin? sorry, I'm not sure from your post.

the one thing i can see is that it looks like you're using a custodial wallet, so I guess you'd want to read the Terms of Service carefully and make sure you understand them, and can abide by them so you don't risk your funds being confiscated.

big props to you for onboarding your local community! ✌

42 sats \ 2 replies \ @kdnolan OP 1 Feb

Thanks mate.. 🙂

Sorry yeah, to clarify, not so much for myself.. I don't own a business.. and I make sure I take note of all personal transactions for cap gains/losses

More so for advising the businesses.. I'm wondering if there's any legal ramifications for one businesses (say a coffee shop) receiving sats.. then using those sats in one of the other businesses on the peninsula (say an ice cream shop)

I recently got back from Bali, and the government there made the BTC circular economy illegal.. so it just got me thinking could something similar happen here? and is there something we haven't thought of to prepare for/mitigate..

1 sat \ 1 reply \ @_b_o_n_e_s_ 2 Feb

bitcoin is money, so there shouldn't be. it should be the same thing as business A getting paid some dollars then spending them at business B.

but that doesn't stop governments who do not understand bitcoin from coming up with dumb rules and regulations to try and prevent or deter that like it sounds has happened in Bali. I didn't know that and it sucks to hear

so guess im saying there may be some additional requirements but I don't know of them. I think tax would be main thing as its money. ATO has some info on its website, I think its mostly from POV that bitcoin is an asset so may not be too helpful.

I think Australian tax rules are that if you are acquiring and spending in short time frame, using it as money, then there's carveouts for any small modest cap gain or loss. Or maybe its small amounts. Not sure but would be worth investigating.

governments can't stop bitcoin though, over time more and more people will see that it's real money, which we havent had in a long time, and will opt in to its network. great stuff getting more people aware!

0 sats \ 0 replies \ @kdnolan OP 3 Feb

thanks man, yeah totally agree with you

we really shouldn't focus on negative stuff hey? human nature... the protocol doesn't care :)

1 sat \ 0 replies \ @OT 1 Feb

Wish you the best!

I went through the Mornington Peninsula about 20 years ago. Was nice! Close to Melbourne too

1 sat \ 0 replies \ @cyberpunk02 1 Feb

proof of work!