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?
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.
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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.
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I think this is half my issue. I'm trying to help the dumb ones, and it's tiresome.
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As I said, the dumb ones DO NOT DESERVE bitcoin. Fuck them. More sats for you.
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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.
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If they convert to cash or fiat then nothing changes
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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.
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Some miners don’t HODL. They mine then sell.
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Wulf is a public miner that doesn’t HODL
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