Bitcoin Accounting? \ stacker news ~bitcoin

1760 sats \ 36 comments \ @plebone 5 Aug bitcoin

I would like to keep track of my bitcoin history and was wondering what people do? Is there an app that gathers what you bought and at what price at and keeps up with what you have? Or is it basically spreadsheet ninja time?

I basically want to log my purchases and keep up with how many dollars I've invested. Then I want to see it's value today. But of course every time I buy, it's at a different price, so a tool that's sorts all this would be so cool.

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211 sats \ 0 replies \ @nullama 5 Aug

Simplest is just a spreadsheet you can do tracking the prices manually.
If you want to use a service, then https://koinly.io is really nice to use, it prepares everything for you, and you only need an email to register.
For an open source option, check out https://rotki.com which is a portfolio tracker that you can manage yourself, here's the github

144 sats \ 3 replies \ @Natalia 5 Aug

I basically want to log my purchases and keep up with how many dollars I've invested.

personally I don't do any of these, and what happens when you spend them later?

but check this out maybe useful: #552799

70 sats \ 0 replies \ @k00b 5 Aug

Clams is the perfect tool for this. It supports non-custodial wallet sources and even has visualizations.

0 sats \ 0 replies \ @freebookspls 5 Aug

Knowing your average price is a good thing. Helps you see the bigger picture and keeps you accountable.

0 sats \ 0 replies \ @plebone OP 5 Aug

thanks

143 sats \ 0 replies \ @anon 5 Aug

check out https://plaintextaccounting.org

programs like ledger-cli are very powerful in their simplicity

142 sats \ 1 reply \ @DarthCoin 5 Aug

https://m.stacker.news/43597

0 sats \ 0 replies \ @Natalia 5 Aug

🤣🤣🤣

43 sats \ 4 replies \ @random_ 5 Aug

Is called a spreadsheet. Simple as.

35 sats \ 3 replies \ @freebookspls 5 Aug

Dont mock people asking for help

0 sats \ 2 replies \ @random_ 5 Aug

🖕

0 sats \ 1 reply \ @freebookspls 5 Aug

Hubris is not a fun ride, kid.

0 sats \ 0 replies \ @random_ 5 Aug

Hu asked you, bris?

121 sats \ 7 replies \ @DarthCoin 5 Aug

ow many dollars I've invested.

LOL such a fiat mindset... NGMI You will never understand what is bitcoin if you are still trapped in that "investment" part.

35 sats \ 0 replies \ @freebookspls 5 Aug

Shame on you for discouraging someone trying to invest his money better

2 sats \ 5 replies \ @plebone OP 5 Aug

How? I just want to see what is going on.. I buy in small chunks, so even if I spend $100 a month, every month is different, It would be nice to see how things grow from time period to time period. Each spend has different results.

300 sats \ 4 replies \ @DarthCoin 5 Aug

Simple: your focus should always be in HOW MUCH SATS YOU HAVE and not how much worth in USD/fiat... You should always have more and more and spend less and less. In other words, even if you buy BTC (not earn it), and spend some, always try to spend less on stupid crap shit.

BITCOIN VALUE IN USD IS TOTALLY MEANINGLESS. What is important is how much stuff you could buy with those sats in time.

If you never try to escape from the fiat mindset, you will NEVER get the fuck out from that cave... you will be forever debt fiat slave. https://m.stacker.news/43588

0 sats \ 3 replies \ @plebone OP 5 Aug

I don't spend any other than on zaps and such, and that is mainly sats already earned here on SN or Nostr zaps... but it is still nice to view progress. It is also good to know if the govt ever came after us for taxes... it's good to know numbers. And finally, it's fun to watch.

100 sats \ 2 replies \ @DarthCoin 5 Aug

https://m.stacker.news/43590

10 sats \ 1 reply \ @plebone OP 5 Aug

🤣😂🤣😂 I don't want them to remember my name.

0 sats \ 0 replies \ @DarthCoin 5 Aug

Sometimes you have to understand the meme in order to understand the message... You are so early.

33 sats \ 0 replies \ @Satosora 5 Aug

I cant believe no one has said this yet: Nice try, Fed.

33 sats \ 0 replies \ @Undisciplined 5 Aug

I don't worry about the fiat exchange rates, but I have started some spreadsheet ninja action.

So far, I'm just doing basic stock accounting, to get a sense of how much I'm stacking daily, but I'll add to it over time.

12 sats \ 0 replies \ @quark 5 Aug

Yes a spreadsheet is enough. Annotate the quantity of dollars you spent, the price, and the date and maybe the source if you have multiple sources

0 sats \ 4 replies \ @freebookspls 5 Aug

I think you need an average price spreadsheet.

How it works?

When you buy bitcoins you write down the price you paid, the amount of tokens you got. With that you can calculate your average prices.

Your total average price is the total amount of money spent divided by the total amount of tokens you got.

Your average price by transaction is the money you spent (including fees and taxes) divided by the tokens you got on that transaction

What if I sell?

Sells don't affect your average price, only purchases.

How much does my bitcoins are worth?

Just multiply your tokens by the current price of Bitcoin.

The link below talks about stocks, but the same principles apply to bitcoin. https://www.fool.com/investing/how-to-invest/stocks/how-to-calculate-average-stock-price/

0 sats \ 3 replies \ @031ef7d322 5 Aug

Sells don't affect your average price, only purchases.

You may want to give this a bit more thought

0 sats \ 2 replies \ @freebookspls 6 Aug

How selling changes my prices (costs)? I don't get it.

0 sats \ 1 reply \ @031ef7d322 6 Aug

Most people are probably only interested in coins still in their inventory.

https://www.investopedia.com/ask/answers/09/weighted-average-fifo-lilo-accounting.asp

If you buy 1 BTC for $10, sell it for $100, then buy another at $1000, do you consider your average price $505 or $1000?

0 sats \ 0 replies \ @freebookspls 6 Aug

My bad, it was supposed to be Weighted Average instead of average price.

0 sats \ 0 replies \ @flat24 5 Aug

It may not be reasonable to leave that data in these apps, it may be harmful to have that information loose on the internet. I think making a manual record in a notebook would be the most viable option. IMO

0 sats \ 0 replies \ @senf 5 Aug

Quicken or other accounting software is an option if you want to track more than just your bitcoin stack.

0 sats \ 0 replies \ @travis 5 Aug

A lot of exchanges will let you download a spreadsheet that shows you this information for tax purposes. Then you can consolidate them all in your own spreadsheet. I used to do this until I started dollar cost averaging every day with multiple exchanges. Just too much work for me to worry about it now.

0 sats \ 0 replies \ @Vupaleno 5 Aug freebie

you can use coinmarketcap app to do it

19 sats \ 2 replies \ @Satoshi__Nakamoto 5 Aug outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.