Yes from that angle I would agree, just to help the network. I would consider it for sure. In my case, we provide lighting design services (layouts, consultations, photometrics, heatmaps, etc.) and accepting for these services is a no brainer. A few months ago I posted if anyone was interested but had no takers. Could try again in the future, would be a great experience!
The tax laws have to change for it to truly become a medium of exchange.
At the moment, if the goal is to accumulate BTC it’s probably easier to just use some fiat profits and buy BTC directly and hold on the balance sheet. A tiny $MSTR if you will.
Replies (2)
I think the real challenge is to get people to spend it. I can see Lightning payments replacing cc’s.
From the stand point of just buying vs selling a good or service, i would argue that it’s marginally cheaper than buying since you’re getting the gross profit as a markup. For instance, I’m swapping a $50 (cost) lamp that is sold for $100 in Bitcoin. Yes there’s a tax cost to account for but it should still be better if you can get people to spend their Bitcoin.
Good conversations, maybe someone reads and gets inspired. 🤝
I’m so grateful for this thread, thanks to you both for taking the time to articulate these ideas.
I’m in agreement with whichever one of you suggested that BTC payments would be slow to start. I am currently running a BTCpay server and a lightning node. I am just marking BTC payments as cash, effectively buying KYC free sats. I think? I have not had an accountant review any of this. BTC payments so far are a minuscule portion of the business so I’m willing to face the music for any mistakes I make now.
I have an account called “Cash on Hand” and I deposit all cash to that account. If I don’t wind up moving it to a real bank account before the end of the year then the real cash is never actually there anymore, because I spent it, so I settle that balance to another account called Owner’s Pay.
I should also mention that I have two businesses operating under the same umbrella, one is service and the other is retail sales. The service business retails parts that are installed, and is probably about 65:35 service:COGS. The retail outfit is new and is where I’m experimenting with the BTCpay server.
Bigger picture, I’m trying to figure out how to sweep profits into BTC and what kind of ratio of operating capital to keep in fiat to avoid those taxable events of selling or spending the BTC until laws become more sensible. I have levered some BTC a couple of times for operating capital when needed to avoid the taxable events.
