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.
cnix
npub1tx…mwx64
2024-07-03 02:50:49
in reply to nevent1q…ha5z
Author Public Key
npub1txh7f5wew26f56mps7l2gavgj0c9dnjj946a25ta7amgc6eqku6qwmwx64Published at
2024-07-03 02:50:49Event JSON
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"content": "I’m so grateful for this thread, thanks to you both for taking the time to articulate these ideas.\n\nI’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. \n\nI 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.\n\nI 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. \n\nBigger 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.",
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