ElectraFi

www.electrafrost.com

Collaboratively Accounting for Bitcoin and Open Blockchains
Web2: www.linkedin.com/in/electra-frost
Substack: blog.electrafi.finance
electrafrost.btc

Public Key

npub1menrmd24ejnp9dk38au0vzw0fe9xsr25jdtdndj0eukapxz7vdps8sl4nq

NIP-05 Address

electrafi@nostrplebs.com

NIP-57 Address

wittyfirefox4@primal.net

Profile Code

nprofile1qqsdue3ak42uefsjkmgn778kp885ujngp42fx4keke8u7twsnp0xxsc22u362

Author Public Key

npub1menrmd24ejnp9dk38au0vzw0fe9xsr25jdtdndj0eukapxz7vdps8sl4nq

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Last Notes

2024-08-26 11:34:47

I look forward to presenting on Day 2 of the Digital Economy & Tax Masterclass, where I will discuss the Australian taxation implications of Bitcoin DeFi. I will also address the need to reconsider and challenge the current capital gains tax treatment of emerging financial activities on Bitcoin layers.... it'll get spicy 🔥
Register here: https://lu.ma/y02jn3pq

2024-08-13 01:17:45

My lost baggage from Nashville has arrived with all my #Bitcoin2024Conference souvenirs! Phew! Now I can drink @npub1q7u…yy2r El Salvadorean coffee in orange @npub16xc…np3r
and get some serious accounting work done to #MakeMoneyGreatAgain 🤓
https://m.primal.net/Jxpd.jpg https://m.primal.net/Jxpe.jpg https://m.primal.net/Jxpg.png

2024-08-11 20:57:07

Nashville was fun and I did the whole Bitcoin meat thing as a tourist. But I'm home now and THIS is the breakfast of Bitcoin champions 🏆 😄
We can't breakdance around here but we can move mountains of numbers!
Monday morning. BACK TO WORK. 🤓
👇 Brown rice and soy bean savoury porridge cooked in home made vege stock, with white miso, kelp and silken tofu. + Green tea.
https://m.primal.net/JwSb.jpg

2024-07-31 19:57:02

Could Nostr-like tech be used effectively for user-owned accounting data? The protocol would need to be modified to include specific data structures for financial records, with stricter access controls, and perhaps incorporate features like smart contracts for automated processes. Xero reminded us that "the cloud" is just someone else's server, prompting talk about user-owned data, decentralised data storage, web3 architectures for accounting and such.
https://m.primal.net/JkaD.jpg

2024-07-25 10:59:41

Last night I saw the Nashville screening of DIRTY COIN about how Bitcoin  mining is doing so much good in the world. It was just brilliant! Accountants will soon start mandatory ESG score-carding for businesses of all sizes, and Bitcoin will let us positively hijack this narrative. We'll make sure of it at @npub1men…l4nq Accounting 🧡🌱
It was amazing to to see Krista from @npub14w9…znc2 there too!
Check out these educational trading card packs that BTC Trading Cards gave me for @npub19p3…dkan :) Bringing them home for your students. @npub1cyl…h53q
:)
https://m.primal.net/Jdpb.jpg

2024-07-16 11:44:36

nostr:npub1cyla8qgt9gv8y6ydv8s2prt89h8afc0sr2kaz64ryjmlpdrzxm4qwlh53qI thought of you, mate
https://www.bitesizebitcoin.xyz
https://m.primal.net/JSlZ.jpg

2023-12-26 03:55:23

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Yes, I use it. I'm an Australian accountant. No CGT when BTC used in the ordinary course of runnibg a business. But you still need to track gains and losses, on an inventory basis. Crypto subledger accounting software can import your wallet data, convert it to AUD and track gains/losses, and be integrated with Xero or Quickbooks accounting records.

2023-12-25 04:37:27

🥳🥂
https://image.nostr.build/140290d7201cab96f8f6b68d66a9ad383e3213b494eb1b5ce4a87dc390c73e94.jpg#m=image%2Fjpeg&dim=1024x1024&blurhash=UIH_PXRj00oz0hjawaj%40%3F%5EayR4fl4%3Bs%3ANGjs&x=4ed21541ad69ba01f044ef505e670b0fc66650f7e7abef2dc024511e17560091

2023-12-21 01:42:12

People telling me they're ready to use Bitcoin and web3 in business but their trusted accountants and bookkeepers aren't so sure. So we are doing something about that. Send them our way! Share our event.
https://www.eventbrite.com.au/e/crypto-digital-asset-adoption-strategies-accounting-and-tax-cpd-registration-759468279067
1. Introduction. Advisory scope.
2. Business Adoption of Cryptocurrencies
3. Crypto Accounting Systems, Integrations and Processes
4. Tax Accounting and Compliance Fundamentals
5. Practice Strategy: Retain clients & upskill without the overwhelm.

2023-12-19 22:07:11

"As safe as money in the bank" - we need to stop saying this. What's the new phrase? 🙂
#nevent1q…zkwf

2023-12-19 08:27:52

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Have you tried Stacker News? Also Vida.page for vlogging. Integrated with Alby

2023-12-19 08:24:35

Good podcast explaining why Bitcoiners and Business go together. Most startups fail and business owners stress and lose time over cashflow, taxes and finance. So have a good accountant onside from Day 1. (Ask me!) http://stephanlivera.com/episode/534/amp/

2023-12-18 08:15:51

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And of course 😀 @npub19p3…dkan

2023-12-18 08:14:20

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My buddy Kieran from theschoolofbitcoin.com and all the mentors on that page. The school is now Nostr only. All other socials have been killed. 😀💣💥
@npub1v0l…qj49

2023-12-14 12:05:14

My first article since joining the Bitcoin Writers Cohort! Instead of merging Australia's 3 major accounting bodies, why don't we merge the members in a digital organisation? If we're creating a monopoly, make it a decentralised monopoly!
If we are going to build business models on a monopoly network, the most public, permissionless, secure and decentralised monopoly is the only kind worth having. The necessary functionality may now be achieved through the use of layered solutions, protocols, and proposals built on top of the Bitcoin network.
https://blog.electrafi.finance/p/dao-vs-merger-merge-the-accountants

2023-12-01 01:38:34

Are there are step by step newbie guides on setting up Wavlake and what to connect it with and how? I use getAlby, with Nostr on Snort and Amethyst. I can't see if I've connected GetAlby in the settings. Am confused, please help!

2023-11-06 05:52:06

New toys for business are the best! Just got to figure out how to hook up BTCPay Server LN and have a garage sale and invite frens. 😄
https://image.nostr.build/7e0990f4c98faf0d2486e26c6f88ed381dc1e409d55e6679969dd63a99852a51.jpg

2023-10-28 01:29:10

- reply

2023-10-28 01:23:02

I just met with a company that has streamlined a process I've been dreaming about - Bitcoin invoicing through your QuickBooks or Xero invoicing. They provide a non-custodial Lightning node or BYO. When the client pays with their Bitcoin wallet using a QR code on the invoice emailed to them from the accounting software, the invoice is updated as 'PAID' in the accounting software! 🤩
I've tested it. It works with QB and will soon be multicurrency with AUD and Xero integration. They took my feedback to bring in some other other functionalities that I believe will streamline the tax reporting side and improve efficiencies in a point of sale setting.
For a demonstration of my bookkeeping and accounting processes and much more, whether you're a business owner or bookkeeper or accountant or just curious, please join my webinar for the project: ACCOUNTANTS ON-CHAIN - Crypto & Blockchain Accountants and Advisers Group (AOC)
It's $20 a ticket and I do this probono work with AOC to support the Digital Playhouse Foundation charity. (tax deductible, CPD)
Hope to see you there!
https://www.eventbrite.com.au/e/using-bitcoin-in-business-tickets-734427090197?

2023-10-12 21:08:01

Could the PayPal-PAXOS partnership with Venmo integration actually be good news for Bitcoin adoption? That’s the argument presented by Paxos’ Head of Strategy in this Bitcoin Magazine interview due to the accessibility of Bitcoin in the PayPal app, as well as introducing their users to the world of decentralized networks via stablecoins.
https://bitcoinmagazine.com/markets/how-venmos-stablecoin-integration-can-grow-the-bitcoin-economy

2023-10-12 20:59:41

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I wouldn't describe WorldCoin as decentralised. A decentralised ID protocol I would use is verida.io and I think, with all the hacking and tax fraud going on with our Aussie MyGov app, I think we should be building our own alternative that they'll have to adopt. People still need to validate their access to government services but the government doesn't need to manage the credentials.

2023-10-12 20:51:10

Money printers are about to go into overdrive. "Crisis is assured"
https://news.bitcoin.com/peter-schiff-anticipates-no-further-interest-rate-hikes-amid-middle-east-war-warns-crisis-is-assured/?fbclid=IwAR1jiNGJdZpqfU8ODL26B-TfiH0ttoEhNBqBkUSGj0JYbmbLvti2zbN-Jio

2023-10-08 00:34:07

Want to know what accountants think, or encourage your accountants to learn more about Business on Bitcoin? Welcome to the new Electrafi Insider blog! Blockchain, Bitcoin and crypto industry updates filtered by accountants for accountants.
Following on from the Accountants On-Chain (Digital Playhouse Foundation) knowledge-sharing project, this content will provide weekly insights on the real business in blockchain and opportunities for professional SME accountants (and aspiring accountants!) in this space.
Follow link below to find out more and subscribe.
https://blog.electrafi.finance/p/welcome-to-the-electrafi-insider?r=2mc0la&utm_campaign=post&utm_medium=web

2023-09-09 05:09:32

📚 Just came across a brilliant journal article titled "A Review of the Lightning Networks Evolution: Unraveling Its Present State and the Emergence of Disruptive Digital Business Models" by Thomas K. Dasaklis and Vangelis Malamas. 🌐
The article discusses the Lightning Network (LN) and its potential for revolutionising digital payments and business models. It explores the LN's characteristics, topology, performance, privacy, and security, providing a critical analysis of existing literature and highlighting strengths and weaknesses. 💼💡
The authors also identify key themes and trends in the research, offering insights for businesses considering LN adoption and suggesting fruitful areas for future research in blockchain technology, FinTech, and cryptocurrencies. 📈🔍
This valuable study also contributes to academia, fostering further research in the field. 📚💡
#LightningNetwork #Blockchain #DigitalPayments #BusinessModels #Research #FinTech
https://www.mdpi.com/0718-1876/18/3/68

2023-09-08 23:29:02

Wanted - a 2 metre Bitcoin prop for our exhibition stand in Sydney in November. 😃
Visit us at our stall at Accounting Business Expo 21-12 Nov. Register at http://abexposyd.com.au/ for free entry. #ABExpo is the big, in-person, event for the fast-changing world of cloud and digital transformation in accounting, business, finance and money.
https://void.cat/d/HzF9bqy4RVYV93obxFMNcg.webp

2023-09-08 23:14:18

Like most jurisdictions, Australian legislation does not recognise Bitcoin as money or currency, which places a significant administrative burden on taxpayers who use it as a mean of exchange, personally and in business.
The unspent transaction outputs (UTXOs) on the distributed Bitcoin blockchain satisfy the meaning of 'foreign currency' and should be accounted for as such, argues Australian tax specialist, Damian LLoyd.
This is a great paper for accountants to learn the history and technical terms of Bitcoin, and how it functions as borderless 'money' both as a means of payment and for savings.
Discussing -
Bitcoin: Property, Money, Currency or Legal Tender?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4051062&fbclid=IwAR3yerGAr15dsOZ5Xx11M0lwMbpvLlIu6Zo2vVjBhaBtX3rQBtlYvmKwYXo