Any talking points to mention when talking to business owners about accepting Bitcoin?
Discussion
No volitility risk if they have a strike account.
As a business owner, my Two biggest reasons are
1. Few if any customers have bitcoin.
2. Tax implications.
Sorry, let me clarify. These are reasons I don't accept bitcoin.
What difference is the tax implications on crypto versus fiat? Surely that can be adjusted accordingly… Agreed not many carry bitcoin which is IMO a good reason to start now and understand the evolution before that’s not the case but all great reasons thx 🙏 I’ll find out more facts to rebuttal those questions much appreciated my friend
It's not taxes of crypto vs fiat. It's capital gains vs income. And paying a tax professional who will go through all the crypto transactions as the government requires at this point. It's not as simple as a P&L. This costs money, extra money in a time where although there is much printing of it, seems to be little to go around. Also thinking of keeping my business off the radar of the government. Any mistakes in business accounting (btc just adds another vector for me) could be catastrophic. I'm not running a million dollar Corp or a store front. It's a small service business that doesn't have the capital for making sure all these boxes get check when introducing a new form vector for mistakes.
This will likely become easier in the years to come, as have most aspects of the ecosystem, but we aren't there yet. Holding BTC in my business is not the same as having btc in my cold storage for personal use.
You risk nothing by using bitcoin to by goods and services. I risk putting food on the table for my child by accepting it. Also, if your rebuttal is you run a business and accept it, great, we're not all in a situation where it is as practical.
I want Bitcoin to succeed too. I stack sats just like the next guy. And at some point I hope to accept it in my business. But it's not there yet for me.
If your asking for points to hit. I gave you two. I would only add that if this is your pitch, you've got a long way to go.
Sorry, I got myself a little worked up at the end there... ignore the last paragraph. Been a long week brother!
No worries my friend..
You brought up great points I need to look into and find outlets for those issues. Seems like the biggest issue would be the Tax implications it could bring to low budget businesses. Thanks 🙏 a bunch my friend
BTCPay, access the website on a tablet.
Mirror your items from your normal POS.
The amount of payments you receive will be small at first so use it as a business savings fund. No swapping to fiat - no tax bullshit.
If you can find a supplier that will accept bitcoin, you could restock outside of the fiat system.
It’s all about a circular economy. Nostr is a huge kickstart. Sats for content is just the beginning.
businesses that accept Bitcoin only furthers the adoption of Bitcoin start small and grow with this revolution!!!
No more check cancellations or halted payment threats from malicious customers. Once you get paid, it’s yours.