Finally orangepilled a friend of mine who runs a cafe in NY to a point where he asked me how to start accepting #bitcoin and #lightning payments 😎
What are the simplest solutions for a small business owner to start accepting BTC and not get into regulatory / tax trouble?
cc nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle nostr:npub1j8y6tcdfw3q3f3h794s6un0gyc5742s0k5h5s2yqj0r70cpklqeqjavrvg
Voltage + BTCPay server + Hydro from nostr:npub19tcpurtt6xulhw0r6sc404j9jraj0h8me2lzs7z2tqewz7l0hpas59nlea
That gets you node infrastructure, POS software, and liquidity. We can help on the regulatory side as well for reporting.
If my memory serves me correctly, nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 is not available in NY. With a little work, nostr:npub155m2k8ml8sqn8w4dhh689vdv0t2twa8dgvkpnzfggxf4wfughjsq2cdcvg would be awesome fit. Probably first thing I’d do is put up a few #bitcoin accepted here stickers and use any lighting wallet that could run on an old cellphone and see what interest he had from customers. It would take a little book work to keep up with sales but shouldn’t be toobad. nostr:npub1aeh2zw4elewy5682lxc6xnlqzjnxksq303gwu2npfaxd49vmde6qcq4nwx nostr:npub142vmjd5y2jty57hu9vkvd58txq8el24kzla0cjk8vj8urtjrudyqjjs5w6 may be helpful with this venture as well.
There are plenty of POS systems to accept bitcoin/lightning. The issue I find is automatically connecting that to the back end accounting and inventory systems. That seems to be mostly a manual process for now...
If you have to do it manually, its easy to calc, its just a pain to track. From an accounting perspective, you just treat the bitcoin earnings similar as you would cash. Just convert to fiat value (as of the time of sale) when calculating your receipts.
Whatever spot price bitcoin is at the time you recieve is your basis (aquisition price) for that Bitcoin. Most wallets will have a receipt with a $ translation so you can just use that.
If you sell your bitcoin later for fiat you have an additional gain/loss of whatever the current price minus acquisition price is. If you never sell, then there's nothing more to that, enjoy your earned generational wealth.
I really like the idea of zaprite as the UI for customers on an iPad at the shop. Not sure if this would work but I've been meaning to test it out. nostr:npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8 has a great video on zaprite
