Nostr Web Client

The problem with any transaction (on-chain, lightning, or other layers) is we go back to the same taxable event.

I buy a cup of coffee with lightning or liquid and it’s a taxable event.

Maybe a bill gets passed waiving transactions less than $10K (or w/e is reasonable) per year from being taxed. That would be insanely positive. Ideally no limits but not holding my breath.

What would be cool, and maybe you know if this exists or not, is having a lightning wallet that smash buys BTC/lightning at the same moment you make the purchase. Only downside is you need a bank account to fund the purchase with fiat unless there’s some other way to do it. I thought about this a few years ago. Vendor still has the same issue though.

For example, I walk into a coffee shop and order a cold brew and we scan the lightning invoice for 8,000 sats (approx $5). The lightning wallet immediately buys the equivalent amount of lightning/BTC resulting in no taxable event for the user since there was no cap gain or loss (bought and sold for the same price). I’m ignoring fees but maybe the wallet can charge a flat subscription fee instead of a service charge/fee per transaction to truly be a no tax event.

Are you a developer? Let’s work on this! Haha

Chriso🇺🇸🇦🇺🦘⚡️ 1y ago

Strike has the ability to do exactly this. Basically you’d have fiat funds in your wallet and pay lightning invoices with it. I’ve never done it that way though. Jack Mallers talks about it in some videos to combat this exact problem.

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Discussion

Tony Carrera 1y ago

Oh man, wasn’t aware of this. Could be a game changer if that’s how it works. It makes sense if you have fiat in the wallet. I hope nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle can confirm?

If it truly avoids the tax event adoption I would for sure choose to pay with lightning just to support the network. Honestly, even a little easier. Though CC’s do have the buyer protection feature in case vendor is a jerk… can’t 1-800-Bitcoin for a dispute lol

Chriso🇺🇸🇦🇺🦘⚡️ 1y ago

From what I recall from the video nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle published, the idea is when you use fiat and pay via lightning, the nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 app makes the purchase and simultaneously sends the payment via lightning so essentially your buying and selling at the same time. I’m sure he or someone at Strike will confirm this for us.

Tony Carrera 1y ago

Yea that’s exactly, what I was thinking. If that’s how it works, they should definitely make a bigger deal about it.

Vendors still have the same issue we discussed previously though, I wonder if strike allows businesses to accept in a similar fashion as bitpay (choose how much to allocate into fiat/btc from a lightning or on-chain payment)?

Chriso🇺🇸🇦🇺🦘⚡️ 1y ago

I recently learned about a Strike plugin for nostr:npub155m2k8ml8sqn8w4dhh689vdv0t2twa8dgvkpnzfggxf4wfughjsq2cdcvg . From what I read, it will automatically convert the BTC to cash when you use it. I could be wrong on that but that’s the feeling I got. If that’s the case, I don’t really see much use for it here in the USA but maybe it is beneficial in other countries.

I think for anything of real significance, BTCPayserver is the way to go. I think Square also has integration with nostr:npub1xnf02f60r9v0e5kty33a404dm79zr7z2eepyrk5gsq3m7pwvsz2sazlpr5 but I think small businesses could start accepting bitcoin like we have discussed and then as it scales, move to other solutions to make it more efficient/easier. But unless someone just wants to understand and use something like BTCpayserver, no one would start with it day 1.

I’ve been playing with BTCPayserver for a good while and do a few things here and there to get others to interact with it here on NOSTR, as well as it helps me learn.

Someone can take it and open a store front with it in an hour or two if they wanted. You should check it out if you’ve never played around with it.