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Reid Walley
54bab1309a8744312809d35ee9a9d54a4741edba181d9da1c0bfe4f6020f26ba
Graphic designer. Bitcoin tees: https://bitcoinoutlaw.com/ (Pay with ⚡️Lightning) Twitter: bitcoin_outlaw Twitter: reidwalley (permanently banned for speaking freely) Matrix: @reidwalley:matrix.org

I’ve heard nostr:npub14mcddvsjsflnhgw7vxykz0ndfqj0rq04v7cjq5nnc95ftld0pv3shcfrlx mention about the different businesses he owns and manages Bitcoin for all of them. Football club, bar, etc. #Bitcoin comes in, some employees get paid in #BTC, and I *think* some venders of his also accept Bitcoin.

nostr:npub1key55ax33gkl50uqemvl4khrtqrhzm7wzpc7fhseutt5ddkcwcrqgxlt3h is a dive bar in New York City that accepts BTC.

If I was to implement Bitcoin into a business I would do the following:

Create an account (similar to the checking account) in my accounting software so when I sold an item for bitcoin, I’d record the selling price and corresponding revenue. When entering the sale, I’d notate #sats received (date will be automatically done as long as recording entries real time or daily). This will :

1- recognize the revenue of selling the item

2-give you the cost basis of the sats and the date you received them.

Then when you need to convert to fiat, you’d reduce the bitcoin account based on the #sats sold, recognize a gain or loss on the conversion, and receive the cash into you’re bank account.

In this scenario, all income has been reported and you have cost basis documented. If you could find vendors that take Bitcoin, you could buy inventory with the Bitcoin and achieve the full circular economy that we hope to one day see. In that scenario, you’d recognize the cost of the inventory or other expense item and would have a gain or loss on that conversion as well.

If you’re not running a computerized accounting software package, this can be done with a pen and paper. My guess is no one would accept Bitcoin if they didn’t run their company books on a computer system of some sort.

If I was doing lots of small transactions, you might do a bulk entry (total sats and total fiat sold

Value) at the end of the day vs entering each item. In that scenario I’d be looking to implement a BTCPayserver instance to use in collecting activity. (For instance a coffee shop or snowcone stand)

My thoughts would be all bitcoin transactions will be slow for anyone in the beginning and scale up as interest increased.

Is this anything close to what you’re asking? If not, and me specific questions and I’ll answer. I’ve given this a lot of thought but it’s the first time I’ve put it down for others to read.

#bitcoinbusiness

That’s an excellent answer!

Them: What if someone changes the #Bitcoin code and makes more than 21 million coins?

Me: You mean like the Fed's been doing with the dollar your whole life?

Early Adopter t-shirts coming soon

- Fire

- Wheel

- #Bitcoin

#designstr

Money by decree of the government will never be as good as money that rises up from public use in the free market.

This is why we #Bitcoin, because we believe in money bubbling up from the people instead of by government decree.

According to Thomas Jefferson, "no better money standard was available than the Spanish dollar."

Jefferson noted that "the government did not have to mandate this because the market had already adopted [the Spanish dollar]".

- Thomas Jefferson, Notes on the establishment of a Money Mint (July 24, 1784)

https://youtu.be/KAbqEFRjQnA?si=pYDQRehX_OToXT-C&t=1081

Fiat has brainwashed a friend of mine:

"If we all chip in a little bit then inflation will help fix the economy. If we don’t then you won’t be able to get the products at all because the manufacturers will go out of business. I would rather pay the price they ask for."

Gray gradient background or orange background?

WordPress WooCommerce featured image design.

#Bitcoin t-shirt #ProofOfWork

Appreciate the vote for both!

BTC price-discovery phase is like dynamite in the beginning phase of a tunnel

BTC price-discovery phase is like hammering in the beginning phase of sculpting marble

BTC price-discovery phase is like ignition of rocket lift-off

Price-discovery, dynamite, hammering, and ignition are all volatile.

Dynamite is the volatile means in the beginning phase of a tunnel

Hammering is the volatile means in the beginning phase of sculpting marble

Ignition is the volatile means of rocket lift off

Price-discovery is the volatile means in the beginning phase of #Bitcoin’s fiat value

All carry volatile factors in the beginning phases

All of the examples I provided do *not* lead to a predictable outcome.

Dynamite killing workers or causing avalanche

Hammer chiseling off too much marble or causing unexpected cracks

Rocket exploding or having to abort or malfunctioning half-way to orbit

Bitcoin’s fiat price volatility is just as unpredictable, at least during Bitcoin’s price discovery phase.

As more people, corporations, banks, and countries adopt #Bitcoin, then volatility smooths out.

Get your robot dancin’ shoes!

It's More Fun to Compute (2009 Remaster) • Kraftwerk

https://youtu.be/11co7eaLKE4?si=_rZoVLRhr_13m1xp

Every musician/band/group/DJ/singer I’ve ever danced to made it far enough along for their art to eventually make it to my ears - and move my feets

Their 45 and 33-1/3 vinyl, 8-tracks, cassettes, CDs all made it out into the world and into my world

My hats off to any artist that plows their path

Inflation is getting the fuck out of hand. This exact box has always had 6 bars. Now it only has 5.

This is why we #Bitcoin, because the Fed cannot manipulate the supply of bitcoin.