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
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!
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. 😄
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?
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
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.
Money printers are about to go into overdrive. "Crisis is assured"
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.
📚 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
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.
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?