Incorporating #Bitcoin into my business.
I personally hold bitcoin and do believe it's something that can benefit society as a whole. With that in mind I made the decision to accept bitcoin as payment at the business I own starting the first half of '22. I had already bought some bitcoin and placed on the balance sheet, but accepting bitcoin as payment was something else I figured. Checked with my accountant who did some investigation and came back to me with an OK.
Invoices sent by my business contain all the necessary info for making payments in bitcoin, ie conversion from national currency, wallet address, list of exchanges where to buy bitcoin etc. There's even a small discount of 5% if paid in bitcoin to entice clients.
During these 19 months or so, not one single invoice has been paid this way. Not only that, not one client has asked me what this bitcoin thing is all about. This is unfortunate and currently the state of affairs in the country I reside.
Starting today I'm increasing the discount to 20%, maybe that'll make one or two clients curious. If all invoices were to be paid with this higher discount and the price of bitcoin would remain flat at current levels of around $45 k, I'd still be OK financially.
Some background. It's an insignificant business in the grand scheme of things, but it's how I make my living. Started 7 years ago. Sells services, not goods. Pretty high margins currently. Few big well established clients who make up all of the revenue. No mom and pop shops. Clients always pay on time. Generates steady cash flow which has allowed purchases of stocks and bitcoin to put on its balance sheet. Future market outlook OK.
Assets
1) 15% cash for salaries, taxes and purchases of services / software / hardware
2) 85% stocks and bitcoin
Hoping this modified bait will have some effect and this post inspires others to do the same at their businesses even though my attempt hasn't been successful so far. I'm sure there're lots of people in a similar situation to me who could start accepting bitcoin if they wanted to, but who haven't given it enough thought. Why not? Take a stand, accelerate adoption.
In any case, these’re exciting times, lets see what '24 brings us!
anubisSonOfRa
npub1rl5…4wn4
2024-01-02 22:05:27
Author Public Key
npub1rl598fd8xaymz2nyc2n2xvf8zvls0k3edjsnczs5tncpy7ynuk2qc84wn4Published at
2024-01-02 22:05:27Event JSON
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"content": "Incorporating #Bitcoin into my business.\n\nI personally hold bitcoin and do believe it's something that can benefit society as a whole. With that in mind I made the decision to accept bitcoin as payment at the business I own starting the first half of '22. I had already bought some bitcoin and placed on the balance sheet, but accepting bitcoin as payment was something else I figured. Checked with my accountant who did some investigation and came back to me with an OK. \n\nInvoices sent by my business contain all the necessary info for making payments in bitcoin, ie conversion from national currency, wallet address, list of exchanges where to buy bitcoin etc. There's even a small discount of 5% if paid in bitcoin to entice clients.\n\nDuring these 19 months or so, not one single invoice has been paid this way. Not only that, not one client has asked me what this bitcoin thing is all about. This is unfortunate and currently the state of affairs in the country I reside.\n\nStarting today I'm increasing the discount to 20%, maybe that'll make one or two clients curious. If all invoices were to be paid with this higher discount and the price of bitcoin would remain flat at current levels of around $45 k, I'd still be OK financially.\n\nSome background. It's an insignificant business in the grand scheme of things, but it's how I make my living. Started 7 years ago. Sells services, not goods. Pretty high margins currently. Few big well established clients who make up all of the revenue. No mom and pop shops. Clients always pay on time. Generates steady cash flow which has allowed purchases of stocks and bitcoin to put on its balance sheet. Future market outlook OK.\n\nAssets\n1) 15% cash for salaries, taxes and purchases of services / software / hardware\n2) 85% stocks and bitcoin\n\nHoping this modified bait will have some effect and this post inspires others to do the same at their businesses even though my attempt hasn't been successful so far. I'm sure there're lots of people in a similar situation to me who could start accepting bitcoin if they wanted to, but who haven't given it enough thought. Why not? Take a stand, accelerate adoption.\n\nIn any case, these’re exciting times, lets see what '24 brings us!",
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