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That makes no sense, businesses that have been accepting Bitcoin generally charge the USD price at the current exchange rate and convert that back to USD not lo
by thesmallestcat 9y ago
That makes no sense, businesses that have been accepting Bitcoin generally charge the USD price at the current exchange rate and convert that back to USD not long after the transaction, for fear that Bitcoin would turn into funny money. We're talking business here, not investment.
- yebyen 9y agoYeah, business. So about those transaction fees... you can save money by grouping your transactions and clearing them in blocks. Now you're dangerously close to figuring out that you can make more money by waiting for the best time to clear the block. Once you've crossed that bridge, if your business has any margin at all, it's not hard to imagine that keeping some of the exchanged crypto currency back from each clearing block until the next block, or even longer, during any bullish run (that we've seen on more than one occasion) can result in a measurable margin increase with a fairly low (or at worst, quantified) risk profile.
- dahdum 9y agoThat would still be investing, business would pay taxes on the Bitcoin value at the time of purchase as revenue, regardless of conversion to fiat in whole or part.
- yebyen 9y agoI know, so you pay your taxes and now you might as well have been a day trader for the levels of complexity that adds to your tax accounting burden. Not sure what my point was really — that's just about exactly how this plays out.
- rrdharan 9y ago50 Cent begs to differ: https://www.theverge.com/2018/1/24/16930010/50-cent-rich-bitcoin-twitter-instagram-humblebrag https://www.theverge.com/2018/1/24/16930010/50-cent-rich-bit...