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OTOH, ACH lets you actually pay for goods or services received, right? I never hear of people paying invoices with Bitcoin.
by cpach 5y ago
OTOH, ACH lets you actually pay for goods or services received, right?
I never hear of people paying invoices with Bitcoin.
- codetrotter 5y agoI recently agreed with a client that they’d pay in Bitcoin for an invoice that I sent them :) I received half of it in Bitcoin and the other half via old fashioned bank transfer. It was a neat experiment, and I plan on accepting payment in crypto for some invoices that I send in the future as well.
- Griffinsauce 5y agoHow did you handle the fluctuation in value?
- codetrotter 5y agoWe agreed to use the average price from the most recent day in the past from the CoinMarketCap website price history page for Bitcoin, and I attached a note to the invoice stating the USD/BTC exchange rate that we would use when calculating how much they were to send me.
- dagenix 5y agoWhy? Couldn't you just take the whole payment via bank transfer and then go buy Bitcoin afterwards if you wanted to? This sounds like extra steps that I don't understand the point of.
- codetrotter 5y agoThey had Bitcoins, I wanted Bitcoins. It would have been more extra steps for me to first wait for bank transfer and then transfer money to an exchange, buy Bitcoins, and then transfer the Bitcoins to my wallet.
- vmception 5y agoOr immediately buy something else with those bitcoins, or immediately invest in something else, do both while keeping some for savings etc Some people will never get it
- vmception 5y agoIts only an extra step from a dollar centric assumption. Many of us have more bitcoin or other crypto than dollars at any point in time, directly onchain (as opposed to on an exchange, which can have extra steps or even the same limitations as any other financial institution). Even if we have a whole portfolio of other assets, its still not dollars available for trade. If we want something instantly, internationally or outside of business hours or at a large amount, the bitcoin can accomplish that pretty instantly (few seconds with lightning, 1-20 minutes with 1 confirmation onchain transaction). Almost every other crypto asset can do it even faster.
- imtringued 5y agoThis doesn't directly concern you but how do people who transact in Bitcoin keep track of their tax obligations? When you buy Bitcoin for X and then the value goes up to Y you have to record the exchange rate that was used to pay the invoice and then include that in your tax return. It sounds really bureaucratic compared to paying off a credit card with Bitcoin.
- vmception 5y agoGuess one of my companies or the recipients should have made news articles about it throughout the last decade There are discussions to be had about the state of bitcoin/crypto invoicing software Bitpay’s used to be good and then they made it almost useless
- 3np 5y agoPast employers have both been paying and sending invoices settled in BTC and stablecoins with other businesses. I can’t recall hearing about anyone paying an invoice in Brazilian real. That doesn’t make me assume it never happens.