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Besides that I disagree with that "easily converting to fiat" is a disqualifier, read on: Assuming that you as recipient don't mind centralized finance and are

by 3np 5y ago

Besides that I disagree with that "easily converting to fiat" is a disqualifier, read on: Assuming that you as recipient don't mind centralized finance and are just interested in getting out fiat: Open account at e.g. Coinbase. Send in crypto. Convert to fiat (e.g. USD). Wire everything to your account. Report the amount you cashed out as if you had received the corresponding amount in fiat directly. This can be done later, or ahead of time. Alternatively, if you really want the full legacy finance experience a la paypal, you can set up an account that auto-converts it to e.g. USD and sends it straight to your account. For you as a recipient, this is pretty much the same experience you would get from say a normal cc provider. IMO it's preferable that individuals control their own keys but to each their own. Yes, this setup doesn't give you as a recipients all the benefits of the crypto-economy - except that you can now receive funds from it, and provide those benefits to your donors.

shkkmo 5y ago
> disagree with that "easily converting to fiat" is a disqualifier, You can't (generally) pay rent or buy groceries with bitcoin. Donations that can't be spent aren't really useful as donations. > Open account at e.g. Coinbase. Send in crypto. Convert to fiat (e.g. USD). Wire everything to your account. Report the amount you cashed out as if you had received the corresponding amount in fiat directly. Which is more work than setting up a PayPal account and is certainly not a "close to 0 barrier" as claimed.
- maccard 5y ago
  > Which is more work than setting up a PayPal account and is certainly not a "close to 0 barrier" as claimed. Not only that, you don't actually need an account to pay with paypal or stripe. You can do checkout as guest, and enter a card number and be done with it.
- yebyen 5y ago
  > Donations that can't be spent aren't really useful as donations. And my employer-sponsored 401k account isn't useful to me either... seriously you may not believe in "Bitcoin is sound money" or whatever crypto flavor of the day, but I actually think it might be OK if it necessarily takes most people even a bit longer than a year to figure out how to "cash out" their Bitcoins. I mean that you honestly have to be pretty obtuse to believe (today) that someone who received a bitcoin donation in any year before 2021 (and kept it) received what amounts to a "not really useful donation." Year-on-year, even in a bear market, yada yada – none of these are good reasons for you to BUY bitcoin, but as someone receiving a donation from a human who thought you did a good job, I think maybe "try not to look a gift horse in the mouth" is a valid adage here?
  - shkkmo 5y ago
    You, as someone who likes BitCoin and wants more of it, are perfectly free to have a wallet people can send donations to. You are insisting that people with no interest in owning bitcoins set up wallet, figure out tax rules etc... Just so you can do the the favor of sending them bitcoin. > you honestly have to be pretty obtuse to believe that someone who received a bitcoin donation in any year before 2021 received what amounts to a "not really useful donation." I believe there are tons of people, pre-2021, who received useless bitcoin donations and lost the key before they converted it to an actually useful currency. I don't believe this because "obtuse" or whatever other names you want to call me.
    - yebyen 5y ago
      > received useless bitcoin donations and lost the key It happens? But at least you avoided the tax accounting, right...

by 3np 5y ago

shkkmo 5y ago

> disagree with that "easily converting to fiat" is a disqualifier, You can't (generally) pay rent or buy groceries with bitcoin. Donations that can't be spent aren't really useful as donations. > Open account at e.g. Coinbase. Send in crypto. Convert to fiat (e.g. USD). Wire everything to your account. Report the amount you cashed out as if you had received the corresponding amount in fiat directly. Which is more work than setting up a PayPal account and is certainly not a "close to 0 barrier" as claimed.

maccard 5y ago
> Which is more work than setting up a PayPal account and is certainly not a "close to 0 barrier" as claimed. Not only that, you don't actually need an account to pay with paypal or stripe. You can do checkout as guest, and enter a card number and be done with it.
yebyen 5y ago
> Donations that can't be spent aren't really useful as donations. And my employer-sponsored 401k account isn't useful to me either... seriously you may not believe in "Bitcoin is sound money" or whatever crypto flavor of the day, but I actually think it might be OK if it necessarily takes most people even a bit longer than a year to figure out how to "cash out" their Bitcoins. I mean that you honestly have to be pretty obtuse to believe (today) that someone who received a bitcoin donation in any year before 2021 (and kept it) received what amounts to a "not really useful donation." Year-on-year, even in a bear market, yada yada – none of these are good reasons for you to BUY bitcoin, but as someone receiving a donation from a human who thought you did a good job, I think maybe "try not to look a gift horse in the mouth" is a valid adage here?
- shkkmo 5y ago
  You, as someone who likes BitCoin and wants more of it, are perfectly free to have a wallet people can send donations to. You are insisting that people with no interest in owning bitcoins set up wallet, figure out tax rules etc... Just so you can do the the favor of sending them bitcoin. > you honestly have to be pretty obtuse to believe that someone who received a bitcoin donation in any year before 2021 received what amounts to a "not really useful donation." I believe there are tons of people, pre-2021, who received useless bitcoin donations and lost the key before they converted it to an actually useful currency. I don't believe this because "obtuse" or whatever other names you want to call me.
  - yebyen 5y ago
    > received useless bitcoin donations and lost the key It happens? But at least you avoided the tax accounting, right...