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Bank Of America Promoting Bitcoin To Its Business Customers

22 points by cdvonstinkpot 13y ago

goeric 13y ago
Wow. That was...unexpected.
hyborg787 13y ago
I'm curious, if sales tax applies, how do you apply it to the sale and remit it to the city? Do you send them USD or BTC?
- URSpider94 13y ago
  That's already well established for barter transactions. Yes, sales tax must be collected and remitted. The amount is calculated on the fair market value in USD of the goods received. Tax must be remitted in USD. This is one of the reasons that national currencies are referred to as "fiat currencies," because the government dictates their use for paying taxes.
  - Codhisattva 13y ago
    That's not what "fiat" means. That's what "currency" means. (That is, if you can't pay taxes to defer the threat of state sponsored violence against your person then it's not valuable currency.)
nonchalance 13y ago
Strictly speaking, it's a community blog post. The author, Touchpoint, probably paid BOA to put the post up there: https://smallbusinessonlinecommunity.bankofamerica.com/people/Touchpoint https://smallbusinessonlinecommunity.bankofamerica.com/peopl... I guess we've found the next forbes.com
scottcanoni 13y ago
I bet that this will be taken down once it receives enough hits or attention.
wheels 13y ago
This is one of those cases where the title of the post really needs to be changed. As posted on HN it's totally false. (It's currently "Bank Of America Promoting Bitcoin To Its Business Customers" in case it's later changed.) Bank of America isn't promoting anything here. This is a community site run on Bank of America's domain. See the current list of articles here: https://smallbusinessonlinecommunity.bankofamerica.com/community/running-your-business/merchantservices https://smallbusinessonlinecommunity.bankofamerica.com/commu...
- nanidin 13y ago
  I thought HN rules required the link title to match the article title with no editorializing? In that case, the title of this post most definitely needs to be changed.

22 points by cdvonstinkpot 13y ago

Wow. That was...unexpected.

I'm curious, if sales tax applies, how do you apply it to the sale and remit it to the city? Do you send them USD or BTC?

URSpider94 13y ago
That's already well established for barter transactions. Yes, sales tax must be collected and remitted. The amount is calculated on the fair market value in USD of the goods received. Tax must be remitted in USD. This is one of the reasons that national currencies are referred to as "fiat currencies," because the government dictates their use for paying taxes.
- Codhisattva 13y ago
  That's not what "fiat" means. That's what "currency" means. (That is, if you can't pay taxes to defer the threat of state sponsored violence against your person then it's not valuable currency.)

nonchalance 13y ago

Strictly speaking, it's a community blog post. The author, Touchpoint, probably paid BOA to put the post up there: https://smallbusinessonlinecommunity.bankofamerica.com/people/Touchpoint https://smallbusinessonlinecommunity.bankofamerica.com/peopl... I guess we've found the next forbes.com

scottcanoni 13y ago

I bet that this will be taken down once it receives enough hits or attention.

wheels 13y ago

This is one of those cases where the title of the post really needs to be changed. As posted on HN it's totally false. (It's currently "Bank Of America Promoting Bitcoin To Its Business Customers" in case it's later changed.) Bank of America isn't promoting anything here. This is a community site run on Bank of America's domain. See the current list of articles here: https://smallbusinessonlinecommunity.bankofamerica.com/community/running-your-business/merchantservices https://smallbusinessonlinecommunity.bankofamerica.com/commu...

nanidin 13y ago
I thought HN rules required the link title to match the article title with no editorializing? In that case, the title of this post most definitely needs to be changed.