Nuh on Nostr: When people say Bitcoin doesn't get its value from online commerce, or when they say ...

When people say Bitcoin doesn't get its value from online commerce, or when they say Fiat is backed by nothing I shake my head.

Fiat is backed by taxes, if you didn't need to pay taxes this accounting nightmare would have been way easier. If Bitcoin doesn't secure a commerce venue that is only accessible with Bitcoin or at least favourable to Bitcoin... We are screwed

quoting
nevent1q…4h0d

jmb (nprofile…2w7z) has, I only give bitcoin to my church, although they immediately convert to fiat. Speaking from some experience doing bookkeeping involving bitcoin payments, bitcoin is a nightmare both operationally and in terms of accounting. You have to worry about:

- lightning channel management
- ecash <> lightning <> onchain <> exchanges
- key management (bonus points for multisig)
- hardware signers
- per-wallet capital gains tracking and IRS' shifting rules
- short term gains related to drift between invoice amounts and actual exchange rates (or override capital gains exchange rates based on invoice amount)
- invoicing in a non-native currency

It's just not worth it, even if you do the lamest possible thing and hold your bitcoin on an exchange. It makes me incredibly sad. The cost of accounting for bitcoin in any normal business or church massively outweighs any benefits.