On 03/30/12 21:10, Andy Smith wrote:
> =85unfortunately BitFolk's accountant doesn't really know how to make=20
> sense of it. The concept of virtual currencies strikes fear ,=20
> uncertainty and doubt into their hearts, not joy. I don't really want=20
> to push them over it at the moment.
From an accounting point of view it should be treated no differently=20
than accepting say euros in physical currency, and you get taxed on any=20
profit, or claim a loss, from the exchange rate conversion back into=20
what ever currency you usually trade in.
The key so you don't loose out too much would be to have an account with=20
an exchanger so you can flip things over quickly as bitcoin isn't mature=20
enough yet to be a stable currency so there just as much potential for=20
loss or gain which could hurt a small enterprise as it may become a=20
large percentage of your business due to not having any middle men to=20
take their pound of flesh from the transaction.
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Subject: Re: [bitfolk] Bitcoin as payment method
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