Re:Bitcoin Takes Bigger Wall Street Stage with Smooth CME Debut
by alextheparrot on Monday December 18, 2017 @12:35PM
(#15953423)
How do you account for Bitcoin’s volatility in your accounting? I think this is one of my biggest critiques about using bitcoin as a payment method - I am much less certain about how many dollars I am receiving (At scale people can and will abuse this).
Re:Bitcoin Takes Bigger Wall Street Stage with Smooth CME Debut
by wslh on Monday December 18, 2017 @12:49PM
(#15953553)
We use a third party in this case so from the accounting point of view we are receiving fiat currency. Regarding volatility, yes, we are exposed to volatility which until this point is less than the spread between the real exchange rate and the bank one. But obviously there is a risk associated with unexpected events.
That is not debatable. Some of our customers pay our company in Argentina in BTC and at the end we have more money that if we use wire transfer via banks and with all the legal support. This is because banks in many countries don't offer a fair exchange rate and via Bitcoin we can reduce the difference.
Most people in HN don't see benefits because they live in well developed countries with highly developed financial services.