[kwlug-disc] Accepting bitcoin (and other cryptos) as a Canadian business

[Chamunks]

*> I try to pay with bitcoin whenever I can. As the value of bitcoin tends>
to go up in value over time,  relative to fiat money, anything I pay for>
is effectively obtained at a discount. This only works if you hold> bitcoin
over time.*
I actually bought like $20 of BTC in Feb to make a $10 donation and wanted
to keep a bit on hand in case.  Turns out with a little bit of Ethereum
added to that pool that I'd mined $75 ish worth I now have something like
$600cad or so just in that little pool.  Always a bit of fun hodl'ing your
crypto for a while.

On Wed, Oct 25, 2017 at 8:06 PM Scott Frederick <sfrederick0 at gmail.com>
wrote:

> On 24/10/2017 05:43 PM, Khalid Baheyeldin wrote:
> > There are also other technical and practical concerns for accepting
> > Bitcoin, besides tax implications.
> >
> > Two are: delayed verification of payment, and high transaction fees.
> I think that these objections are often exagerated. Blocks are mined on
> average every 10 minutes. For small amounts I consider 1 block to be a
> confirmed transaction. Double spends after more than 2 blocks, although
> theoretically possible, would be very costly to carry out.
>
> Fees can be set by the spender. If there is network congestion, fees
> will trend higher, but if there is no need for urgency, paying a bill
> for instance, a low fee will still confirm iin a reasonable time. I have
> had confirmed transactions in a couple of minutes for about $0.80 recently.
>
> Compare to the speed and costs of a bank wire. At least $30 in fees, and
> sometimes intermediate banks will add their own fees (which you will not
> know about untill the transaction is initiated) and probably one, and
> probably 2 or 3 business days. Credit cards involve fees to the merchant
> of several percent.
>
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