Q: When will the Lightning Network be rolled out? A: The rollout has already begun. This is an iterative distributed learning process; it’s unlikely there’ll be a single point in time at which we say LN is “deployed” because it will grow organically. Software is never finished.

Q: When will the Lightning Network be rolled out? A: The rollout has already begun. This is an iterative distributed learning process; it's unlikely there'll be a single point in time at which we say LN is "deployed" because it will grow organically. Software is never finished. submitted by /u/TheGreatMuffin
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Bitcoin – The Currency of the Internet

Maybe the greatest gift and the most important that Satoshi(and possibly company) left was the fact of a true figure headless payment system that can't be rolled back or threatened to be rolled back due to bias or whatever else nightmare of a reason. (red

Maybe the final bolt in the grand Bitcoin design was the missing element of a central point of coersion. I like Vitalik, he’s a rad guy and a little brainiac genius. I do however question his ties TO Ethereum and the very meddling in the affairs of bad actors upon the system he created. It’s a great philosophical quandary to ponder and maybe that is the one factor that separates bitcoin from ethereum and some others that have obvious central leaders in development. Bitcoin is harder to…

Bitcoin

Rolled out my own no-fiat service. What will the tax man need?

Background:

I have programmed my own service using https://bitcore.io and I have a limited company set up in the Uk! My company’s original intention was to deal with Paypal transactions. (but we are now going to only use Bitcoin!)

We plan to only accept BTC ,only pay and make trades in BTC (never converting money within the company to pounds or any other fiat currency).

Additionally I am recording every transaction and payment in my database – for the record and in case the tax man would need to take a look at what is going on.


To put it very simply; my company has two instances of dealing with Bitcoin:

  1. A user buys my product with Bitcoin and I collect it in my own private key
  2. A user requests a payment from me. I pay them in bitcoin to a public address of their choice using another private key of mine

My question is:

If my company is never dealing with any fiat money; what information should I be sending to the tax man?

It is a registered company after all (dealing with international clients) and I want to comply with the law.

What are my tax obligations?


From https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

  • when Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves
  • charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin will be exempt from VAT under Article 135(1)(d) as outlined at 2 above

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency. The value of the supply of goods or services on which VAT is due will be the sterling value of the cryptocurrency at the point the transaction takes place

So I am to say nothing?? O.o

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