Things change quite quickly in the crypto currency scene.
1) The Royal National Lifeboat Institute (RNLI) was the first major charity
in the UK to accept donations by bitcoin
https://rnli.org/support-us/give-money/bitcoin-donations
2) Newegg, which is a pretty large company, accepts bitcoin
You are confusing some things. For example., the fact that a charity
would accept bitcoin donations does NOT make bitcoin a "currency". They
would also accept say a major work of art, a yacht, etc. They are
unlikely to turn down anything of value. BUT --- look at the
"undiscussed topics" and the problems they raise below. So yes, they
would accept a donation of stock/securities and this is common over here
because the favorable tax treatment for "gifts of appreciated stock".
But what if that is stock in closely held corporation?
That Newegg would accept bitcoin also does not imply " currency". Note
that while businesses do not usually engage in "barter" with customers
when a ;large number of customers they might engage in barter with other
companies or even with customers when those are few in number. We have
NOT yet had discussions about how to treat a number of topics. Which is
proper since the accounting issues aren't specifically gnucash issues.
For example.
1) Stocks and other securities that are not very liquid ---- we have
been assuming when discussing stocks, etc. that they have some well
defined publicly known market price. That we can just "look up the
price". This is not always the case. In fact, the number of small
corporations whose "stock" is not publicly traded probably far exceeds
the number that are publicly traded.
2) Purchase of a business where price paid and book value are different.
What is "goodwill" and how is it accounted for?
3) Barter transactions. Especially when what is being traded has value
far different than its "book value" and like closely held stock, no well
defined ":market price".
Michael D Novack
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