Yes, quite right! This workaround is for an account involving only BTC txs.
Can still cross-currency by entering the rate manually, which should still be less trouble, busywork and error-prone than treating Bitcoin as a stock. Until Bitcoin is coded into GC as a proper currency and a possible unit of account, might be all we can do. HSC ------- Original Message ------- On Saturday, June 18th, 2022 at 07:10, Peter West <p...@pbw.id.au> wrote: > But you can’t then quotes for cross-currency values directly, because such > quotes will be expressed in terms of the primary unit - BTC, for example. > —Peter west...@pbw.id.au“But when you give to the needy, do not let your left > hand know what your right hand is doing, so that your giving may be in > secret.” > > > On 18 Jun 2022, at 4:36 pm, HSC <contact@highseas.capital> wrote: > > > > Unfortunately, the idea of pretending that 1$ = 1BTC doesn't work exactly > > as it should, because the Spend/Receive fields don't accept entries smaller > > than 0.01, even if smallest fraction for account is set to 1e-8. > > Neither does setting the decimal places to 8 in Preferences > Numbers > > > Decimal places affect Spend/Receive fields. Even setting to 3 doesn't > > increase them beyond 2 decimal places. > > GNC just blanks and ignores a number less than 0.01 > > > > That's tolerable, if we pretend that 1$ = 1 sat instead of 1 BTC, and round > > the the milisats of fees to nearest 10, as if they are US cents. > > That should be close enough for the foreseeable. > > > > HSC > > > > ------- Original Message ------- > > On Saturday, June 18th, 2022 at 04:05, HSC <contact@highseas.capital> wrote: > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > Thank you, Michael D Novack! > > > That's a great solution until GNC development catches up to the crypto > > > world: we will keep separate GNC file for each cryptoasset. > > > > > > > > > The remaining problem is that Bitcoin Lightning goes to 11 decimal > > > places, and Ethereum I think goes to 16. > > > Will round up to 1 sat for now, since it's still of insignificant value, > > > but eventually that will also need some improvement. > > > > > > > > > Another thing is that moving from onchain Bitcoin to its Lightning layer > > > channels and back is a Bitcoin transaction in itself, which involves an > > > onchain fee to open the channel. (Subsequent instant txs in the LN > > > channels are at most a few sats for substantial BTC amount, and small > > > payments txs often cost less than 1 sat - a fraction of a US cent in > > > value - as I mentioned.) > > > So, I guess Lightning layer bitcoins will have to be represented by some > > > other fiat of the obscure ones that start with L perhaps. > > > > > > > > > The other issue is exchanging BTC for USD stablecoins, such as USDC. Then > > > would have to represent that USD with some other dollar, such as the CAD > > > maybe? > > > > > > > > > Might get error-prone. Since even Bitcoin is over a decade old now, seems > > > that it would be useful for GNC to allow "user-defined non-ISO" > > > currencies, such as "XBT" used for Bitcoin on some exchanges. > > > Seems unlikely that central banks will ever allow such currencies to > > > become ISO. > > > > > > > > > > > > > > > > > > HSC > > > > > > > > > > > > > > > > > > ------- Original Message ------- > > > On Saturday, June 18th, 2022 at 02:56, gnucash-user-requ...@gnucash.org > > > wrote: > > > > > > > > > > > > > > > > > > > > > > > > > > > > Today's Topics: > > > > > > > > > > 1. Re: Bitcoin Lightning payments (Michael or Penny Novack) > > > > 2. Re: Online crypto value quote (David T.) > > > > 3. Re: Online crypto value quote (Geoff) > > > > > > > > > > ---------------------------------------------------------------------- > > > > > > > > > > Message: 1 > > > > Date: Fri, 17 Jun 2022 22:45:25 -0400 > > > > From: Michael or Penny Novack stepbystepf...@comcast.net > > > > > > > > > > To: gnucash-user@gnucash.org > > > > Subject: Re: [GNC] Bitcoin Lightning payments > > > > Message-ID: 967b4023-8d76-dc43-9fbe-f00854c99...@comcast.net > > > > > > > > > > Content-Type: text/plain; charset=UTF-8; format=flowed > > > > > > > > > > On 6/17/2022 9:21 PM, HSC wrote: > > > > > > > > > > > Hello Everyone, > > > > > > > > > > > Haven?t used GC a couple years, and trying to recollect how it all > > > > > works. > > > > > > > > > > > Current challenge is starting to work with payments and expenses that > > > > > are exclusively in Bitcoin. > > > > > > > > > > > Has anyone experience with some commercial accounting software that > > > > > handles Bitcoin in an easier way as a currency that it is? > > > > > > > > > > IF what you mean by "exclusively in bitcoin" is accounting JUST in > > > > bitcoin, you would not have to treat it as stock/commodity evaluated in > > > > some other currency. You could keep a set of books denominated in > > > > bitcoin. The lack of a currency symbol is an illusion, as they are just > > > > conventional symbols. Understand? In YOUR books "$" doesn't have to > > > > stand for dollars, it could stand for "bitcoin". > > > > > > > > > > Michael D Novack > > > > _______________________________________________ > > gnucash-user mailing list > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > If you are using Nabble or Gmane, please see > > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > > ----- > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All.
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