 Show Posts
|
|
Pages: « 1 [2] 3 »
|
How do you pay sales taxes?  -bm No different than any other transaction, tallied at the register in USD just as any other sale. It's just that the customer scans with htier bitcoin wallet instead of handing you cash or a credit card. Think of it like a foreign customer paying with a credit card from a different country. From the merchant's perspective, this is all transparent especially if they are using something like BitPay to convert all sales to 100% USD at time of sale. If a merchant decides to keep the bitcoins instead of convert to USD, they have to pay taxes on the USD value at time of sale. Then, they have to pay short/long capital gains/losses on the BTC investment when they chose to cash out, exchange, or otherwise spend down those bitcoins in the future. BitPay offers year-end reports for cost basis, 1099-K forms, Quickbooks imports, everything you would need come tax time. http://blog.bitpay.com/2014/03/26/bitcoin-tax-confusion-bitpay-merchants-not-affected.html |
|
|
|
I think this is such a good project. It makes me interested in visiting a place I would not otherwise consider. The ban on alcohol is ridiculous however.  Thank you, we are hoping to provide a new attraction for Cleveland Heights, and Cleveland in general. Our entire city is in re-branding mode. |
|
|
|
So bitcoinboulevard is a client of coinneo ?
I call it a production of CoinNEO. My business entity is CoinNEO, and Bitcoin Boulevard US is a project I led through this entity. I have various other projects I am working on too through CoinNEO. Lots more news to come from Cleveland. |
|
|
|
(Also on r/Bitcoin: http://www.reddit.com/r/Bitcoin/comments/24gx89/bitcoin_boulevard_us_launches_today_update_on_the/) Just a reminder that Bitcoin Boulevard US launches today in Cleveland Heights, Ohio. Many business are already open for the day, accepting Bitcoin starting today. In fact, I had a delicious egg/cheese/bacon sandwich and coffee this morning from The Katz Club on my way to work, paid for in Bitcoin. https://twitter.com/CoinNEO/status/461854058928566272We are still waiting on word from Ohio about this alcohol situation, and for now alcohol will not be sold for Bitcoin. Katz Club will sell food and N/A drinks, but not alcohol. The Wine Spot, the flagship store for this project and the location for our kickoff event at 6:00pm this evening, is halting Bitcoin payments for the time being. We are waiting minute by minute for word from the State, and we will make decisions about this as the remaining businesses open for the day. At any rate, we think this issue energizes a debate that is precisely within the spirit of the Bitcoin Boulevard concept. We are challenging people to think about Bitcoin and become aware about its tools, methodologies, and relationships with banking and politics. This includes regulatory agencies, and is a required part of the Bitcoin adoption process, especially for small businesses whose entire livelihoods are at stake with these types of issues. All we can go on is the information we have at hand, being that Ohio is re-considering their position after exhaustive explanation this week from myself, which was reviewed by and augmented with information by BitPay. Thank you to all the help from Reddit, your suggestions have certainly been valuable. We have not heard a new result yet from Ohio. This is a disappointment, but we think it will create a fascinating topic for our launch presentation. Thank you to the journalists of the world press, from our local Heights Observer newspaper, to The Plain Dealer, Washington Post, WIRED, NPR, Bitcoin Magazine, CoinDesk, and many many more for covering our Bitcoin Boulevard US initiative with interest and objectivity. One major goal of ours was to provide some positive news for Bitcoin through awareness, education, and real world experiences. We succeeded in this goal far before today's launch event, changing what seems to be everyone's response in our community from "Are you crazy!" to "This is awesome!". We have faced almost none of the adversity we were anticipating. If anything, people are happy, excited, more informed, and supportive of our Bitcoin initiative and perhaps even more informed about various roles of digital currency. The merchants are absolutely elated by the brand awareness, and I thank them for joining me on this journey. Now we look forward to the responses as the rubber meets the road. If you find yourself in Cleveland, or traveling through on I90 or i80, consider a stop for some refreshments and retail shopping! Let the merchants know you came because of Bitcoin, even if you plan on spending cash or credit card. Reach out and I would be happy to try and meet you. -Nikhil www.bitcoinboulevard.us https://www.facebook.com/coinneo https://www.facebook.com/pages/Bitcoin-Boulevard-US/1406240282972163 |
|
|
|
Hello all. I am the organizer of the Bitcoin Boulevard event, and here is my original thread about this matter: http://www.reddit.com/r/Bitcoin/comments/244att/bitcoin_banned_for_alcohol_sales_in_state_of_ohio/The reddit community had some valuable suggestions. The ODPS has to stand by their statements, as this was made in our major newspaper, The Plain Dealer. However, this decision was made late Friday and of course no one can be reached on weekends there. I contact the agent in charge Monday, and they are reviewing their position, hopefully in time for our event on Thursday. Most of these merchants are using BitPay with 100% USD settlement. So, this is no different than accepting a foreign credit card. The transaction is between BitPay and the merchant, not the customer and the merchant, and this transaction is 100% USD. THIS is not what was passed down to the legal team at the state, even though it was thoroughly discussed. What was passed down was only the information about BTC-BTC direct wallet transactions, which only 1 merchant was hoping to do. The agent gave me the opportunity to submit in my own words what needs to be conveyed, and I did this with support from BitPay, including additional information from BitPay themselves. What I am hoping for now is a compromise. 1) No for BTC-BTC transactions for alcohol, as this would be barter, and is prohibited by current Ohio liquor law. 2) Yes for BTC-USD using 3rd party payment processor like BitPay, no different than foreign credit card transactions not originating in USD. This is a work in progress, as to be expected. This is also required part of the Bitcoin adoption process. It would be incredibly irresponsible not to include the regulators in this conversation, as the merchants' entire livelihood is at stake when it comes to liquor control violations. As of 4:40pm Wednesday, we are still waiting for an answer as is the Press, which is all over this now. Wired just published an article too: http://www.wired.com/2014/04/bitcoin_beer/I hope to have good news for everyone, otherwise this will energize a very interesting debate to a long time to come. |
|
|
|
Hmm.... so Cleveland has emerged as the US city with the maximum number of Bitcoin-friendly stores. Congratulations to all Clevelanders. I really hope that the city will emerge as a prime destination for the Bitcoin tourists.
Thank you! We hope to not only be a destination for Bitcoin tourism, but a destination for locals who simply wish to learn more about the technology and why it exists. We want to help demystify it, and show how diverse it can be applied to small business and communities. |
|
|
|
|
Ohio has pretty relaxed laws already on possession, but its still a crime. I do not see Ohio budging on this topic for a long time, as the state government is extremely conservative. We have a million archaic laws that need to be changed.
Even this Bitcoin project we have to be very, very cautious as vendors' liquor licenses are a big consideration. I have been in contact with lawyers at Ohio Liquor Control, the Federal Tobacco Tax and Trade Bureau (TTB), and the Ohio Department of Public Safety about all of this. So far, Liquor Control has taken "no stance", and the TTB does not care at all what payment mechanism is rendered for alcohol so long as they get their tax money. Still waiting on word from Department of public Safety, as they are the ones that actually enforce the liquor laws.
My conversations with the regulators have so far been very positive. When asked "Can an Ohio bar/brewery accept Bitcoin as payment from customers and not jeopardize their liquor license?", they admit "We have never been asked this question before". But, they have been diligent in getting us an answer so far, and have been receptive to my request in being included in future conversations they may have about this topic.
|
|
|
|
|
Merchant App:
It seems that there is no auto/instant transaction feedback in this app. You have to make the sale on the Payment tab, then manually tab over to the Transactions tab and refresh it to see the status of the payment.
Is there a way to make all of this on the same page, and automatic? So, the ability to make the sale and see the transaction status all on one page, and automatically?
|
|
|
|
|
Bit_Happy - we look forward to seeing you. If you travel here, please consider telling the merchants you did so. We remain realistic that there is not a huge bitcoin consumer base right in Cleveland to date, so one of our goals is to attract visitors to our city.
|
|
|
|
|
Thanks for posting those kjlimo, we are definitely trying to increase membership to this group.
|
|
|
|
|
Thanks!
We want to offer incentives for visitors regardless of payment mechanism. We really want this to be an inclusive event, even for people who do not own bitcoins. Awareness is preeminent really. Before May 1 we will be releasing incentives through the website, which can be redeemed at each store. These may be perpetual incentives unique to the website. This would be a way to keep drawing people to towards Bitcoin awareness using our site, and then towards shopping at the merchants' stores, regardless of payment method.
We are always open to suggestions as we move forward!
|
|
|
|
|
cesmak - thank you! The community is very excited about this. Only a few months ago people were either unaware of, or apathetic towards Bitcoin in my local community. Once I found one merchant who partnered with me, and saw success with their implementation, it opened up all sorts of discussion and activity.
It is interesting to work with these many small businesses. Some owners are not tech-forward, some are, but they are all very innovate business-persons and are veterans to the concept of risk. When they saw it work at one shop, and the notoriety it received, they invested some of their valuable time to learn. Once they learned, the vision was shared and it has been a positive and exciting journey ever since. The tools, while not perfect, are good enough for everyone to understand and considered appropriate and safe for their employees to conduct business.
|
|
|
|
|
Bit_Happy: Cleveland is a friendly city, and Cleveland Heights is one of its many large, established, family-oriented, and progressive inner-ring suburbs. With that being said, it is still a metropolitan area and travelers should consider the same sensible and basic precautions as they would take when visiting any other city. I feel very safe living in and getting around Cleveland.
Enriquez - look forward to seeing you there!
|
|
|
|
(Also posted to r/Bitcoin) We are a diverse community of small businesses who have organized to create a destination for Bitcoin commerce and community. We are a walkable business district within the neighborhood of Cleveland Heights, just 10 minutes east of Cleveland, Ohio. Please consider reading our press release, peruse our website, and follow us on social media for more information: http://bitcoinboulevard.us/lee-road-businesses-embrace-digital-currency-bitcoin-boulevard-us/We also want to send a warm thank you to our friends at Bitcoin Boulevard NL, The Hague, Netherlands who have been incredibly supportive of our initiative. |
|
|
|
|
