Integrating btc into my website

[Redirexrs]

I've made a website, something similar to yellow pages, but with graphics and much more info. Think of it as a business catalog and since there's a lot of businesses that accept bitcoin as payment, I'd love to slap a little shiny btc logo on their info-card to make it stick out and get people wondering what that it and I'd also be accepting payments and donations in btc.


Since I have to report all earnings, will payments in BTC make a problem if I don't convert them to eur and deposit them into business bank account? Anyone has any experience with that? Can I do something more to bring attention of the masses to btc? Any solid ideas?


Should I open up an account and register with my business bank account? I'm really unsure about this and really don\t want to be having any problems later on.





p.s. since I'll be accepting donations in btc I was thinking of making like a "thank you" page where all who donated can send a 200x200 image, or whatever they'd like to, to be made into a gallery of supporters. Any thoughts about that?

p.p.s wasn't really sure where to start this topic, sorry in advance if I'm mistaken.

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[webtricks]

Since I have to report all earnings, will payments in BTC make a problem if I don't convert them to eur and deposit them into business bank account? Anyone has any experience with that? Can I do something more to bring attention of the masses to btc? Any solid ideas?

Should I open up an account and register with my business bank account? I'm really unsure about this and really don\t want to be having any problems later on.

If you are going to receive bitcoins in a non-custodial wallet, you can maintain privacy to certain degree and keep btc in the wallet without any worries of reporting earnings. Since it's just a donation, I believe senders won't report those as their expenses so it is possible for your btc transactions to go unnoticed.

^[1] However, if you are using Exchange or KYCed wallet then you have to report 'donations' as your earnings because your wallet will link the identity of your business to the bitcoins received. You can still hold bitcoins in a wallet and not convert those to euros, however, in such situation whenever you sell btc, you are obliged to pay capital gain tax as well.

For example,
You received 0.05 BTC worth 750 EUR as a donation on May 19th, 2019. You kept btc in your wallet for 1 year and the value of 0.05 BTC rose to 1000 EUR. Now you sold BTC for 1000 EUR on May 18th, 2020. So, you will report 750 EUR as your business earnings and 250 EUR as your capital gain.

PS: Even if you use non-custodial wallet, people can easily track how many bitcoins you are receiving as donations if you place the bitcoin address publicly. In such cases, it would be better to report bitcoins received as earnings as per ^[1].

[Redirexrs]

PS: Even if you use non-custodial wallet, people can easily track how many bitcoins you are receiving as donations if you place the bitcoin address publicly. In such cases, it would be better to report bitcoins received as earnings as per ^[1].

Yeah, I went a little through how donations are taxed here, it's up to 5% depending on the amount. Reporting the donations would probably be the best thing since the tax % is somewhat low.

I'm not what much worried about privacy since later on everyone could see that I'm the owner.

[webtricks]

PS: Even if you use non-custodial wallet, people can easily track how many bitcoins you are receiving as donations if you place the bitcoin address publicly. In such cases, it would be better to report bitcoins received as earnings as per ^[1].

Yeah, I went a little through how donations are taxed here, it's up to 5% depending on the amount. Reporting the donations would probably be the best thing since the tax % is somewhat low.

I'm not what much worried about privacy since later on everyone could see that I'm the owner.

Okay then it would be better to pay tax on donations and keep yourself secure against the authorities knocking the door. And don't forget to check capital gain implications if you decide to hold donations rather than selling them off instantly.

[examplens]

PS: Even if you use non-custodial wallet, people can easily track how many bitcoins you are receiving as donations if you place the bitcoin address publicly. In such cases, it would be better to report bitcoins received as earnings as per ^[1].

Yeah, I went a little through how donations are taxed here, it's up to 5% depending on the amount. Reporting the donations would probably be the best thing since the tax % is somewhat low.

I'm not what much worried about privacy since later on everyone could see that I'm the owner.

I suggest you first to inquire well about these things in your country. especially as cryptocurrencies are legally regulated, it can be different between countries.
webtricks gave an example of what if after a while the value of $750 in BTC going to $1000, but what if your BTC worth $500 and the moment you received them they worth $750. Did you pay tax for $250 which you lose in price consolidation?

p.s. since I'll be accepting donations in btc I was thinking of making like a "thank you" page where all who donated can send a 200x200 image, or whatever they'd like to, to be made into a gallery of supporters. Any thoughts about that?

maybe you're not worried about your privacy, but your donors can be. they may want to remain anonymous and not want their pictures to be shown on a random website.

[webtricks]

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I suggest you first to inquire well about these things in your country. especially as cryptocurrencies are legally regulated, it can be different between countries.
webtricks gave an example of what if after a while the value of $750 in BTC going to $1000, but what if your BTC worth $500 and the moment you received them they worth $750. Did you pay tax for $250 which you lose in price consolidation?

Good point! The usual practice in such situation is that the person has to pay tax on the entire amount i.e. $750. The loss of $250 will be treated as Capital Loss. Capital loss can only be set-off against other capital gains. If person doesn't have other capital gain in the current year then he is allowed to carry forward capital loss to the next year. But $250 cannot be set-off with other incomes like business earnings.

Most of the countries follow this practice for capital gains/loss. However, the number of years to carry forward the losses differ from country to country. I am not European and have no idea if the practice is same in OP's country or not. So it is advisable to consult expert in your country.

[Redirexrs]

maybe you're not worried about your privacy, but your donors can be. they may want to remain anonymous and not want their pictures to be shown on a random website.

I didn't mean it like that, they can but don't have to. They don't have to put anything if they don't want to, I meant that they can put whatever they want in those 200x200. Not necessarily a mug shot style pic lol

Most of the countries follow this practice for capital gains/loss. However, the number of years to carry forward the losses differ from country to country. I am not European and have no idea if the practice is same in OP's country or not. So it is advisable to consult expert in your country.

There's literally nothing about crypto here, tho I assume that exchanging those btc to eur right away would eliminate any capital loss or gain.

[shield132]

p.s. since I'll be accepting donations in btc I was thinking of making like a "thank you" page where all who donated can send a 200x200 image, or whatever they'd like to, to be made into a gallery of supporters. Any thoughts about that?

maybe you're not worried about your privacy, but your donors can be. they may want to remain anonymous and not want their pictures to be shown on a random website.

It's really good idea, there may be some people who really want to appear in that list and there may be some who will just donate because of possibility to be included in that list but still, without doubt, that should be optional because some people prefer better privacy.

I really suggest you to check laws carefully. In the country where I live, I can receive bitcoin and run a small online btc business without paying any cent in tax if my traffic is from foreign countries. It still depends on business type, authorities aren't very strict here.

I don't know from where you are, so, hard to say. Maybe you should state the country and ask here? Or there can be some FB groups in your country where people discuss about such things? Or reddit?

[Joel_Jantsen]

Since I have to report all earnings, will payments in BTC make a problem if I don't convert them to eur and deposit them into business bank account? Anyone has any experience with that? Can I do something more to bring attention of the masses to btc? Any solid ideas?

I guess not. Also relatively depends on the BTC related laws in your country. You definitely will have to register your company with the Tax department and after converting your BTC to EUR you can pay taxes on your earnings.

Should I open up an account and register with my business bank account? I'm really unsure about this and really don\t want to be having any problems later on.

Register where? If you're starting a business, you'd need to definitely register with the Income Tax department of your country. Every country has its own rules and regulations so search the procedures in your country.

p.s. since I'll be accepting donations in btc I was thinking of making like a "thank you" page where all who donated can send a 200x200 image, or whatever they'd like to, to be made into a gallery of supporters. Any thoughts about that?

Umm again, check your laws dude. How tf you expect the community to answer questions without providing relevant information? In my country, donations are not taxed.

[Redirexrs]

Since I have to report all earnings, will payments in BTC make a problem if I don't convert them to eur and deposit them into business bank account? Anyone has any experience with that? Can I do something more to bring attention of the masses to btc? Any solid ideas?

I guess not. Also relatively depends on the BTC related laws in your country. You definitely will have to register your company with the Tax department and after converting your BTC to EUR you can pay taxes on your earnings.

Should I open up an account and register with my business bank account? I'm really unsure about this and really don\t want to be having any problems later on.

Register where? If you're starting a business, you'd need to definitely register with the Income Tax department of your country. Every country has its own rules and regulations so search the procedures in your country.

p.s. since I'll be accepting donations in btc I was thinking of making like a "thank you" page where all who donated can send a 200x200 image, or whatever they'd like to, to be made into a gallery of supporters. Any thoughts about that?

Umm again, check your laws dude. How tf you expect the community to answer questions without providing relevant information? In my country, donations are not taxed.

This topic is mostly resolved and it was 5am when I started the thread, so I was a little sleep deprived. I'm going with exchange from BTC to EUR right after donation and donations here are taxed from 2.5%-5% depending on the amount.

As I've said, it's resolved I just forgot to lock the thread. Cheers!