Bitcoin

Dustin Henning The00Dustin at gmx.net
Thu Dec 20 14:42:59 EST 2012


	You can actually use XXX or XTS, but when I tinkered with this, you
could only go out to 5 decimal places because the 6th one would always get
rounded off.  Note that I'm not looking at GnuCash right now and don't know
what the default number of decimal places is on those currencies, but I may
have edited the XML file to get them to show 6 places.
	Dustin

-----Original Message-----
From: gnucash-user-bounces+the00dustin=gmx.net at gnucash.org
[mailto:gnucash-user-bounces+the00dustin=gmx.net at gnucash.org] On Behalf Of
Andrew Skretvedt
Sent: Thursday, December 20, 2012 13:32
To: gnucash-user at gnucash.org
Subject: Re: Bitcoin

I'm following the recent list traffic discussing bitcoin in GnuCash. In the
interim, while a mechanism to add to the code for official support is being
considered, I wonder about what you might do as a substitute if you operated
a business transacting primarily in bitcoin.

One thought might be to select some currency unit you didn't normally use
and felt comfortable pretending as a stand-in for bitcoin. Then, to overcome
the issue of decimal precision, rather than journalizing in whole bitcoin
units, use a subunit of bitcoin that can be accommodated by the existing
precision, like micro-bitcoin or even satoshi.

Then, you just declare to anyone else who may need to use your GnuCash
output, that although the report shows currency "xxx", the accounts are
denominated in micro-bitcoin.

If you can set the exchange rate between your chosen stand-in currency and
another currency you also need to keep accounts in, say EUR, then I think
you'd be all set with an interim functional set of books.

I wonder how existing bitcoin-accepting businesses handle their accounting?




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