[GNC] Bitcoin Lightning payments

[HSC]

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-request at 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 stepbystepfarm at comcast.net
> 

> To: gnucash-user at gnucash.org
> Subject: Re: [GNC] Bitcoin Lightning payments
> Message-ID: 967b4023-8d76-dc43-9fbe-f00854c99980 at 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
> 

> 

> 

> 

>
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