[GNC] Bitcoin Lightning payments

[Peter West]

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 at 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 at 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 at highseas.capital> wrote:
> 
> 
>> 
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>> 
> 
>> 
> 
>> 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:
>> 
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>> 
> 
>>> 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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