1 Topic by trafficpest (edited by trafficpest 05/03/2020 04:13:38 am)

  • From: USA, CA, Valencia
  • Registered: 12/31/2017
  • Posts: 84

Topic: Better Bitcoin Support (like currency)

We have an high interest bitcoin savings account that pays in bitcoin and have a few customers that pay in bitcoin. I would like to see better support for Bitcoin as a currency. As is the system works fine to account for as an asset (ie. capital gains or loss)

Bitcoin problems
1 The automatic get exchange rate does not function (but can be entered manually)
2 front accounting only supports one type of floating point number at a time. Can't have 2 decimal points "cents" for USD account and 8 decimal places for your BTC accounts. (That I know of) bit-cents are far to valueable already at 88 USD (My work around is to use the smallest value the Satoshis .00000001 BTC And disregarding the decimal place. Unfortunately, this could lead to many incorrect entries due to the strange nonstandard BTCformatting

Example .00432 BTC being entered as 432 Satoshi when it is 432000

BTC is gaining traction and I'm sure we will see much more in the coming years with the global recession.

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: Better Bitcoin Support (like currency)

You can use the Satoshi as the currency unit instead of a whole BitCoin.
Manual exchange rate entry is allowed.
You can then subsist within the FA decimals for currencies.

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