Running a Business on Bitcoin with Tibor Ballai
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Running a Business on Bitcoin with Tibor Ballai - WBD559
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Tibor Ballai is the co-founder and CTO of Fortris. In this interview, we discuss the challenges of running a business on Bitcoin, how Fortis enables businesses to use Bitcoin as an operational currency, and why this will be the next step in the adoption cycle.
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It is one thing for an individual to move towards converting to a Bitcoin standard, it’s quite another for a company. Running a business is hard enough without having to navigate around emerging regulations and evolving technical innovations that come with using Bitcoin as an operational currency. Without professional support, many businesses will choose the path of least resistance, which will be sticking with fiat.
This is how companies like Fortris can provide material help in the next wave of the adoption cycle. If Bitcoin is to become a widely used form of money, obviously businesses will need to adopt it. Having both the expertise and enterprise applications to smooth the transition to Bitcoin adoption is what is required, and what Fortis can offer.
The thing is, there is a myriad of different internal policy and external regulatory hurdles that need to be overcome. Who can sign off transactions? How is the Bitcoin to be held? What are the tax implications, and methods to limit tax liabilities? How should payments, domestic and international, be managed? What are the means for using Bitcoin for payroll? How should Bitcoin treasuries be assimilated into management reporting functions?
These are the hurdles and questions that I am personally having to tackle as I use Bitcoin within both my media business and the football club that I run. So, I am as interested as anyone in what services companies like Fortris offer, and how they can help people like me maximise the benefits of Bitcoin without being tripped up by bureaucratic or technical issues.
00:02:25: Introductions
00:07:36: About Fortris
00:11:21: Bitcoin for cross-border settlements
00:16:32: Fortris supporting stablecoins
00:24:46: Operating a business with both fiat and Bitcoin
00:35:23: Interaction with wallets, and self-custody
00:38:58: Fortris' vision for adoption
00:44:53: Geographic requirements, and price volatility
00:48:31: Lightning Network
00:49:56: EU regulations, and the need for an EU advocate
00:55:19: UTXO management
00:58:57: Tibor's Bitcoin story
01:01:36: Use case example
01:03:59: Final comments
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Mentioned in the interview:
Bitcoin Accounting Treatment And Tax Considerations - MicroStrategy, Feb 2021
How to Calculate Cost Basis for Crypto Taxes - Decrypt, Apr 18th 2022
A divide has emerged in EU and UK crypto regulation - FT, Aug 31st 2022
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