With UK tax season behind us (except for a few late filers!), we're now full steam ahead with implementing US tax support. As you might have seen on our social channels, we've also managed to escape the office for a couple of events and have more lined up. Here's a bit about that and a couple of stories from the past couple of weeks.
After being stuck to his laptop for most of December and January, Dan was pretty happy to get out of the office for pitches at FinTech North and New Finance's Open Mic Night. Both were great opportunities to get the Recap name out there and to expand our network.
On 10th March we'll be exhibiting at Crypto Compare's Digital Asset Summit. Click here if you'd like to register for the event - quote RECAP20 for a 20% discount.
We are hoping to have US tax support in place during March. All international users can already take advantage of our crypto tracking features for free, so now would be a great time for US users to start connecting accounts and finding their way around the app. This means as soon as the US tax feature drops your data is already in and your tax report should be ready at the click of a button.
Our Refer a Friend Scheme will also be valid for US subscribers, so any UK users who have had a good experience this tax season - get your US connections signed up now! Providing they used your link to sign up for an account, as soon as they pay for a Recap subscription you will be rewarded!*
We recently had Michele Daliessi reach out asking us why we don't support payments in Bitcoin.
Why are all #crypto middleware/data/service providers charging their clients via #creditcard? What is the core issue in accepting crypto payments? Off-ramp? Accounting? Taxes? @infura_io @recap_io @accointing @CoinTracker @R_I_V_E_T @MessariCrypto @monolith_web3 @terminaldotco— Michele Ð'Aliessi (@MicheleDaliessi) February 21, 2020
We'd love to support Bitcoin, and we've had BTCPayServer up and running for months now. Here's the trouble:
We bill a user £120, and they pay in Bitcoin. We have to reconcile that payment as paid in our accounts, while also recording an acquisition of Bitcoin on our balance sheet. When we/if we sell the BTC we then need to record a disposal. We run Xero which has minimal support for recording cryptoassets and as far as we are aware there are no tools where we can automate this.
The short term goal will be to accept Bitcoin payments and hold it, so we don't have to worry about creating taxable events on disposal. Long term we have ambitions to automate the hell out of this monster, helping business accept Bitcoin as payment frictionlessly.
For those interested in how we run BTCPayServer the engineering team (which is pretty much all of us) is going to throw up a blog post on how we use the AWS CDK to provision and orchestrate BTCPayServer deployments.
With the Coronavirus (COVID-19) outbreak fear shaking stocks and pumping gold, some may have expected Bitcon to move upwards - Bitcoin as a store of value is still untested in a crisis. As the spread of the virus plays out over the next few months, we'll see if Bitcoin fulfils it's potential. In the meantime, expect the crypto markets to be extremely volatile.
Its been a while since we've watched The Simpsons, but in a new episode Professor Frink creates his own cryptocurrency and takes over from Mr Burns as the richest man in Springfield. With a guest appearance from The Big Bang Theory's Jim Parsons explaining what cryptocurrency is the episode ends cryptically stating "we know who Satoshi is, but we're not telling." Probably the safest option for the Bitcoin creator if we consider how many of the shows previous predictions have come true - Trump becoming president, invention of the smartwatch, and a nobel prize winner to name just a few.