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Running a Business on Bitcoin with Tibor Ballai

Peter McCormack
229K subscribers
4.8K views 3 years ago The Peter McCormack Show
SHOW NOTES: https://www.whatbitcoindid.com/podcas... 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. THIS EPISODE’S SPONSORS: Gemini - https://www.gemini.com/ Wasabi- https://www.wasabiwallet.io/ Ledn - https://www.ledn.io/ Pacific Bitcoin - http://pacificbitcoin.la/ Ledger - https://www.ledger.com/ Texas Blockchain Summit - https://www.texasblockchainsummit.org/ BCB Group - https://hubs.ly/Q011cb730 TIMESTAMPS: 00:00:00 Introduction 00:04:33 Bitcoin as an operational currency 00:08:16 Bitcoin for cross-border payments 00:14:09 Stablecoins 00:18:59 Challenges of running a business on Bitcoin 00:29:17 Bitcoin as an operational asset: next step in adoption 00:35:28 Geographic accounting & volatility; Lightning Network 00:41:59 EU regul …...more
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Running a Business on Bitcoin with Tibor Ballai
164Likes
4,833Views
2022Sep 26
SHOW NOTES: https://www.whatbitcoindid.com/podcas... 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. THIS EPISODE’S SPONSORS: Gemini - https://www.gemini.com/ Wasabi- https://www.wasabiwallet.io/ Ledn - https://www.ledn.io/ Pacific Bitcoin - http://pacificbitcoin.la/ Ledger - https://www.ledger.com/ Texas Blockchain Summit - https://www.texasblockchainsummit.org/ BCB Group - https://hubs.ly/Q011cb730 TIMESTAMPS: 00:00:00 Introduction 00:04:33 Bitcoin as an operational currency 00:08:16 Bitcoin for cross-border payments 00:14:09 Stablecoins 00:18:59 Challenges of running a business on Bitcoin 00:29:17 Bitcoin as an operational asset: next step in adoption 00:35:28 Geographic accounting & volatility; Lightning Network 00:41:59 EU regulations; need for an EU advocate 00:45:54 UTXO management; Tibor’s Bitcoin story 00:51:55 Use case example WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transc... SUPPORT THE SHOW: → https://www.whatbitcoindid.com/sponso... → Become a Patron:   / whatbitcoindid   → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com WHERE TO FOLLOW ME: → Twitter:   / whatbitcoindid   → Medium:   / whatbitcoindid   → Instagram:   / whatbitcoindid   → Facebook:   / whatbitcoindid   → YouTube:    / whatbitcoindidpodcast   → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscr... LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/beginn... → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resour... #Bitcoin #Finance #Economics **** “One interesting thing about Bitcoin is Bitcoin doesn’t care about what the regulators do. If they end up drafting regulation that stifles the adoption it will just flourish in other jurisdictions, and eventually, they realise their mistake.” — Tibor Ballai 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.
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The Peter McCormack Show
Peter McCormack

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Peter McCormack

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