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Please help with introducing Bitcoin and Lightning Network for a real use case scenario

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I work as freelance at this coworking space where we self manage everything, from accounting and treasury to IT, infrastructure, cleaning and other products, etc.

So far the coworking has been using, more or less successfully, the traditional methods for dealing with all this stuff from a "business" management perspective. However, there have also been problems and inconveniences that make a very good case for Bitcoin. Not only to solve these issues, but also to showcase it to the people who still do not grasp its potential (especially in regards to Lightning Network), that IΒ΄d like to suggest to move to a Bitcoin-based management.

People at the coworking are very friendly, open to new technology and quite handy. We (unless proved otherwise) start trusting each other, and hold assemblies from time to time to discuss the things that have to do with the coworking. In conclusion, I think there are very good chances for this experience to be successful.

The problems I am trying to solve here, together with my current thoughts on it are:

  • Last treasurer left the coworking space taking with her some passwords (paypal, bank, etc) that we are taking some time in getting back

Bitcoin should fix this. I think we could have a multisig wallet to avoid these kind of scenarios in the future.

  • Coworking is a bit of a mess because it takes time to reimburse people for small expenses. E.g. buy washing liquid or kitchen paper when it is finished.

People could pay for these small expenses and get it reimbursed quickly from the Coworking wallet into his/her wallet via a LN transfer (at the moment it involves a bank transfer...). For this I think I would need to setup first a LN Node, though... This is, I would like to have a wallet which any member of the coworking can access, and take small money from it. This wallet is not the main wallet where the main money lives in. Sorry if I am being a bit vague/wrong here, I am not still very versed on LN. I guess this is the point where I need the most help.

  • Some money got "lost" in b/w paypal, bank, cash, etc. accounts. There is a bit of a mess over the the different number of different accounts used

I think we just need two wallets, one for the "savings account" and other one for the "current account". First one does not need to be connected to the LN but the second one does, as it is the one used for the "cash money" transactions. It will need though to be able to receive funds from the saving accounts from time to time, I guess that one can be an on-chain transaction as it will not happen regularly.

  • All people taking care of the different aspects of management do it free of charge, but at the same time they do not have too much time to spend on this, so introducing Bitcoin should not make it more difficult for them.

No further explanation needed. I am happy to take on me setting up the LN and some other tech stuff but, at the same time, I have a 40h/week job and a life, so I canΒ΄t spend too much time on this.

Other thoughts that come to my mind as I am writing these points down:

  • I see a big problem with doing *everything* with Bitcoin. Main income for the coworking comes, obviously, from renting out the individual spaces where people, mostly freelancers, do work. Main expenses for it is the rent of the building it uses. So, using bitcoin for finance would involve a number of issues:
    • People would need to, every month, convert from Euros to Bitcoin to issue a payment
    • Coworking would need to, every month, convert from Bitcoin to Euros to issue the payment to the landlord.
    • Coworking would be totally exposed to BTC volatility. Currently it is just making enough money to go by; a month in which BTC was to lose e.g. 40% of its value, we could fail to pay the rent (and my head might end on a spike...)
    • Coworking would be messed up with the taxes events. Every change in capital gains/losses would imply a taxable event...

First two are not too bad, but I think the last two kills us .... So I think as a start I would be happy with just adopting BTC for the small day-to-day expenses.

Sorry for the big block of text. I guess I needed to write it down to make it clearer to me as well. Comments/suggestions are very welcome

submitted by /u/kitelooper
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