codema.in
Tue 12 Apr 2022 11:09AM

[proposal] should we accept bitcoin donations for FSCI?

P parmutownley Public Seen by 63

FSCI is trying to raise funds and we are no way near our goal yet. I propose we can also start accepting bitcoin donations for following reasons:

- bitcoin allows us to receive international payments, increasing our donator's space from national to international
- bitcoin is a little controversial but its the closest to "FOSS money" we have
- helps with donator's privacy

There are few selfhostable services we can use such as BTCPay Server: https://btcpayserver.org/
although running BTCPay server is a complete eCommerce solution and might be too expensive IF we also want to accept quick payments over The Lightning Network.

We could also just have a bitcoin address generated from a light wallet (like electrum wallet) and post it on our fundraisers. I think the core members should hold the keys to that wallet.

We should also consider some less popular but more private currencies such as Monero

P

Poll Created Tue 12 Apr 2022 11:15AM

should we accept bitcoin donations? Closed Wed 20 Apr 2022 11:00AM

Results

Results Option % of points Voters
yes 60.0% 3 SA AK P
no 40.0% 2 PP VK
Undecided 0% 238 AP V K RD VT VKJ HM AM NE D AB A S B NF S RV JKJ S N

5 of 243 people have participated (2%)

PP

Pirate Praveen Tue 12 Apr 2022 6:00PM

no

I think there are legal and sustainability questions to be answered first

RD

Ravi Dwivedi Tue 12 Apr 2022 4:00PM

The reason for not getting enough funds do not lie in not having enough payment methods but the lack of volunteers in organizing a fundraiser.

PP

Pirate Praveen Tue 12 Apr 2022 6:02PM

I suggest you keep the poll open for at least two weeks so people gets to see and participate. I voted no, but we can still discuss and see if there are good answers to my concerns.

PP

Pirate Praveen Thu 14 Apr 2022 9:26AM

Also next time, use Proposal instead of Poll, which gives more options like abstain and block.

PP

Pirate Praveen Sun 17 Apr 2022 11:00AM

@parmutownley can you clarify legal status of bitcoin in India? Can you also explain about its energy requirements? Is it sustainable in the long run?

K

Karthik Sun 17 Apr 2022 11:16AM

We should also investigate on how 30% crypto tax affects us in this scenario.

S

suman Sun 17 Apr 2022 11:49AM

Currently, there is no regulation or any ban on the use of cryptocurrencies in the country.It is a legal tender, which means it can be used to settle debts

government intends to levy a 30% tax on any income generated from crypto transactions and a second tax of 1% at source on all transactions

P

parmutownley Wed 20 Apr 2022 8:33AM

Looping @Pirate Praveen and @Karthik.

i don't think the tax comes in until we convert BTC to INR.

i think its wise keeping bitcoin and using it to pay for services that accept bitcoin. I know namecheap accepts bitcoin and there must be hosting providers who accept bitcoin as well.

If we convert BTC to INR instantly then I'm not sure if 30% tax is on the whole amount or the capital gain. Either way a portion of it would go to the government. Still, adding it as an option has no drawbacks.

PP

Pirate Praveen Thu 21 Apr 2022 7:07PM

I suggest you redo it as a proposal so people gets abstain and block options too. That will help us in guaging how strong the opposition is. Disagree is weak opposition and Block is strong fundamental opposition.

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