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:
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


Poll Created Tue 12 Apr 2022 11:15AM

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


Results Option % of points Voters
yes 60.0% 3 AK P SA
no 40.0% 2 VK PP
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%)


Pirate Praveen Tue 12 Apr 2022 6:00PM


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


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.


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.


Pirate Praveen Thu 14 Apr 2022 9:26AM

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


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?


Karthik Sun 17 Apr 2022 11:16AM

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


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


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.


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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