Running a Business on Bitcoin with Tibor Ballai - WBD559
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 26 September 2022
⏱️ 66 minutes
🧾️ Download transcript
Summary
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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Transcript
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| 0:00.0 | One interesting thing about Bitcoin is, |
| 0:02.0 | Bitcoin doesn't care about what the regulators do. |
| 0:06.0 | If they end up drafting regulation that stifles the adoption, |
| 0:10.0 | it will just flourish in other jurisdictions and eventually they realize that mistake |
| 0:14.7 | Hello there happy Monday how are you all did you have a good weekend |
| 0:19.4 | Welcome to the What Bitcoin did podcast which is brought to you by Gemini the only place I'm using |
| 0:24.1 | for buying Bitcoin. I'm your host Peter McCormack and today I've got an interview with a |
| 0:27.9 | co-founder and CTO of Fortress Tiber Balai. Now Fortress are the company you go to if you want to integrate |
| 0:35.1 | Bitcoin into your business operations and as you probably aware because I keep |
| 0:38.8 | talking about it I am running my own football club rail Bedfordale Bedford, and part of the business is run on |
| 0:44.2 | Bitcoin. We accept Bitcoin for tickets or merch or drinks at the club. We accept |
| 0:50.3 | Bitcoin online if you want to buy shirts or merchandise. |
| 0:54.1 | And we also hold a Bitcoin Treasury. |
| 0:55.7 | Some of our sponsors paid us in Bitcoin, so we hold that. |
| 0:58.8 | We also take donations for grassroots football in Bitcoin. |
| 1:02.1 | You can say there's a lot of Bitcoin going on |
| 1:03.7 | with our business and for me it's been a real test of how you integrate |
| 1:07.3 | Bitcoin alongside Fiat within a business. There's lots going on it's a lot to |
| 1:11.3 | try and figure out various things from, you know, first |
| 1:14.9 | how do you accept payments, especially at a venue and how do you manage like a fluctuating currency, |
| 1:20.9 | how do you manage your private keys, there's a lot going on with it. |
| 1:23.8 | So accepting Bitcoin does obviously come with all these incredible benefits, you know this, this is why you listen to the show, |
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