A good friend of mine made an interesting statement on Facebook that you need a bank account to run a business. But is this actually true? Could you run a business completely without a bank account?

Getting FIAT

Your first issue is that a lot of business, of course, don’t even know what Bitcoin is – so you’d need some way of getting FIAT, you could do this with a SKRILL account. They provide a Mastercard Debit card. Which would allow you to pay bills?It would mean of course you would not be able to set up a direct debit or standing order. But you would at least have control of your money – how many times have you gone to your bank account to find a debit that’s out of your control?

Getting Paid

If you run a cryptocurrency only business, then that means people pay you in crypto, which means there is a barrier to purchase that it’s not easy to pay, or is it? If people want your goods and services using crypto you could actually offer a discount based on the fact the crypto would go up in value. Could it be that you could undercut the big boys? The downside of this is that crypto goes up and down in value.

What about TAX?

You only have to pay tax when you convert the money to FIAT, however, if you are using the money to pay expenses for the business, then it’s an expense and ergo, is technically not taxable, your business would be showing a loss. Whilst operating at a profit! (hopefully)

Where will we be in 10 years time? Who knows but as Crypto is more widely accepted we could see some amazing advances. Amazon is planning to have their own Cryptocurrency – to be honest, image what would happen if they got Bitcoin???