My first article since joining the Bitcoin Writers Cohort! Instead of merging Australia's 3 major accounting bodies, why don't we merge the members in a digital organisation? If we're creating a monopoly, make it a decentralised monopoly!
If we are going to build business models on a monopoly network, the most public, permissionless, secure and decentralised monopoly is the only kind worth having. The necessary functionality may now be achieved through the use of layered solutions, protocols, and proposals built on top of the Bitcoin network.
📚 Just came across a brilliant journal article titled "A Review of the Lightning Networks Evolution: Unraveling Its Present State and the Emergence of Disruptive Digital Business Models" by Thomas K. Dasaklis and Vangelis Malamas. 🌐
The article discusses the Lightning Network (LN) and its potential for revolutionising digital payments and business models. It explores the LN's characteristics, topology, performance, privacy, and security, providing a critical analysis of existing literature and highlighting strengths and weaknesses. 💼💡
The authors also identify key themes and trends in the research, offering insights for businesses considering LN adoption and suggesting fruitful areas for future research in blockchain technology, FinTech, and cryptocurrencies. 📈🔍
This valuable study also contributes to academia, fostering further research in the field. 📚💡
#LightningNetwork #Blockchain #DigitalPayments #BusinessModels #Research #FinTech
Like most jurisdictions, Australian legislation does not recognise Bitcoin as money or currency, which places a significant administrative burden on taxpayers who use it as a mean of exchange, personally and in business.
The unspent transaction outputs (UTXOs) on the distributed Bitcoin blockchain satisfy the meaning of 'foreign currency' and should be accounted for as such, argues Australian tax specialist, Damian LLoyd.
This is a great paper for accountants to learn the history and technical terms of Bitcoin, and how it functions as borderless 'money' both as a means of payment and for savings.
Bitcoin: Property, Money, Currency or Legal Tender?