Running a Business on Bitcoin with Tibor Ballai - WBD559

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.