So we are all earning Storj based on the capacity and I/O we provide the network, but what is everyone doing with it?
The reason why I ask is because every coin has a different way to use/lock down/lose coins in circulation. STORJ’s use of the coin is as one of the ways to pay for capacity on the network, but I can not see that being the main way that any large business would pay for capacity as it would incur a lot of accounting paperwork as the market value of Storj changed.
So that leaves us node operators, as both the earners of Storj and as the main users of Storj, so how many people are using STORJ for storage and using their coin to pay the costs?
Customers that pay with STORJ are not affected by price fluctuations after having made a deposit, as their deposit will be immediately converted into its USD equivalent value and credited to their account balance as such. As anyone else using cryptocurrencies, of course they would have to record the exchange rate for their records at time of deposit for tax declaration purposes.
It was not priced fluctuations that caused my comment about additional accounting paperwork - just having a balance ‘on-account’ with a third party can cause extra work as it has to be tracked as it is spent over time.
That would be the same problem for any other pre-paid account then. We have had some customers register interest to pre-pay for usage even a whole year ahead of time, so I guess this is not a concern for them.
It all depends on the rules the company has to operate under which will depend on country, business size, and agreements with the accountants, auditors and tax office that maintain/monitor the paper trails.
Using a company credit card and paying after the event can make things a lot simpler.
