Hello. If you’re reading this, welcome to my website, satoshiaccounting.com. I hope I will be able to provide some value to you, if not today, then some day in the future. I am a 27-year-old accountant and Bitcoin enthusiast. I hope to one day provide accounting and tax services to Bitcoiners and regular folks alike. I created Satoshi Accounting and Tax Services, or SATS for short – I hope you like the name by the way – to hopefully achieve that goal.

At the moment I envision two separate but important roles/niches that I can fill in this space. First, providing high quality accounting and tax services to individuals and small businesses, particularly in the New Jersey, New York, Pennsylvania tri-state area, where I am currently operating. This is something that I am already doing, just not through SATS. I work for a tax accounting firm where I prepare tax returns and provide bookkeeping, payroll, and sales tax services for both individuals and small businesses in the area. This experience has prepared me with the required background to hopefully branch out and find clients of my own. The clients I currently work with are not exactly the type of client I will be seeking with SATS. I work mostly with older folks, many of whom have been running their small businesses for a while, and Bitcoin couldn’t be further from their radar. I hope to find clients that align with my view that Bitcoin is changing the world, and the sooner we all adopt it in our lives the better.

This brings me to my second focus for SATS – creating a way for Bitcoin people such as myself to track or calculate their cost basis. This is clearly one of the big issues regarding tax reporting when it comes to Bitcoin. We are required to self-report our cost basis to the IRS when filing our taxes. Many people have purchased and sold Bitcoin, typically going back years, on all different sorts of platforms and exchanges, and tracking our cost basis is a major headache. I have personally tried to make a tracker for myself in Microsoft Excel, and it got real complicated real fast. I will be completely honest, there is no reason not to be: I have no clue how to build this. I have no coding experience. I’m just a motivated and curious person, and I think with enough research and will-power, I can build this technology for the Bitcoin community. It will take time. I will most certainly need help. I’m sure you can tell by the simplicity of this website that I’m no expert. But I hope to grow and hone my skills to one day make my dream a reality. I know for a fact that the community is hungry for a service like this. I also know that there are some options out there already. But I hope to be able to set myself apart and prove to you that SATS is the place to go if you want to be in control of your finances when it comes to your Bitcoin cost basis.

One thing I have figured out is what this software will be called: Track Sats. It’s a play on words from the popular Bitcoin saying: stay humble, stack sats. A saying I try to live by. I picture a portal where you can log in and enter all of your Bitcoin trades, and the software will calculate your cost basis. It will show you which method of tracking will be most beneficial to you: LIFO, FIFO, HIFO, or Specific Identification. I would like there to be two separate ways to enter your transactions: 1. Manual entry. 2. Import transactions via CSV exported from the various exchanges. I imagine most users doing a combination of both: Importing via CSV and then using manual entry to fill any gaps. I also have conceptualized a third method: forwarding your email confirmations from exchanges to a dedicated email which will have AI parse the data and apply it to your portal. I’m not even sure if that’s possible but it sounds cool, and maybe one day we can make it happen.

I want to make sure this portal is completely secure, that only you can access the data that it holds – not even me. Privacy and self-sovereignty are principal to the Bitcoin ethos, and I have no intention of violating anyone’s privacy. I just want to create a useful tool, because I know it would be useful to me, so it almost certainly will be useful to others. I know there are other options for tracking cost basis that use API keys to directly connect to exchanges. I have no interest in doing it this way. I want the control, but also the responsibility, to be in the hands of the users. The typical Track Sats user will be someone like me who is willing to do a little extra work on their part in exchange for control and privacy. 

If you took the time to read this whole blog, I want to sincerely thank you. I’m just a man on a mission, hoping to make my vision into reality. I think it’ll be fun to look back on these blogs and see the progress that I’ve made. I hope you will join me on this journey.

Stay Humble, Stack Sats

Michael

2/24/2025