Bitcoin came out almost 8 years ago and has already become the most popular form of cryptocurrency. Where Bitcoin has revolutionized the cryptocurrency transactions, the currency is still struggling to break into the traditional business as most corporations are still not willing to accept Bitcoin as a form of payment.
To encourage the use of cryptocurrency, more corporations need to step up and start accepting Bitcoin as a form of payment.
If you own a business, let’s say, a small store and are looking to accept bitcoin as a form of payment, here is everything you need to know about how to accept Bitcoin payments.
Person to Person Transfer:
One of the simplest and easiest forms of Bitcoin transfer. What you are supposed to do is tell your clients that you accept bitcoin payments and give them your wallet’s public key so they can send you the coins. The process is similar to cash-in-hand payment.
The person to person transfer can be done using several smartphone apps. Finding one shouldn’t be a big deal as there are countless apps for android, iOS and windows users.
However, this type of transfer is only suitable for a smaller business or individuals offering odd services for smaller amounts. Those working at a bigger scale incline towards a solution that fits in with their current POS (Point of Scale) framework, such as verified bitcoin merchants.
Following is a list of most renowned bitcoin merchants out there.
Coinify is a Danish firm which offers POS solutions for both brick-and-mortar and online stores.
Some merchants accept bitcoin currency as payment as well as fiat. Coinify also has a mobile app called “Coinify POS”, which is compatible with both Android and iOS devices.
If you are an online user, you can use Coinify’s various integration tools, such as shopping cart plugins, payment buttons, or hosted invoicing for transactions.
CoinBase is one of the most renowned Bitcoin merchants out there and has an Android app for bricks-and-mortar retailers.
The highlights of CoinBase include:
- Currently, Bitcoin only supports US based bank accounts as a source of funding.
- It also offers e-commerce support.
- CoinBase likewise provides plugins for WooCommerce, WordPress, ZenCart and Magento
BitPay offers its services internationally for both businesses and charities. BitPay is integrated into the SoftTouch POS framework for bricks-and-mortar retail stores. However, it has an additional API which could be implemented into almost every other POS framework with a few alterations to the code.
BitXATM is a Germany-based bitcoin cryptocurrency ATM. The POS (point of sale) function of BitXATM has gained the worldwide attention as it has made it easier for merchants to accept payments from clients in digital currencies.
The machine has a 17” touch screen, costs €2,900 (around $3,993) and can accept any fiat currency. Moreover, it accepts/dispenses all forms of digital currency.
These are some ways in which you can accept Bitcoin as a form of payment. For a smaller business; person to person transactions are the most suitable option. On the other hand, bigger corporations go for verified Bitcoin merchants.
To begin with, Bitcoin has been the talk of every news channel, tabloid, website, etc. for a long while now. It’s increasing popularity might’ve caused a little problem for the network. Bitcoin is in a messy situation right now and something needs to be done. Fortunately, two possible solutions have been proposed as well, but only one can exist.
What is Bitcoin Hard Fork?
It is a compulsory software update that is required in order for the program to function. It can be implemented to fix bug errors or any security issues present in the older version of the software. Also, a hard fork is irreversible.
The “hard fork” will split the blockchain, leading to the introduction of a new chain of transactions branching from the original one.
Bitcoin Fork Explained – What’s The Issue?
In simple words, Bitcoin is unable to withstand the number of transactions taking place on the network.
The technical explanation is that the 1MB block size limit which is programmed into the system has become a problem and is causing delays in the processing of transactions. Basically, a purchase can take from a few minutes to hours to confirm.
Two techniques were proposed, which result in two different solutions: Bitcoin Unlimited, and Segregated Witness. They’re both proposed software updates to the Bitcoin network with the aim to completely change the way Bitcoin functions.
Obviously, the two can’t coexist, that would “fork” the Bitcoin network – splitting it into two different digital currencies.
A fork is known as a software update. Basically, updating a program from an old version to a new one to fork bitcoin.
Starting off with Bitcoin Unlimited, this proposal is favored majorly by Bitcoin miners. To understand this, you must know the concept of Bitcoin mining. Bitcoin miners use specified powerful computers to solve complex mathematical algorithms in order to verify a transaction and be rewarded with newly issued bitcoins.
We are aware that there is a built-in block size limit of 1MB in the Bitcoin network, however, BU gives miners the permission to vote on increasing the block size whenever they want. This gives them control of the Bitcoin network, due to which they’re favored by miners.
On the other hand, SegWit is being voted by many Bitcoin enthusiasts and developers. Their aim is to optimize the Bitcoin coding in a way that allows them to decrease the transaction size and increase the transaction volume, all while sticking to the 1MB block limit. They suggest the use of a soft fork.
A soft fork is a software update that lets the network to adapt to the new functionalities and features implemented. The update doesn’t interfere with the existing software and the older version will still be usable.
When is Bitcoin Hard Fork Happening?
Every Bitcoin user around the world is anxiously waiting for August 1st– a day that will mark the history of bitcoin. No one really knows what to expect but we are all eager to know what will be the fate of Bitcoin. We’re approximately 2 weeks away from the big day so let’s reflect back on the possible end result.
On 31st July, the activation of SegWit2x is set to take place. SegWit2x is a proposal that will enact SegWit through a Soft Fork but will increase its block-size limit by Hard Fork after three months. So, basically, SegWit2x will be introducing Segregated Witness first which will follow a 2MB block-size increase three months later.
Moreover, SegWit2x has the support of major mining pools which means it’s backed up by miners.
What Will Be The Bitcoin Hard Fork Consequences?
When the 2MB hard fork is scheduled to be introduced, there are chances of a chain split to occur cause of the soft fork. This, in return, would lead some part of the community jumping on to SegWit2x while others remain on SegWit.
This can create a very messy situation as there would be two different kinds of Bitcoin present. The last thing we’d want is to damage Bitcoin, particularly since there are high chances of two competitor blockchains existing simultaneously.
What Should I Do in Order To Prepare For August 1st?
You’re advised to move your bitcoins to a private wallet, where you solely are in charge of your private keys. Also, be sure to do this before July 31st, and remain until storm calms down. We are not aware of what is in store for us on August 1st or the day after, and the future is a total blur. So, let’s sit back and watch the calendar hit August.
Who Will Be The Winner?
Aha! Too bad we can’t answer this question because half the community goes for SegWit and the other half for BU. There’s not really much we can do, just voice out our opinion and educate others with whatever we learn and maybe help them come up with opinions of their own.
We’ll just have to patiently wait and watch how this turns out.
I’d like to point out that I have a very limited technical knowledge and only know my way around a few technical terminologies. This post is a compilation of weeks of research that I’ve put together myself. So, if you do find any errors, do let me know in the comment section below and I’ll be sure to check.
The price of bitcoin has finally surpassed $8,500 and all major coins are also struggling to hit their all-time-highs, which shows that the cryptocurrency market is finally seeing a recovery. The market has been seeing its longest downfall since December and the cryptocurrency market cap altogether dropped by $18 billion recently, however, things are now getting rebounded once again.
Bitcoin Price still struggles to surpass $9,000:
On Tuesday, the price of Bitcoin made another push and was trading at $9,000, which demonstrated the significance of its mark but after not so long, it got stuck at $8,999 and started to flip once again. This decline in the price of Bitcoin continued till the early morning hours throughout Tuesday and BTC ultimately experienced a slight bump by hitting a low of $8,313. Bitcoin is valued above $8,800 at this very moment, which means that it has got the market cap of $148 billion with 1% upsurge in its worth, but still bitcoin struggles to surpass the $9000 mark.
Upsurge in Ethereum Price:
The price of Ethereum has seen an upsurge once again, as it was declined by 4% on Tuesday, but at the present time, it’s priced at $864. Ethereum has now increased by 1.6%, which translates that it has the market cap of $84 billion at this time. Despite the fact that it has declined recently, the looming introduction of CryptoKitties in China has to be monitored by the investors of Ethereum as it could provide the price of Ethereum with a very little bounce.
100 largest cryptocurrencies of the market have managed to stand against the US dollar which ended up in the favour of altcoin markets, in which few cryptocurrencies that showed a single-day gain didn’t rank in the market cap top 10, whereas the top cryptocurrency bitcoin, struggles to achieve its all-time-highs.
The price of Ripple has seen a 1.3% decline, which indicates that the investors are becoming more proficient at extricating information that is helpful for the Ripple company. In the meantime, the price of Bitcoin Cash is currently trading at $1,282 and has seen 3.60% upsurge.
The sixth one on the ranking, Cardano has borne a 0.58% upsurge in its value and is now trading at $0.37. A serious challenge is now being faced by the Cardano’s ADA token from EOS, which has the 9th largest market cap, $6 billion.
The price of Litecoin has seen 15% upsurge in the value which means it’s currently valued at $182, while NEO which is on number 8th in the ranking is priced at $113 with a 0.75% upsurge.
IOTA and Stellar have seen a 3.8% and 6.7% upsurge in the price respectively and their prices are valued at $1.8 and $0.5 individually.
The Blockchain is the underlying technology of all the cryptocurrencies – mainly Bitcoin and Ethereum. The technology is full of potential to revolutionize everything that belongs to our daily life: billing systems, contracts to supply chains, and electronic medical records are just a few to name.
Understanding the Concept of Blockchain:
Blockchain primarily comprises of a system of distributed records which helps share information in a peer to peer fashion. The paramount reason behind Blockchain’s growing appeal is its security and verifiability. The system does not allow its users the deletion or updating the items from a Blockchain at later dates which ultimately creates a conclusive environment for digital transactions.
In essence, Blockchain works by allowing the users to add transactions to a block of code. After the addition of each transaction, a temper-proof audit log comes into place using a cryptographic hash. Meanwhile, all the participants at the blockchain network are presented with a replica of that block to help them validate their transactions.
Moreover, the technology also offers its users the automation of process such as payments, receipts, and invoicing for a smooth business process.
The Areas of Growing Interest for Blockchain:
Business interest in Blockchain is growing due to the potential game changing features it offers such as ‘digital mesh’. The Digital Mesh is basically an integration that occurs between individuals, content, services, and devices. The requirement of the new business model is to cope with the world that is tightly connected and Blockchain offers this exact same thing.
Another area of interest is the decentralized business networks. A large portion of the business is the dispersed participants across a network. For a smooth traffic of information from one node to another, we would need to automate the business transactions. Intriguingly, Blockchain can solve this problem for us.
The third most important area of interest is making business transactions more transparent. To achieve this, we need a way where we can conduct the transactions openly and with integrity. The Blockchain is the best option to do so.
What are the Key Areas of Use?
There are a number of areas in which Blockchain technology can help improve the modern business concept.
The ‘Smart Contracts’ of Blockchain allows a transaction to trigger an action within a business system without having the need of human assistance.
Example: Automatic creation of receipts for payments received.
Another area of use is the supporting product provenance. We can use Blockchain to track the progress of a product from delivery of raw materials to its final shape. Such as keeping track of suppliers, manufacturers, distribution, and finally the delivery to the end customer.
In conclusion, Blockchain undoubtedly has much to offer. However, the implementation of it is completely dependent on us. The sooner we find out a way to implement Blockchain, the better it is for our business community.
There’s going to be a major technological change in the accounting industry soon. No doubt cloud-based technologies, artificial intelligence and process automation have influenced the world, but the most promising one is “blockchain.” If we combine blockchain and accounting, the combination of both can offer some far-fetched business benefits. However, the first question arises – what is blockchain?
- Blockchain is a continuously growing, decentralized public ledger of all transactions.
- Completed transactions/records are called blocks and are dispersed to a P2P network of computers.
- Blocks are linked to each other in a linear/sequential order.
- Each block comprises a cryptographic hash of the preceding block, which ensures that the data is secured.
- The data can be dispersed in a secure way and once the blocks gets recorded, they can’t be changed without shifting blocks subsequently, and that would require the involvement of the majority of the network.
- When a record is changed, it is allotted a new hash.
Blockchain and Accounting
Blockchain and accounting are related in many cases. Blockchain technology offers the subsequent logical step for more high-tech accounting with various potential influences.
- Blockchain offers an instant-verifiable and strong set of records that can’t be meddled or changed without the involvement of the whole network.
- Transactional data would be promptly recorded and added at any time to the blockchain through its own exclusive and unique hash code.
- If accountants/auditors want to recover that data, they will be required a pertinent hash code.
- Having blockchain work as a record for transactions will not require the accountants/auditors to interact different departments amidst businesses to get receipts in order to validate transactions.
Streamlined Accounting Strategies
- Accountants and auditors can standardize records through blockchain and combine them in a ledger, making it accessible to all verified and approved users.
- When all transactional data is gathered at one place and updated electronically – whenever an alteration is made, accountants and auditors can assess all the activity and can cooperate with the departments to settle accounts.
- Through such approach, the cost and time linked with manually swotting the transactions can be condensed significantly.
Promptly Verifiable Transactions
- For auditors, validating transactions and asset history is important, however, this process can take some time and can be complex, especially when businesses have diverse accounts.
- As data security is becoming more important, blockchain offers a means of demonstrating that files have remained inviolate.
- With a unique hash, auditors can simply “cross-reference” and can instantly validate transactions.
- If a record is changed later, a new hash is created and the record once again gets timestamped.
- If this information varies from what an auditor has there, they can be sure that the record has been altered, as they will have a clear review trail.
Better-Quality Acquiescence and Regulations
- If we talk about compliance, many companies take quite a few months to modify/update their core accounting and finance developments to put up new regulations, strategies, and standards.
- With blockchain, alters to the ledger are manifested across all copies within just a few
- As it’s a decentralized database, no radical changes should be made for the alteration of data.
- If an accountant wants to update a record, this can be done quite easily and quickly.
Future of Accountants and Auditors
- The major change – banks have begun to offer accounting type amenities as a chunk of business package.
- NatWest applied Open Banking protocols in 2017, to share information with FreeAgent, which is a cloud-based accounting product, providing consumers more discernibility over the course and letting them share their data directly amid the bank and accounting software.
- By adding blockchain and the accurate software to the combination, the record-holding procedure could be mechanized and, by means of open banking protocols, data could be directly shared.
Is there a need for an accountant?
- The future of accounting/auditing lies in combined-keys as they all can interconnect with each other instantaneously whilst distributing unparalleled sanctuary.
- Though many would see the technology as a risk, however, it’s a chance for auditors to concentrate on regulations and explore irregularities inside the transactional environment.
The blockchain is a chance to boost processes, however, auditors and accountants can apply their proficiency and vision to deliver value to the customers.