Bitcoin - pay with bitcoin

Online Event: How to accept Bitcoin Payments in Retail?

What do I need to know to accept Bitcoin at retail?  What are the tax aspects for individual retailers? BitBucks and attorney Benjamin Kirschbaum provide clarity in a live event on social media.

March 21, 2020
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What do I need to consider as a merchant if I want to accept Bitcoin in my store? What are the tax hurdles I face? How do I exchange my Bitcoin back into euros? We at BitBucks want to answer these questions and many more at a live event on the topic of "Bitcoin in Retail". Due to the current situation around the novel corona virus, the MeetUp will of course take place online on our social media channels. You can find more information about the online broadcast on 30.03.2020 here.

Ask questions and accept Bitcoin in your retail store

In order to be able to answer the complex questions regarding the tax accounting of Bitcoin income in the retail sector adequately, we are pleased to welcome Benjamin Kirschbaum, Attorney at Law from WINHELLER Rechtsanwaltsgesellschaft, at our side. With his expertise in the areas of Blockchain, Bitcoin and taxes, he can provide clarity for many merchants and thus contribute to the recognition of Bitcoin as a means of payment in everyday life.

By being able to host the event online, merchants throughout Germany can get involved and ask their questions live via Facebook or Youtube. If you can't be there on the day of the MeetUp, but still want to learn more about Bitcoin payments at bakeries, restaurants or other shops, you can send in your questions in advance. Just write us an email with your questions and we will try to answer them during the live broadcast. 

Bitcoin in retail: The BitBucks mission

We at BitBucks see Bitcoin not only as the money of the Internet, but also as the currency of the future. Especially in times of crisis we are convinced that an alternative means of payment is necessary to compensate for the almost alarming dominance of the dollar or euro. In our view, payments are the only chance that Bitcoin can really be integrated into everyday life.

With our Instant Payment app we make it possible to pay fast and easy with Bitcoin. Thanks to its technical basis, BitBucks can be connected to various POS systems, which makes the Bitcoin Wallet ideal for use in retail. Get BitBucks for iOS or Android, test the Bitcoin Wallet and take part in our event. This will bring us all one step closer to the big goal of Bitcoin adoption.

Philipp Peters
Written by

Philipp Peters

Philipp works as a Online Marketing Manager at BitBucks. He keeps track of the daily developments all around cryptocurrencies. For him, one thing is clear: The future belongs to Bitcoin. 

FAQ - Merchants

Are payouts from my BitBucks app possible anytime and anywhere?

Yes! You can withdraw your desired balance from the BitBucks App to another Bitcoin Wallet at any time. Please keep in mind that besides the normal costs for blockchain transactions, we at BitBucks also charge a 2% fee for payouts.

Are there any fees for payments with BitBucks?

No! All payments within the BitBucks app are completely free and can be made in seconds.

Doesn't Bitcoins' price rises also mean higher tax expenses for me?

Not at all! If you would like to exchange Bitcoin for i.e. Euro, you only pay taxes on the profit achieved by the price increase. And to be honest, paying taxes on profits doesn't sound that bad, does it?

How can I convert my earned Bitcoins to another currency?

Herefore the credit from the BitBucks app has to be transferred to another Bitcoin Wallet, with which the bitcoin amount can be converted into your desired currency at a so-called exchange market.

How do I pay with the BitBucks app?

It's simple! With the payment function of the app you can pay instantly and easily in Bitcoin. Within a second the amount is credited to the BitBucks account of the recipient.

How do I top-up Bitcoin to my BitBucks Wallet?

For this you need a second Bitcoin Wallet next to the BitBucks App: We recommend the Blue Wallet or Electrum where you can store your Bitcoin credit. Using the top-up function in the BitBucks app, you can then simply transfer Bitcoin to your BitBucks account by entering the Bitcoin address.

How do payments work with BitBucks?

Payments within the Bitcoin Wallet of BitBucks can be made to all valid telephone numbers. Since the transactions are executed outside the blockchain - offchain - even smaller amounts can be processed in BitBucks within a second.

Isn't the Bitcoin price too volatile and therefore a risk for me as a merchant? 

If you sell your Bitcoin on the same day at the end-of-day price, the volatility of the Bitcoin price hardly plays a role for you as a merchant. In addition, due to the pending halving and the deflationary character of Bitcoin, the price is expected to stabilize over time anyway.

Is there a list of all transactions within the BitBucks app?

For all bookings within the BitBucks App an overview can be created monthly as PDF to ensure a smoothly tax accounting.

What do I need to accept BitBucks in my store?

All you need is the BitBucks app on your smartphone and a QR code attached to it next to the cashier. During the payment process the customer scans this QR code with his Bitcoin wallet, enters the required amount and within a second the payment is received on your mobile phone.

What does a payment with BitBucks cost me as a merchant?

Top-ups and pay-outs are free of charge for merchants who use the BitBucks app. Payments within the wallet are charged a transaction fee of one percent. In comparison, payments by credit card in Germany usually cost merchants between two and four percent (excluding fees for card terminal providers) and are therefore much more expensive.

What is BitBucks?

BitBucks Wallet is a mobile app for Android and iOS that enables you to pay with Bitcoin instantly and in addition to store your BTC savely in your Bitcoin Wallet.

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