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BitBucks Update for Retail-Use: New in-app transaction export available for all Bitcoin payments

The BitBucks app continues to evolve to provide the ideal solution for retail payments with Bitcoin. With the latest update, the payment app now allows all users a transaction export via e-mail. But how exactly does the data transfer work and why is it especially important for merchants?

March 17, 2020
Press Release

BitBucks enables instant payments with Bitcoin - simply and instantly from anywhere in the world. If a user has a phone number and a smartphone, he or she can easily register with the Bitcoin Wallet and receive payments from the world's most popular crypto currency.

In addition to the private use of BitBucks, the app can also be integrated in retail stores. Since Bitcoin payments are processed instantly, BitBucks is also a cashless alternative for bars, restaurants, bakers and the like. How a retailer can accept BitBucks as a payment method in his store can be found here?

 

Bitcoin payments at the POS

There are different ways to offer Bitcoin and BitBucks as retailers. The different approaches range from a full integration including the payment processing at your own cash register system to the simple placement of the merchant QR code with the Wallet ID at the point of sale. 

However, all solutions have in common that restaurant or kiosk owners must also settle the payments received from customers in accordance with the relevant tax laws. To ensure the correctness of all transactions from the retailer's point of view, a corresponding transaction export is therefore indispensable.

 

Transaction overview for payments with BitBucks

With the latest app update on iOS and Android, merchants - as well as ordinary users - can now export all transactions separately as .csv files via email for an easy use in tax accounting. To guarantee a better overview, the export files can be filtered by month and year.

For full transparency of the Bitcoin payments, which are still considered new territory for many, the current Bitcoin exchange rate is also displayed in addition to the amount, time, sender and recipient of the transaction. This includes in-app payments as well as incoming and outgoing payments via Blockchain. This is particularly relevant for those merchants and private users who decide to immediately exchange the Bitcoin they have received into the national currency (Euro, Dollar etc.).

 

BitBucks - pay with Bitcoin

As already indicated, the new export function not only makes it easier for dealers to use BitBucks, but also for private users. These users will be able to track the transaction path of the coins much more precisely when taxing their Bitcoin profit. However, this is not always relevant for private users: In Germany, for example, a tax accounting of the capital gains generated by Bitcoin is only necessary within the first year after acquisition. However, the legal regulations for this vary worldwide.

Bitcoin is the currency of the Internet. For a full adoption of the coin in everyday life, it must also be used as a means of payment. With BitBucks we offer a way to guarantee really everyone a quick entry into the world of Bitcoin Wallets and Co. In an age where cashless payment is becoming increasingly relevant, there is no way around Bitcoin. Both in the private sphere, but above all in retail.

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. 

What is a transaction?

With a transaction, you transfer Bitcoin from your wallet to another party. This transaction will be signed off with your private key and forwarded to the node in the Bitcoin network. This is propagated across the whole network until it reaches a miner, which can confirm the transaction. 

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 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 BitBucks wallet, enters the required amount and within a second the payment is received on your mobile phone.

What are transaction fees?

A Bitcoin transaction attracts a fee which is paid to the miner. Under normal circumstances fees amount between one and five cents. However during peak times these may increase noticeably to values of 50 cents or even one euro. If you pay too little in fees, you will have to wait longer for confirmation of your transaction. Most wallets select the appropriate fees. Wallets like BitBucks, in which transactions can also be internally calculated, can save you fees and accelerate confirmation of your transactions.

How can I trace a transaction?

Bitcoin transactions are part of the blockchain and are therefore stored in every node of the network. “Blockexplorer” allows transactions to be traced using the address or transaction ID. This is helpful in ascertaining that a transaction has actually occurred.