What is BitBucks?
BitBucks is a Bitcoin Wallet that enables instant payments with Bitcoin. All customers need is the BitBucks Wallet on their smartphone. This is how cashless payments in retail work - and all without annoying and expensive payment terminals.
How does it work?
Scan, enter amount, pay: Cashless payments for Merchants can be that easy. With Bitcoin and BitBucks!
Faster than cash, cheaper than credit card payments
Payments within the Bitcoin Wallet from BitBucks are not only fast, but also cost-effective. Just one percent costs a transaction for the merchant.
Bitcoin is for everyone!
Bitcoin goes beyond borders! Whether locals or tourists - merchants who accept Bitcoin are interesting for all customers. All without the hassle of exchanging money: Bitcoin is the currency of the Internet.
But why Bitcoin?
Bitcoin is a digital currency and is accepted in almost every country in the world; more than 500 million dollars are transferred in Bitcoin every day. BTC gives its users unprecedented monetary autonomy. Bitcoin is an open system in which users transfer money directly, without banks.
I would like to accept BitBucks as a payment method in my store, what do I have to do?
Every merchant can integrate BitBucks and therefore Bitcoin payments in his store or at his market stall: Just send us an mail with your contact details and we will provide you with all the information and your individual BitBucks QR code.
BitBucks for merchants
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.
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.
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?
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.
I have to pay taxes on Bitcoin, but do I have to convert the earned coins into Euro immediately?
The Bitcoin received can either be sold by merchants in a timely manner at the end-of-day rate or added to their own fixed assets. In the case of a later sale on the stock exchange, only the profit made is taxable for traders - any losses can be written off normally. *German Law only
What additional factors must be taken into consideration for tax accounting?
Merchants must document the corresponding exchange rate for all Bitcoin payments - the end-of-day exchange rate is also sufficient. The Bitcoin Wallet from BitBucks provides all relevant information with an integrated transaction export in the app, thus simplifying the work for the merchant.
What is Bitcoin legally? Can I even accept it as a means of payment?
Yes, in Germany, crypto assets such as Bitcoin belong to the German Banking Act and are therefore considered a financial instrument. As a merchant, you can therefore accept Bitcoin without hesitation.
What is the german government's position on Bitcoin? Is there a danger of stricter rules?
Stricter regulations in Germany would amount to a ban, which seems more than unrealistic in the current development.
What will change for me as a merchant if I offer Bitcoin as a means of payment? Suddenly I get paid in Bitcoin and not my local currency as usual.
Euros (or any other currency) are still booked in the balance sheet. In the normal course of business nothing changes.
What about the tax settlement of Bitcoin as a merchant? What about the value added tax?
VAT is still charged on the products sold as normal. When selling Bitcoin, an additional deduction of VAT is also no longer necessary.
What is Bitcoin?
Bitcoin is a virtual currency, also known as a cryptocurrency. It was developed in 2009 and has grown at a rapid rate since then. Bitcoin is accepted in almost every country in the world; more than 500 million dollars have been transferred via this method till today. It gives an unprecedented degree of financial autonomy to its users.
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 is a Bitcoin wallet?
A Bitcoin wallet is software you can use to administer your bitcoins. There are many wallets for all common computer systems. You can choose between local and online wallets. A local wallet gives greater independence and privacy, while an online wallet can offer more convenience.
What are “coins”?
In Bitcoin terminology, Bitcoin are not saved to addresses but as UTXO or “unspent output”. UTXO is commonly known as “coin” as it represents just this: coinage to the specified value of Bitcoin. Such coins can only be spent as a whole. If they are larger than the sum to be sent, then the remaining amount comes back into your wallet as change.
How does bitcoin protect against inflation?
While in Fiat money the central banks can control the money supply, in Bitcoin it is determined by an algorithm. The miners are forced to mine the amount of bitcoins specified in the protocol. The amount of bitcoins in circulation can be checked in the present by anyone and predicted for the future. Currently, there are more than 17.5 million bitcoins, the creation of new coins reduces by half every four years. There will never be more than 21 million bitcoins.
Why is Bitcoin so revolutionary?
Bitcoin is a truly international currency which is inflation-resistant, private, autonomous, does not require consent and cannot be censored. There is no central bank devaluing money through inflation, nor any banks or other middle-men conducting the transfer between sender and receiver. Bitcoin transactions are without borders. The user's private key gives full ownership of Bitcoin units, and with a passphrase you can even store it in your head.
Who can use Bitcoin?
Anyone who has access to the Internet. Everyone is equal with Bitcoin; the network does not require permission. Age, gender, religion, social status, origin - Bitcoin does not recognise these categories.
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.