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 Bitcoin 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.
Can bitcoins be seized?
If you store your private key securely, no one can confiscate your bitcoins. Only the one who has the key can access bitcoins. It is protected by strong cryptography.
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
Is Bitcoin legal?
In almost all countries, the use of Bitcoin to send and receive money is permitted. In a few countries this is restricted or completely forbidden. Please seek reliable information as to the legal situation regarding Bitcoin in your country.
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 Blockchain transaction?
With a transaction, you transfer Bitcoin from your Bitcoin wallet to another party. This transaction or payment 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.
Who does Bitcoin belong to?
Bitcoin is, in essence, an open-source software. This means that it belongs to no-one and therefore to everyone. No-one can build a fence around Bitcoin - everyone has access.
What is an BTC address?
Bitcoins are sent to addresses. An address is an approximately 35-digit character combination. It has a similar function as the IBAN number for bank transfers: You can transfer money to it by entering it in a field on the transfer form. However, unlike IBAN numbers, your wallet can form an almost infinite number of addresses.
How do I pay with Bitcoin?
It's simple: copy the recipient's address into a field within your Bitcoin Wallet, enter the amount, and click "Send". In most BTC wallets, you can specify the amount in your local currency, so no conversion is required. Payment requests or the payment protocol are often used. They already include the amount and can either be activated by clicking or by copying them into the send field. Mobile wallets are able to scan transaction requests, so you only have to confirm the transaction. Bitcoin Wallets such as BitBucks even allow you pay with BTC by scanning the recipients QR-Code.
What is the lightning network?
The lightning network is a so-called “offchain” network. It does not transport Bitcoins to the blockchain, but operates through “payment channels”. These increase the privacy of transactions and the scalability of the system, but so far they still offer users reduced convenience and security.
An alternative to the lightning network is a fiduciary wallet such as BitBucks, which carries out transactions for users within its own system. This is less autonomous, like lightning, however results in the same effect in terms of scalability and can be better integrated into a convenient user interface.
Why choose Bitcoin over other virtual currencies?
There are 1,000 virtual currencies, and none of these offer any significant advantages over Bitcoin. Bitcoin is the face of the financial revolution, the brand name of virtual currencies, the best-known and most widely accepted of them all. Why, then, would anyone want to start from scratch with another currency?
What is the difference between Bitcoin and PayPal?
PayPal is a closed system. The money that is moved via PayPal remains in that system, and can only be accessed through PayPal software. Bitcoin, on the other hand, is an open system. The user can transfer money directly, without a middle-man. At the same time this means that there is a market for middle-mens, who can provide users with an interface for Bitcoin and, with a wallet like BitBucks, payments are cheaper and more convenient.
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.