Press Release: Friday, 20 March 2020, 11:00 CAT | Source: BitBucks
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?
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.
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This article is a Press Release received from BitBucks. SA Crypto did not receive any form of compensation for its publication, and as this material is deemed newsworthy for the Southern African blockchain industry, it was thus published accordingly.