How to welcome cryptocurrency in our business?
Cryptocurrency is a type of online money that only exists in transactions between computers. In contradistinction to fiat currencies, which are usually issued by governments, cryptocurrencies like bitcoins are transferred from one holder to another in a completely transparent open source chain – a chain of information that provides timestamps at every stage so that (in theory) everyone is straightforward.
What is cryptocurrency?
Cryptocurrency is a digital form of money designed to protect financial transactions, control the amount of available currency and verify transfers. The cost of each type of cryptocurrency varies depending on the market demand. This means that you can make or lose money depending on the amount of cryptocurrency you have, the amount you paid for it, and its current value.
For example, you bought two bitcoins at $ 500 each. If bitcoin is currently trading at $ 700 per bitcoin, you can make a profit of $ 400 if you sell it now.
Bitcoin is one of several blockchain-based currencies. The blockchain records all transactions in circulation and chronological order. When these currencies were first introduced, they were the domain of speculators and traders only, but some of them have already reached the point where people can actually buy things with digital money. If your business is ready to accept these payments, you can take the lead in what promises to be the next big retail event, both online and beyond.
If you run a typical retail store, you probably have a point of sale system in your cash register. You can upgrade modern POS terminals with a bitcoin wallet program, which is as quick and easy as buying a credit or debit card. When a customer offers bitcoin, you simply enter the price and submit the data. This generates a QR code that the customer can scan to complete the transaction. These wallet apps charge a percentage of every transaction, and some even let you print a receipt.
Online retailers or in-person businesses, from web auctions to children’s lemonade kiosks, don’t even need a POS machine. Just download the cryptocurrency app to your smartphone or tablet. Generally, transfers between parties require scanning a QR code, entering a line of code, or simply colliding phones with each other.
Some of the most popular wallet apps are:
Coinbase and CoinKite: They work with existing POS machines, generate paper trails for customers, and also surf the Internet.
MyEtherWallet: This less traditional online wallet app creates your wallet without an account, generates downloadable records, and works with both Windows and Mac OS.
Sia Coin Wallet: Sia is the official Bitcoin app for Windows designed for very secure transactions such as financial and investment transactions.
Bitcoin and other cryptocurrencies could be the wave of the future for retail. With the right apps, you can start accepting them before most of your competitors even know the opportunity exists.
When you first heard about cryptocurrency, you probably heard the name Bitcoin. This form of cryptocurrency remains one of the most popular and well-known versions of cryptocurrency.
Bitcoin scams are rare. This reduces your risk as a merchant, and Bitcoin refunds are not possible. Once you receive your payment, the merchant will not be able to return the funds until you get the money back. Also, when your company accepts bitcoins, it places the company in the spotlight of bitcoin buyers.
Bitcoin payment systems typically charge around 1-3% on every transaction, which is lower than the fees charged by many credit card processors. These savings can increase over time.
For example, if you make $ 2 or $ 3 extra for every $ 100 in sales, you are increasing your profit by $ 600-900 per year based on $ 30,000 in revenue.
Acceptance of bitcoins
To introduce bitcoin on your website, you need to partner with a company like BitPay or Shopify that processes bitcoin payments. If you would like to accept bitcoins from your own store, BitPay offers apps that sync its services with a number of point-of-sale programs. If your POS system cannot sync with BitPay, Bitcoin Checkout allows you to accept these payments in person from your mobile phone.
If you are unable to set up bitcoin processing and have clients who want to pay in bitcoin, you can refer them to a service like Bylls. This company allows Canadians to use Bitcoin to pay a number of bills. In addition, applications such as Invoiced let you submit invoices and set up subscription billing. This program works with both digital currencies and traditional payment methods.
In most cases, Bitcoin payment processors will immediately convert funds into Canadian dollars and send the money to your bank account, just like most credit card processors do. However, if you prefer to keep your currency in bitcoin, you need to understand how changes in exchange rates can affect your income tax liability.
As of 2017, if you made more than $ 200 from currency exchange, you must report this excess amount as capital gains on your tax return. For example, if you accept 2 bitcoins worth $ 2040, but they cost $ 3040 when converted to Canadian dollars, you have a capital gain of $ 800 – the $ 1000 you earned on the exchange, minus the $ 200 threshold.
When you accept Bitcoins for commercial sales, you must report earnings to the Canadian Revenue Agency (CRA) as usual. You must convert the bitcoin value to Canadian currency using the exchange rate on the day of the transaction. If you are spending Bitcoins on business purchases, you will also need to convert the amount to Canadian dollars before filing expenses on your tax return.
Exploring other types of cryptocurrency
Bitcoin (BTC) has evolved from a little-known internet currency to a household name. Early adopters have made significant monetary gains, and many new cryptocurrency enthusiasts are hoping for the same results. Besides, what if you want to explore a different type of cryptocurrency?
Although Bitcoin remains the most famous cryptocurrency, many other digital tokens use blockchain technology, and many of them still have significant growth potential. People refer to these lesser-known tokens as altcoins. Many of them have different functions and purposes, in addition to serving as a way of storing and transmitting value. Understanding the details of today’s most interesting altcoins can help you make an informed investment.
As you study cryptocurrency, you will probably notice that the value of tokens varies greatly, and these prices change every minute. While it is tempting to look for the least expensive altcoins, the reality is that the value of a token depends on its market capitalization, which you find by multiplying the coin’s price by its circulation. For example, if the price of a coin is $ 200 and there are 1,000 coins on the market, then the market cap is $ 200,000.
Low market cap coins may be more expensive, but they also have a lot of potential to continue to rise in value – and as an investor, you want that potential to increase. You can also buy the most expensive coins in fractions, so don’t let the price of one coin determine whether you invest or not. Instead, read the white papers on each altcoin and then invest if you believe in the coin’s long-term potential.
Ethereum is arguably the most popular of all Bitcoin’s competitors. Ethereum fans love this coin because it is an open, decentralized software platform that allows you to enter into smart contracts and build apps according to your needs. A smart contract is a contract in which the terms of an agreed contract are automatically fulfilled when other conditions are met.
For example, if you are planning to buy goods in China to resell at a higher price in Canada, and you do not want to pay for all goods in advance, you can enter into a smart contract that allows you to pay half now and half later. After the agreed time has passed and the opportunity to recoup the investment plus profit, the other half of your bill will be paid automatically using the ether currency. Basically, the Ethereum network allows you to create when-it-happens-then-it-happens contracts that no one can change once the contract is established, ensuring that both parties achieve the desired outcome.
VeChain is another altcoin that goes beyond standard currency use. It is a supply chain network that allows your company to track the origin and movement of products throughout the supply chain. This is especially useful for preventing counterfeiting.
For example, your luxury bag company might include scannable VeChain chips in their products. When someone scans a chip, information about the manufacturing process is automatically transferred to the VeChain blockchain, verifying the purse’s authenticity.
Being able to pinpoint exactly where the goods originated proves that they are real. The VeChain token, VET, is the local currency that companies pay to use the VeChain network. As of 2018, VeChain continues to expand its reach with the goal of building a large-scale Ethereum-like platform.
If bitcoin is gold, then litecoin is silver. Litecoin is essentially a more optimized version of Bitcoin. As of 2018, it is slightly cheaper than Bitcoin and you can send it faster. The main use case for Litecoin is to send large volumes of small transactions quickly.
Most cryptocurrencies were created as an alternative to traditional banking institutions, but Ripple is committed to working with banks. Ripple’s goal is to provide fast and affordable payments from anywhere in the world. Ripple is similar to Western Union in that you can send money almost anywhere, but it’s faster and cheaper, saving your small business time and money.
Privacy is one of the most compelling aspects of cryptocurrency for many users, and Monero takes this concept even further. Although Bitcoin is anonymous, you can still view transactions on the blockchain. Monero is completely untraceable, giving individuals and businesses maximum privacy.
Unlike most cryptocurrencies, IOTA does not rely on blockchain technology, but instead uses its own distribution ledger system called Tangle. The name stands for “Internet of Things Application”. Token creators and investors hope that as the Internet grows, all kinds of devices will connect to each other. Leveraging IOTA includes facilitating free micropayments for your small business in the IOTA ecosystem.
Where to buy altcoins
If you are planning to buy altcoins, you may need to buy one coin and then transfer it to an exchange where you can exchange it for your preferred token. As of 2018, the most popular place to buy Bitcoin, Bitcoin Cash, Ethereum, and Litecoin is Coinbase. Coinbase accepts many different payment methods, including Canadian dollars, which allows you to buy coins from your bank account, debit or credit card. Once you buy one of these coins, you can send it to the altcoin exchange if you want to exchange it for an altcoin. Binance is the most popular altcoin exchange.
Before investing in cryptocurrency, do your homework. The cryptocurrency arena can be risky, but you can mitigate that risk by learning. You can join online communities and talk to people who own cryptocurrency to gain a comprehensive understanding of the market. Do your due diligence and remember that cryptocurrency is a long-term investment. The path may be bumpy, but blockchain technology has tremendous potential.
Only invest what you can afford to lose and make sure you safely store your coins in a secure online or offline wallet. As a small business owner, you know that keeping track of your profits, payments, and accounts receivable is an important task. QuickBooks Online helps you get paid faster. Start accepting payments with QuickBooks today.
How to buy a car with Bitcoin or Ethereum?
Simply and easily!
CanadaCars will ideally make this turnkey project for you and you have come to the professionals!
We are the only company in all of North America that sells any car from Canada for cryptocurrencies!
Yes, you heard right – you can buy a new car or a used one or even an emergency one with Bitcoin or any other cryptocurrency!
With us, the entire transaction for the purchase of a car for cryptocurrency will be professional and mutually beneficial!
We straightforwardly transfer your virtual money to real Canadian dollars and US dollars and we take our commission for this. The commission includes all costs associated with the exchange of cryptocurrency on the exchange, as well as the transfer of virtual money to the corporate account of our Canadian company.
For better understanding, if you transfer, for example, an amount of 100,000 Canadian dollars in cryptocurrency to our wallet, then the real amount that you have left to purchase a car will be 80,000 Canadian dollars, and then everything is done using the calculator on our website.
We can work with any cryptocurrencies, but we will list the most popular ones, for which transactions most often occur:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether USD (USDT)
- Cardano (ADA)
- Dogecoin (DOGE)
- Binance Coin (BNB)
- XRP (XRP)
- HEX (HEX)
- Polkadot (DOT)
- USDC (USDC)
- Internet Computer (DFINITY) (ICP)
- Bitcoin Cash (BCH)
- Uniswap (UNI)
- Litecoin (LTC)
- Chainlink (LINK)
- Solana (SOL)
- Binance USD (BUSD)
- Stellar (XLM)
- Polygon (MATIC)
- Theta Token (THETA)
- Wrapped BTC (WBTC)
- Terra (LUNA)
- Ethereum Classic (ETC)
Even so, the most popular cryptocurrencies today are Bitcoin (BTC) and Ethereum (ETH).
But if you did not find the cryptocurrency you are working with, no problem, we will accept your crypto at a favorable rate for both parties.
How does the deal take place?
Through the Canadian government EDC and the full backing of our company from the Canadian government, we work with the best and most trusted cryptocurrency resources and platforms. Our Canadian education and CITP and FITT certifications give us access to a wide range of financial activities in Canada and the United States.
Beforehand, we approve the budget of the car that interests you, and a transaction or even several transactions are made for this budget, since we can accept the payment for transportation logistics 1-2 weeks before the delivery of your car to the destination port.
You transfer cryptocurrency to our wallet, we exchange it through the platforms we work with and transparently show you the exchange rate on the day of withdrawal of funds to our company’s account from a cryptocurrency wallet.
We work very closely with such Canadian financial giants as commercial banks and institutions:
- Banca Commerciale Italiana – BCI Bank
- Banque Nationale du Canada
- Bank of Nova Scotia
- Bank of Montreal
- Canada Trust
- Business Development Bank of Canada – Banque de Développement du Canada
- Canadian Imperial Bank of Commerce – CIBC
- Citizens Bank of Canada
- Canadian Western Bank
- Citizens Trust
- Hong Kong Bank of Canada – HSBC
- First Calgary Savings
- ING Direct
- Mouvement Desjardins
- Laurentian Bank of Canada
- Mbanx – Canada’s first virtual bank
- Mellon Bank Canada
- Montreal Trust
- National Bank of Canada
- Pacific Coast Savings
- President’s Choice Financial
- Royal Bank of Canada
- TD Bank
- Toronto Dominion Bank
- Trimark Investments
If you do not want to immediately exchange the listed cryptocurrency, then you have the opportunity to freeze today’s rate and transfer your Bitcoin (BTC) or Ethereum (ETH) to Stablecoin such as USDT, Dai, USDC or Binance USD, and then when it becomes profitable for you, then we we will exchange your assets for real money to buy a car. Of course, there are subtleties everywhere, and for example, it is not very convenient to work with Binance USD, since they work with only one platform, which may not be so profitable for the client.
Once completing the transaction from cryptocurrency into real Canadian dollars or US dollars and crediting them to the corporate account of our company, we purchase a car and deliver it to a warehouse in Montreal for loading and shipping to your country.
What are the pros and cons of these transactions?
Of course, one of the main advantages of buying a car for cryptocurrency is 100% transaction confidentiality, no restrictions on the transfer of funds and the speed of payment!
The downside is the complexity of the process of exchanging cryptocurrency for real money, since it is at the moment of exchanging cryptocurrency that you can win or lose on the course.
In any case, our company tries to provide the client with the maximum number of tools in order to maximize the security of the transaction and make it mutually beneficial for both parties.
Of course, it is difficult to describe in a nutshell the entire process of the transaction, but since the first telephone contact with us, we will advise and guide you.