Year after year, the use of Virtual Currencies as a means of payment is growing; in turn, it is interesting to note that the main volume of transactions is Bitcoin (BTC).
When it comes to using Bitcoin as a payment method, some questions arise, so we decided to clarify the issue.
How does accounting work with virtual currencies?
There are 2 ways to proceed with the accounting of a company.
First, we take the current market value of our Bitcoins and record it as an accounting transaction in local currency.
The second option, for tax purposes, is to record it as a capital reserve.
How do we implement it in the company?
Today, with the globalization of cryptocurrencies, it has become very easy.
There are 2 ways for small transactions: you can use a wallet and credit manually, with the current value of the Bitcoin transaction. The second is to outsource to a company that provides us with the software to carry out the entire operation automatically.
Some of the companies offering the service are, Coinbase, Bitpay, etc.
Is the payment secure?
The technology blockchain (Blockchain) is virtually impossible to manage.
What are the costs and commissions of Bitcoin trading?
The cost of transactions will depend on several factors:
First, if we use a company that will provide the service, its cost is usually between 2 % and 3 %.Generally speaking, bitcoin transactions work faster than traditional credit cards.
The other option is to have a Wallet and manage it yourself, i.e. decide whether to accumulate and when to sell Bitcoins for “FIAT” Money.
If we are going to make an international transaction it will be cheaper and faster with Bitcoins, since the traditional costs of international payments are higher and need more time to be managed.
Is it reliable for a single person to manage the Bitcoin stored in a company’s accounting?
It’s been a long time since Bitcoin launched a bank-like multi-signature requirement. For this reason, the operation will be the same that companies usually operate.
Is it reliable and transparent at the accounting level?
Bitcoin has traceability visible to everyone, and everyone can affirm that:
Bitcoin is a reliable and transparent accounting system.
Conclusion
As users mature, the Bitcoin payment system will become global and standardized.
That is why it is a good idea to incorporate Bitcoin as a payment method in all companies. This is somewhat similar to what happened with PayPal. Little by little it began to go global and became a payment alternative to credit cards.
Therefore, we believe that in the future we will see 3 types of payments, with cryptocurrency as the third.