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 a local currency ledger transaction.
The second option, for tax purposes, is to register it as a capital reserve.
How do we implement it in the company?
Nowadays, with the globalization of cryptocurrencies, it has become very easy.
There are 2 ways for small operations: one can use a wallet and credit manually, with the current value of the Bitcoin transaction. The second is to subcontract a company that provides us with the software to carry out the entire operation automatically.
Some of the companies that offer the service are Coinbase, Bitpay, etc.
Is payment with Cryptocurrencies safe?
Blockchain technology, which is the most used by Cryptocurrencies, is practically impossible to manipulate, which makes it highly secure.
What are the costs and commissions of trading with Bitcoin?
The cost of transactions will depend on several factors:
Primero, if we use a company that will provide us with the service, its cost is usually between 2% and 3%.In general terms, bitcoin transactions work faster than traditional credit cards.
The other option is to have a Wallet and manage it yourself, that is, decide whether to accumulate and when to sell the Bitcoins to “FIAT” Money.
If we are going to carry out an international operation, it will be cheaper and faster with Bitcoins, since the traditional costs of international payments are higher and need more time to manage.
Is it reliable that a single person manages the Bitcoin stored in a company’s accounting?
Since 2013, a multi-signature protocol has become the standard for Bitcoin operations. In this way, it is similar to regular financial transactions.
Is it reliable and transparent at the accounting level?
Bitcoin has traceability visible to everyone, and for this reason everyone can claim that
– Bitcoin is a reliable and transparent accounting system –
In conclusion
As users get more used to the technology, 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 option.