The Bitcoin Asia conference, held May 9-10 in 2024 in Hong Kong, marked an important milestone for the acceptance of bitcoins as legitimate means of exchange.
The following is a list of the most popular ways to contact us article Using the self-custodial processing capabilities through PayPal, this article will outline the strategies and technology implemented to ensure seamless bitcoin transactions. BTCPay Server.
Overview
212 Bitcoin transactions totaling 7714,533 sats (36,974.63 HKD) were completed by four vendors during the course of the event.
The average transaction cost approximately 36,560 sats (175 HKD). It is noteworthy that the system had a 100% uptime and zero errors in lightning or bitcoin base chains.
What is BTCPay Server?
You have to choose between custodial or self-custodial processing when you deal with banks.
You would need to centralize your capital if you were to want to start a fiat-based self-custody company. You would be limiting your customers as well.
We created digital payment networks to expand our reach beyond local economies.
How have the effects of custodial systems evolved over time? Why are we unable to create a digital, self-custodial processor for payments? What innovations, freedoms, and data do customers & businesses have to sacrifice due to custodial payment processing? My digital payment form (e.g. Apple Pay, Venmo, or credit card) is declined even though there are funds available in my bank account. What valuable data — both financial and personal — am I now giving away for free because of these services?
BTCPay Server makes it possible to make peer-topeer payments digitally. No personal information is required from the payee, and no intermediary is needed. The risks associated with using a cash transaction and relying on an intermediary are eliminated.
BTCPay Server allows you to pay with Bitcoins and it is open source. source, meaning BTCPay Server is not a company — it’s simply code.
BTCPay Server, a Bitcoin payment processor, allows individuals and businesses to directly receive payments without having to rely on third party services.
BTCPay Server is unlike other payment processors in that it doesn’t charge transaction fees.
BTCPay Server can be easily adapted to meet your needs. BTCPay Server can be easily integrated into any existing system via APIs. Both individuals and business can customise their payment experience in order to suit their specific requirements.
BTCPay Server also supports Prism Payments, which is a feature that’s not listed here.
This allows funds to be distributed without trust across different accounts. This new approach transforms how money flows, and allows for real-time payments to employees and stakeholders.
BTCPay Server – How to use it
Step 1: Configure a BTCPay Client
This is a complete guide to setting up BTCPay Server. full step-by-step tutorial on YouTube.
Step 2: Liquidity & Price Stability
As of the date this article was written, Lightning Network It is the only Bitcoin scaling option that allows you to make payments using BTC while maintaining its cash-like features.
Lightning Network allows instantaneous settlements, does not require KYC, and has fees that are almost nonexistent, similar to the experience when using cash.
Lightning Network requires liquidity in order to operate. BTCPay Server manages your node for you, so that you don’t have to worry about running it.
BTCPay Server nodes will be present at the event, along with other participants. BlinkThe conference was a success thanks to the flawless operation of.
As well as using an additional liquidity provider, we used a solution to hedge the price in case bitcoin prices fluctuated at all during our conference.
Vendors who had accepted Bitcoin at the Conference wanted their payments in local currency after the event.
The vendor could be in a bad situation if they received a payment of $10 bitcoin when the bitcoin price was high and the bitcoin price dropped by 50% during the conference.
This type of scenario would result in the vendor receiving only $5 local currency when the time came to make a settlement.
In order to mitigate the risk we use “stablesatsBlink features that allow instant conversion to a synthesized version of a stable (like Hong Kong dollars) currency at the point-of-sale.
Blink: Features, Services and More here.
Installing physical POS machines
The physical point of sale (POS) machine was used to provide a familiar experience for attendees and vendors.
We have used POS systems from Bitcoinize. The devices can also be used to print receipts on demand.
The Bolt Card is the fourth step in simplifying Bitcoin access
In order to ensure seamless Bitcoin transactions, we have also implemented Bolt Cards.
The customs are a great way to get started. “Bitcoin Asia” Edition cards enabled participants to convert fiat money into bitcoins and use it within the event. The cards were NFC-enabled and could be used at POS machines.
Training of Merchants and employees
Before the conference, a training session was held to introduce vendors to BTCPay Server.
Participants asked few questions during the 10-minute workshop.
The group chat for customer support was created, but it was largely inactive because the payment system worked smoothly.
You can view the entire video training session here.
The conclusion of the article is:
Free and Open source BTCPay Server software and innovative solutions by companies such as Blink made it easy to transact with bitcoins at the Bitcoin Asia event.
Bitcoin is a currency that can be widely used for everyday transactions.
Use these solutions to your advantage next Your local economy or event.
“This article is not financial advice.”
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“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com