The Bitcoin Asia Convention in Hong Kong on Could 9-10, 2024 marks a significant milestone within the adoption of Bitcoin as a reliable medium of trade.
This text outlines the methods and methods carried out to facilitate seamless Bitcoin exchanges of products and providers inside two days, leveraging the self-hosted cost processing capabilities of BTCPay servers.
govt Abstract
All through the occasion, 212 Bitcoin transactions have been processed, involving 4 distributors, totaling 7,714,253 sat, equal to HKD 36,974.63.
The common buying and selling quantity is roughly 36,560 sat (roughly HK$175). Notably, the system maintained full uptime, with zero glitches within the Bitcoin Base Chain or Lightning Community transactions.
What’s BTCPay server?
With banks, you do not have the choice of self-hosted or managed cost processing.
For instance, if you happen to wished to run a self-hosted enterprise with fiat forex, you would need to run a cash-only enterprise, which creates an enormous threat of theft when funds are centralized in a single place. This will even restrict your buyer base.
To increase our financial influence past native economies, we create cost networks and cost processors that permit digital transactions.
However what would be the penalties of implementing a managed cost system over time? Why can’t we’ve digital self-hosted cost processors? What innovation, freedom, and knowledge do prospects and companies must sacrifice due to managed cost processing? What if my digital cost methodology (e.g., bank card, Apple Pay, Venmo) is declined despite the fact that I’ve funds in my account? What invaluable knowledge (each monetary and private) can I now give away without cost because of these providers?
With BTCPay Server, we are able to digitally facilitate a cash-like transaction expertise, that means we are able to make peer-to-peer digital funds. Transactions don’t require the payer to offer private data, and no intermediaries are required. This eliminates the dangers related to money transactions and reliance on intermediaries.
BTCPay Server is free to make use of and fully open supply, which suggests BTCPay Server is just not an organization – it’s simply code.
BTCPay Server is a Bitcoin cost processor that enables companies and people to obtain funds straight with out counting on third-party providers.
In contrast to conventional cost processors, BTCPay Server hosts funds with out charging any transaction charges.
BTCPay Server is a extremely adaptable cost processor. It may be built-in into present methods through API, permitting people and companies to customise their cost processing expertise to satisfy particular wants, guaranteeing seamless integration into their operational framework.
Along with the options listed above, the BTCPay server additionally helps so-called Prism funds.
This function permits for trustless distribution of funds throughout a number of accounts on the level of sale. This revolutionary method basically rethinks the move of cash, offering rapid compensation to stakeholders and staff.
Find out how to use BTCPay server
Step 1: Arrange BTCPay server
For a complete information to establishing a BTCPay server, see the entire step-by-step tutorial on YouTube.
Step Two: Guarantee Liquidity and Value Stability
As of this writing, the Lightning Community is the one Bitcoin scaling answer that maintains Bitcoin’s cash-like properties when utilizing BTC for funds.
The Lightning Community facilitates prompt settlement, doesn’t require any KYC, and gives nearly non-existent charges, similar to the expertise of utilizing money.
To ensure that the Lightning Community to operate, it wants liquidity. Offering liquidity normally means working and managing the node your self, however BTCPay Server does this for you.
On the convention, the BTCPay Servers node ran completely along with Blink because the convention liquidity supplier, guaranteeing that no funds failed.
Along with leveraging further liquidity suppliers, we additionally make use of worth hedging options in case we expertise Bitcoin worth fluctuations throughout the session.
This threat must be addressed as a result of distributors who settle for Bitcoin at conferences count on to be paid in native forex after the convention.
A pessimistic situation for a vendor is to obtain a $10 Bitcoin cost on the time of sale whereas Bitcoin costs are excessive, after which, throughout the session, the worth of Bitcoin may drop by 50%.
On this case, when the provider must be settled in native forex, they solely obtain $5 in native forex, which is unacceptable.
To scale back this threat, we use “stablesats”, a Blink function that immediately converts to an artificial model of a steady forex (such because the Hong Kong greenback) on the level of sale.
Extra details about Blink options and providers right here.
Step 3: Deploy bodily POS machine
Regardless of the digital nature of Bitcoin transactions, bodily point-of-sale (POS) machines have been deployed to offer attendees and distributors with a well-known checkout expertise.
We use Bitcoinize’s POS machines. These units additionally facilitate issuance of bodily receipts upon request.
Step 4: Simplify Bitcoin Entry with Bolt Card
To facilitate seamless Bitcoin transactions on the convention, we additionally used Bolt playing cards.
These custom-made Bitcoin Asia playing cards allow attendees to transform fiat forex into Bitcoin to be used on the occasion. These playing cards permit NFC sensing straight on the POS machine.
Step 5: Prepare retailers and staff
A coaching course was held earlier than the assembly to familiarize suppliers with the way to use BTCPay Server.
The ten-minute session was very efficient and individuals requested only a few questions.
A gaggle chat was set as much as present assist, however has remained largely inactive because the cost system continues to operate easily.
Full video of coaching course out there right here.
in conclusion
Bitcoin transactions on the Bitcoin Asia Convention have grow to be extremely straightforward due to free open supply software program like BTCPay Server and revolutionary options from corporations like Blink.
The success of utilizing the BTCPay server on the Bitcoin Asia convention demonstrates Bitcoin’s potential for wider adoption in on a regular basis commerce.
Think about using an answer like this at your subsequent occasion or native financial system.
