Friday, June 14, 2024

Case Research: Enabling Bitcoin as a Medium of Alternate on the Bitcoin Asia Convention in Hong Kong

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The Bitcoin Asia convention held on Could 9 and 10, 2024 in Hong Kong demonstrated a major milestone within the adoption of bitcoin as a authentic medium of alternate.

This text outlines the methods and applied sciences applied to facilitate seamless bitcoin transactions for items and companies over the 2 days, leveraging the capabilities of self-custodial cost processing by BTCPay Server.

Government Abstract

All through the occasion, 212 Bitcoin transactions have been processed, involving 4 distributors and totaling 7,714,253 sats, equal to 36,974.63 HKD.

The typical transaction was roughly 36,560 sats (about 175 HKD). Notably, the system maintained full operational uptime with zero failures in bitcoin base chain or lightning community transactions.

What’s BTCPay Server?

With banks, you haven’t any choice between self-custody or custodial cost processing.

For instance, when you wished to run a self-custody enterprise with fiat, you would need to run a money payments-only enterprise, which comes with large threat of theft when centralizing capital in a single place. This might additionally restrict your buyer base.

BTCPay server helps companies settle for bitcoin funds.

To increase our financial outreach past our native economies, we created cost networks and cost processors that enable for digital transactions.

However what have been the results of implementing custodial cost techniques over time? Why can’t we’ve got a digital self-custodial cost processor? What improvements, freedoms, and knowledge do prospects & companies should sacrifice resulting from custodial cost processing? What if my digital type of cost (e.g., bank card, Apple Pay, Venmo) declines although I’ve the funds in my account? What beneficial knowledge — each monetary and private — am I now freely giving without spending a dime due to these companies?

With BTCPay Server, we are able to facilitate the expertise of cash-like transactions digitally, that means we are able to make digital funds peer-to-peer. Transactions don’t require private info from the payer, nor do they require an middleman. This eliminates the dangers that come from each transacting with money and relying on an middleman.

BTCPay Server is free to make use of and utterly open supply, that means BTCPay Server is just not an organization — it is merely code.

BTCPay Server is a bitcoin cost processor that permits companies and people to obtain funds straight, with out counting on third-party companies.

The advantages of utilizing BTCPay server.

In contrast to conventional cost processors, BTCPay Server does custody funds and doesn’t cost any transaction charges.

BTCPay Server is a extremely adaptable cost processor. It may be built-in into present techniques with APIs, and each people and companies can tailor their cost processing expertise to fulfill particular wants, making certain a seamless integration into their operational frameworks.

Along with the options listed above, BTCPay Server helps what are referred to as Prism Funds.

This performance permits for the trustless distribution of funds throughout a number of accounts on the level of sale. This modern method essentially rethinks the movement of cash, enabling real-time compensation for stakeholders and workers.

BTCPay Server’s Prism Funds

Tips on how to Use BTCPay Server

Step 1: Setup a BTCPay Server

For a complete information on establishing a BTCPay Server, see this full step-by-step tutorial on YouTube.

Step 2: Making certain Liquidity and Worth Stability

On the time of writing, the Lightning Community is the one Bitcoin scaling resolution that maintains bitcoin’s cash-like properties in making funds with BTC.

The Lightning Community facilitates immediate settlement, does not require any KYC and affords close to non-existent charges, very similar to the expertise of utilizing money.

For the Lightning Community to perform, it wants liquidity. Offering liquidity usually means working and managing a node your self, however BTCPay Server does this for you.

On the convention, BTCPay Servers nodes, at the side of Blink, which served as a liquidity supplier for the convention, operated flawlessly, making certain no cost failures.

Blink Pockets was a liquidity supplier for the Bitcoin Asia convention.

Along with using an additional liquidity supplier, we additionally employed a value hedging resolution in case we skilled bitcoin value volatility through the convention.

This threat wanted to be addressed as a result of distributors who accepted bitcoin on the convention wished to be paid out of their native foreign money as soon as the convention ended.

A bearish state of affairs for a vendor can be receiving a $10 cost bitcoin on the time of sale whereas the value of bitcoin was excessive, after which, through the course of the convention, bitcoin’s value might have dropped 50%.

In any such scenario, when it was time to carry out a settlement within the native foreign money for the seller, they might solely obtain $5 of their native foreign money, which is unacceptable.

To mitigate this threat, we used “stablesats”, a Blink characteristic that permits for fast conversion into an artificial model of a steady foreign money (such because the Hong Kong greenback) on the level of sale.

Extra info on Blink options and companies right here.

Step 3: Deploying Bodily POS Machines

Regardless of the digital nature of bitcoin transactions, bodily point-of-sale (POS) machines have been deployed to provide a well-recognized checkout expertise to attendees and distributors.

We used POS machines from Bitcoinize. These units additionally facilitated the issuance of bodily receipts upon request.

BTCPay Server Level of Service (POS) machines

Step 4: Simplifying Bitcoin Entry with Bolt Playing cards

To facilitate seamless bitcoin transactions on the convention, we additionally utilized Bolt Playing cards.

These customized “Bitcoin Asia” version playing cards, enabled attendees to transform fiat foreign money into bitcoin to be used inside the occasion. The playing cards allowed for simple NFC tapping at POS units.

BitcoinAsia Bolt playing cards

Step 5: Coaching for Retailers and Staff

A coaching session was carried out earlier than the convention to familiarize distributors with how you can use BTCPay Server.

The ten-minute session was efficient, with minimal questions from members.

A gaggle chat was arrange for help, which remained largely inactive as a result of easy operation of the cost system.

BTCPay server machines in use at Bitcoin Asia

A full video of the coaching session is out there right here.

Conclusion

Because of free and open supply software program like BTCPay Server and modern options from corporations like Blink, transacting with bitcoin transactions on the Bitcoin Asia convention was extremely straightforward.

The success of utilizing BTCPay server on the Bitcoin Asia convention demonstrated the potential for wider adoption of bitcoin in on a regular basis commerce.

Think about using such options to your subsequent occasion or inside your native financial system.

BTCPay server emblem



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