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 reliable medium of change.
This text outlines the methods and applied sciences applied to facilitate seamless bitcoin transactions for items and providers over the 2 days, leveraging the capabilities of self-custodial cost processing via BTCPay Server.
Government Abstract
All through the occasion, 212 Bitcoin transactions had 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 possibility between self-custody or custodial cost processing.
For instance, for those who needed 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 is able to additionally restrict your buyer base.
To develop our financial outreach past our native economies, we created cost networks and cost processors that permit for digital transactions.
However what have been the implications of implementing custodial cost techniques over time? Why can’t we’ve a digital self-custodial cost processor? What improvements, freedoms, and information do clients & companies need to sacrifice as a result of 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 information — each monetary and private — am I now freely giving totally free due to these providers?
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 fully open supply, that means BTCPay Server just isn’t an organization — it is merely code.
BTCPay Server is a bitcoin cost processor that enables companies and people to obtain funds instantly, with out counting on third-party providers.
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 satisfy particular wants, making certain a seamless integration into their operational frameworks.
Along with the options listed above, BTCPay Server helps what are often known as Prism Funds.
This performance permits for the trustless distribution of funds throughout a number of accounts on the level of sale. This revolutionary strategy basically rethinks the stream of cash, enabling real-time compensation for stakeholders and staff.
Easy methods to Use BTCPay Server
Step 1: Setup a BTCPay Server
For a complete information on organising a BTCPay Server, see this full step-by-step tutorial on YouTube.
Step 2: Guaranteeing Liquidity and Value Stability
On the time of writing, the Lightning Community is the one Bitcoin scaling answer that maintains bitcoin’s cash-like properties in making funds with BTC.
The Lightning Community facilitates on the spot settlement, would not require any KYC and affords close to non-existent charges, very like the expertise of utilizing money.
For the Lightning Community to perform, it wants liquidity. Offering liquidity typically 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.
Along with using an additional liquidity supplier, we additionally employed a worth hedging answer in case we skilled bitcoin worth volatility throughout the convention.
This threat wanted to be addressed as a result of distributors who accepted bitcoin on the convention needed to be paid out of their native foreign money as soon as the convention ended.
A bearish state of affairs for a vendor could be receiving a $10 cost bitcoin on the time of sale whereas the worth of bitcoin was excessive, after which, throughout the course of the convention, bitcoin’s worth may have dropped 50%.
In one of these scenario, when it was time to carry out a settlement within the native foreign money for the seller, they’d solely obtain $5 of their native foreign money, which is unacceptable.
To mitigate this threat, we used “stablesats“, a Blink characteristic that enables 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 providers right here.
Step 3: Deploying Bodily POS Machines
Regardless of the digital nature of bitcoin transactions, bodily point-of-sale (POS) machines had been deployed to provide a well-recognized checkout expertise to attendees and distributors.
We used POS machines from Bitcoinize. These gadgets additionally facilitated the issuance of bodily receipts upon request.
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 gadgets.
Step 5: Coaching for Retailers and Workers
A coaching session was performed earlier than the convention to familiarize distributors with how one can use BTCPay Server.
The ten-minute session was efficient, with minimal questions from members.
A bunch chat was arrange for assist, which remained largely inactive because of the clean operation of the cost system.
A full video of the coaching session is on the market right here.
Conclusion
Due to free and open supply software program like BTCPay Server and revolutionary options from corporations like Blink, transacting with bitcoin transactions on the Bitcoin Asia convention was extremely simple.
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 economic system.
