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


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

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 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 choice between self-custody or custodial cost processing.

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

BTCPay server helps companies settle for bitcoin funds.

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 results of implementing custodial cost programs over time? Why can’t we’ve got a digital self-custodial cost processor? What improvements, freedoms, and information do prospects & companies should sacrifice attributable to custodial cost processing? What if my digital type of cost (e.g., bank card, Apple Pay, Venmo) declines despite the fact that I’ve the funds in my account? What helpful information — each monetary and private — am I now giving freely free of charge due to these companies?

With BTCPay Server, we will facilitate the expertise of cash-like transactions digitally, that means we will make digital funds peer-to-peer. Transactions don’t require private data 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 permits companies and people to obtain funds immediately, with out counting on third-party companies.

The advantages of utilizing BTCPay server.

Not like 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 current programs 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 often called Prism Funds.

This performance permits for the trustless distribution of funds throughout a number of accounts on the level of sale. This progressive strategy essentially rethinks the stream of cash, enabling real-time compensation for stakeholders and staff.

BTCPay Server’s Prism Funds

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: Making certain Liquidity and Worth Stability

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

The Lightning Community facilitates immediate settlement, would not require any KYC and presents close to non-existent charges, very like 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 answer in case we skilled bitcoin value volatility in the course of 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 situation for a vendor can be receiving a $10 cost bitcoin on the time of sale whereas the value of bitcoin was excessive, after which, in the course of the course of the convention, bitcoin’s value might have dropped 50%.

In any such state of affairs, 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 function 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 data on Blink options and companies 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 present 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.

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 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 easy NFC tapping at POS gadgets.

BitcoinAsia Bolt playing cards

Step 5: Coaching for Retailers and Workers

A coaching session was performed 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 assist, which remained largely inactive because of the easy operation of the cost system.

BTCPay server machines in use at Bitcoin Asia

A full video of the coaching session is obtainable here.

Conclusion

Because of free and open supply software program like BTCPay Server and progressive 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 in your subsequent occasion or inside your native economic system.

BTCPay server emblem

Leave a Comment