Accepting BTC as payments with company

[Gersiana]

Hey guys,

Trying to think this through but maybe someone here has done something similar.

First off, when I say that I want to start accepting BTC for payment with my regular company, I am talking about a public company that pays taxes and will be paying taxes on the BTC transactions.

I don't want to use a "hosted wallet" where someone holds the wallet and we withdraw from it as I don't like the idea of someone else holding the keys.

There doesn't seem to be any easy way to automate accepting BTC from customers without having the companies convert and deposit fiat, so it looks like we'll be providing receiving addresses to each customer when they request them.

Finally, what I'm thinking is when we receive a payment in BTC, we credit the account. The current market value of the BTC is then "paid" to the owner immediately so the company never holds BTC. The owner then has the option to reinvest into the company if personal income is going to high, company needs the cash etc.

Am I nuts here?

[HeRetiK]

So you want to accept BTC as payments, automatically, while controlling the private keys yourself without directly converting it to fiat? Did I understood you correctly?

There's two possible solutions I can think of:

a) Use the blockchain.info API with extended public keys:
https://blockchain.info/api/api_receive

b) Run Bitcoin Core on your server yourself and access it with one of the many npm modules:
https://www.npmjs.com/package/bitcore-lib
https://www.npmjs.com/package/bitcore
https://www.npmjs.com/package/bitcoin


a) seems to be a bit more straightforward to set up, but I'm not sure about what limitations apply to using the blockchain.info API. b) would probably be the more correct solution, however likely harder to maintain and of course you'd need to forward the BTC to a cold storage address.

[LeGaulois]

Bitwala.io lets you generate an invoice and to be paid in Bitcoin and others currencies. So you charge your services/products using Bitcoin as a currency and get credited in BTC in your wallet (no conversion to fiat) I know you mentioned that you don't like hosted wallets because of the keys but I thought it might be good to mention it because they give you the private keys when you create your wallet there, at least for the personal accounts so I guess for business too
https://www.bitwala.com/business/

[Gersiana]

Bitwala.io lets you generate an invoice and to be paid in Bitcoin and others currencies. So you charge your services/products using Bitcoin as a currency and get credited in BTC in your wallet (no conversion to fiat) I know you mentioned that you don't like hosted wallets because of the keys but I thought it might be good to mention it because they give you the private keys when you create your wallet there, at least for the personal accounts so I guess for business too
https://www.bitwala.com/business/

Thank you.

It's a great suggestion ... but what I don't want is for someone else to have access to my private keys.

I suppose I could always transfer to another address after I get it, but that would also use up some of the BTC to do so.

[reflector]

Bitwala.io lets you generate an invoice and to be paid in Bitcoin and others currencies. So you charge your services/products using Bitcoin as a currency and get credited in BTC in your wallet (no conversion to fiat) I know you mentioned that you don't like hosted wallets because of the keys but I thought it might be good to mention it because they give you the private keys when you create your wallet there, at least for the personal accounts so I guess for business too
https://www.bitwala.com/business/

Thank you.

It's a great suggestion ... but what I don't want is for someone else to have access to my private keys.

I suppose I could always transfer to another address after I get it, but that would also use up some of the BTC to do so.

In that case for the transaction wallet should be hardware wallet or desktop wallet but I am understanding that the services related projects and payment widget will not get have bitcoin as payment option since having long confirmations takes on bitcoin. This should change soon and confirmations take faster than now.

[LeGaulois]

Bitwala.io lets you generate an invoice and to be paid in Bitcoin and others currencies. So you charge your services/products using Bitcoin as a currency and get credited in BTC in your wallet (no conversion to fiat) I know you mentioned that you don't like hosted wallets because of the keys but I thought it might be good to mention it because they give you the private keys when you create your wallet there, at least for the personal accounts so I guess for business too
https://www.bitwala.com/business/

Thank you.

It's a great suggestion ... but what I don't want is for someone else to have access to my private keys.

I suppose I could always transfer to another address after I get it, but that would also use up some of the BTC to do so.

Yeah, you will eat some fees doing this. But the good point is they don't have access to your keys for security reasons, for you and them. When you create a wallet they tell you about it before you click the "create a wallet" button. They let you save your keys, you can download a PDF with everything about the keys. After that, they won't be able to access or tell you the keys. You are the only one.