If you are a business owner and you want to stay up to date on the latest in financial transactions it is important that you know about Paycoin digital money. Just launched this December, Paycoin, a new form of currency, has given birth to a new era for all businesses. Learn more about what Paycoin is, and what you need to know to benefit your business.
What is Paycoin?
Paycoin is a digital form of currency, often referred to as a “crypto currency”. A crypto currency is digital and intangible like bills or coins. Another unique thing about Paycoin: it has no particular nationality attached to it- (unlike the US Dollar and the Yen). It is a global currency that can be used by anyone, anywhere in the world.
Who controls Paycoin?
Paycoin digital money is decentralized and not controlled by any authority or governing body. The people who use Paycoin are the owners of Paycoin. The other brilliant thing about Paycoin - it can not be devalued by the government. Because there are only a limited number of coins in circulation, and they are digital, inflation due to endlessly printing money is not possible.
Is Paycoin Taxable?
All businesses and individuals should treat Paycoin as any other taxable form of income. Frankly, this is a very stiff issue when it comes to any taxpayer, business owner or not. Before anyone starts using Paycoin digital money, it would be very wise to consider the taxable implications first. As far as finding info on Paycoin taxation you won’t find much, if any information on this topic. Digital currency is a newer concept and so the issue has not fully risen to the surface yet.
What does Paycoin mean for E-Businesses?
Paycoin is a big plus for online business owners. Another amazing benefit of Paycoin is PaySave - a browser plug-in that will be available for making purchases online. What’s special about PaySave is that each purchase you make saves you money. These savings come from the 2-10% transaction fees saved since you are using Paycoin instead of a credit card. What is important to understand about PaySave is, a retailer does not need to directly accept Paycoin. The PaySave plug-in is a stepping stone for consumers who want to use Paycoin, before certain retailers have begun directly accepting it. With this plug-in, if the retailer your checking out with does not accept Paycoin, your payment is converted to their accepted form of currency.
The PaySave plug-in will coordinate with these online shopping carts:
♦ Best Buy
That’s a pretty big step for Paycoin! In time, you will be able to use PaySave with lots more stores and additional plug-ins will be created for extended browser support.
Another Paycoin bonus…
Customers can shop with Paycoin Visa
Paycoin Visa cards will be issued and usable at all businesses where Visa is accepted. Paycoin is the first digital money ever to be this usable!
No More Transaction Fees!
One of the biggest costs to businesses are transaction fees. Most people today prefer to use their credit cards to make purchases which only exacerbates the problem. The bottom line, if you want to save the 2-10% transaction fee on each electronic payment, Paycoin is the answer. You save money, and you are then able to pass those savings on to your customers.
Paycoin for your Business
If you own a business, you may be wondering, “How long till I need to consider accepting Paycoin?” My advice is to keep a close eye on Paycoin and see what happens in the next few months. A lot of major events are happening right now - including the launch of Paybase, the banking platform for Paycoin. It is too early to tell how in demand this form of payment will be in the coming year till we see how the public reacts to these events.
As I said, no one knows how long it will take Paycoin to be a household name. With Paycoin being so easy to use and having more benefits than the standard banking we have today, Paycoin has alot to offer the world. Therefore I think it will catch on quick. Maybe we will see everyone using Paycoin within a year, who knows; maybe it will take longer. We can only speculate and hypothesize that mass adoption of Paycoin is very likely to occur. One thing is for sure, merchants should be prepared for the transition to Paycoin digital money.
Author: Natalie Johnson